Vigna S'S "Right Medicine" Once Again Broke Through IPO

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Xiaobian network to introduce to you is Vigna S's two degree entry IPO can not conceal the current situation of clothing industry downturn.

Despite the fact that IPO was not available in 2011, the confidence of women's clothing brand Wien Nash was two degrees.

Following the disclosure of prospectus materials to the pre disclosure list in April 30th of this year, Vigna S renewed the prospectus on the evening of 15.

Compared with the April version, the company added a new half year financial data for 2014.

Financial data show that the company's profitability, inventory and other issues have been improved.

Vigna S would be denied IPO three years ago. At that time, the SFA Commission said that Vigna S's operating income from 2008 to 2010 was 141 million yuan, 201 million yuan and 313 million yuan respectively. Although the growth was substantial, the number of clothing sales increased from 143 in 2008 to 272 in 2010. The number of clothing sales was 581 thousand and 800, 603 thousand and 400 and 586 thousand and 700 respectively.

The latest prospectus shows that Vigna S realized business income of 505 million yuan, 598 million yuan and 746 million yuan respectively from 2011 to 2013, corresponding net profit of 91 million 101 thousand and 100 yuan, 94 million 789 thousand and 500 yuan and 136 million yuan respectively, and 1-6 yuan in 2014, which achieved 416 million yuan of operating income and achieved 76 million 381 thousand yuan of net profit.

It is disclosed that in 2013, the company slowed down the pace of opening stores, focused on upgrading the channel level, and strengthened the management of existing stores, and the number of stores remained at a relatively stable level.

As of June 30, 2014, Wenger had set up 356 stores, of which 316 were direct stores.

From 2011 to 2013, the sales volume of wnnasi products was 763 thousand and 600, 778 thousand and 100 and 840 thousand and 700 respectively, achieving steady growth.

Before checking the feedback, the Commission said Vigna S had two "bad injuries" in inventory and profitability.

At the end of 2010, the stock grew sharply, from 38 million 160 thousand yuan at the end of 2009 to 101 million yuan at the end of 2010, and the inventory turnover rate was only 1.36.

In this regard, the latest prospectus shows that from the end of 2011 to the end of 2013, the inventory of the company was 120 million yuan, 170 million yuan and 154 million yuan respectively, and the turnover rates of stocks were 1.49, 1.35 and 1.44 respectively.

By the end of 6 2014, the book value of the company's stock was 160 million yuan, accounting for 25.75% of the total assets of the company, which was lower than that at the end of 2013; the inventory turnover rate was 0.76 in 1-6 months of this year.

It is estimated that the number of new shares issued will not exceed 36 million 995 thousand shares, and 259 million of the funds raised will be used for marketing network construction projects, and 152 new outlets will be built in the whole country. The other 110 million yuan will be used for R & D design center upgrading projects, and the remaining funds will be used for capital projects related to main business.

Although Vigna S "prescribe the right medicine" to break through IPO again, it is difficult to conceal.

The current downturn.

In recent years, the profit margins of the traditional garment industry have been compressed by factors such as labor costs, economic environment and electricity providers.

Associated with this is the high inventory problem.

Compared with the first half of 2013, in the first half of 2014, there was an upward trend in the inventory of more than 20 enterprises.

In the background of the main business slump, many garment companies seek pformation and reorganization.

The latest cases include: Hong Wah agricultural price 4 billion 170 million yuan backdoor Busen shares; 100 round pants industry acquisition of valuation of 1 billion yuan global Tesco.