The Net Profit Of 9 Mu Wang Falls IPO, The Largest Investment Project Is Abandoned Halfway.

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Net Xiaobian to introduce to you is nine herd Wang net profit decline IPO largest investment project halfway.

The overall downside of the garment industry has caused the related companies to suffer. The report card which is handed down by "nine men" as the main business is also able to confirm this situation.

The company's semi annual report released today showed that both the company's revenue and net profit fell during the reporting period, and net profit fell by more than 20%.

Meanwhile,

The construction of IPO's largest investment project marketing network was completely terminated after the initial investment of nearly 400 million yuan. The company intends to use the remaining 900 million yuan to supplement liquidity.

Net profit fell by more than 20%

The nine herd King released the 2014 China Daily today. During the reporting period, the company achieved operating income of 971 million yuan, down 16.56% compared to the same period last year, and the net profit attributable to listed companies was 218 million yuan, down 24.80% from the same period last year.

In this regard, nine Mu Wang said in a semi annual report: "in the first half of the year, the overall retail sales of China continued to face pressure. At present, the major brands in the apparel industry continue to adjust their inventory and stores."

Sales decline while the company is also reducing the number of stores. In the first half of the year, the company reduced 73 terminals.

"The domestic terminal consumption continues to slump, and in order to control operational risks, the company has voluntarily closed some sales terminals with poor business efficiency," explained the king.

Reporters noted that the company disclosed in mid 2013, in 2014, the company plans to reduce the 50~100 terminal, that is, in the second half of the year, the company may continue to close.

Data show that as at June 30, 2014, the number of direct and terminal terminals was 2990, of which 831 were direct terminals and 2159 were joined by terminals.

For the year 2014, the company is expected to slide.

"It is estimated that sales revenue will reach 2 billion 200 million yuan, down 12% from the year 2013."

So is the king of nine.

Termination of marketing network construction project

When the performance of the company was down, the construction of the marketing network of IPO's largest investment project was also terminated.

"The change of macro economy and market environment has led to the continued implementation of marketing network construction projects which are not in line with the development trend of the industry and the company's strategic plan," he said.

In addition, the progress of marketing network construction is slow, and the return on investment is expected to be much lower than expected.

Reporters noted that in May 2011, nine Mu Wang IPO raised 2 billion 640 million yuan.

The company said that the proceeds would be used in the four major projects of the company, of which 1 billion 320 million yuan for marketing network construction.

Nine Mu Wang said at that time that the marketing network construction project planned 338 new sales terminals nationwide in two years, including 82 shops and 256 rental shops.

However, as of June 30, 2014, the company had only bought 23 stores and 4 leasehold stores.

The above projects raised a total investment of 400 million yuan, only completed 30.29%, resulting in a profit of only 529 thousand and 300 yuan.

As for the remaining 920 million yuan of the above-mentioned investment projects, nine Mu Wang said it would be used for permanent supplementary liquidity.

The stock investment project has been terminated, and the storefront of the previous layout has not been spared.

The company indicated that it would pfer the 15 shops purchased by the fund to third parties, and the original cost of the shops was about 250 million yuan, and the specific affairs Licensing companies should be dealt with by the management level.

In addition to the above

Other than the other three projects, the project has not been completed.

As of June 30, 2014, the construction projects involving R & D center had only been completed by 15.69%, and the supply chain system optimization and upgrading project had only completed 19.11%, and the information system upgrade project had only completed 55.10%.