Medium-Term Performance Of "Men And Women Everywhere" Men'S Clothing Industry Is Facing A Deep Adjustment.

For the men's wear listed companies, the performance in the first half of this year has not improved significantly. Before the industry's expected performance rebounded, the bird of prey (002154) slipped again in the two quarter, while Hinur (002485) and card slave Road (002656) also revised their performance downward, while Busen shares (002569) made a profit from the first half of the year, becoming an estimated loss of 35 million 80 thousand and 500 yuan to 31 million 685 thousand and 600 yuan, down 410% to 380% over the same period last year.

The reason for this is that the continued downturn in terminal sales has become a common problem for men's clothing companies. In addition, extensive management practices, serious homogenization of products, high inventory pressure and electric shock are all "performance killers" urgently needed by men's clothing listed companies.

　　 Men's wear Achievements are everywhere.

According to the 7 men's clothing listed companies that disclosed the notice of the newspaper, the first half of the year's performance increased only in the Hai Lan home (600398) and YOUNGOR (600177), in which YOUNGOR's earnings growth was also due to the change of the accounting method of the Bank of Ningbo, which increased the current profit of nearly 640 million yuan.

Another good performance of Hai Lan's home was completed in April of this year. After the shell shell technology was introduced in April, Hai Lan home dress Limited by Share Ltd was incorporated into the scope of the accounting report. As a result, the quarterly net profit forecast for the first half of the next reporting period will increase substantially.

The worst performing men's clothing company is not Busen's stock (002569). In a quarterly report, the net profit attributable to shareholders of Listed Companies in the first half of the year is -50% to 0%, and the profit is 5 million 658 thousand and 200 yuan to 11 million 316 thousand and 300 yuan. In July 15th, Busen released some performance correction notice that it expected to lose 35 million 80 thousand and 500 yuan to 31 million 685 thousand and 600 yuan in the first half, down 410% to 380% over the same period last year.

In addition, in the first quarter report released in April 26th this year, Hinur (002485) was optimistic about the first half profits, and thought that the net profit attributable to shareholders of listed companies would be between 10 million 652 thousand and 300 and 26 million 630 thousand and 700 yuan. Kaiser shares (002425) lowered its expected performance in the first half from 20% to 50%, down to 50% to 80% over the same period last year.

In addition to the above companies, there are two men's clothing enterprises, although the net profit is still positive, but it is expected to have a big gap with the first quarter forecast. Originally reported in a quarterly report net profit rose 0 to 30% of the birds, recently released the first half of the notice, net profit fell 0-20%. And the net profit expectation of card slave road was expanded from 10%-30% before the same period last year to 60%-80%.

Internal and external multiple negative factors resonance

Constrained by weak terminal demand, it has become a unified interpretation of poor performance for men's clothing enterprises. In the announcement, the newspaper said, "affected by the weak external economic situation and the continuing downturn in the domestic apparel terminal retail market, especially in the 5-6 month, the retail sales situation is lower than the previous expectations. The company's brand retail business has stepped up its marketing input and strengthened the special sales office, resulting in an increase in the cost and a decline in gross margin. "

In fact, apart from the fact that the sales market has not improved this external reason, more men's clothing enterprises have their own problems. After a round of "horse race enclosure" shop tide, the importance of meticulous management of channels has been self-evident. In particular, before the lessons of sports and leisure wear enterprises, men's clothing enterprises are paying off the "debts" of blindly opening stores, and the increase in the construction and management of direct business system is also an important reason for the decline in performance.

In addition, the homogeneity of men's clothing is serious, and the market competition is fierce. Men's clothing enterprises have little difference in upstream fabric supply, style design, pricing methods and so on. This also leads to a smaller differentiation among brands, plus the price advantage of fast fashion brands, and the profit margins of men's wear enterprises are constantly being compressed.

Combing the information disclosure of men's clothing listed companies, we can see that the inventory problem is still not well resolved. Hinur disclosed the reasons for the decline in the first half of the year in the report, saying that in order to help franchisees ease the inventory pressure and rearrange channel products, the sales of franchised stores decreased. During the same period, sales promotion and labor costs rose and other factors led to a decline in gross margin.

In addition, the electricity supplier is also a driving force for men's clothing enterprises to transform, and also a promoter of cost listing. "The company's new marketing network terminal cultivation period is extended, resulting in the company's direct sales revenue is not up to expectations. "He said.

According to the forecast data released by China Electronic Commerce Research Center in July 8th, the overall size of China's clothing online shopping market in 2014 will reach 615 billion 300 million yuan, up 41.5% over the same period last year, accounting for 22.1% of the scale of the nationwide online shopping market. The demand for clothing shoes and hats is large and the rate of repeat purchase is high. It can be said that clothing enterprises compete for the largest market potential of users.

The relationship between "store" and "electricity" and the integration of online and offline development will become the main research topic of men's clothing enterprises.

　　 Reform or transformation of internal strength or foreign aid?

Orient Securities has pointed out in the research report that the overall adjustment of men's clothing enterprises is later than the whole industry. After 2013's inventory and channel adjustment measures, the inventory pressure has been reduced, but the effect of active adjustment and business transformation is not obvious. It is estimated that the process of inventory and channel adjustment will continue in 2014, and it is expected that it will soon improve as soon as 2015.

In addition, some men's clothing enterprises have done a lot of work in the supply chain and terminal retailers. They have practiced "internal strength", and nine farmers and seven wolves have emphasized on strengthening supply chain management, developing fabric, and trying to reduce costs.

In the men's clothing, Hai Lan's home, which is the main player in the men's clothing, is committed to creating the mode of "upstream credit sale system + downstream financial affiliate system". The company adjusted its business policy this year to increase the buyout ratio of the goods, and at the same time, it relieves some of the franchisee's deposit and deducts the profits of the OEM and franchisee accordingly. At the same time, it accelerated its O2O strategy. Its revenue and net profit in the first quarter increased by more than 45%.

Many men's clothing enterprises choose to integrate on the upstream and downstream of the industrial chain. The former hundred round pants industry buys the global Tesco, but how to deal with the interests of the e-commerce platform and franchisee has become a new problem for the enterprises.

In addition, there are also enterprises looking for new investment areas, such as Kaiser shares. In June of this year, Kaiser announced that it had purchased the game company's cool cow interaction at a price of 750 million yuan. In 2012, 2013 and 2014 1~3, the operating income of cool cow interaction was 2 million 871 thousand and 400 yuan, 32 million 836 thousand yuan and 28 million 493 thousand and 200 yuan respectively, and the net profit was -5.71 yuan, 7 million 481 thousand and 600 yuan, 12 million 50 thousand yuan, respectively. Both net profit and net profit increased rapidly.

And since the suspension of the restructuring of Busen shares in May 5th, the market has many guesses about its direction of development. Busen's net profit fell sharply last year, and its operating profit decreased by 50.75% over the same period last year. The company said it was mainly due to a decrease in sales. In addition, the Zhejiang Securities Regulatory Commission issued a notice 4 months ago to verify that Busen group's controlling shareholder Busen group accumulated illegal deposits of listed companies' bank deposits of 86 million yuan, and did not disclose relevant information, thereby issuing a warning letter to Busen stock chairman Wang Jianjun.

In the case of weak sales and chaotic management, Busen shares had to make a choice. Because Shen Hai shares the Zhejiang Zhuji listed company, and the Zhejiang film and television companies are more, and insiders analyze Busen shares may sell to the film and television company.