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    Zhejiang Red Dragonfly Footwear Industry Officially Entered The A Share Market Channel

    2014/7/4 17:19:00 26

    ZhejiangRed DragonflyAOKANG International

    < p > after AOKANG international, second shoe companies in Wenzhou: a href= "http:// www.91se91.com/news/index_p.asp" > Zhejiang < /a > Red Dragonfly shoe Limited by Share Ltd (officially called "Red Dragonfly") officially entered the A share listing channel.

    < /p >


    < p > in fact, as early as 4 years ago, the two shoe companies were almost at the same time planning to go public. After AOKANG international listed in April 2012, a few months later, A IPO was suspended for more than a year, making the listing of "a href=" http:// www.91se91.com/news/index_x.asp "Red Dragonfly /a /a" had to be postponed to two years later.

    Looking at the listing prospectus of the two companies, we can see that the assets of the two companies in 2011 were quite similar, and the number of new shares and investment projects were almost the same, both of which were used for expansion of physical stores.

    < /p >


    < p > however, when the dragonfly saw AOKANG's international listing two years later, the assets grew to 2 times of its own. At the same time, we should also see that AOKANG international expanded the channels to invest hundreds of millions of capital raising funds two years ago. After that, the profits did not increase and fall. Behind this, the whole garment industry has experienced the great leap forward expansion in the past two years, and the cost of traditional channels has made the company's performance overburdened.

    < /p >


    < p > < strong > a "expired" prospectus < /strong > /p >


    < p > March 19th and April 7th, the Red Dragonfly held two consecutive shareholders' meetings. According to the adjustment of the IPO policy by the SFC, the prospectus of the company was revised, and the declaration was submitted to the SFC in April 25th.

    In this revision, the company only revised the profit distribution and the stable stock price of the company in the 3 years after the listing. As for the 80 million new shares issued by the company as early as 3 years ago, there was no change.

    < /p >


    < p > according to the prospectus of the company, 867 million of the $975 million raised by the company is used for marketing channel construction, and the so-called marketing channel construction is the expansion of the store scale.

    According to the plan previously formulated by the company, the company will expand 130 stores after raising funds, including 10 flagship stores and 20 standard stores by way of purchase, and 20 flagship stores and 80 standard stores through leasing.

    < /p >


    < p > according to the original estimate of red dragonfly, the newly increased 30 thousand square meters store will bring 930 million yuan income and 120 million yuan net profit each year.

    As a result, the net profit margin of the company's new stores in the future can reach 12.9%, but in fact, according to the company's financial data, the company's net profit margin has never reached such a high level since 2009. On the contrary, in 2011, after the peak of the company's net profit margin reached 11%, it began to go down all the way. By 2013, the net profit margin of the company had dropped to 7.98%.

    < /p >


    < p > such performance promise that AOKANG international had done it before it went public.

    Looking back at the initial prospectus of AOKANG international, the company's prediction of the performance of new sales outlets for raising funds is that the average net profit rate can reach 23.83% after delivery. In fact, the net profit margin in 2012 and 2013 is only 14.8% and 9.8%, respectively, not only when compared with the initial forecast data, but also by the huge increase in sales expenses, the company's net profit in 2013 dropped by 46.6% over the same period last year.

    < /p >


    < p > the number of new shares issued is the same as that of fund-raising funds. 3 years ago, the two prospectus of AOKANG international and red dragonfly was almost twins. The only difference was that AOKANG international first completed its listing in 2012, while the Red Dragonfly had to wait until 2014 to restart IPO.

    However, at this time, the domestic garment industry has already changed a lot, and a large number of listed companies that invested huge amounts of money to expand the physical sales outlets have been increasing. With the increase of store rents and personnel salaries, companies are becoming increasingly unable to bear the burden of channel and performance.

    At this time, the Red Dragonfly did not modify the company's prospectus in the prospectus, or follows the previous plan - expanding the number of traditional sales outlets.

    < /p >


    < p > < strong > 28 companies do not increase profits, < /strong > /p >


    < p > reporter has made statistics on the financial data of 28 well-known A apparel companies at present. On the whole, after experiencing the great leap forward of sales channel after 3 consecutive years since 2011, there has been a dilemma of increasing sales revenue without increasing profits.

