Local Listed Garment Enterprises 2017 Performance PK: Hai Lan'S Performance Is Stunning But Questioned.

By the end of the press release, the local listed apparel enterprises have disclosed their earnings in 2017. Who cares who cares? Who dares to face up to their own shortcomings? Who is changing the concept?

Hai Lan's home Lining achievement

By the end of the press release, the local listed clothing enterprises in 2017 have announced their earnings reports. The sea LAN family's performance is stunning but has been questioned by investors. YOUNGOR's performance has declined, but with a new blueprint, the United States has lost 300 million of its annual losses. It has failed to get close to consumers or the main source. Lining and other four major domestic sports brands have their own achievements.

Men's wear

Hai Lan's home business achieved a total revenue of 18 billion 200 million yuan in 2017, an increase of 7.06% over the same period last year, operating profit of 4 billion 360 million yuan, an increase of 7.04% over the same period last year, with a total profit of 4 billion 395 million yuan, an increase of 7.06% over the same period last year.

Among them, the main brand, Hai Lan home brand, achieves 14 billion 758 million yuan in main business income, 895 million yuan in main business income, and 1 billion 880 million yuan in main business income, and the main business income of electricity supplier (online) is 1 billion 54 million yuan.

Self evaluation: the main reason is to continue to focus on the garment industry as well as support the market demand and information technology, and carry out the strategy of multi brand, multi category development and full channel layout around the strategic objectives. At the same time, consolidate and enhance the operation ability of the management platform.

External comments: some investors questioned that in the first half of 2017, Hai Lan's home owned inventory was 5 billion 500 million, consignment was 2 billion 400 million, inventory structure had changed, upstream suppliers began to fail to comply with the original rules, and the future uncertainties were equally deserving of attention.

YOUNGOR: double profit of net revenue, return to main business, still need deep tillage and meticulous work.

In 2017, YOUNGOR achieved a total revenue of 9 billion 894 million yuan, down 33.58% from the same period last year, and realized operating profit of 734 million yuan, a decrease of 83.36% compared with the same period last year, with a total profit of 859 million yuan, a decrease of 81.2% compared with the same period last year, and net profit of 3.55 billion yuan, down 90.37% from the same period last year.

Self evaluation: the main reason is that due to the cyclical factors in real estate business, the area of project delivery in 2017 decreased by 450 thousand and 600 square meters compared with the same period last year, and the carry over revenue decreased by 52.64 billion yuan compared with the same period last year.

External comment: YOUNGOR has already broken through the single garment industry, and has formed the three pillars of brand clothing, real estate development and equity investment. In general, YOUNGOR's advantages in diversification strategy pformation are obvious.

With the current consumption upgrading and consumption stratification becoming more and more obvious, YOUNGOR's brand aging problem has become increasingly prominent. If we want to really return to the main garment industry, YOUNGOR will have to go through a deep tillage and meticulous period.

China Service commentary: in the whole country has more than 5000 stores, with 53 billion 200 million market value leading clothing industry's Hai Lan's home, in 2017 positive fashion pformation.

In February, Zhou Lichen, who was only 29 years old, served as president of Hai Lan home, mainly responsible for the Internet pformation work. He asked Lin to update his endorsement in order to refresh consumers' cognition of his "village Style". In December, Hai Lan House, which has been upgrading and upgrading constantly, completed its first image upgrading shop.

Although Hai Lan's home revenue has double growth in net profit, it still does not get rid of the threat of high storage. In 2018, Hai Lan's home needs to improve its internal strength, and adjust its inventory to a reasonable range.

YOUNGOR's net profit slipped in 2017.

After two months, the intelligent and informational pformation of the YOUNGOR clothing workshop will be preliminarily formed.

In 2018, YOUNGOR, which had always been a hard nut to crack, began to concentrate on making costumes, and Li Rucheng personally grabbed the clothing sector business.

The new blueprint for YOUNGOR's return to the garment industry is already in shape.

Women's wear

Vigna S: revenue is soaring, aiming to compete with international luxury brands.

In the 12 months ending December 31st last year, Vigna S, a domestic apparel retailer, surged 244.5% to 25.64 billion, a net profit of 190 million yuan, up 89.32% from the same period last year.

Self evaluation: in 2017, the main brand VGRASS's brand filing strategy was gradually implemented, the channel adjustment was basically completed, and the operating efficiency and single store performance increased significantly, so that the annual performance was improved. The strong growth of performance was mainly due to the Korean brand Tennie Weenie acquired last year.

