Over 10% Textile And Garment Companies "Zombie" Central And State Council Determined To Deal With

Recently, the Central Committee and the State Council have decided to deal with the "zombie enterprise" has already mentioned the agenda, so the market is particularly concerned about "zombie enterprises".

The so-called "zombie enterprise" mainly refers to some poor management, poor efficiency, but mainly rely on.

Businesses that barely support government care.

They occupy a lot of valuable resources such as capital and land, but they do not produce economic benefits.

Textile and garment industry has been in the doldrums for many years.

The company has been eliminated from the market due to backward production capacity, but these companies have remained unchanged for various reasons.

Over 10% of textile and apparel companies "zombie"

According to the statistics of the flush iFinD, 81 listed companies in the textile and garment industry, after deducting the net profit after non recurring gains and losses, were negative for 3 consecutive years in 2012, 2013 and 2014. There were 10 listed companies, including Huamao, Kai Ruide, San Mao San Mao and Shen Sheng Holdings.

That is to say, 10% of the listed companies in the textile and garment industry are "zombie".

It is worth noting that none of the 10 "zombie" listed companies is ST, that is, they do not meet the standards of delisting.

In this regard, some professionals believe that if a zombie enterprise fails to withdraw efficiently, it will mislead investors, encourage speculative gambling, distort stock price signals, pollute the A share market, and make the stock market lose the function of resource allocation.

In the 10 listed companies whose net profit after deducting non recurring gains and losses was negative for the 3 consecutive years, Huamao shares, Kai Reed, Changshan stock, Victor essence, Xinlong holdings, San Mao Pai Shen, Gaosheng holdings, Shanghai Sam Mao and Huasheng 9 companies not only deducted the net profit after deducting the non recurring gains and losses in the 3 years from 2012 to 2014, but also lost the net profit after the deduction of non recurring gains and losses in the first three quarters of 2015.

Among them, Huamao shares, Changshan shares and Vico essence 3 companies in 2012, 2013, 2014 and 2015 first three quarters of net profit after deducting non recurring gains and losses totaled -5.24 billion, -5.15 billion and -6.79 billion yuan.

The net profit of other 6 companies after deducting non recurring gains and losses is over 100 million yuan.

In addition, after sorting out the flush iFinD statistics, from 2012 to 2015, the number of Listed Companies in the 81 textile and garment companies listed below the net profit after deducting non recurring gains and losses remained between 14 and 19.

For the current market environment of textile and garment industry, there are insiders analysis, domestic demand, in November, the number of retail sales of hundreds of large retail enterprises in China decreased significantly compared with the same period last year.

In terms of external demand, the latest textiles and clothing from January to November were released.

Cumulative data declined compared with the same period last year, and there was no improvement in export data in November.

According to the statistics of the China National Business Information Center, in November this year, the retail sales of clothing commodities of hundreds of major retail enterprises in China dropped by 5% compared with the same period last year, the lowest monthly growth rate this year. The growth rate was 5.9 percentage points slower than the same period last year, down 6.9 percentage points from the previous month.

In November, the volume of retail sales of all kinds of clothing in 100 major large retail enterprises increased by 4.5% over the same period last year, 1.5 percentage points slower than the same period last year, down 4 percentage points from the previous month.

The industry believes that the following should be based on a sound investment style, with stable performance support as a guarantee.

Industry liabilities increase year by year.

The existence of zombie enterprises will undoubtedly affect the development of our country's economy.

What is most often mentioned is the increase of non-performing loans in the bank.

In recent years, the liabilities of Listed Companies in textile and garment industry are rising.

Flush iFinD statistics show that in 2012, 2013 and 2014, the total liabilities of 81 textile and garment listed companies were 129 billion 226 million yuan, 135 billion 644 million yuan and 151 billion 123 million yuan respectively.

In the three quarter of 2015, the liabilities of the 81 companies mentioned above amounted to 182 billion 957 million yuan.

Among them, take the three quarter of 2015 as an example, in the above 81 textile and clothing listed companies, the assets and liabilities ratio of more than 50% of the company has 23, asset liability ratio of more than 60% of 12.

In fact, in the textile and garment industry, there was a company that could not repay its debts because of the broken capital chain. The company only reached a debt settlement after a 16 year suspension of production.

Yalda Shoes Co., Ltd. (hereinafter referred to as Yalda company) is such a long known "zombie enterprise".

Data show that Yalda company was founded in 1995, with a registered capital of 1 million 80 thousand yuan, mainly engaged in rubber shoes, leather shoes, clothing and other products.

The company was closed down due to the breakup of the company's capital chain, and its business license was revoked by the business administration department in July 1997.

In December 2006, Hangzhou Rock Management Investment Co., Ltd. acquired the 465 thousand yuan claims of Yalda company through the pfer.

