The Net Profit And Loss Of The Noble Bird Is 17.26%. Can Billions Of Seeds Be Sprouted From DNA?

In August 30th,

Released in the first half of 2017 performance bulletin, during the period, the company realized business income of 1 billion 578 million yuan, an increase of 55.03% over the same period, the net profit attributable to shareholders of listed companies was 129 million yuan, a decrease of 17.26% over the same period.

As for the decline of net profit, the precious bird says that the risk of the single noble bird brand as the main source of income gradually appears.

During the reporting period, the income of the brand business reached 850 million yuan, which was 16.20% lower than that of the same period last year. However, under the implementation of the sports industry layout strategy based on the "sports apparel manufacturing and the coordinated development of various sports industries", the company started to enjoy the business income of Jay, the shoe store and BOY at the end of last year. The company achieved a total operating income of 1 billion 578 million yuan, an increase of 55.03% compared with the same period last year.

During the reporting period, AND1 brand operation has been progressively promoted. In order to ensure the professionalism of the new brand in the domestic sporting goods market, the establishment of the brand operation team has resulted in an increase in management fees.

During the reporting period, the management cost of the company was 103 million 400 thousand yuan, an increase of 41.15% over the same period last year.

At the same time, some sports industry investment is still in the development stage, and has not yet achieved stable returns, resulting in a decline in net profit attributable to shareholders of listed companies during the reporting period.

Of course, the annual report performance is just a small stage in the development of the birds. There are some remarkable achievements and amazing exclamations in the history of the development of the birds.

History of development

Founded in 1987, you are a comprehensive enterprise that integrates research and development, production and marketing of sports footwear and accessories.

In recent years, great birds have been working hard to realize their dream of big sports industry.

Since the rotation sports industry, BOY has invested in Spanish football brokerage company, cooperative tiger diving, big, China Sports Association, and set up many companies in the company to set up campus sports, cooperate to set up Ankang insurance, buy Bang Heng insurance, and so on. It has layout in sports brokers, sports events, sports insurance and other modules. In sports fitness, its acquisition of Wellcome fitness and its ambition in sports industry are highlighted.

2002 to 2013 high frequency advertising + three or four line layout

First of all, in the early days of development, the precious birds borrowed from "

"Use celebrity endorsement + high frequency advertising.

In 2002, they invited Andy Lau and Cecilia Cheung to be the spokesmen of brand image and began to advertise high frequency.

This allowed the birds to maintain steady growth for ten years in terms of performance.

In 2012, the development of the noble bird reached its peak. The company's revenue reached 2 billion 800 million yuan and its net profit reached 500 million yuan.

Secondly, the three or four line town layout.

After 2008, China's sports brand industry is facing fierce competition, and the layout of differentiation is very important.

However, the layout of the brand is focused on the three or four line city market, and through the centralized marketing network layout and the pricing strategy suitable for the consumers of the three or four line cities, it occupies an important position in the three or four line market layout.

Wang Fenghua, a joint securities analyst, once said that the average income of the consumers in the three or four tier urban market is relatively low, but the good bird brand has built up a good brand image in the two or three and four line city market by its fashionable design, comfortable and lightweight function and excellent performance price ratio.

In addition, the return rate of retail outlets in the three or four tier cities is significantly higher than that in the first and second tier cities.

The strategic layout and marketing network layout advantage of ingenious bird make it skilfully avoid fierce competition and form its own regional competitiveness.

According to incomplete statistics, by the end of 2016, there were 428 stores in the first tier cities, 838 outlets in second tier cities, 1605 outlets in three cities, and 1331 stores in four cities.

2013 to 2015

According to statistics, after 500 million glorious achievements in 2012, the performance of 15%-20% declined by 15%-20% in 2013, and there was no sign of improvement in 2014. However, these did not prevent them from completing the A share listing in early 2000.

After the listing, it did not bring much change to the birds. After all, it was in the most difficult period of China's sporting goods industry.

However, you are not busy with pformation and inventory. Instead, you invest more in the retail terminal, or at the expense of marketing.

So people obviously feel that the brand exposure of the birds is getting lower and lower.

According to the financial report, the company's net profit reached 178 million yuan in the first three quarters of 2016, down 13% from the same period last year.

In the first quarter, the net cash flow generated by the operation of the noble bird business was -2.78 billion yuan, and the net increase in cash and cash equivalents was -1.95 billion yuan, a decrease of 209.39% over the previous year.

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

From 2015 to present, lay a big sports industry.

The flagging of the main business forced the birds to start pformation.

