The Net Profit Of The Brand Is 70%. It May Be Very Cold And Very Long In Autumn.

Net profit in the first half of 2014 was 164 million yuan, down 68.95% compared to the same period last year.

For the decline in performance, the bird pointed out in the announcement that it was mainly affected by the downturn in the sports footwear industry, resulting in a decline in sales revenue.

The reason for the decline in net profit in the first half of the year is that the increase in IPO costs and wages and welfare costs led to an increase in management and financial costs in the first half of the year and a 1.14% increase in the cost of the period.

In the two quarter, the number of birds and inventories increased, the receivables decreased, and the turnover of accounts receivable deteriorated significantly.

By the end of the two quarter of 2014, the company's inventory was 78 million 491 thousand and 900 yuan, an increase of 14.38%, and accounts receivable of 140 million yuan. There is still no sign of improvement.

Bank of China

In a research report, the balance of accounts receivable is too high, which indicates that the cash flow of distributors is weak. Under the condition of weak retail terminals, the inventory shortage in 2014 is lower than expected.

Considering the company's 2014 spring and summer orders will still have double-digit decline, and the autumn orders growth is relatively slow, the company's revenue in 2014 is expected to decline.

In the earnings report, the birds pointed out that they are increasing investment in the three or four tier cities in China, and will further consolidate the strong position of the company's brand in the three or four tier cities.

On the one hand, on the one hand, it will increase support for franchisees in the year, support the franchisees in the support of shelves and so on. On the other hand, it will continue restructuring the company's market system, closing some inefficient stores in the first half of the year, and reducing the terminal plan by 100~150 within the year.

For,

The above adjustment plan, CITIC Securities analysts believe that "the extension of the expansion of the birds is less than expected, the number of retail terminals is too slow; at the same time, meticulous management has not achieved the desired effect, while the store efficiency and flat effect growth rate are lower than expected. In addition, the construction of strategic stores will be accelerated in the future, and if the strategic store is less effective than expected, the performance will be dragged down."