External comments: Vigna S's brilliant performance in the whole year, apart from its brand positioning is more accurate, thanks to 2017 is the resurgence of clothing brand recovery and high-end women's clothing sales trend.

China service review: the luxury brand that creates the characteristics of Chinese culture is a competition with the strong competitors such as international brands and international luxury brands.

Children's wear

Ann: tough times, net profit fell 12.55%

In 2017, the company achieved a total revenue of 1 billion 32 million yuan, up 12.15% over the same period last year, operating profit of 91 million yuan, down 8.45% compared with the same period last year, and net profit fell 12.55% to 69 million yuan.

Self evaluation: in 2017, the price of some raw materials and processing fees increased, and the increase in online channel activities led to a decrease in sales discounts. It was also affected by the increase in the clearance of off season products. Meanwhile, the gross profit margin of the main business declined a certain margin during the period.

External comments: with the growth of children's wear demand with the second child policy, the competition for children's wear market is bound to become more intense.

In addition to the competition between local children's clothing brands, although he has many years of brand accumulation, but don't forget that there are so many luxury brands that are covetous and fast fashion brands.

Chinese commentary: with the liberalization of the two child policy and the upgrading of consumption, it is expected that the market size will exceed 150 billion in the past two years.

According to analysis, our children's wear market is growing. It is estimated that the market size of children's wear sales will grow evenly in the last 3 years.

Anyone who wants to taste this piece of "golden cake" is not yet mature in the children's clothing market. Many clothing brands find it easy to expand their children's clothing business, or start developing strategies for children's clothing, such as some famous sports brands or leisure brands.

Although it is China's third largest children's wear brand, its market share is only 1%.

As an independent brand of children's clothing, it appears to be rare in the capital market. The first thing to do after listing is to open more stores.

He said that in the next three years, nearly 300 new outlets will be built in the country to increase penetration of the second tier cities and further increase market share.

A large number of expansion shops will be easily disturbed by inventory if sales are not smooth. Next, the rational layout of the market should be a matter of caution.

Leisure articles

Smith Barney

A huge loss of 300 million can't catch consumers' pain.

In 2017, the United States achieved 6 billion 473 million yuan in revenue, down 0.71% from the same period last year, and operating profit loss of 319 million yuan, down 303.03% from the same period last year, and net profit loss 306 million yuan, down 945.81% from the same period last year.

Self assessment: for the full year deficit, the US state said that the decline in performance was due to the pfer of a 100% stake in the wholly owned subsidiary of Shanghai Metersbonwe Development Co., Ltd. in the same period last year, resulting in an investment income of 550 million yuan. In 2017, the company operated smoothly and did not deal with the disposal of large assets.

External commentary: once a representative of China's local retail counterattack, it rose by Jay Chou's endorsement, but suffered from the influence of consumption upgrading. It emulated ZARA's failure in vision, mode and brand bottleneck. Its slow pformation could not catch consumers' pain points, and the brand influence of new promotion was too slow.

Semir: revenue has reached a new high, but net profit has slipped.

In 2017, Semir achieved a total operating income of 12 billion 28 million yuan, an increase of 12.76% over the same period last year, operating profit of 1 billion 501 million yuan, a decrease of 19.54% compared with the same period last year, and net profit of 1 billion 118 million yuan, down 21.63% from the same period last year.

Self assessment: Semir apparel said that the main reason for the increase in business revenue is to increase R & D efforts, optimize sales system, deepen channel reform, and promote the growth of sales revenue by online e-commerce and children's business.

External commentary:

Independent analyst Cheng Weixiong, general manager of Shanghai Liang Qi Brand Management Co., Ltd. believes that Semir needs to make adjustments to the leisure apparel sector and change its strategic layout.

While children's clothing rose overall, Semir's main leisure wear has become the main reason for the decline in profits. In recent years, the competition for children's clothing market is fierce, and it also tests Semir's ability to sustain growth.

Chinese clothing appraisal: similarly, the clothing enterprises, which are also known for casual wear, suffered from the pformation and struggle in 2017. They suffered a huge loss of 300 million in the whole year, and the United States encountered a business dilemma. The most important thing is to make a wrong judgement on the consumer market, determined to make a mark against UNIQLO, but ambitions and strength do not match, not only that, but its reputation is also declining.

