Zhejiang Textile Enterprise'S New Listing Is Not Optimistic.

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank" > shoes "< > hat net" Xiaobian "to introduce" Zhejiang "," Wei "," Wei "," textile > "new listing of enterprises, risky performance is not optimistic.

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In the past few years, the domestic textile industry has been in deep trouble for less than P.

On the one hand, the increase of labor cost has made the profits of textile enterprises decrease year by year. At the same time, the international economic situation is getting worse and worse. The textile industry, which is an important part of sales, is hard to get the best of it. Besides, China has become the country with the largest number of anti-dumping investigations and countervailing investigations, and the textile enterprises are also suffering from it.

Influenced by many factors, there is a big wave of textile enterprises going out of business every year.

However, with the opening of IPO again, the attraction of the capital market is endless. The depression of the textile industry is also difficult to prevent the enthusiasm of the listed companies in the industry.

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< p > this Wednesday night, four listed companies disclosed prospectus, one of which is the textile enterprise of Tongxiang, Zhejiang, Zhejiang new Australia textile Limited by Share Ltd (hereinafter referred to as "new Australia textile").

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< p > < strong > new Australian textile will be listed on the Shanghai Stock Exchange < /strong > < /p >

< p > on the evening of Wednesday (August 13th), the China Securities Regulatory Commission pre disclosed the prospectus of Shaanxi black cat coking Limited by Share Ltd, Zhejiang new Australia textile Limited by Share Ltd, Guangxi Liuzhou medical Limited by Share Ltd and Tianjin Kai FA electric Limited by Share Ltd.

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< p > in which, Zhejiang new Australia textile Limited by Share Ltd intends to issue initial public offerings in Shanghai stock exchange no more than 26 million 680 thousand shares, of which the number of new shares issued does not exceed 26 million 680 thousand shares, and the number of shares offered by the shareholders of the company is not more than 13 million 340 thousand shares. The number of shares issued is not less than 25% of the total number of shares issued after the issue.

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< p > according to the prospectus, the main business of the company is the development, production and sale of worsted yarn. Its main products are wool worsted yarn and its intermediate products wool top, which is mainly used in the downstream textile and garment industry.

The newly issued new shares will be used to replace the "20000 spindles high-grade wool worsted ecological yarn project" in order to repay the 100 million yuan bank loan project.

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< p > public information shows that the new Australian textile predecessor, founded in 1991, is located in the view of Zhuang Fu Bridge in Chong Fu town, Tongxiang City, Zhejiang province. It is a wool textile enterprise with knitting wool and wool strips processing and dyeing.

According to the registration of industry and commerce, the registration date of Xinhua wool textile was January 16, 1992, with a registered capital of 2 million 700 thousand yuan, and the opening unit was Tongxiang Chi Cun rural asset management corporation, with the economic nature of "collective pool".

The new Australian textile official website shows that when the Xinhua wool spinning company was founded, there were only 1600 spinning equipment. In 1992, the output value was 12 million yuan, and the profits and taxes were 1 million yuan.

In the three years when the term of the joint venture expired, Xinhua wool spinning had reached 12 thousand spindles, which was 6.5 times larger than the original one.

In June 20, 1995, the Tongxiang auditor's office issued a capital verification report confirming that the owner's equity of Xinhua wool spinning as of May 25, 1995 was 51 million 420 thousand and 100 yuan.

In September 1995, due to the termination of the joint venture, Xinhua wool textile was restructured into new Australia textile limited liability company, with a registered capital of 50 million 300 thousand yuan.

Among them, the assets management company held 88%, and Shen Jianhua and other 15 employees invested 1 million 755 thousand yuan before the 12% stake.

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< p > < strong > net profit rises and falls, and performance is not optimistic. < /strong > < /p >

< p > sprint IPO's joy can not conceal sorrow.

The reporter found that from 2011 to 2013, the company's performance basically remained "in place", and most importantly, the "balance" was maintained by government subsidies and tax incentives. If the above factors were deducted, the performance of the company in the past three years has actually declined.

