AOKANG International Pavilion Promotes Shoe Free Stores And Hopes To Achieve Zero Inventory.

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< p > > a href= "http://sjfzxm.com/news/index_s.asp" > International Pavilion < /a > is the new channel mode of the company this year. By the end of October, there were more than 40 international pavilions in the "a href=" http://sjfzxm.com/news/index_x.asp "AOKANG company" /a ". The single store efficiency increased faster than the ordinary stores, and some shops provided one-stop high-end customized services.

Insiders pointed out that AOKANG is interested in promoting shoe free stores. Now, let's know the details of the world fashion shoe and hat net fashion Xiaobian.

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< p > according to company statistics, the traffic volume of < a href= "http://sjfzxm.com/news/index_s.asp" > AOKANG International Pavilion < /a > is about 30% higher than that of ordinary stores, the gross profit margin is higher than 2%-5% on average, and sales profit is increased by 2%.

Because the cost of regional market is different, it is not yet concluded that the cost and income will be analyzed after a certain scale.

The Ministry of Securities said that the International Pavilion is a new channel model for the company this year. The efficiency of single store is faster than that of ordinary stores.

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< p > the International Pavilion has gathered all kinds of brands of AOKANG's own and agent, paying attention to the consumer experience.

These people said that in the future, this type of store will be integrated on the basis of existing stores, and the layout of small shops and big stores will not be blindly expanded.

Wang Zhentao, chairman of the company, told the media that the one-stop shopping platform made by AOKANG International Pavilion will become the main battleground for AOKANG to face other brands.

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< p > the Securities Department said that some international pavilions were equipped with foot type measuring instruments. When the customers walked on the lap, the computer would simulate the products according to the customers' feet. Customers could choose leather materials, accessories and shoes, so that they could receive customized shoes within a week.

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< p > industry pointed out that AOKANG intends to promote the < a href= "http://sjfzxm.com/news/index_s.asp" > no shoes store "/a >, if it can really implement the order and reproduction first, it is expected to achieve zero inventory.

But this demand for the supply chain's response speed is very high, and it is difficult to achieve results in the short term.

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< p > related links < /p >

< p > strong > acceleration of direct operation. It is estimated that more than 100 stores will be purchased in the Q4 quarter, and the total number will be 600.

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< p > acquisition resulted in a decline in revenue and net profit: the first three quarters, revenue was 2 billion 86 million, down 15.09% compared with the same period last year, and net profit was 258 million, down 29.9% from the same period last year.

From Q1 to Q3, net profit growth was 10.2%, -39.4% and -59.1% respectively, showing an accelerated downward trend.

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During the P Q4 season, more than 100 stores in the Yiwu region will be purchased, while Zhejiang has become a direct battalion except Ningbo.

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< p > the first three quarters returned more than 100 million, and the Q4 season is expected to return about 40 million.

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< p > strong > terminal market downturn provides an opportunity for acquiring franchisees < /strong > /p >

< p > the first three quarters, the growth of the same store has experienced an increase of 0-5%, a decline of 0-5% and a decline of more than 10%. The franchisee's operation is also more difficult, and the cost of the company's acquisition is greatly reduced.

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< p > most acquisitions are the acquisition of shop management rights, that is, repurchase goods at factory discounts and pay for decorations and rents, and operate in joint mode. A few acquisitions are complete acquisition of shop ownership and pformation into pure Direct stores.

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< p > < strong > < a > href= > http://sjfzxm.com/news/index_x.asp > > International Pavilion < /a > the strategy is helpful to promoting endogenous growth. < /strong > /p >

< p > International Pavilion Wu Ma shop: upgraded on the basis of the original AOKANG store, AOKANG did not grow, but the newly introduced red bird and Kanglong grew.

The same store grew by more than 30% in 13 years, with annual sales expected to reach 10 million.

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< p > the reason for success: the standard of decoration was significantly improved (3000 yuan / Ping, 2 times the average store), the display style innovation (divided by style rather than brand), and the promotion of shopping guide services (introduction of aviation etiquette training).

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< p > future target: it is expected to increase to more than 90 by the end of 13, with the goal of opening 350 at the end of 15, 50 of which will exceed 10 million, and the rest will exceed 5 million.

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< p > < strong > profit forecast and valuation < /strong > /p >

< p > we are optimistic about the medium and long term development of the company. The performance in 13 years has declined, and the probability of stable performance has been greater in the 14 years.

First, the consumption market in the early spring festival is more active, and the two is that the shops that will be purchased in 14 years will be significantly reduced, while the 13 year old stores will enter the profit period.

It is estimated that in the 13 years EPS to 0.92 yuan, the current valuation will be 16.5 times, so as to maintain the "overweight" rating.

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