The case was resolved in 2013 after 16 years of Yalta's shutdown.

In June 3, 2013, the Ouhai District People's court successfully concluded the bankruptcy liquidation case of Yalta Footwear Co., Ltd. in Wenzhou, which led to the bankruptcy liquidation and settlement agreement of Yalta's creditors and debtors 16 years after the closure of production and failure. The ruling confirmed that the debtor's debt was 465 thousand yuan, and the debtor's shareholders paid 232 thousand and 500 yuan on behalf of the debtor, thus realizing the 50% normal debt repayment rate.

According to the Lucheng court and the Ouhai court concerned, the "zombie enterprises", which are not clear, but not broken, have long been suspending debt and debt relations, which seriously hampers market order and social development requirements.

Some enterprises exit the market through bankruptcy, which is conducive to boosting the pformation and upgrading of the economy. It can not only enable enterprises to go back to the road, but also maximize the interests of creditors.

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81 companies received 6 billion 400 million yuan of government subsidy in 3 years.

Besides losing money from banks, the zombie enterprises also rely on capital markets and government subsidies to survive.

According to flush iFinD statistics, the above 81 textile and garment companies listed in the 3 years from 2012 to 2014 received 2 billion 174 million yuan, 1 billion 742 million yuan and 2 billion 495 million yuan respectively.

The 81 companies totaled about 6 billion 400 million yuan in 3 years.

In addition, in the first half of 2015, the 81 listed companies received a total subsidy of 542 million yuan.

In three and a half years, 81 companies received a total subsidy of nearly 7 billion yuan.

According to the "Securities Daily" reporter sorting out flush iFinD statistics, the 10 zombie listed companies, Huamao shares and Changshan shares have enjoyed huge government subsidies in recent years.

Among them, the government subsidies from Huamao shares from 2012 to 2014 were 171 million yuan, 59 million 542 thousand and 900 yuan and 56 million 128 thousand and 800 yuan respectively.

In the first half of 2015, the company also received a government subsidy of 10 million 808 thousand and 300 yuan.

In three and a half years, the company received nearly 300 million yuan of government subsidy.

In addition, the government subsidy granted by Changshan shares is rising year after year.

The government subsidies granted by the company from 2012 to 2014 were 84 million 537 thousand and 200 yuan, 245 million yuan and 348 million yuan respectively.

In the first half of 2015, the company received 15 million 62 thousand and 100 yuan of government subsidy.

In the three and a half years, the company received nearly 700 million yuan of government subsidy.

From the above, Changshan shares received the highest amount of government subsidy in 2014. In the 12 government subsidy projects, nearly 337 million yuan was contributed by the government's relocation subsidy.

Similarly, the government received 13 government subsidies in 2013, and the highest amount was government relocation subsidy, amounting to nearly 200 million yuan.

Like Changshan shares, there are Huamao shares that have been compensated for relocation, and the two government subsidies received in 2014 were more than ten million yuan in terms of relocation compensation and industrial development funds.

It is understood that Huamao shares also received government subsidies for industrial development funds in 2013, amounting to 33 million 966 thousand and 200 yuan.

In the 16 government subsidy projects, they rank the top of the grant.

It is worth noting that the disposal of illiquid assets as a subject of non operating income is also a big magic weapon for "zombie enterprises" to die and resurrection. Although it is a hammer deal, it can be taken at a critical moment before the company assets are cleared.

Sorting out flush iFinD statistics shows that the profit of disposing non current assets of Listed Companies in textile and garment industry is increasing year by year.

In the 3 years from 2012 to 2014, the total profits of the 81 listed textile and garment companies were 645 million yuan, 771 million yuan and 833 million yuan respectively.

The 81 companies totaled about 2 billion 249 million yuan in 3 years.

In addition, in the first half of 2015, the above 81 listed companies received a total profit of 2 billion yuan from the disposal of illiquid assets.

In three and a half years, 81 companies received a total subsidy of nearly 4 billion 249 million yuan.

In the 10 "zombie enterprises", Changshan shares and Gaosheng holdings in the three and a half years, every year there are gains in the disposal of illiquid assets, and the profits of 2 companies in three and a half years are 46 million 630 thousand and 500 yuan and 16 million 269 thousand and 100 yuan respectively.

In fact, when the company's net profit after deducting non recurring gains and losses for many years is negative, the company's profit has always been very strong.

More analysts regard investment income as a main business of the company.

Taking Huamao shares as an example, statistics show that the investment income of Huamao stock from 2012 to 2014 was 588 million yuan, 271 million yuan and 636 million yuan respectively.

It is understood that the reason why Huamao shares get so much investment gains is mainly due to the sale of the shares of the company.

The zombie phenomenon of the once splendid textile and garment enterprises is becoming more and more serious. How to pform and develop, or even break arm, to survive, is a difficult problem facing the zombie enterprises.