Are You Being Trapped In A Beautiful Trap?

In recent years, listed companies are competing for cross-border sports industry.

Statistics show that since 2014, the "noble bird" has repeatedly used the "big hand" funds to lay out the multiple fields of sports products manufacturing, sports competition, business and sports service industry, and the three sports sub industries.

The ideal is plump and far away.

In the semi annual report of 2016, the business income of the "noble bird" all came from the traditional shoes and clothing manufacturing business. The contribution of the sports industry business to the business revenue was 0.

In this regard, insiders interviewed by reporters said that the birds in the

Although the pformation attempt can not be blindly seen, the domestic sports industry has not yet entered the "harvest period".

Recently, the Shanghai Stock Exchange issued the "inquiry letter" to the Limited by Share Ltd (hereinafter referred to as "noble bird"), which involved a recent merger and acquisition of the company.

In the evening of March 12th this year, the announcement revealed that the paction price of the underlying assets was initially determined to be 2 billion 700 million yuan in the form of issuing shares and paying cash. The paction price of the underlying assets was initially determined to be RMB $100%. After the completion of the paction, the company will hold a 100% stake in Wellcome fitness.

Through this acquisition, you bird

It will be extended to the field of physical fitness.

It is understood that the Welsh fitness club under Wellcome fitness is mainly distributed in Shanghai, Beijing, Chongqing, Hangzhou and other domestic first and second tier core cities.

Welsh, a consultant in Beijing, told reporters that Welsh first started in Shanghai and has only begun to enter the Beijing market in recent years. At present, there are only 4 fitness clubs in Beijing, which are distributed in Chaoyangmen, Jianguomen, Xihongmen and Eastern Xintiandi. However, she also said: "Welsh's expansion rate in Beijing stores is still very fast. In April, a new store will open in Muxiyuan. In the second half of this year, Welsh will open 3 to 5 new stores in Beijing."

As for the situation of single store income, the consultant does not understand.

According to the paction plan, Wellcome fitness achieved operating income of 516 million yuan and 743 million yuan in 2015 and 2016 respectively, and realized net profit of 19 million 837 thousand and 200 yuan and 48 million 395 thousand and 100 yuan respectively in two years, and operating income and net profit in 2016 increased by 43.84% and 141.86% respectively over the same period last year.

In this regard, the plan explained that the increase in operating revenue in 2016 was more than 30% due to more new stores in 2014 and 2015, and the opening revenue of these new stores was released in 2016. However, the reasons for the high growth of Wellcome fitness net profit were unable to find the answers from the current disclosure plan.

In response to this, the inquiry letter issued by the Shanghai Stock Exchange in March 25th inquired the data about the financial authenticity of the Wellcome fitness, the internal control of cash, and the identity information of the members, and asked the birds and birds to combine the development and operation mode of the industry to further explain the core competitiveness of the underlying assets and the sustainability of the rapid growth of their profits in the future.

However, as of press release, the birds did not respond to this.

At the same time as the subject of the merger and acquisition, the bird will change the name of the company into the "all-around sports Limited by Share Ltd", and in one day it will be changed from "renaming announcement" to "cancellation of the renaming item".

Some analysts believe that the reason why the bird is renamed is because it is worried that the declaration will not be able to pass because of the stricter rules of renaming.

It is understood that the "noble bird" started in the traditional sports shoes and clothing production business, similar to most of the local brands, the company's shoes and clothing products are mostly located in the domestic three or four line cities.

Explained that, because the average income of the three or four line urban residents is lower than that of the first tier cities, and the price sensitivity of consumers is relatively high, some domestic sports brands focus on the three or four line city market, and through the centralized marketing network layout, suitable for the three or four line urban consumers' pricing strategy, targeted marketing promotion and closely following the trend of R & D design concept gradually develop and grow in the three or four line cities.

Data show that from 2010 to 2013, the number of stores in the channel of the "noble bird" channel expanded from 4027 to 5560, while the total retail terminal area grew synchronously, expanding from 282 thousand and 100 square meters to 420 thousand square meters.

While the sales channels are expanding rapidly, the achievements of the birds are also moving step by step.

The reporter noted that from 2010 to 2012, the achievements of noble birds increased significantly, operating income increased from 1 billion 535 million yuan to 2 billion 855 million yuan, an increase of 85.99%, while net profit increased from 222 million yuan to 528 million yuan, an increase of 137.83%.

However, the birds seem to be "too aggressive" in the early expansion process. After the listing in 2014, the number of stores has begun to shrink.

After reading the earnings report of the company from 2013 to the first half of 2016, the reporter found that the number of stores in the domestic layout of the company has slipped down from 5560 in 2013 to 4313 in the first half of 2016.

Among them, the number of stores in the three or four line cities that were once proud of the "bird of pride" was very obvious, which fell from more than 2092 stores and 2135 stores in 2013 to 1621 or 1422 in the first half of 2016, and correspondingly, the "bird of honor" ended high growth in 2013. The operating income of that year decreased by 15.74%, and net profit decreased by 19.79%. In 2014, the performance of the noble bird continued to be adjusted, and the operating income and net profit fell back to the profit level before 2011.

In view of the decline in the number of stores and the decline in performance, the reporter called the "noble bird" as an investor. The other side said, "the development of the textile and footwear industry has changed from extensive expansion to meticulous management. In the past, the practice of grabbing market share has been eliminated.

At present, what we value more is the health of the brand. We will naturally choose to shut down the stores without vigor and efficiency.

Also in 2014, the company raised the strategy of upgrading the company's development strategy.

"Industry management" upgraded to "sports industrialization group based on sports apparel manufacturing and coordinated development of various sports industry forms", and at the same time, looking for a clear profit model with M & A targets for resource integration.

Andy Chen, a senior adviser to expensive birds, has said before: "what we want to do is the first sports company in China."

In this regard, Zhang Qing, chief executive officer of sports consulting limited, told reporters: "in the traditional sports shoes and clothing field, some professional sports brands like" Arthur "are popular with consumers. Instead, they are on the second line of the local sports brand, rather than a sports brand, so it is a leisure brand with athletic characteristics.

In his view, this kind of non specialization makes the possibility of the replacement of the products of the noble birds greatly increased. Under this background, the pformation of the precious birds can be said to be a change of initiative and a helpless alternative.

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