Domestic Clothing Listed Companies Profit Polarization

"In the first half of 2016, China's clothing and its upstream related 47 listed companies, including men's wear, casual wear, sportswear, women's wear, footwear, underwear, professional wear, fur, infant and child clothes, and textile and zippers, achieved a total sales of 121 billion 827 million yuan, a net profit of 11 billion 345 million yuan and a net profit margin of 9.13%.

Compared with the same period last year, revenue (14.05% yuan in the first half of 2015) increased by 14.05%, net profit decreased by 1.69% (11 billion 539 million yuan in the first half of 2015), and net profit margin (10.80% in the first half of 2015) decreased by 1.67 percentage points.

Clothing category

Profitability is much higher than that of textiles.

Men's wear, casual wear, sportswear, women's wear, footwear, underwear, professional wear, fur, baby and baby clothes nine kinds of 39 listed companies in the first half of 2016 to achieve revenue of 78 billion 317 million yuan, net profit 10 billion 308 million yuan, net profit margin 13.16%.

Compared with the first half of 2015, revenue grew by 7.18%, net profit increased by 0.29%, net profit margin 0.9 percentage points.

Textile and zipper two categories of 8 listed companies in the first half of 2016 to achieve revenue of 43 billion 510 million yuan, net profit of 1 billion 37 million yuan, net profit margin of 2.38%.

Compared with the first half of 2015, revenue grew by 28.92%, while net profit fell by 14.73%.

From the operating data of these listed companies in the first half of 2016, the net profit rate of downstream enterprises (clothing, footwear, fur) is 5.53 times higher than that of upstream enterprises (textile and zippers).

Overall, sales in the clothing industry are still growing rapidly and steadily, but the level of profitability has shown a general downward trend.

Polarization of profitability

From the data point of view,

The net profit rate was the highest, reaching 23.65%, followed by sportswear 14.94%, women's clothing third, 7.99%, sportswear fourth 5.40%, footwear 1.62%.

However, according to the performance structure of different types of clothing listed companies, there are 1-2 companies, such as men's clothing industry, Hai Lan home and YOUNGOR, which achieve net profit of 4 billion 843 million yuan, 86.18% of men's net profit, 28.10% of net profit, 17 billion 229 million yuan of revenue, 73.38% of men's sales.

Of the other 9 companies, 8 companies had a net profit decline, three companies suffered losses, and the net profit of the profitable companies was 27 million yuan, the highest being 266 million yuan.

Women's clothing "La Natsu Bell", casual wear "Semir dress", sportswear "Anta" and other companies are far ahead in the industry, and the market share is relatively high.

Leisure and sportswear revenues account for over half of the market share.

(1) 11 listed companies based on men's clothing achieved revenue of 23 billion 750 million yuan, accounting for 30.32% of total revenue of 78 billion 317 million of the total revenue of clothing listed companies. (2) 15 of the listed companies in leisure clothing and sportswear realized revenue of 39 billion 893 million yuan, accounting for 50.93% of the total revenue of the clothing listed companies; (3) 5 home listed companies with women's clothing made revenue 6 billion 753 million, accounting for revenues of Listed Companies in clothing categories, accounting for revenues of Listed Companies in clothing categories, and other listed companies (underwear, professional clothing, fur, baby baby clothes and stockings).

Sports and leisure clothing has gradually become the dominant product in the clothing market, which may have a great relationship with the change of life concept and lifestyle.

Simultaneous growth of revenue and net profit

(1) men's clothing revenue increased by 1.75%, net profit increased by 2.18%; (2) leisure wear revenue grew 14.08%, but net profit decreased 15.84%; (3) sportswear revenue increased 15.82%, net profit increased 19.58%, realized a double growth of revenue and net profit; (4) total sports wear and leisure wear, revenue growth 14.84%, net profit growth 14.84%; (14.84%) women's wear revenue growth, net profit decreased; (E) footwear revenue declined, net profit decreased.