If A Lining Falls, Can Another Good Bird Stand Up?

< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201304/07/20130407055145_sj.JPG "/" < > > "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" at the strategic level, the "bird of honor", "less than", "the song style".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" H ";" at the level of management and management, technology development, brand management is weak, high-quality brain drain.

When the industry leader has turned around to find a way out in R & D, design and brand management, the idea of "good bird" is limited to opening stores and expanding production capacity.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu "," a "", "such a business.

The family controlled corporate bird landing project is just a plot to get rich.

Since the announcement of < /font > < font face= "Times New Roman" > IPO < /font > font face= "song style", there has been a failure in the strategic and operational levels of the "good birds and birds" constantly exposing related pactions.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";", "10". "The first public offering prospectus" has been published for a year.

This period of industry changes, as well as the first loss of Lining's listing industry in the past eight years and the changes that have been made, have led to the test of "/font Times" font face= "IPO Roman" > IPO < /font > font face= "song style".

If the birds are listed, we can imagine that this will be another story of the capital feast to the leftover banquet.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Hou ";" "" ".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";" Yu ";" Er "" "" "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Er "" > ">" class= ">" 2013 "<" song style "> at the beginning of the Spring Festival.

The expansion of the production capacity of the birds has continued. So far, the recruitment of new birds has not ended.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Hou ";" "" ".

They hope to rely on < /font > < font face= "Times New Roman" > IPO < /font > font face= "song style" > raise new production line to meet the urgent demand of the company's strong sales growth for capacity expansion.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" but the "bird" plan is not yet fully implemented. The whole industry has undergone tremendous changes.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";" "Yu"; "" "" > "China's recognized sports apparel enterprise leader", "Lining".

Lining encountered the biggest difficulty in listing /font font face= "Times New Roman" > 2012 /font < font face= "song style" year.

It is in < /font > < font face= "Times New Roman" > 2011 < /font > font face= "song style" > /font < < /font > < font > "12" > "song" > < < < > > > > < 17 > < < > > > > > song > > warning date. < < > > < 2012 > > < 2012 > > financial year is the first time that Li Ning Co has been listed for eight years. Press

< < /font > > font face= "Times New Roman" > 2012 < /font > font face= "song style". In the first half of, the income of the Li Ning Co was RMB < /font > < font > "38.8", "Song body" > billion yuan, and net profit fell year by year. < 85 "according to finance

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Lining ".

Since < font face= "Times New Roman > > 2011 < /font > font face=" song style "> the second half of the year, the sports brand environment has worsened.

Font-family: "Times New Roman"; font-size: 10.5pt; "Roman" > "/span". Because of the pessimistic outlook for the industry, domestic and foreign investment banks have already lowered the < /font > < /span > span > span style=.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" Gao ";" Gao "." high inventory "is less than 2012.

< font face= "Times New Roman" > 2012 < /font > font face= "song style" > the first half of the year, Lining, Anta, /font < font font "/font", "361", "song", "XTEP", "PEAK" and "Times". Public data show < /font >

In order to digest high inventory, each clothing brand enterprise started a discount wave in < /font > < font face= "Times New Roman" > 2012 < /font > font face= "song style" > the second half of the year.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";", "P0"; "the" "" "" when the whole industry growth rate slipped and showed signs of saturation, the wholesale core as soon as possible to establish a marketing network and grab market share business mode, left a hidden danger for Lining.

In the Lining performance warning report, Lining's policymakers also saw the problem. < font face= "Times New Roman > > < /font > < font face= >" song style "> excessive expansion led to an increase in dealer inventories, which negatively affected the retail store's performance and profitability, and led to their cash flow and financial situation continuing to deteriorate.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Er "" > "noble bird", as a second rate enterprise in the industry, in the strategic commanding height and its own development stage, are still in the stage of observation and imitation of the industry leader.

But when the industry situation changes, the Pathfinder encounter obstacles and make a major strategic adjustment, the good bird has the advantage of being backward.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" "" "> obviously, the decision makers of noble birds do not realize.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Er "" "" "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" s "," the "bird" has experienced rapid growth stage.

According to the published data of the prospectus, the total assets of the birds are close to < font face= "Times New Roman > > 20 < /font > < font face=" song style "> 100 million yuan.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";", "three", especially before the announcement of the prospectus, its performance is growing rapidly.

＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年，貴人鳥＜/font＞＜font face="Times New Roman"＞3＜/font＞＜font face="宋體"＞年的營業收入分別為＜/font＞＜font face="Times New Roman"＞60483.16＜/font＞＜font face="宋體"＞萬元、＜/font＞＜font face="Times New Roman"＞153499.55＜/font＞＜font face="宋體"＞萬元和＜/font＞＜font face="Times New Roman"＞264893.40＜/font＞＜font face="宋體"＞萬元。

The net profit of the company attributing to the shareholders of the company is less than 2009. The net profit of the company belongs to the "Song body". The net profit is 7928.80. < < < > > > < 22238.42 > > < 22238.42 >. At the same time, < /font > < font face= "Times New Roman" > 2009 < /font > font face= "song style".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu "," Yu "." in view of the overall changes in the garment industry and the changes in the industry mode, the development mode of relying on "no" and "bird" is no longer able to sustain its rapid development in the future.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span "," "," "", "" the same is true.

數據顯示，貴人鳥的存貨周轉率從＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞6.40＜/font＞＜font face="宋體"＞次提高到＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞9.44＜/font＞＜font face="宋體"＞次，也就是存貨周轉天數由＜/font＞＜font face="Times New Roman"＞56＜/font＞＜font face="宋體"＞天縮短至＜/font＞＜font face="Times New Roman"＞38＜/font＞＜font face="宋體"＞天。

But the company's < /font > < font face= "Times New Roman" > 2011 < /font > font face= "song style". The inventory commodities are less than /font > font /font "2010". "The song style" has increased at the end of the year. The year-end increase is less than 0.57.

At the same time, < /font > > font face= "Times New Roman" > 2011 < /font > font face= "song style" > year inventory commodities are higher than < /font > < font > "2009" "song" > year inventory goods < < 4900.27 > < < > > > 10000 yuan.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu "," the "," at the same time, the "noble bird" is a foreign-invested enterprise, and may be faced with the risk that the income tax privilege will expire after the listing.

貴人鳥＜font face="Times New Roman"＞2008＜/font＞＜font face="宋體"＞年起開始享受國家兩免三減半的稅收優惠，＜/font＞＜font face="Times New Roman"＞2008＜/font＞＜font face="宋體"＞年和 ＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年期間免征所得稅，＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年至＜/font＞＜font face="Times New Roman"＞2012＜/font＞＜font face="宋體"＞年期間減半征收所得稅，所得稅稅率為＜/font＞＜font face="Times New Roman"＞12.5%＜/font＞＜font face="宋體"＞。

＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年、＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年和＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年，所得稅優惠占凈利潤比分別達到＜/font＞＜font face="Times New Roman"＞10.36%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞14.85%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞30.46%＜/font＞＜font face="宋體"＞。

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Hou ";" "" "> before that, the high growth of the precious birds is not competitive high quality growth, but there are hidden dangers.

The gross profit margin and accounts receivable turnover rate of the expensive birds are lower than the average value of the industry, and the sales income and operating income per unit area are far from the same industry.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥于＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞~2011＜/font＞＜font face="宋體"＞年上半年期間，主營業務的毛利率分別為＜/font＞＜font face="Times New Roman"＞27.04%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞31.95%＜/font＞＜font face="宋體"＞及＜/font＞＜font face="Times New Roman"＞38.66%＜/font＞＜font face="宋體"＞，雖然增長較快，但對比同以二、三、四線城市用戶為目標客戶群的＜/font＞＜font face="Times New Roman"＞361＜/font＞＜font face="宋體"＞度、特步的毛利率都要低。

以特步為例，其在＜/font＞＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年＜/font＞＜font face="Times New Roman"＞~2011＜/font＞＜font face="宋體"＞年上半年期間毛利率分別為＜/font＞＜font face="Times New Roman"＞39.14%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞40.65%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞40.91%＜/font＞＜font face="宋體"＞，而行業的平均值為＜/font＞＜font face="Times New Roman"＞38.62%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞40.95%＜/font＞＜font face="宋體"＞及＜/font＞＜font face="Times New Roman"＞41.86%＜/font＞＜font face="宋體"＞，貴人鳥毛利率尚未達到平均水平。

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥品牌零售終端的平效由＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞4915.16＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米上升至＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年的＜/font＞＜font face="Times New Roman"＞7044.45＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米，單位面積銷售收入雖有提升，但仍不及安踏、匹克和特步。

＜/font＞＜font face="Times New Roman"＞2010＜/font＞＜font face="宋體"＞年度運動鞋服行業代表企業安踏、匹克和特步的收入平效分別為＜/font＞＜font face="Times New Roman"＞8495.77＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米、＜/font＞＜font face="Times New Roman"＞7682.95＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米和＜/font＞＜font face="Times New Roman"＞7428.66＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞平方米。

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";" "," "," "" "" > "to the securities and Futures Commission and investors in the public information, the precious birds did not suggest the risk.

Whether or not the decision making layer is aware, its high growth stage has ended.

< /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" yes ">" less than "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Er "" "" "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" the "Qi" and "the" "". "Now that the industry has developed to the present stage, the leader has experienced the pain of mode change.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" H ";" relying on paved channels, more shops to bring horizontal growth mode has encountered bottlenecks, to a critical point. "

Enterprises in the industry, including Anta and XTEP, have begun to cut down their shop plans and are going to take a more prudent direction.

