Semir Has Ample Cash And Has The Basis Of Mergers And Acquisitions.

Children's clothing revenue growth rate further increased, casual wear ushered in income inflection point, 10 increased 10 to send 10 yuan.

In 2014, Semir realized operating income of 8 billion 147 million yuan, an increase of 11.7% over the same period last year, and its net profit attributable to parent company was 1 billion 92 million yuan, up 21.09% from the same period last year, EPS1.63 yuan. Net profit growth of 18.13% was lower than that of net profit growth, mainly due to an increase of 49 million 70 thousand yuan in investment income of financial products, and 10 yuan (including tax) in every 10 shares pferred to 10 shares.

Revenue split: (1) 14 year company

The total number was 7082, which decreased by 418 compared with 13 years, and the denotation decreased by 6%. Among them, Semir and Barra were 3542 and 3540 respectively, reducing 487 and 69 respectively, that is, Semir's denotation decreased by 12% and Bala increased by 2%.

(2) from the perspective of the molecular industry, the income of Semir casual wear and Barbara children's clothing is 49.03 and 3 billion 167 million yuan respectively, and leisure takes on inflection point and income growth is 4.69% (12, 13, 14 respectively, 12.64%, 4.04%, 4.35%) in the first half of the year, the growth of children's wear is 24.91%, and the growth rate of children's growth is higher than that of the 24.91% year.

(3) from the point of view of the channels, the direct business is better than joining the shipments: casual wear and children's clothing direct sales channels have increased by 10.33% and 40.82% respectively, and the sales of casual wear and children's wear have increased by 3.63% and 21.02% respectively. The total income of direct and franchisees increased by 23% and 10% respectively. From the perspective of channel structure, the proportion of direct income increased by 2PCT to 19%.

In the 14 year, 900 million of the company's electricity providers doubled.

(4) according to the component price, the sales volume increased by 9.07% in the 14 years, thereby pushing the price up by 2.4%.

14Q4 company achieved 2 billion 786 million yuan in revenue, up 17.7% from the same year, mainly due to the low base number, and the rapid growth of e-commerce; net profit 421 million, increase 20.18%.

The gross profit margin is basically stable, the management fee rate is rising, the inventory is reasonable, and the accounts are full of cash.

Gross profit margin: the gross profit margin of 14 years increased by 0.71PCT to 36.06%, mainly from the cost control brought by integrated suppliers. The company reduced the number of suppliers to 200 or so in 14 years.

In the 14 years, the gross profit rates of leisure and children's clothing were 32.8% and 42.01%, respectively, with a slight decrease of 0.26PCT and a slight increase of 0.11PCT for children's wear.

14Q4 gross profit margin increased 0.79PCT to 35.10%.

13Q1-14Q3 were 36.31% (-1.08%), 33.66% (-4.36%), 36.87% (+4.99%), 34.31% (+2.95%), 36.02% (-0.29PCT), 36.87% (+3.21PCT), 36.7% (-0.17PCT), respectively.

The 14 year sales expense rate dropped by 1.36PCT to 11.27%, mainly due to a series of measures such as optimizing the process, controlling costs and closing the non-profit stores, so that the rental fee (accounting for 22%, down 21% last year), decoration fees (accounting for 3%, down 30% compared to the same period) and so on, and the management fee rate rose 0.25PCT to 3.83%, mainly due to the increase of R & D investment by the company, attracting the talents to make R & D fees (technology development fee accounted for 33%, 56% year-on-year), and employee salaries (25% or 22%%) increased.

The rate increased from 0.74PCT to -1.67%, mainly due to the company's purchase of large quantities of financial products by deposits, resulting in a decline in deposit interest and financial income in investment income.

14Q4 sales cost decreased by 3.15PCT to 9.45%, and management fee rate decreased to 0.22PCT to 0.22PCT.

Other financial indicators: 1) inventories increased by 12% to 1 billion 34 million compared with the beginning of the year (590 million lower than that of Q3). At present, the company sold out at 70% per quarter, and the inventory level of the agents has been healthy since 14 years ago.

2) accounts receivable increased by 75% to 1 billion 77 million compared with the beginning of the year (compared with Q3 increased by 240 million), mainly due to strengthening the support of franchisees.

3) asset impairment losses increased by 29% to 365 million over the same period (347 million of inventory losses and 19 million yuan of bad debts).

4) projected liabilities increased by 75% to 232 million yuan over the same period, mainly due to an increase in the expected return of the company after the expected period.

5) operating income decreased by 42% to 38 million 630 thousand compared to the same period last year, mainly due to lower government subsidies.

6) net cash flow of operating activities was 762 million, less than 330 million of net profit, and a decrease of 45.28% compared with the same period last year, mainly due to the increase in accounts receivable, the increase in the scale of purchases of goods and the increase in wages and salaries of employees due to increased support for franchisees.

7) at present, the company's Monetary Fund is 4 billion 47 million and other liquid assets are 1 billion 299 million, which is equivalent to 5 billion 300 million cash in cash on account, which lays the foundation for the capital operation of future mergers and acquisitions.

Many brands continue to open shop, group dream many small town will open in the year.

The company is currently in the field of children's wear, including Barbara, infant brand Mini Bara, children's accessories brand dream, acting luxury children's wear brand Sarabanda, in the field of adult wear, including the mass leisure brand Semir, the joint venture's Chinese lady brand itMICHAA, the acting high end leisure brand MarcO "polo".