    Among the 28 well-known clothing enterprises, 19 companies completed the A share listing after the IPO re started in 2009.

    According to the statistics of financing data, including IPO financing, backdoor and private placement, the total of these 19 companies collated 26 billion yuan from the market, and most of these funds were invested in the expansion of sales stores.

    < /p >


    < p > but from the performance point of view, in the 2013 financial statements, 23 of the 28 companies appeared to decline in net profit attributable to their parent companies, with an average decline of 44.2%, while in 2012, the net profit fell by 15, with an average decline of 2.1%; in 2011, only 4 companies with net profit fell compared with the same period last year, and the average net profit of the industry increased by 35% over the same period last year.

    The data we can refer to are the average sales net interest rates of the 28 companies from 2011 to 2013, 14%, 12.6% and 9.7%, respectively.

    < /p >


    < p > careful analysis of financial data is not difficult to find that the reason why the net sales rate of the whole industry is obviously declining is not the decline in gross margin, but the substantial increase in the cost of sales.

    From 2011 to 2013, the average sales cost of the whole industry increased from 23.3% to 28.4%, and the proportion of sales expenses to the total operating income increased by 4 percentage points in the same period.

    Compared with the red dragonfly, AOKANG international sales cost increased from less than 300 million yuan in 2010 to 520 million yuan in 2013. While red dragonfly has not yet completed the large-scale expansion of the channel, the sales cost in the two years has increased from 276 million yuan to more than 400 million yuan.

    < /p >


    < p > Red Dragonfly did not escape the haze of the same industry.

    In 2013, when the main business revenue increased by 5% over the same period last year, net profit fell by 12.4% over the same period.

    Because of the slight change in the gross profit margin of the company over the same period, the main reason for the year-on-year net profit decline is the increase in sales expenses. The data show that the sales cost of the company increased by 16.7% over the same period last year.

    < /p >


    < p > according to the data disclosed by the company, by the end of 2013, there were only 50 stores in the 4428 stores owned by the whole country, and the proportion was not high, which means that the company did not need to pay a large number of sales charges for the store rentals and staff salaries. Therefore, the proportion of sales expenses to the total business revenue last year was only 12.5%, which was lower than the average value of AOKANG international and industry.

    However, if the company increases the number of self owned stores by 130 according to the recruitment and investment projects, the expenses of the 180 Direct stores will inevitably lead to a sharp increase in the company's sales expenses.

    Partners have begun to burn money in the electricity supplier. When the Red Dragonfly promises to raise funds to expand to traditional stores, the listed companies in the same industry have already begun to channel pformation.

    < /p >


    < p > 2012, seven wolves in the whole industry channel great leap forward, through the private placement to raise 2 billion yuan of funds, plans to add 1200 sales outlets, however, just after a year later, the company in 2013 on the large-scale closure of 500 stores.

    In the annual report of the seven wolves last year, the management of the company believes that "with the emergence of various new business models and e-commerce, various price elements in the production chain have risen, and the way of gaining growth solely relying on the expansion of the number of stores has no longer adapted to the current development trend."

    < /p >


    Similar to P, in April of this year, after closing the two stores in Huaihailu Road, Shanghai and Qianmen Street in Beijing, Smith Barney once again closed down a flagship store on Wangfujing street in Beijing, while a large number of shops were closed, the United States began to upgrade its existing stores and turn them into experience shops to promote the development of e-commerce business.

    Zhou Chengjian, chairman of the American Apparel, said earlier that the company plans to pform 100 stores in 2014, reaching 1000 in 3 years.

    < /p >


    < p > comparable a href= "http://? www.91se91.com/news/index_c.asp" > AOKANG international < /a >, as early as June 2012 just completed the listing, from the super raised funds to add 90 million yuan to add e-commerce operation project investment.

    In January 15th of this year, AOKANG International launched another 100 million yuan to establish AOKANG international Agel Ecommerce Ltd to promote its growth in e-commerce business.

    < /p >


    < p > Red Dragonfly has started the layout of electronic commerce since 2011. At the same time, the sales revenue performance achieved by e-commerce over the past few years is almost at an annual rate of 100%. However, there is no red dragonfly that has a large amount of capital to raise funds, and how to deal with it after listing? < /p >.

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