Semir's revenue last year hit a record high, but net profit is declining. Semir needs to work harder to deal with the new consumer environment.

Sports chapter

Anta: net profit increased by 29.4%, and operating interest rate dropped to 23.9%.

As of December 31, 2017, Anta's annual business income reached 16 billion 692 million yuan, an increase of 25.1% over the same period last year.

Net profit rose 29.4% to 3 billion 90 million yuan over the same period, exceeding the market forecast of 3 billion 30 million yuan, and the gross profit margin increased by one percentage point to 49.4%.

Self evaluation: in 2017, Anta's operating interest rate dropped by 0.1 percentage points to 23.9%. Anta said that this was mainly due to the expansion of retail operations, which led to an increase in sales and distribution expenses and administrative expenses.

External commentary: 2018 is a sports year with many sports brands attracting attention. Anta will undoubtedly further deepen the globalization strategy.

The Chinese brand will seek more overseas acquisition opportunities to expand its multi brand strategy and expand its overseas market.

Lining: annual revenue 8 billion 874 million, net profit fell 19.91%

According to Lining's 2017 annual performance report, the annual income rose 10.71% to 8 billion 874 million yuan, and gross profit increased 12.7% to 4 billion 176 million yuan over the same period last year, but net profit fell 19.91% to 515 million yuan.

Among them, the core brand Lining's income accounted for 99.4% of the total income of the group, amounting to about 8 billion 818 million yuan, an increase of 11.3% over the same period last year.

Self assessment: Lining realized from stop loss to return.

Leading position must be adapted to the present movement.

New trends of mutual penetration.

External comment: Lining's brand premium is higher than other domestic brands. If we only consider the brand value of Chinese people, we may have the ability to challenge Nike and ADI in the future.

Lining's dealer Baosheng international management has said that under the overall environment of the whole sports apparel industry, the double impact of inventory backlog and big sales promotion is an important factor causing the continuous decline of brand sales.

361 degrees: eye-catching performance, gross profit of 2 billion 156 million 400 thousand

361 degrees in 2017, the turnover amounted to 5 billion 158 million 200 thousand yuan, up 2.7%, gross profit was 2 billion 156 million 400 thousand yuan, and gross margin remained at 41.8% level.

In 2017, the sales of footwear products of 361 degrees increased to 44.7% of the total turnover, and clothing sales accounted for 38.5% of the total turnover.

In addition, the income of children at 361 degrees continued to be strong, with a turnover of 711 million 100 thousand yuan, an increase of 9.2%, accounting for 13.8% of the total turnover.

Self evaluation: in order to compete with international brands in product R & D, process, technology content, function and quality, the group has been strives to enhance product innovation and enhance R & D capability.

As of December 31, 2017, the 361 degree group has obtained 273 patents, accounting for 3.4% of the 361 degree group's turnover.

External evaluation: the liberalization of the two child policy and the improvement of the income level of residents will be

Create a very large market space, it is expected that in the next two years, 361 degree children's clothing business can maintain double-digit growth.

XTEP: revenue fell 5.2%, net profit fell 22.7%

As of December 31, 2017, XTEP's revenue fell 5.2% to 5 billion 113 million 400 thousand yuan, and gross profit margin was 2 billion 244 million 500 thousand yuan, down 3.7% compared with the same period last year. Gross profit margin climbed to 43.9% in fifth consecutive years, while net profit fell 22.7% to 408 million 100 thousand yuan.

Self evaluation: XTEP's revenue declined significantly due to strategic pformation and retail channel changes.

External comments: in 2018, XTEP children's wear branch will increase from 250 to 400, which shows XTEP's expectation.

The demand for business turnover.

In 2016, because of insufficient operating capacity of children's outlets, XTEP shut down its sales outlets for children's brands and closed about 350 children's shops.

XTEP wants to reverse the decline. It needs to consolidate the foundation and take every step.

Chinese commentary: the national sports consumption concept has been promoted. In recent years, sports brand has increased significantly in China's consumer market.

The performance of Anta, Lining, 361 degree and XTEP's four major sports brands in 2017 can be described as the face of Chinese products. In the future, Anta and Lining are expected to compete with the international sports brand ADI and Nike.

With the continuous improvement of women's awareness of sports and fitness and the promotion of women's economic status, women will become an important part of the sports apparel market.