Take XTEP as an example, XTEP's font face= "Times New Roman" > 2012 < /font > < font face= "song" > year store growth plan will be from < /font > font face= "font" to "2011", "Times".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

The number of brand retail terminals from < < < > > > 1847 > < < > > > > < < > > > < > > > > < 5067 > > > > > > > > > > > > > > > > > > > > > > 65.63% > < > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > < 65.63% > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > < > > > > > > > > > > > > > > > > > > > > > < p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span "

< /font > > font face= "Times New Roman" > 2011 < /font > font face= "song style". During the year, the "noble bird" in the new open /font /font font font "font" 1306 > < < < Song "> the retail terminal at the same time, it also closed < < < > > >" 266 ".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Yu ".

But now, too much reliance on dealers' status quo has exposed huge risks.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Zai ";" Zai "" > "big bird" big money to build shops to hand over dealer operation arrangements, can not get rid of distributors, but also dominate the company's valuable cash, strengthening the company's wrong direction in a backward format.

After font face= "Times New Roman" > 2010 < /font > font face= "song style", the traditional clothing industry has been widely shocked. The expansion targets of the industry giants have been reduced. The way of overemphasizing the number of terminals has been abandoned by the major sports shoes and clothing producers.

It is planned to adopt a more prudent direction. < 2011 > < < > > > < 2011 > > < < Song > >. The number of stores in the past is less than 8200. < /font > > font face= "Times New Roman" > 2011 < /font > font face= "song style". At the end of the year, Anta announced that it had reviewed < /font >

XTEP's store growth plan will also be reduced from last year's < /font < font face= "Times New Roman" > 800 < /font > font face= "song style" to "/font" > font "font", "1000", "face=".

PEAK sports alleges that demand for terminal products will decline in the second half of the year, and will close down < /font > < font face= "Times New Roman" > 10% < /font > font face= "song style" > branch.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥的＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞全國戰略店鋪＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞是貴人鳥擁有戰略店鋪的所有權或使用權，然后＜/font＞＜font face="Times New Roman"＞“＜/font＞＜font face="宋體"＞將經營權交給當地經銷商，意在加強與當地經銷商合作，加強零售終端控制能力＜/font＞＜font face="Times New Roman"＞”＜/font＞＜font face="宋體"＞。

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" s ".

This behavior has been criticized by industry as a strategic thinking disorder.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";"; "2011"; "sales of the noble bird dealer" has increased year by year, and it has been increasing year by year. It has reached < < < > > > 99.61%.

Among them, the top five customers controlled their sales revenue exceeding /font < < font face= "Times New Roman" > 51% < /font > font face= "song style", while the first big customer Jordan Chan and his wife dominated the sales revenue of < /font > < font > 22%.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" three ", of course, the rapid growth of expensive birds is precisely the credit of these dealers.

< font face= "Times New Roman" > 2011 < /font > < font face= "song style > annual sales of" noble birds "is less than /font > font face=" font ". < 2010" < < > > "song" > > annual growth < < 72.59% > < < > > > net profit > 83.34%.

This data is far more than most of the listed peers are amazing.

But the reality and sustainability of its growth need to be reconsidered.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" at the same time, at the same time, at the same time, the balance of cash and cash equivalents at the end of the "high birds" is reduced, while the accounts receivable increased exponentially. The increase of the accounts receivable exceeded the increase of sales revenue and net profit. "2010"

The net receivables in the year are < < > < 2011 > < /font > < /font > < /font > < /font > < /font > > 2011 > < < > > > > 1.90 respectively. < /font > > font face= "Times New Roman" > 2009 < /font > font face= "song style".

In particular, < /font > > font face= "Times New Roman" > 2011 < /font > font face= "song style". Net accounts receivable account for less than /font of current assets. Font /font "44.22%".

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span "," "", "," and so on ".

The accounts receivable of giant birds is huge. < font face= "Times New Roman" > 2011 < /font > < font face= "song" > < /font > font face= "font" > 5.9 "< < > >" song "> 100 million accounts receivable account for over 44% of the current assets. < < > > > < < > > > large volume of stock depreciation will pose a great threat to profits.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" H ";" the relative performance of the "relative" is also relying on this risk model.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";" Yu ";" Er "" "" "

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" a "," a "", "such a company, the motive behind listing is worth studying.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" one or two ".

Face= "Times New Roman" > 92.26% < /font > < font face= "" song style > ". The share of the investment holding company of Yixing investment company is < /font > font face=" font ">" 4.74% "<" song ">" song ">). The proportion of investment in holding company shares is less than" New ". The shareholding ratio of the company is less than font

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" span ";" Lin Tianfu ";" 92.26% ".

