You Have To Understand The Status Quo Of The Clothing Industry.

Introduction to Hua Shang

Keynes said that market irrationality is longer than rational life.

This is a fact, but it is not a reason to give up reason, just as how long the night is, how precious the day is.

The uncertainty of the clothing industry in 2014 has caused many brands to suffer from the pain of nine corners: the impact of foreign fast fashion brands, the diversion of e-commerce, the closing of shops for casual clothes, the collapse of businesses, and the boss's running.

Even so, we still believe that the garment industry will continue to develop all the way through these difficulties and dangers.

Before that, it is necessary for us to ponder what is uncertain in the future and what is in the past that can be determined.

Therefore, we selected 9 phenomena of probability in 2014 to list and analyze from some representative phenomena. What we want to say is that we are uncertain because we always want to grasp the future.

Phenomenon 1: structural allocation, share of financial reform dividends

With the overall downturn of the main industry, financial investment has become the mainstream strategy of many textile and garment enterprises.

Although the capital market has never been short of "big play", many listed companies in recent textile and garment sectors have been playing financial investment.

Under the influence of the example of YOUNGOR and Shanshan, in recent years, the United States, costumes, music, Kaiser, Kai Ruide,

Seven wolves, nine Mu Wang and Haining leather city are all accelerating the pformation and upgrading of the main business and upgrading their core competitiveness. All of them have adjusted their development strategies, seeking cross-border investment opportunities and seeking new breakthroughs in performance growth.

From the end of 2013 to the first half of 2014, the shares were announced.

Beijing Oriental Yuhong Waterproof company and other 9 companies jointly build the first bank.

2014 in November 14th, the US state clothing announced that the company intends to work with Shanghai Jun Yao group as the main sponsor to set up Shanghai's first private bank, Huarui bank.

In the second half of 2013, Kaiser shares invested 30 million yuan in Tianjin Binlian microfinance company, accounting for 10% of the registered capital.

In November 2014, seven wolf announced recently invested 300 million yuan to set up the consumer industry fund.

In November 20, 2014, Jiaxin silk announced the signing of the "Zhejiang paradise Silicon Valley silver venture investment partnership (limited partnership) partnership subscription agreement" with the Silicon Valley of heaven in Zhejiang. The company subscribed to Silicon Valley for 30 million yuan as the partner in the execution of the partnership.

On the whole, there are 5 innovative means of financial investment in the industry. One is to explore the establishment of private banks, the two is to set up small loan companies, the three is to set up professional investment companies or fund companies, four is to invest in shares, and the five is to get involved in the hottest Internet Finance and enter P2P, such as Haining city.

Key words thinking

[structural configuration] obviously, the stronger the stronger, the companies that can participate in the financial field and share the dividends of financial reform are basically listed companies in clothing.

Like YOUNGOR group, it can maintain 40.54% capital growth, more from the richness of the industry module and the allocation of asset structure.

Under such influence, investment or capital raising behavior of other garment listed companies like this is no doubt a way to adjust the allocation of asset structure. It is understandable to optimize the allocation of resources in order to raise the future capital return rate. For garment enterprises, the possible direction of the new year is: the rich clothing enterprises, the asset structure allocation and adjustment, and the direction innovation; continue to talk about Internet thinking without money.

Phenomenon two: boundary reconstruction, or solution to the overhang of enterprises

The queen mother of Ningbo, Hangzhou and Suzhou is more and more interested in real estate clothing enterprises. Besides Lining, Mei bang, Semir and card road, the listed companies reflect the natural link between their retail sales and the real estate industry based on the development of their own sale business. The clothing listed companies have become the most important tenants and buyers of commercial real estate such as shops, shopping malls, urban complexes, and so on. More non-public clothing companies' property investment has become a desperate norm. In May 2014, the chairman of Hangzhou tengxu clothing company lost contact because of tax disputes and real estate investment quilts. Following YOUNGOR's massive march into real estate in the past few years, it has frequently become a high price.

Hinur put his energy into the operation of energy; he made a high-profile rescue in the 2014 quarter of the 10 quarter to save his achievements, and announced that he was going to enter the hot industry such as new energy in the evening of January 12th. Huarun's Jinhua textile industry was abandoned by SKYWORTH, and Chinese clothing was changed to the production and sale of phosphate compound fertilizer through the way of assets reorganization. After all, Busen's shares made significant asset replacement and asset sales to Hong Wah agriculture and purchased assets from the issue shares, which proved to be a miscarriage. A large garment exporter of Shishi invested in a creative advertising company; the 100 round pants industry paid 972 million yuan on the stock price, and paid 60 million yuan for cash to buy cross-border export retail business. Besides, in addition to real estate, Shanshan stock has already started the diversified development of clothing, lithium batteries and investment; Tianshan textile bought the mine in 2014 to turn around the mining industry; Ordos took the lead 10 years ago.

Under the background of pressure and inefficiency in the main business, diversified investment means for textile and garment enterprises to seek new growth in performance are not limited to hot financial investments but also to many other industries.

Carefully comb out found mainly three aspects: one is finance and real estate, two is mineral, photovoltaic and other energy fields, three is Pan culture concept industry, such as hand travel, animation, film and television.

