Market Expansion, IPO Is Accused Of "Money Daddy".

< p > recently, the rumors that domestic A shares resume IPO have brought the market once again to the enterprises that hit the market. In the 700 reporting enterprises, the market is consistent with the expectation that the first listed companies or the Limited by Share Ltd are called "birds of honor".

However, according to the reporter's observation, the movement of "a" target= "_blank" href= "http://www.91se91.com/" > shoes < /a > and sports a target= "_blank" href= "http://www.91se91.com/" > clothing industry has been suffering from unprecedented crisis in recent years. Sales sluggish, declining profits, and the soaring cost of stores and labor are attacking every company in this industry.

Last year, the whole industry was hit by "closing shop tides", and revenues and profits also took a turn for the worse. In the face of this situation, the noble bird intended to spend 60% of the fund-raising funds on new stores.

In this regard, the reporter tried to telephone the vice president of the bird Andy Chen, but the other cell phone has been in the unanswered state.

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< p > < strong > industry recession, under the background of the expansion of the fundraising picture of the birds, it is alleged that the money is "/strong > < /p >.

< p > the main business of noble bird is the research and development, design, production and sales of your brand sports shoes and sportswear. In 2009 -2011, the proportion of shoes and garments in main business income reached 100%, 99.97%, 99.98%, and other income was very small.

It was originally held in May 9, 2012, but due to the market environment at that time, A shares IPO stagnation, thus postponing its listing process.

According to the "bird bird" prospectus, the bird seeks to issue 100 million shares and raise 880 million yuan, of which 550 million yuan is used for the new store opening, and 180 million yuan is used to expand the production capacity of the shoe production base.

However, as we all know, in recent years, the entire retail industry has come through a cold winter under the influence of macroeconomic.

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< p > in the sports a target= "_blank" href= "http://www.91se91.com/" > dress < /a > industry, the brands of Lining, Anta, XTEP and other enterprises have long been known, but even this can not resist the impact of economic fluctuations.

Lining, the leader of the domestic sports brand, encountered the biggest difficulty since its listing in 2012, and became the first loss year in listing eight years.

Its annual report 2012 shows that business income is only 6 billion 739 million yuan, a decrease of 24.5% compared with the same period last year, and net profit loss of at least 1 billion 979 million yuan.

Another famous sports brand Anta, its operating income and net profit in 2012 were 7 billion 620 million yuan and 1 billion 360 million yuan, down 14.4% and 21.4% compared with the same period last year.

The rest of the sports brand annual reports have mentioned that the inventory adjustment and weak economic conditions of the industry have had a negative impact on consumer demand.

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< p > another notable thing is that by the end of 2012, the average stock turnover days of PEAK, Anta and 321 degrees in similar brands had reached 80 days, 51 days and 56 days respectively. In 2011, this figure was only 49 days, 38 days and 40 days.

The first half of 2012, Lining, Anta, XTEP, XTEP, PEAK and other 42 listed clothing enterprises inventory amounted to as high as 48 billion 300 million yuan.

In order to digest high inventory, clothing brand enterprises set off a discount in the second half of 2012.

But can the discount really attract consumers? Reporters saw in micro-blog that netizens were so commenting on the discount of birds and birds: "is your company's clothing brand noisy every day? The whole street is your great bird. Do you know that people need to rest?" during the day, they call for a rest! They call the whole night in the daytime! They put all those noisy online songs all day long! 3-6 fold 3-6! Ghost is not going to buy you! It's annoying when you see it, and you hear more annoyance every day! "< /p >

< p > in the face of such a severe market environment and industry fluctuations, the business performance of the expensive bird after listing is generally questioned by the market.

Some investors say that there is still a certain gap between the famous brand in terms of brand awareness, brand influence, sales terminals, financing channels and overall strength.

If the market competition intensifies further, it may adversely affect the company's future revenue and profitability.

As a sports brand industry, it is difficult to escape the fate of the decline in the performance of the whole industry.

However, for these risks and difficulties, the birds in the initial prospectus did not specify in detail, it is indeed disturbing.

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< p > < strong > high speed development stage has passed the opportunity of listing the "great bird". The real time is "pit father" < /strong > /p >

< p > look back on the development process of the birds in recent years. It is obvious that the fast growing stage of their performance has obviously become the past.

According to the public information released, the company's high speed development is the first three years of the prospectus.

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< p > 2009 to 2011, 3 years' operating income of the noble bird was 604 million 831 thousand and 600 yuan, 1 billion 534 million 995 thousand and 500 yuan and 2 billion 648 million 934 thousand yuan respectively.

At the same time, net profit attributable to shareholders of the company from 2009 to 2011 was 7928.80, 222 million 384 thousand and 200 yuan and 407 million 840 thousand and 800 yuan respectively. When the prospectus was announced, the total assets of the precious birds were close to 2 billion yuan.

In the context of this rapid development, the birds look at the capital market. According to its fundraising plan, you want to borrow the capital market to meet the plan of expanding capacity and expanding stores.

However, after nearly a thousand years, the scheme of "noble bird" has not yet been fully implemented. The whole industry has undergone tremendous changes. The leaders have been bogged down in the mire, and the development mode that the birds and birds rely on can no longer sustain their rapid development in the future.

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< p > data show that the turnover rate of the birds has increased from 6.40 in 2009 to 9.44 in 2011, that is, the stock turnover period has been shortened from 56 days to 38 days.

But the inventory of goods in 2011 increased by 57 million yuan compared with the end of 2010, an increase of 65.68%.

At the same time, the inventory commodities in 2011 were higher than the 49 million 2 thousand and 700 yuan in 2009.

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At the same time, P is a foreign invested enterprise. After listing, it may face the risk that the income tax privilege will expire.

Since 2008, you have enjoyed two tax exemption, three tax reduction and half tax reduction. In 2008 and 2009, they were exempt from income tax, and the income tax was reduced by half from 2010 to 2012, and the income tax rate was 12.5%.

In 2011, 2010 and 2009, income tax concessions accounted for 10.36%, 14.85% and 30.46% respectively.

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< p > during the first half of 2009, the gross profit margin of main business was 27.04%, 31.95% and 38.66% respectively, although the growth rate was relatively fast. However, the gross profit margin of XTEP was lower than that of the target customers of two or three and four line cities.

Taking XTEP as an example, its gross profit margin during the first half of 2009 ~2011 was 39.14%, 40.65% and 40.91% respectively, while the average value of the industry was 38.62%, 40.95% and 41.86%.

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< p > in last year's whole industry, Lining closed 1821 stores, PEAK closed more than 1300 stores, and Anta closed about 600 stores.

According to data released by noble birds, the ratio of closing stores in 2011 years has soared.

According to the prospectus, between 2009 and 2011, the number of expensive stores increased from 1847 in 2009 to 5067. However, data showed that it closed about 8% in 2009 and 2010, but 202 in stores in the 2011 year and 17% in stores.

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