King Mu Wants To Buy Men'S Brand "Lang Ken".

< p > 2013, < a href= "http://www.91se91.com/news/index_c.asp" > clothing industry < /a > overall, although the domestic market maintained growth, the growth rate slowed down significantly compared with the previous two years, and the performance was not as good as the overall retail market; the sales situation of department store clothing was even more severe.

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< p > 9 Mu Wang also disclosed a quarterly report. In the first quarter of 2014, the company achieved operating income of 545 million yuan, down 22.15% compared to the same period last year. The net profit attributable to shareholders of listed companies was 145 million yuan, down 24.25% compared with the same period last year, and the earnings per share were 0.25 yuan.

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< p > in addition, in order to enrich the product line, the company intends to invest "a href=" http://www.91se91.com/news/index_c.asp "acquisition" /a "Ho Bo Wen and Pan Ruping created" Lang Ken "a href=" http://www.91se91.com/news/index_c.asp "> men's brand" /a ".

"Wave Ken" is a high-end men's clothing brand with unique Chinese elements in China. Its trousers products have a leading position in the senior men's wear market.

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< p > in view of the related business and assets of the "wave Ken" men's wear brand, which are currently distributed under different enterprises under the control of Ho Bowen and Pan Ruping, in order to reduce paction risks, the company and he Bowen and Pan Ruping, according to the principle of "first integration and re acquisition", agreed that the "Shanghai Tang Ya dress Co., Ltd." established by Pan Ruping and Pan Ruping first purchased the existing "wave Ken" men's clothing products related businesses and corresponding effective assets and personnel, and then invested in the company's 100% equity interest in Shanghai Tang Ya Fashion Co., Ltd.

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According to P, the company signed the framework agreement in April 16th with Pan Ruping and H. H. Bowen.

King Mu will provide capital turnover support for the integration with the entrusted loan and pay the performance bond at the same time.

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< p > related links: < /p >

< p > 9 Mu Wang (601566) announced its annual report 2013 today. Its main business achievements are as follows: during the reporting period in 2013, the operating income was 2 billion 501 million 539 thousand and 300 yuan, and the total profit was 683 million 190 thousand and 200 yuan. The net profit attributable to the owners of the parent company was 537 million 302 thousand and 200 yuan, down 3.81%, 11.53% and 19.62% respectively over the same period last year.

To achieve earnings per share of 0.93 yuan.

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< p > Event comment < /p >

Sales declined and gross margins declined: the company achieved operating income of 2 billion 501 million 539 thousand and 300 yuan, down 3.81% from the same period last year. Due to the slowdown of domestic economic growth, the consumption slowed down, the company slowed down the shop opening process, and closed down some inefficient terminals. At the end of the year, the sales terminals of the company were reduced by 140 compared with the previous period. The sales volume of the products decreased by 4.67% from the same period last year, due to the reduction of sales terminals and the impact of e-commerce. Among them, the core product male trousers revenue, which accounted for 46.73% of the company's revenue, dropped significantly, down 5.26% from the same period last year. The sales volume of the company decreased by 4.67%.

The decline in sales has led to a decline in company revenues.

During the reporting period, the operating cost dropped by 1.57%, but the relative cost of the revenue declined sharply, thus achieving a gross margin of 56.81%, a slight decrease of 0.98% over the same period last year.

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During the period of < p > fees and income taxes increased, net profit fell sharply: the period cost rate was 27.38% during the reporting period, up 1.42% from last year.

Mainly due to the rise in sales costs, the sales cost was 581 million 619 thousand and 400 yuan, an increase of 4.18% over the same period last year. The impairment loss of assets was 39.11% higher than that of the same period last year, mainly due to the FUN and VIGANO trademark depreciation allowance in the current period. The income tax expense increased by 40.53% over the same period last year, mainly due to the "two exemption three and half reduction" tax preference for the parent company, and the increase in the corporate income tax rate applicable to the reporting period.

As a result, net profit of 537 million 302 thousand and 200 yuan was achieved, down 19.62% from the same period last year.

Net profit margin was 21.48%, down 4.22% over the same period last year.

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< p > inventory fell, receivables turnover decreased slightly: in 2013, the company's inventory fell to 625 million 35 thousand and 200 yuan, down 3.82% over the same period last year.

Accounts receivable was 182 million 267 thousand and 200 yuan, down 25.38% year-on-year.

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< p > accounts receivable turnover days fell to 21.66 days from 25.13 days last year.

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< p > maintain "recommended" rating: our company's performance forecast for 2014-2016 years is 0.97 yuan, 1.05 yuan and 1.14 yuan, corresponding to the current stock price PE 13 times, 12 times and 11 times, maintain "recommended" rating.

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