Quanzhou Enterprises Have Achieved Initial Success In Leveraged Levers, And Clothing Industry Is Still The Most Profitable.

Reporters combing 14 A shares listed in Quanzhou spring enterprises annual report found that, with the slowdown in demand growth, in order to achieve stable growth in operating income, operating costs have declined, down 2.2% over the same period last year. In addition, in response to the downward pressure on the economic environment, companies tend to adopt the conservative strategy of "cash is king" and speed up. Operating cash The net cash flow generated by business activities was 2 billion 240 million yuan, up 6.8% over the same period last year.

Among them, with the continuous decline of international trade growth, the sharp decline in commodity prices and overcapacity and other factors, there were 9 enterprises' negative profit growth year-on-year. Among them, Xingye technology, min FA aluminum industry, Na Chuan technology, Huiquan beer, South Wei software and Tianguang fire control dropped to two digits. Among them, the largest decline in Xingyi technology and min FA aluminum industry did not pay dividends. The growth of net profit of 5 enterprises that have achieved positive growth has Kuan Fu shares, Phoenix Bamboo textiles, torch electronics, nine herding kings, and noble birds. Besides the "noble birds", other companies have achieved double-digit growth. Nine Mu Wang sent 5 yuan for every 10 shares and became the most heroic fountain of red envelopes.

Under the reality of oversupply, the balance sheets of A share listed companies in Quanzhou need to be repaired and improved through capacity, inventory and deleveraging. According to statistics, the total net inventory of 14 A share listed companies in Quanzhou reached 5 billion 310 million in the year 2015, up 31.07% over the same period last year. The pressure on the structural adjustment to stockpile and capacity is still in existence; the average assets and liabilities ratio of the 14 companies is 28.57%, 1 percentage points lower than last year, and the asset liability ratio level is stable at a healthy level, and the leverage has been achieved.

Gradually warming up Clothing enterprise A shares remain the mainstay of Quanzhou's listing sector. Nine shepherd kings, noble birds and seven wolves became the three most profitable enterprises last year. The net profits of three companies belonging to the parent company last year were 404 million, 332 million and 273 million respectively.

Although they belong to the first camp, the difference between the nine shepherd kings and the seven wolves in the men's clothing area has been widen. Although the operating income of the seven wolves is 2 billion 486 million yuan higher than that of the nine shepherd kings, the net profit is only 70% of the king's 70%. Last year, 9 Mu Wang net profit increased by 15.33%, while the seven wolves were hard to change downward trend, fell 5.43%, while the nine Mu Wang business income increased 9.13%, also far higher than the 3.99% growth rate of the seven wolves. If this growth rate, nine year's business revenue will exceed seven wolves.

The nine sides said that since the end of 2012, garment retailers have launched a channel adjustment path, including streamlining of channels, supply chain integration, improving retail capabilities, and opening up all channels, thus opening up the stage of brand integration and single store quality upgrading. The company believes that, from the actual results, the majority of the industry's brand inventory is near the end, and has achieved some results. The recovery of the subsequent industry will depend on the strength of market demand recovery. At present, the industry has not yet formed an enterprise with absolute superiority in scale and brand, and there is an opportunity for industry integration and breakout. Combined with the current industry development stage, the company proposes "retail spanformation", aiming at improving the quality of single store operation, combining with brand promotion, Channel construction And the advantages of product research and development, so as to maintain the leading position in the industry.

When he reviewed the performance in 2015, he affirmed the initial results of the company's retail spanformation. In the retail reform, the company first focuses on the terminal stores, strengthens the retail operation ability in many aspects such as store standards and store manager training, and strengthens the analysis of the sales data of the joining customers, and guides the franchisees to buy goods, business plans and store operations. Nine Mu Wang strengthened the rapid response to the market and increased the proportion of the mid season supplement. In 2015, the sales of trousers increased by 5% over the same period last year, and further stepped up the market dominance of men's trousers. In addition, the inventory level and inventory turnover of the king were also improved. Last year, the balance of the inventories of the nine shepherd kings fell 1.52% year on year, and the inventory turnover day was 224 days, a 18 day decrease compared with the 242 day of the previous year.

Compared to the seven wolf's main business is still sluggish, the wolf wolf annual report said that in 2015, the company is still in the process of restructuring and spanformation of wholesale mode. In the environment where consumer demand has not yet recovered significantly, clothing consumption has basically continued the weakness of last year, and the income and profits of the original business have been affected.

Since 2013, the performance of the seven wolves has been declining and closing continuously. Data show that in 2013 and 2014, there was a two digit decline in revenue and net profit, while operating income increased by 3.02% in 2015, but net profit continued to decline. In the number of stores, as of the first half of last year, there were 2636 stores, representing a decrease of 519 over the same period last year.

For the first time after two years of listing, you gain a positive growth of 6.28%. The company's annual report pointed out that last year, the company adhered to the retail oriented business upgrading mode, set up a professional team to assist dealers to improve their business capabilities, and reasonably control the size of the dealer's orders. At present, the company's dealers have greatly improved their operating conditions, and the company's performance has also increased slightly. However, last year, the giant bird still closed shop. Last year, the company opened 565 new stores, closed 1126, closed 561, and had 4465 existing terminal stores. It is expected to adjust 200 to 300 stores this year.