Hai Lan'S Home Is Backdoor Listing, And Its Performance Is High.

< p > strong > reverse industry high growth < /strong > < /p >

< p > according to the restructuring plan announced by Keno technology in September last year, the company intends to issue 3 billion 846 million shares to the Hai Lan family to buy 100% shares of Hai Lan's home at the price of 3.38 yuan / share. After the completion of the paction, Hai Lan group and its concerted action will become the controlling shareholder of Keno technology.

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< p > Hai Lan's home is different from the industry's high growth.

Data show that from 2011 to the first half of 2013, the net profit of Hai Lan's home was 691 million yuan, 854 million yuan and 672 million yuan respectively.

In other words, the company's net profit in the first half of 2013 was close to 80% in 2012.

In the recent brokerage research, executives revealed that the company's revenue grew by 50% in 2013 and retail sales by 12 billion.

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< p > "horror."

For this report card of Hai Lan's home, yesterday's < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > service industry independent commentator Ma Gang appraise.

In its view, in 2013, a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > the industry as a whole was in a downturn and the industry was generally negative growth.

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< p > can be referenced is that the listed company's seven wolves revenue declined by 20.23% last year, and the revenue of last year also declined by 1.19%.

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< p > Hai Lan home's reason is that the company consumer is not a group that pursues individuality, it can be produced in advance in the off-season, and the cost is usually normal 1/2 or 2/3. < /p >

< p > this is difficult for Ma Gang to agree with.

He told reporters that the production of Hai Lan's home in the off-season was not unique in 2013. It was also a few years ago. Moreover, the fluctuation of raw material and labor cost in the clothing industry was relatively small, and there was little room for compressing the company in terms of cost.

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< p > < strong > accession system change < /strong > < /p >

< p > in addition, the reporter learned that, on the eve of the backdoor listing, the system of Hai Lan's family continued to change for many years.

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Less than P, before joining the Hai Lan's home, we need to pay 2 million of the cost, of which 1 million yuan is the deposit to the sea Lan's home, and the other 1 million yuan is used to pay rent, decoration, manpower and start-up funds of the store.

If the franchisee pays 60 thousand yuan of management fee a year, the company will make sure that the pre tax profit is 1 million yuan in the 5 year business period.

However, the company's public information did not disclose the amount of compensation paid over the years.

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< p > yesterday afternoon, in the name of joining the company, the reporter called the "a href=" http://www.91se91.com/news/index_f.asp "Hai Lan home" /a hotline.

Insiders said, "if you want to know the detailed requirements of joining, I hope to have an interview with the company headquarters."

However, it told reporters that the bottom guarantee has been cancelled.

In fact, in 2014, the company also cancelled the 1 million margin of franchisees.

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< p > Ma Gang analysis, this is certainly a factor of public opinion, on the other hand, it may also come from the feedback from dealers.

According to the foregoing statement, when the franchisee invested 1 million yuan for decoration and other expenses, the profit of 1 million yuan before the bottom tax can be guaranteed in 5 years, which is equivalent to the annual yield of 20%, and the annual annualized rate of return is 14% after the removal of 60 thousand yuan management fee.

"When such a yield is no longer attracting franchisees, or the company itself can not effectively activate the funds, the franchise system will naturally be hard to carry on."

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< p > < strong > calling up UNIQLO > /strong > /p >

< p > on many occasions, Hai Lan's home is called to the famous fast fashion brand -- < a href= "http://www.91se91.com/news/index_c.asp" > UNIQLO /a >.

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< p > but in the eyes of the industry, Hai Lan's home is no match for UNIQLO.

It is understood that the average daily turnover of domestic clothing enterprises is 185 days, but the inventory turnover time of Hai Lan's home is more than more than 400 days, that is to say, less than once a year.

This also led to high inventory in the company. From 2011 to the first half of 2013, the inventory of Hai Lan's household was 3 billion 863 million yuan, 4 billion 457 million yuan and 3 billion 852 million yuan respectively, accounting for 56.82%, 60.77% and 51.62% of the total assets of the company respectively.

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< p > "products are sent to stores, theoretically franchisees, but still included in the company's inventory, while other companies do not count."

Company executives explain this.

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< p > in addition, Hai Lan's home also revealed that the terminal efficiency of the company reached 30 thousand -4 million yuan.

The so-called flat effect refers to the efficiency of terminal 1 square meters, which is generally regarded as an important criterion for evaluating the strength of stores.

UNIQLO ranked 40 thousand at the top of the table, and ZARA was 30 thousand yuan.

But according to the data provided by Hai Lan's senior executives, the stores reached 2900 by the end of 2013, with an average shop area of 168 square meters.

With a rough estimate of terminal retail revenue in the year 12 billion, the company's flat effect is only 25 thousand yuan.

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