China'S Sports Brand Performance Growth Is Strong, Marking Clothing Consumption Continues To Warm Up

Industry believes that all kinds of

In CPI, only the residents' clothing processing service charge CPI increased the most, indicating that the consumption of textile clothing from product consumption to service consumption.

In the second half of the year, China's clothing consumption continued to pick up. In August 2016, the national clothing CPI decreased by 0.10%, an increase of 1.30% compared with the same period last year. The CPI of the residents' clothing decreased by 0.1%, up 1.2% compared with the same period last year. The clothing and processing service charges of the residents increased by 0.4%, up 4.1% from the same month, while the CPI of the residents' shoes increased by 0.1%, up 1.2% over the same period.

In 2016 1-8, the CPI of clothing of the whole country increased by 1.5% compared with the same period last year; the CPI of resident clothing increased by 1.5% year-on-year; the CPI of clothing and processing services increased by 3.8% compared with the same period last year.

CPI accumulated a year-on-year increase of 1.5%.

According to the insiders, in the CPI of all kinds of textile and apparel, only the growth rate of clothing and processing service fees of CPI was the largest, indicating that the consumption of textile and clothing went from product consumption to service consumption.

From the end point of view, in July, the number of retail sales of clothing in 100 retail enterprises increased by 6.2% over the same period of the year, and the retail sales of clothing in 50 large retail enterprises increased by 4.6% over the same period last year.

And in the first half of the Shanghai and Shenzhen two cities textile and garment sector, Zhu Leting, an analyst at the League of nations, said that the annual report of about 69 listed companies in the textile and garment sector eliminated the main stocks that had been pformed.

The 2016 China daily textile and apparel sector achieved operating income of 95 billion 747 million yuan, an increase of 6.46% over the same period last year. The net profit attributable to the parent company was 9 billion 834 million yuan, down 3.04% compared with the same period last year, and the whole industry continued to bear pressure.

Profitability, the overall gross margin level reached 30.37%, 2 percentage points higher than last year, but ROE and net interest rates have dropped, mainly due to the rise in the cost rate of the period, the overall cost rate increased by 1.45 percentage points.

Zhu Leting introduces, as far as category is concerned,

And electricity supplier performance is more stable, men's clothing business growth has dropped, the growth of terminal stores appear a bit weak.

Home textiles and outdoor categories have achieved positive growth in the revenue side, but due to the pressure of cost pressures, net profit growth has continued to fall.

Women's shoes and hats are still looking for breakthroughs. Brand diversification and derivatives of downstream IP business are all breakthroughs.

The performance of the spinning and weaving board has brought about structural changes. The influence of weather superposed the impact of traders participating in the current round of dumping and storage. Cotton prices began to rise all the way from May. The leading enterprises in the upstream manufacturing and processing sectors enjoyed the inventory price difference and the agglomeration effect of orders, and their performance improved obviously. While the downstream retail terminals were affected by weather factors and their consumption macro environment, the performance was generally lower than expected.

In Zhu Leting's view, the agglomeration effect of orders has a longer impact on leading enterprises, so the investment opportunities of upstream leading manufacturing enterprises still deserve attention.

And this structural market is more prominent in the underwear industry chain.

The retail sales of several lingerie brands are sluggish while the growth of upstream fabrics is strong.

First of all, the changes in the sales channels of underwear brands make the report showing two sides. Both urban beauty and Hui Jie share are dominated by offline businesses. The impact of micro businesses and Haitao channels is inevitable. For example, the takeoff technology at the end of July on the new third board has contributed about 33% of the revenue of the underwear revenue channels. Secondly, the upgrade process of underwear consumption has driven the profitability of the upstream and middle enterprises. The high-end brands represented by the "secret of Vitoria" have quickly opened their stores in China, and nearly half of 2111.HK's earnings come from the LBrands and CK, and its 2016 half year gross margin has increased by 2%.

Visible, underwear industry chain profitability is the best segment in the current fabric end.

Zhu Leting also said that from the perspective of sporting goods, there was a big gap in the AH shares, and A shares in outdoor products were still in the stage of inventory elimination, and the sporting goods category of Hong Kong stocks had already revived.

After several 2011-2014 years of inventory cancellation, the number of major sporting goods brands in China will begin to increase in 2015. Lining (2331.HK) will lose profits this year.

Under the upsurge of "national sports", the growth of sports goods sector is worth looking at.

What we need to pay attention to is that similar to the underwear industry chain, sporting goods itself also has obvious consumption upgrading. NIKE and Adidas have double digit growth in the two quarter of the mainland. Therefore, the sports products industry chain most benefited from the upstream OEM end, Yuyuan group's interim net profit increased by 18.28% over the same period, and its main customers were Nike, Adidas, Reebok and NewBalance.