Long Term Inventory Pressure Is High And Operation Efficiency Is Reduced.

< p > < strong > Terminal increase to reduce operational efficiency < /strong > /p >

< p > female consumer goods are considered to be relatively stable economic growth points in the economic downturn.

However, the growth of women's clothing giant's shares has slowed down, and it is still struggling with nearly 500 million yuan of high inventory.

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< p > > a href= "http://www.91se91.com/news/index_f.asp" > "/a". The semi annual report released by shares last night showed that the company achieved 684 million of its main business income, an increase of 25.21% over the same period last year, and the net profit attributable to shareholders of listed companies was 149 million, an increase of 4.74% over the same period last year.

As of the end of June, there were 550 sales terminals, including 317 self operated stores and 233 distribution outlets.

The inventory of the company decreased by 11% compared with the beginning of 2013, but it still stands at 487 million yuan, which accounts for 19.6% of the total assets.

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In the early years of P, in the early 2012, the stock of 269 million shares rose to 18.46% at the end of 6.

The stock structure is made up of off season products, seasonal products and future 2 season products.

In the China Daily, the company said that the increase in the number of inventories occupied the turnover speed of the company's funds, and the company should increase the turnover speed and maintain a higher turnover efficiency.

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< p > the a href= "http://www.91se91.com/news/index_c.asp" > high inventory < /a > in the three quarter of last year.

By the end of 9 in 2012, the company's stock surged to 445 million, an increase of 66% compared with the beginning of 2012.

Then it continued to expand, and by the end of 2012, the company's inventory reached 548 million, accounting for 20.83% of its final assets.

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< p > the company said that the main reasons for the increase in inventories include, on the one hand, the company has increased its stockings for the next two quarters based on the expected growth in the future sales, and on the other hand, the increase in the number of self operated shops has led to an increase in stocking demand.

In addition, the proportion of commodities in the past season is basically stable, and the balance of merchandise in the past quarter has increased with the growth of sales.

After half a year's efforts, at the end of 6 2013, the stock of the stock market decreased by 11% to 487 million, of which 409 million yuan was in stock.

The overall inventory structure of the company is 1~12 months, accounting for 40%~50%, accounting for more than 12 months, accounting for 20%~30%. At the same time, there is also the stock market for the next two quarters of 20%~30%.

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< p > "the increase in the number of sales terminals, especially the increase in the number of self operated shops, has made the inventory grow faster and occupy more working capital of the company, which has reduced the operational efficiency of the company to a certain extent."

The company said in the China Daily.

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< p > but in June this year, the company executives disclosed in the investor exchange conference that the independent production of various departments of the company and the unlimited expansion of each division led to the expansion of inventory from the beginning of the three quarterly report.

To this end, the company implemented a comprehensive budget management system after the Spring Festival this year, from the company as a whole to control.

"Semi annual report data will not greatly improve, but do not worry so much, I hope you will keep a calm mind to look at inventory problems."

The securities representatives mentioned above.

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< p > in the first half of 2013, the number of major retail enterprises in China, including a href= "http://www.91se91.com/news/index_c.asp" > clothing < /a > retail sales increased by 6.90% over the same period last year, of which retail sales of all kinds of clothing increased by only 4.30% over the same period last year, and the growth rate continued to fall.

Clothing enterprises are also facing tremendous pressure, high sales costs and high inventory has not significantly improved, the inventory cycle will continue.

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< p > "by the first half of the year, the influence of the terminal boom is relatively low. The overall performance of the listed companies is less than expected, and the trend of performance differentiation between the listed companies is more obvious."

Societe Generale Securities August 18th research report suggested that under this background, plate investment should be mainly selected stocks.

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< p > < strong > the de stocking pressure is still < /strong > < /p >.

Semir clothing, which is suffering from high inventory, has little effect in the first half of this year. < p >

After the 2012 industry wide inventory problem and a sharp decline in performance, Semir apparel finally grew.

The 2013 semi annual report released by Semir clothing last night showed that the company's revenue and net profit both recovered, with operating income of 2 billion 725 million yuan, an increase of 8.51% over the same period last year, and net profit of 284 million yuan, an increase of 14.4% over the same period last year.

The same period last year, Semir apparel net profit of 248 million yuan, down 43.22% compared to the same period last year, net profit also decreased by 37.8%.

The company expects growth to continue, and net profit growth will be 0% to 30% in 1~9.

In the first half of this year, the amount of Semir clothing inventory dropped from 1 billion 500 million yuan of last year's peak to 700 million yuan, but gross profit margin also dropped 2.47% compared with the same period last year.

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< p > children's clothing business is still a booster for Semir costumes.

In the first half of the year, the main income of its casual wear was 1 billion 802 million 664 thousand and 600 yuan, an increase of 2.55% compared with the same period last year. The main income of children's clothing with "Barbara" was 894 million 939 thousand and 900 yuan, an increase of 23.20% over the same period last year.

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"P" Semir clothing has recently announced that it has signed a cooperation agreement with DJI Hong clothing (Shanghai) Co., Ltd. (hereinafter referred to as "Li Li Hong"), which will represent the children's brand Sarabanda and Minibanda under the banner of Li Hong's banner, and may establish a joint venture with the Italy beautiful Pavilion company (hereinafter referred to as "beautiful Pavilion").

This also means that Semir is moving closer to the middle and high-end children's clothing.

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< p > in addition, the most important concern of the market is to drop 2 billion of the huge sum of money to buy Chai mu in the men's clothing business, and whether Semir can take a further step in the field of casual wear.

However, in the environment of terminal consumption continues to be weak, the industry believes that Semir clothing has to digest inventory, and want to improve the grade to enter the high-end market, it is really not an easy task.

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< p > as of yesterday's closing, shares of Langer group rose 1.83%, closing at 22.83 yuan / share.

Semir clothing rose 0.28%, reported 21.47 yuan / share, two companies share prices have been substantially broken.

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