But even more unexpected, such as lottery tickets and set-top box industry, can be described as "the pition is gradually enchanting eye, do not know the true colors of clothing".

Key words thinking

[boundary reconstruction] in recent years, the Internet has an important business trend called boundary reconstruction.

We think that the so-called "boundary reconstruction" means that the organizational cost and market paction cost are not equal or the changes of external environment make the business boundary in a state of disequilibrium. In order to ensure the validity of the boundary, some measures should be taken to expand or tighten the existing enterprise boundaries, and to promote the boundary of enterprises to be in a state of equilibrium.

Eagle made beef brisket, but also made baked string, afternoon tea, pancake, and made nail. Millet made a cell phone, but also made television, made agriculture, and made cars and smart home.

In this era, the boundaries of the industry are being broken. The tide of reconstructing borders is irresistible. Thinking about the nature of the industry, we need to broaden our horizon and jump out of the industry perspective.

Phenomenon three: performance change face, who high-speed rail will become a green car.

Since September 2012, China's stock market has stopped IPO for more than a year, with the longest duration.

It was not until November 30, 2013 that the SFC issued the opinions on further promoting the reform of IPO system that IPO was finally restarted.

During this period, numerous performance changes, termination and suspension were staged repeatedly, and embarrassment and bitterness were hard to express.

As of the January 2015 IPO pre disclosure enterprise list, we can see that 647 IPO applications have been accepted.

Among them, there were 32, but not 615.

In the past, 56 enterprises were normally waiting for trial, and 559 enterprises were discontinued.

The high speed trains or EMUs of these industries are still stuck on the frozen tracks. The future audit will take over by the exchanges. There are still uncertainties and uncertainties. From the perspective of performance, who will be able to finally smile?

This speculation is not groundless. From the recent IPO situation in the clothing industry, only 8 textile and garment enterprises in July last year stopped censorship, and the 17 companies IPO had to suspend applications for IPO.

When we feel that IPO is going to open the floodgates and the stock market is coming to spring, there is no sign of optimism in the industry. The market continues to slump, and the spring of the garment industry is tardy in the future. Coupled with the high cost of listing, the fluctuations in product performance, product quality defects, high inventory, overcapacity, high cost of production and low export, the weakness of the textile and garment enterprises directly affects the judgment of the capital market's investment value in the textile and garment industry. Although many enterprises have tried to pform the form through O2O channel expansion, advanced customization, fans economy and so on, it is still not enough to enhance the confidence of the capital market in this traditional industry.

2015 of the situation is still grim. In addition to Vigna S's successful listing in January and La Natsu Bell's blood listing in Hongkong, the clothing company's IPO is still stuck in the cold winter. The enterprises that are blocked in the first line waiting for departure are gleth, Taiping bird, Ray Tibor, Be Meleven, red dragonfly shoe industry, an Zheng fashion, Zhejiang new Australia, Mass Phil, Guangzhou Tian Chong, Xin he shares, Guangzhou's popular beauty and Ghedi outdoor products.

Key words thinking

In the past year, Hong Kong stocks, including Hong Liang international, Ph. D. frogs, non key and MIG international, have seen many disturbances, carefully comparing their prospectus and public information. The performance and face of the stock market crash after listing seem to be traceable.

A shares are in the same category. After the IPO lockout, there are 44 new shares breaking out, such as George White and AOKANG international.

The "performance change" reflects the lack of overall profitability of listed companies and the higher requirements for the quality of the listed companies. The future IPO reform will make great changes in the past IPO mode. Listing relies on simply whitewashing the financial statements. The listed companies will be hit back by the capital market, and the quality enterprises with real quality and potential and sustainable profitability will gradually be accompanied by the new IPO IPO reform.

Phenomenon four: place spirit, to the big shop mode to experience.

In March 2014, the United States will set up a store in Chongqing with a dual concept of experience and integration.

In May 2014, XTEP Asia's largest experiential shop opened in Changsha, covering an area of more than 2000 square meters, with a total of three floors.

In August 23, 2014, the exception of the new comprehensive retail space opened at the iapm shopping mall in Shanghai. Apart from the exception of women's clothing, it also joined the first men's wear shop in Shanghai, the naturalistic brand MassimoAlba from Italy, and coffee, green plants, reading and exhibitions, showing the comprehensive care from the United States to life.

At the end of 2014, the salon honeycomb brand collection shop (big store) tried to open the business, claiming to enter the advanced customization, bar, catering, cosmetics and other fields, into a more living, comprehensive and diversified development period. The business management category was not only limited to the women's clothing industry, but began to enter the cosmetics industry, catering bar and other fields, and then to create a diversified development model of the industry.

In 2014, many domestic clothing enterprises began to learn the Internet set -- "enhance user experience", buy a pair of jeans, and pform them according to their own ideas. After DIY, treat yourself to a spaghetti or tiramisu cake in the coffee snack area. This is the fun that Jasonwood, a leisure brand, wants to make consumers realize.

In addition, the integrated storefront of all kinds of products is also concentrated in the past.