The third largest shareholder of the precious birds is the actual control of the investment of Lin Qinghui and Ding Cuiyuan, and Lin Qing Hui is Lin Tianfu's brother.

The fourth largest shareholder of hongnie, the real controller of Hongzhi investment, is Lin Si Liang, Shi Shaohong and his wife. Lin Si Liang is nephew of Lin Tianfu and Lin Qinghui.

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Hsiu ";" Hsiu ";" noble bird "abnormal ownership structure surfaced.

Lin's family actually controls the shares of "/font Times" font face= "Times New Roman" > 95.26% < /font > font face= "song style". The non Lin family only controls the shares of "noble bird" /font "font".

< /font > < /span > < span style= "font-family:" Times New Roman "; font-size: 10.5pt; mso-spacerun:" font-size: ".

< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Yu ";" non "Lin family" billion Hing Investment can hold the stake of "noble bird". It is in the final stage of the upcoming "sprint" and "sprint".

"The song style" > /font > < font > "6" > "song" > < < > > < 22 > < < > > > > 22 > < < > > > > song > >. Its stockholders are Lin Guoqing (shareholding < < < > > > > 70% > > > > > > > > > > > > > > > > > > > > > < 30% > > > < > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > < > > > > > > > > > > > > > < > > > > > > > > > < > > > > > > > > > > > > > > > < > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > < < > > > < 30% > < < < > > >). Billion Hing Investment was established in < /font > < font face= "Times New Roman" > 2010 < /font > font face= ".

Six months later, the investment of Yixing was < /font > < font face= "Times New Roman" > 18667.60 < /font > font face= "song style" > HK $> HK $HK subscribe to increase the amount of < /font > < font /font "513.7654".

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu "," Er "." up to now, "Yi Xing Investment" has not carried out other businesses besides holding the stake of "noble bird".

In less than two months after the success of Yixing investment, it was immediately pformed into a joint-stock company.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" the word "." the disadvantage of family governance has always been the weakness of "good bird".

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt" > span style= "font-family:" style= ";" Lin Guoqing ";" now "," so ". Now, Tang Xiangrong is the chairman of the billion Energy Investment Co. Ltd., and Wiley has been the managing director of Wiley international trade company.

There is no correlation between Lin Guoqing and Tang Xiangrong, the family members of the actual controllers of the birds, and the directors, supervisors and senior managers of the birds.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Yu ";" Er "", "facts are not as good as they say.

In addition to holding loyi shoes, Tai Chang shoe materials and Jinjiang Wanfeng, Lin family has held a number of shareholding companies, such as Ji'nan soaring, contented footwear, bird friendly workers, shoes and clothing, modern wolf light industry and so on.

The number of related companies was once < font face= "Times New Roman > 18 < /font > font face=" song style "> related pactions complicated.

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< p class= "P0" style= "margin-top: 0pt; margin-bottom: 0pt"; < span style= "font-family:" span ";" Lin Tianfu ";" P0 ";" brother-in-law "of the brother-in-law, Ding Qing holding shoes material, and Lin Tianfu's wife and brother holding Tai Chang shoe material, is the main supplier of noble bird.

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＜p class="p0" style="margin-top: 0pt; margin-bottom: 0pt"＞＜span style="font-family: ‘Times New Roman‘; font-size: 10.5pt; mso-spacerun: ‘yes‘"＞　　貴人鳥向樂益鞋材、泰昌鞋材關聯采購總額占＜font face="Times New Roman"＞2009＜/font＞＜font face="宋體"＞年至＜/font＞＜font face="Times New Roman"＞2011＜/font＞＜font face="宋體"＞年期間當期鞋材采購總額的比例分別為＜/font＞＜font face="Times New Roman"＞2.45%＜/font＞＜font face="宋體"＞、＜/font＞＜font face="Times New Roman"＞10.17%＜/font＞＜font face="宋體"＞和＜/font＞＜font face="Times New Roman"＞6.68%＜/font＞＜font face="宋體"＞，占比較高，對公司經營成果產生重大影響。

However, the price of /font shoes > font face= "Times New Roman" > 2010 < /font > font face= "song style" is higher than that of non related suppliers.

比如＜/font＞＜font face="Times New Roman"＞PU＜/font＞＜font face="宋體"＞鞋底，市場價僅為＜/font＞＜font face="Times New Roman"＞12.84＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞雙，而貴人鳥的采購價高達＜/font＞＜font face="Times New Roman"＞17.10＜/font＞＜font face="宋體"＞元＜/font＞＜font face="Times New Roman"＞/＜/font＞＜font face="宋體"＞雙，是市場價的＜/font＞＜font face="Times New Roman"＞1.33＜/font＞＜font face="宋體"＞倍。

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