The Industry Is Entering The Recovery Channel.

2014 Anta Business income About 8 billion 920 million yuan, an increase of 22.5% year-on-year, and net profit of about 1 billion 700 million yuan in the whole year, up 29.3% over the same period last year. Lining's operating income was 6 billion 730 million yuan, an increase of 16% year-on-year, and a net loss of about 780 million yuan a year. The operating income of the company was 3 billion 906 million yuan, an increase of 9% over the same period last year, and net profit of 398 million yuan, up 88.2% from the same period last year. XTEP's total revenue was 4 billion 777 million 600 thousand yuan, an increase of 10% over the same period last year, and net profit of 478 million yuan, down 21.12% from the same period last year. The turnover of PEAK increased by about 8.7% to 2 billion 841 million yuan compared with 2013, and net profit increased by 31.3% to 321 million yuan compared with 2013.

Industry experts pointed out: the business income of the 5 major sports brands has been positive, and the growth rate is relatively large. Therefore, China's sporting goods industry has entered the recovery channel.

However, behind the overall growth of revenue, it is the sharp decline in the profitability of some enterprises.

In 2014, Lining lost 780 million yuan, which was Lining's loss for third consecutive years. The total loss in three years was nearly 3 billion 200 million yuan, which is almost equal to 2007 to 2011. Lining The sum of profits of a company. Lining, the once overlord, has completely lost his former glory and can not extricate himself from the abyss of loss. It seems that the Li Ning Co started its "renovation plan" in the summer of 2012, and has not achieved any significant results, and the market has left little time for Lining.

In addition to Lining, XTEP's profitability also showed a sharp decline. In 2014, XTEP's international net profit was 478 million yuan, down 21.12% compared to the same period last year. But 2 years ago, XTEP was also regarded as a potential enterprise to surpass Lining and become second of the Chinese market. It is also because of the decline in profits, XTEP shares fell 5.36% after its earnings announcement.

31st degree and PEAK belong to the double profit growth brand, especially 360 degrees, the profit increase is as high as 88.2%. However, the earnings data also further pointed out that the net profit of the company was 397 million in the whole year, but 110 million of them were the one-time account receivable. If the factor was eliminated, the net profit should be 287 million. The company's net profit in the first half was 263 million, which means that its profit in the second half of the year was only 2 million, totally disproportionate to its 1 billion 816 million in the second half of the year. This also led to a 15% drop in share prices after the 31st degree earnings announcement.

Among the 5 major sports brands, Anta, once the runner and the current overlord, is the only enterprise to return to its peak. In 2014, Anta's total revenue was 8 billion 920 million, a figure that refreshed Anta's 8 billion 904 million highest value in 2011. Moreover, even in the adjustment period, Anta can maintain up to 18% profit margins, and even insiders call Anta a "profit machine". Excellent performance stimulated Anta stock to rise 15% in the two days after the earnings announcement.

about Anta The strong profitability of the industry analysis: Anta's fine management capabilities, as well as its vertically integrated supply chain mode, is the secret of its ability to maintain a higher profit. It is reported that Anta's vertically integrated supply chain ensures that Anta can take part in upstream sourcing, R & D, design, production, downstream brand marketing, distribution of channels, and then to every link of related after-sales service. In this way, Anta can optimize all links, so as to shorten the process of product development and listing, improve efficiency and reduce costs. On the other hand, Anta's control of production can also improve the flexibility of production planning, make timely adjustments to market changes, effectively reduce inventories and reduce costs.