At this time, Lin Tianfu, chairman of the noble bird, said that in the future, the "bird of honor" will upgrade from the traditional sports shoes and clothing industry to a sports industrial group with a coordinated development of various sports industry forms based on the manufacture of sporting goods and clothing.

At the beginning of 2015, the expensive bird used 240 million yuan to buy tiger sports, and two joint investments set up capital of mobile domain.

Up to now, mobile capital has invested in more than 20 Internet plus projects, including star sports such as understanding the emperor, interest sports, and hot body building.

In June 2016, the precious bird invested 383 million yuan to buy part of the stake in Jay's Bank and increased its capital to become the controlling shareholder of the company. In July 25, 2016, it announced that it would invest 100 million yuan to increase capital and become the largest shareholder of Shenzhen Xingyou technology. In September 3, 2016, it invested 382 million 500 thousand yuan to acquire 51% stake in Xiamen shoe store.

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

It is reported that in the above-mentioned investment behavior, besides the cooperation with tiger tiger, the other investment activities are still in the running in period or simply quit.

From the traditional clothing into the sports industry, the challenge of the best bird is the company's financial problems.

After the acquisition of 3 companies last year, there is a shortage of funds.

Income is difficult to return, and finding money becomes a big problem for you.

Therefore, the "noble bird" has launched the idea of doing sports insurance, and is trying to merge with Xiamen fusion network technology Co., Ltd. to jointly invest in the insurance business of the insurance company to open up its financial resources and collect fees.

But as of September 30, 2016, Xiang an insurance lost 693 thousand and 100 yuan. At present, the insurance has been cancelled.

But the dream of M & amp; e sports is still going on.

In May 19th this year, Limited by Share Ltd announced that it would invest 368 million yuan to acquire the remaining 49% stake in the holding subsidiary's shoe store network technology Co., Ltd. (hereinafter referred to as the "shoe store").

After the completion of the paction, the company will hold 100% of the famous shoe stock and become its sole shareholder.

It is reported that the complete acquisition of 100% of the shoe store has been completed. On the one hand, you can quickly get into the electricity supplier field and get a share. On the other hand, you can also set up your own electronic business platform.

Also released in the evening of June 23rd, the "noble bird" announced that the "noble bird" and "Ke Xi Qiao", "Zhong Jin Qi Yuan" National Venture Capital Investment Fund (limited partnership), Ningbo Meishan free port area Pu Wen equity investment fund partnership (limited partnership), and Shanghai Jiaru enterprise management partnership (limited partnership) jointly signed the Shanghai competition Investment Limited (limited partnership) limited partnership agreement.

Among them, the precious bird as a limited partner has subscribed RMB 270 million yuan, accounting for 53.47% of the total contribution.

You see, the introduction of other investors in the competitive domain is conducive to the layout of the company in sports investment, capital driven change, and the continuous promotion of sports industry fund investment in sports sub sectors of growth oriented enterprises.

In July 19th, the noble bird announced that it would increase its holdings of BOY, and a wholly owned subsidiary, Hongkong's BOY stake would increase to 32.96%.

When the company pays the remaining 5 million euros, the Hongkong should hold 43.95%. If BOY fails to complete the 2016 - 2019 pre tax profit limit of 11 million euros, the BOY stake in Hongkong will increase to 48.95%.

Dream continues

Obviously, from the current operating profit, the continuous pformation of the birds of the past two years has not brought any surprise to everyone, but it is a series of risks hidden behind the great changes in the capital level.

The great sports layout of the great bird has not yet been effective.

There is no denying that high investment means high profit pressure. No matter whether you are a sporting goods or a fitness person, the market competition pressure will only increase day by day.

Most of the bad guys in the industry generally agree that it is still very difficult for you to combine acquisitions with their core businesses, because the main market of the birds is concentrated in three or four line cities.

Insiders Li Jiachao also admitted, "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 of directors and shareholders are patient enough to wait is also a test."

As for the layout of sports industry from the bottom up, Zhu Qinghua, a researcher in sports industry of CIC, told reporters: "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.

For the second half of the year, the IP said that it will consolidate the winter run of the IP, generate more runners' own IP events, and redistribute the running market through the fragmented product strategy and marketing strategy.

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At the same time, we should strengthen channel management and eliminate the outdated image stores.

We will continue to promote the strategic upgrading of the sports industrialization group, which is based on the "traditional sports shoes and clothing industry" to the "sports industry group based on sports apparel manufacturing and coordinated development of a variety of sports industry forms".

It also said that it would continue to introduce internationally renowned sporting goods brands through brand acquisitions, brand licensing or brand agents.

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