Over The Past Two Years, Thousands Of Listings Have Been Listed For The First Time In Eight Years.

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After the first loss in eight years, the Shenzhen Stock Exchange issued a letter asking why the company in pition is abnormal in 2015.

And the reply of American bond clothing further revealed its embarrassment.

In 2015, we had Metersbonwe and so on.

The state's apparel business income was 6 billion 290 million yuan, down 4.92% compared to the same period last year; the operating cost was 3 billion 480 million yuan, down 3.06% compared with the same period last year; net profit loss attributable to shareholders of listed companies was 430 million yuan, down 396.57% compared to the same period last year; net profit after deducting non recurring gains and losses was -4.5 billion yuan, down 573.36% compared to the same period last year.

In the case of lower operating income and operating costs, the net profit of the United States has fallen sharply to a loss.

For the difference between the two, the US bond clothing explains that this is because "increasing brand and R & D investment in 2015, these initiatives have been advancing rapidly and achieved initial results in the direct channel. Meanwhile, the pformation and upgrading of franchising channels are still lagging behind, and the value of the core competence of products, channels and retail sales has not yet been fully realized.

The end is reflected.

Specifically, in the reporting period, the price and price of American bond apparel fell slightly, the sales volume of products decreased by 0.28%, and the average selling price of products dropped by 4.72%, leading to a 1.22% decline in gross profit margin and 7.33% to 218 million yuan in main business gross profit.

Sales revenue, franchisees also dragged on.

The revenue from joining the club is half of the revenues of the US state clothing. However, in 2015, when the direct revenue grew by 7%, the income of the franchise dropped by 16.19%, resulting in a drop of nearly 5% of the revenue.

In the 2013 annual report, there were nearly 5000 stores at the end of the year. At the end of 2015, the number of outlets and franchisees owned by the United States had been reduced to more than 3700.

The net cash flow of American Apparel fell from 1 billion 322 million in 2014 to -1.9 billion, a sharp decrease of 114%.

Other listed companies in the same industry are positive, especially in 002503.SZ, Semir, 002563.SZ and 600398.SH.

Cash flow comparison of apparel industry listed companies

In response to this doubt, the United States State clothing said that the change of cash flow is consistent with the decline in sales revenue and the increase in investment during the pformation period.

Cash sales decreased by 447 million yuan due to declining sales revenue.

At the same time, cash purchases for goods and services are increased.

"In the autumn and winter of 2015, the company increased the scale of clothing purchase, so the purchase expenditure increased by 653 million yuan compared with last year (2014)".

However, interface news found that this year's expenditure of more than 653 million yuan procurement, so that should be increased sales, efforts to inventory the United States and costumes worse.

Investors are also puzzled by the fact that the apparel companies with weak terminal sales and high inventory should have gone to stock to get more cash flow.

This greatly increased purchasing behavior directly led to an increase of 6 million 185 thousand and 300 stocks in the US by the end of 2015, up to 37 million 610 thousand, an increase of nearly 20%, and the stock of inventory commodities rose from 1 billion 716 million yuan in 2014 to 2 billion 258 million yuan at the end of 2015, an increase of more than 30%.

As a matter of fact, sales figures for the six quarter of 2014 and the first half of 2015 show that the sales of Smith Barney clothing have been declining year by year, and there has not been any improvement. The company's stock has increased by 8.5% year-on-year at the end of 2014.

Under the pressure of inventory, the important task of 2015 should be consistent with the goal of the whole garment industry.

But this step did not seem to be right because of the pition period.

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The strategic pformation of the Internet is another important direction of American Apparel.

To this end, the company invested 202 million yuan in 2015, an increase of 107.79% over the same period last year.

In terms of more than 200 million yuan of R & D investment, IT spent 115 million yuan, an increase of 142.15% over the same period last year, and 87 million yuan in clothing design and development, an increase of 74.92% over the same period last year.

Among them, the IT investment in 2015 was mainly used for the development of O2O commodity circulation business, the pformation and development of BPO network, the development of "FM" mobile fashion social networking + shopping platform, and the big data platform.

"Based on the company's continuous investment in R & D over the past two years, the company's Internet pformation has achieved initial success, and online business revenue grew by 123% in 2015 compared with the same period last year."

The electricity supplier's income represents only the growth rate, but it does not specify the base of 2014. It is difficult to explain the problem.

In particular, the self built e-commerce channel of "Bon buy" and "fan" do not list the specific sales data.

It needs to be pointed out that the speed of BNP's buying network is not as fast as expected.

The expression of Mei Bang dress is: "after the past five years of development, and since May 1, 2014, the experience of self brand channel O2O full circulation business trial operation has been accumulated, BNN now has the basic ability to support multi brand O2O services such as brand presentation, product display, commodity circulation, and consumer information management."

It took five years to only have "basic ability", which is obviously slow for an e-commerce website, and its specific sales data have not been shown.

It is also questionable how "fan fan" App stands out in many mature fashion App.

In 2016, the performance of Smith Barney apparel improved.

The first quarter benefited from the recovery of sales, and the company's net profit increased by 32.38%.

However, Everbright Securities analyst Li Jie still believes that because the company is still in the business mode adjustment period, the pformation of Internet + investment is bigger, the cost is expected to remain high, the performance is dragged down, the performance pressure is still larger.

Maintain "neutral" rating, and expect the Internet + pformation effect to emerge gradually.