The Development Of The Bird Fell Into A Bottleneck And Pformed The Sports Industry

In the sports industry,

He has already participated in tiger sports.

Tiger sports is currently planning for landing A shares.

Almost at the time of the acquisition of Jay, the company announced that it was co sponsored by Tiger sports and Jing Lin investment to create and manage the sports capital fund.

Layout of sports industry from bottom to top.

Step faster.

Less than 3 months after the acquisition of Jay, it invested 382 million 500 thousand yuan in September 3rd to acquire a 51% stake in Xiamen's shoe store.

The latter is Xiamen electric business footwear "big guys", the two "marriage", causing the industry's concern.

Behind the active embrace of sports is that the latter has become a hot spot in the capital market.

Huge output value space attracts capital to surge, and Industry Valuation runs all the way.

Mergers and acquisitions

This year,

There have been many stories about sports industry, which didn't happen in the past.

This is due to the 46 document of the State Council in 2014.

The document clearly puts forward a development goal: by 2025, the total scale of sports industry will exceed 5 trillion yuan.

This is undoubtedly a clear policy signal for the investment in sports industry.

Policy support brings capital to the sports industry.

According to incomplete statistics by reporters, there are over 40 listed companies in the sports industry layout, among which the housing enterprises and BAT are most enthusiastic, and the main businesses of these companies are not related to sports.

In contrast,

It is closely related to sports industry as the main business bird.

Strictly speaking, the "noble bird" can be regarded as a sporting goods business, but because of its industry attributes, it is the most downstream industry.

"What we want to do is the first sports company in China. The development of all kinds of sports will lead to competitions at all levels.

These events will, in turn, become the source of media content.

Chen Yizai, President of the noble bird, mentioned in the press conference.

From a sporting goods company to the sports industry first company pformation, this year's capital has been running continuously.

3 major mergers and acquisitions occurred in the three quarter of this year.

In early June this year,

The announcement said it would invest 383 million yuan to share some of its equity in Hubei's Jay's trip and increase its capital.

After the completion of the paction, the company will hold 50.01% of Jay's stake and become its controlling shareholder.

Jay's trip is the main business status of this stage as a sports collection shop. Its business scope is the development and operation of sporting goods, general merchandise and Sports City, sports events planning, sports brand development, sporting goods storage and so on.

It is not hard to see that after the holding of Jay's trip, the "noble bird" not only expanded the scope of sporting goods business, but also made other extensions in the sports industry chain.

But the extension is just the tip of the iceberg.

In July 25th,

Announced to invest 100 million yuan to Shenzhen Star Technology to increase capital, become the largest shareholder.

According to public information, star technology is an Internet sports game supplier.

This also means that in the field of sports games, there are also good birds.

However,

Ambition is more than that.

In September 3rd, the precious bird invested 382 million 500 thousand yuan to acquire 51% of the Xiamen shoes brand owned by Xu Songmao, Huang progressive and Tang Xinye.

The expensive bird said the acquisition is to improve the company's channel layout.

Behind the massive external investment merger and acquisition,

Finances are not healthy.

In the first quarter, the net cash flow generated by the company's business activities was -2.78 billion yuan, and the net increase in cash and cash equivalents was -1.95 billion yuan.

In the first half of this year, this figure continued to expand, and net cash flows from operating activities amounted to -3.61 billion yuan, 209.39% less than that of last year.

Basic earnings per share of 0.2558 yuan / share, a decrease of 9.93% over last year.

"Great birds are mainly engaged in"

It is related to the retail of products and sports, but it belongs to a more traditional industry. Domestic sporting goods enterprises have not been very well in recent two years, and their performance has declined because their brand positioning and image do not keep pace with the upgrading of consumption.

Therefore, they hope to improve their performance through mergers and acquisitions, and enter the core part of the sports industry to help improve their valuation in the capital market.

about

To enter the sports industry, Li Jiachao, an analyst at Yi Jie network, said to the times weekly reporter.

The reporter telephoned Zhou Shiyong, a director of the noble bird, and declined the interview on the grounds that he was meeting. The reporter then sent an interview outline to him, and he failed to receive a reply as of press release.

Main business dilemma

Behind the frequent capital operation, the main business of the costumes is facing the downside of the industry for a long time.

2012 revenue of up to 2 billion 800 million yuan.

The next 4 years slipped down to 1 billion 970 million yuan at the end of last year.

At the same time, the net profit was also reduced from 500 million yuan in 2012 to 150 million yuan at the end of last year. Net profit in 2015 was only 33% of that in 2012, and net profit in the 4 years was down 66%.

Behind the decline in both net profit margins is the overall downturn in the apparel industry.

Flush (62.120, 0.20, 0.32%) statistics show that in the first half of this year, 45 companies in 79 textile and apparel listed companies realized net profit growth, while 34 companies showed a decline in net profit.

In addition to performance losses,

Industry inventory also reached its peak.