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< p > financial data show that in 2013, the new Australian textile company achieved 1 billion 429 million yuan business income, a decrease of 60 million yuan compared to 1 billion 489 million yuan in 2012.

Even compared with 2011, it still dropped by 38 million 310 thousand yuan.

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< p > in terms of net profit, the company achieved a net profit of 101 million 230 thousand yuan in 2013 and 80 million 400 thousand yuan in 2012 and 101 million 150 thousand yuan in 2011.

From this set of figures alone, net profit in 2013 increased slightly compared with 2011.

However, the fact is that the growth of net profit depends on government subsidies and tax incentives.

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< p > public data show that in 2013, the company's net income increased by 11 million 646 thousand and 500 yuan through income tax concessions and government subsidies.

If we exclude this item, the net profit in 2013 will be only 89 million 590 thousand yuan, not less than the 93 million 140 thousand yuan in 2011, but it will be reduced by 3 million 550 thousand yuan.

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< p > and in the prospectus, the new Australian textile company also admitted that the company examined the high-tech enterprises in Zhejiang in 2011, and the 2011-2013 year corporate income tax rate was 15%.

Due to the expiration of the eligibility of high and new technology enterprises, the company has paid the income tax in advance in the first half of this year at the rate of 25% of the income tax, and has not enjoyed the preferential policy of the high and new technology enterprise income tax rate, which will have a certain impact on the performance of the company in the first half year.

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< p > < strong > raw material price, < a href= "http://www.91se91.com/news/index_s.asp > > exchange rate < /a > and many other risks. < /strong > /p >

< p > in fact, there are many reasons behind the company's revenue and net profit which are not optimistic.

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< p > the company prospectus shows that from 2011 to 2013, the total purchases of the first 5 customers were 499 million yuan, 469 million yuan and 368 million yuan respectively, and 26% in the three years.

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According to the original four largest customers, in 2013, sales of four major customers contributed 318 million 586 thousand and 800 yuan, down 31.7% from 466 million 919 thousand and 700 yuan in 2011. P

In particular, the NIPPON KEORI KAISHA, LTD. (Japanese wool weaving), which was firmly sitting on the first largest customer, dropped from 220 million yuan in 2011 to 95 million yuan in 2013, and the decline was as high as 56.9%.

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< p > of course, new Australian textile is also actively developing new customers. In 2012 and 2013, the company's fifth largest customer INDORAMA HOLDINGS LIMITED is the new customer.

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< p > at the same time, the new Australian textile prospectus revealed that the main raw material of the company was Australian wool and its semi finished wool top. In 2013, the company's export revenue accounted for 45% of the total sales revenue.

This means that the risk of raw material price fluctuation and exchange rate fluctuation is the risk factor that new Australian textile has to face.

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< p > < strong > IPO project progress retrogression < /strong > /p >

< p > for the quasi IPO enterprises, the investment projects are almost the most important concerns of investors.

Under normal circumstances, it is the usual way for listed companies to use their own funds or raise funds through financing, and then replace them after the listing and fundraising.

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< p > for new Australian textile, IPO's most important investment is "20 thousand spindles high-grade wool worsted ecological yarn project".

In order to seize business opportunities, the company has raised funds to project construction during the IPO shutdown.

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< p > according to relevant media reports, Jiaxing Daily reported at the beginning of last year that < a href= "http://www.91se91.com/news/index_c.asp" > new Australian textile > /a > 20 thousand spindles high-grade wool worsted ecological yarn project has completed 60% of the total planned investment in January 2013, and strive for production before October this year, when it will increase sales by more than 500 million yuan, and realize 100 million yuan in profits and taxes.

But in the prospectus of the company, it said that the investment reached 128 million yuan at the end of 2013, which only amounted to 38.67% of the 331 million yuan used for the raising of funds, but less than 40%.

The difference in time between the two companies is more than a year ago, but the progress of IPO projects is "regressive".

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