Red Dragonfly Rushing To IPO AOKANG Has Been Listed For Two Years.
In fact, as early as 2011, the Red Dragonfly submitted IPO materials, but later due to the slowdown in the IPO, the listing process of red dragonfly has also been suspended for some time. In 2014, the Red Dragonfly prospectus appeared in the IPO pre disclosure list. Moreover, after three years, the Red Dragonfly's stock investment project has not changed significantly. It is still the total number of first issue stocks not exceeding 80 million shares. The investment and investment projects are still the construction projects of marketing channel construction and information system. Beijing Business Daily reporter noted that if the IPO recruitment project to get three years ago comparison, almost can be regarded as a copy of AOKANG international. As the leader of Wenzhou leather shoes manufacturers, AOKANG and red dragonfly almost opened the listing process in 2011, but luckily, AOKANG first landed on the Shanghai Stock Exchange in April 26, 2012.
It is understood that the red dragonfly is a collection of leather shoes, leather goods, children's products design, development, production and sales of enterprises, the product is mainly for two or three line cities, strong economic towns and first tier cities two or three line business district consumers, the retail price of leather shoes is concentrated in 300-500 yuan. The retail price of AOKANG leather shoes is also between 300-500 yuan. It can be seen that the two companies are quite comparable in many aspects.
"The construction of shopping centers and the development of e-commerce have diverted many traditional street store outlets. The lack of consumer confidence caused by the economic downturn will also bring some pressure on the demand for consumer goods, and the overall sales revenue and profits of the footwear industry fluctuated considerably." In an analyst's view, under the background of the industry downturn, two shoe companies have not escaped the industry's performance haze. Data show that in 2012-2014 June, the Red Dragonfly achieved net profit of 293 million yuan, 257 million yuan and 129 million yuan respectively, while the data of AOKANG International were 510 million yuan, 270 million yuan and 150 million yuan, respectively, and the trend of performance growth slowed down obviously.
It also plagued the whole. leather shoes The industry also has high inventory. In the prospectus, red dragonfly said that with the expansion of the company's marketing network terminals and the increase of sales scale, the stock held directly for the franchisee to pick up the goods also increased. As of the end of June 30, 2014, the end of 2013 and the end of 2012, Red Dragonfly The book balance of inventory commodities was 500 million yuan, 610 million yuan and 550 million yuan respectively, accounting for 89.86%, 92.44% and 90.21% of the total inventory respectively. Similarly, AOKANG International's inventories are increasing year by year. At the end of 2012, the company's stock was only 540 million yuan, and by September 30, 2014, this figure had changed to 930 million yuan.
"High inventory is the whole. Footwear industry When the inventory is high and terminal sales are not smooth, enterprises will face discounted sales pressure and sell products at a discount. The fall in retail prices will impact on gross margins. An industry analyst said. It is not yet known whether the Red Dragonfly sells goods by discount means, but the gross profit margin of the company is much lower than that of the same industry. The average gross profit margin of the industry listed companies in the past 2011-2013 years was 53.73%, 52.59% and 53.01% respectively, while the Red Dragonfly's gross profit rate was only 34.05%, 35.49% and 36.11% at the same time, which was lower than that of AOKANG, which was also the same as franchising.
For AOKANG, its accounts receivable may be faced with a larger risk of repayment. Although AOKANG raised 2 billion yuan in 2012, the company's accounts receivable and the proportion of accounts receivable were higher than the red dragonfly and the industry average. At the end of -2013 in the end of 2011, the proportion of accounts receivable of Listed Companies in the same industry was 21.08%, 19.55% and 19.1% respectively, while the data of AOKANG were as high as 41.98%, 28.99% and 26.33%. In addition to the accounts receivable ratio of 2013 was slightly lower than that of red dragonfly, it was higher than that of red dragonfly in the other two years.
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