In the first half of this year, the total inventory of 79 textile and apparel listed companies totaled 81 billion 366 million yuan, an increase of about 4 billion 467 million yuan over the 76 billion 899 million yuan in the first half of 2015.

With the high loss and high inventory, there is also a tide of clothing industry closing.

In the first half of 2016, many brands in the clothing industry closed shop, less than a dozen or more.

No exception, although the brand marketing network has covered 31 provinces, autonomous regions and municipalities directly under the central government, the number of retail terminals has reached 4313, of which 4 are direct outlets.

In the first half of the year, dealers closed 354 retail terminals and opened 202 new ones.

In the second quarter of 2016, there were 131 new retail outlets and 206 closed dealers.

In the overall downturn of the industry, the performance of 2015 is still rising slowly.

The annual report shows that in 2015,

The operating income reached 1 billion 969 million yuan, an increase of 2.57% over the previous year, a net profit of 332 million yuan (all attributable to the parent company), an increase of 6.28% over the previous year, a net cash flow from operating activities of 599 million yuan, and a net increase of 259 million yuan in cash and cash equivalents.

In the case of overall revenue growth, the main business income of the company was 1 billion 968 million yuan, an increase of 2.59% over the previous year.

Good scenery does not last long. By the first quarter of this year, the cost of operation has increased.

Unavoidable problems.

In the first half of the year, although the company achieved 1 billion 18 million yuan in revenue, an increase of 0.13% over the same period last year, while the operating cost was 582 million yuan, an increase of 6.09% over the same period last year. The net profit was only 157 million yuan, down 9.90% from the same period last year.

Big sports strategy

The main business development is in a bottleneck.

And began to pform into sports industry.

Since 2014, the precious birds have consciously prepared for the layout of the whole industry chain of sports industry.

"From 2014 onwards, the company from tradition

The industry is upgrading to a sports industry group based on the manufacturing of sporting goods and clothing and coordinated development of various sports industries.

This is what you call a bird in this year's non-public offering plan.

After establishing the strategy of big sports, the precious birds first invested in tiger sports.

Data show that as early as January 2015,

Quanzhou Sheng wing Investment Co., Ltd. (hereinafter referred to as "Sheng wing investment") jointly set up Quanzhou Sheng Xiang Investment Management Center (limited partnership) (hereinafter referred to as "Sheng Xiang investment").

A contribution of 239 million yuan to a limited partner; Sheng wing investment contribution to zero, for general partners.

The real controller of Sheng wing investment is Lin Tian Ya, and Lin Tianya is the brother of Lin Tianfu, the real controller of the great bird bird. At the same time, he is also the father of Lin Sien, the director and deputy general manager of the noble bird, and the related party of the listed company.

After Sheng Xiang investment was established,

To Quanzhou Quan Sheng Investment Co., Ltd. (hereinafter referred to as "Quan Sheng Investment") to provide a loan of 239 million yuan.

After receiving the above loans, Chuen Sheng invested part of the pferable tiger tiger (Shanghai) Culture Communication Co., Ltd. (hereinafter referred to as "tiger sports") and increased its capital to tiger sports.

After the completion of the paction, Quan Sheng's investment will have a stake of not less than 15% of the tiger's sport, becoming the second largest shareholder of the company.

In addition to deep investment,

The sports industry fund, Shanghai Huidong Investment Center (limited partnership) (hereinafter referred to as "mobile domain capital") has been established with huppu sports, and has invested 14 intelligent Internet sports projects, including "understanding the emperor", "intelligent sports ground" and "salt fish game".

"

Capital of mobile capital was established with tiger pup, Jing Lin and so on. This is a way to learn through LP investment fund.

As a fund LP, the capital invested by the company is controllable and controllable. When the fund is invested, it can learn. If the project will grow well in the future, it can give priority to mergers and acquisitions.

Li Jiachao told the times weekly reporter that "the great birds lack their own investment teams. It is wise to give money to professional investment groups."

In addition to investment, the noble bird and Xiamen Rong one network technology Co., Ltd. jointly set up an insurance company limited to start the field of sports insurance.

from

Step into sports marketing and so on.

It is also facing challenges.

"The difficulty lies in the lack of a good team. The original team is mainly engaged in consumer retail, which is quite different from the sports operation. Even if a good project is acquired, there is no good team, business integration is also very difficult, and the synergy effect can not be fully reflected."

Li Jiachao added, "sometimes the effect of M & A investment appears to take several years. In the case of a downturn in the main industry, whether the board and shareholders are patient enough to wait is also a test."

about

From the bottom up layout of sports industry, Zhu Qinghua, a sports industry researcher at China investment advisor, told the times weekly reporter: "the layout from downstream to upstream is more difficult than the upstream layout. The market maturity of the lower reaches of the sports industry is relatively high, the business mode is relatively good and easy to develop, while the upstream part is still in the initial stage of development, with relatively low content and technology level, and the resources are scattered.

The main difficulty for such sports companies as mergers and acquisitions is to choose high-quality resources and successfully integrate them, and whether the following development models and strategies can adapt to the market environment.