Seven Wolf Wolf Clothing Industry Main Industry Weak Income To Switch To Real Estate Revenue Is Nearly 50%

In July 30th, "deep reading" was learned from the Shenzhen Stock Exchange.

In 2017, the group issued publicly traded corporate bonds to qualifying investors (phase I) in July 24th and changed to "received feedback".

The amount of the proposed bond is 2 billion yuan, and the proceeds are intended to repay interest bearing debt.

According to the Shanghai Stock Exchange, in 2016, the seven wolves group was also prepared to issue a single public offering company bond of 3 billion yuan, and raised funds to be used to supplement working capital.

The bond was changed to "terminate" in May 2017.

It is famous in China.

Brand is also listed company A Fujian seven wolves industrial Limited by Share Ltd (hereinafter referred to as "seven wolf industry") abbreviation.

But as Zhou Shaoxiong, chairman of the seven wolves industry company, said, "the seven wolves are a big brand".

In addition to the clothing business, the seven wolf industry group, Fujian seven wolf group Limited (hereinafter referred to as the "seven wolf group") has also set foot in financial, real estate, investment and other fields.

By combing the above prospectus and seven wolves industrial financial reports, "company deep reading" found that due to recent years

Weak, seven wolf industries use a lot of money to buy money.

With the booming property market, the income of seven wolf groups continued to rise in 2016~2017 and reached 60.3% in the first quarter of 2018.

However, the prospectus also shows that due to the fact that there are few surplus areas to be sold in the sale items, less receivables related to real estate and less land acquisition rights in recent years, the real estate revenues of the seven wolves group will decline in the next few years.

The main business is getting warmer, with less than 4 of clothing revenue in the first quarter.

The prospectus shows that the seven wolf group is wholly owned by Zhou family, composed of Zhou Yongwei, Zhou Shaoxiong and Zhou Shaoming. It holds 34.29% stake in the A share company and seven wolves industries.

Seven wolves group said that it has been formed.

Business as the core, real estate business, investment and other businesses as the three major business, the main business of clothing business is seven wolves industry.

According to the prospectus, the income of the wolves group's clothing business in 2012 was 3 billion 311 million yuan. After that, the figure went down first and then increased to 3 billion 6 million yuan in 2017.

The proportion of clothing revenue to main business income gradually declined, from 67.3% in 2012 to 49.8% in 2017.

In the first quarter of 2018, the clothing revenue of the seven wolf group was 903 million yuan, accounting for 38.2%.

In recent years, the seven wolves industry's financial report also reflected this trend.

In 2012, the business revenue of the seven wolf industry reached the peak of 3 billion 477 million yuan. The figure also rose first and then increased to 3 billion 85 million yuan in 2017, but it has not yet reached its peak.

For the decline in operating income, the seven wolf industry reported in its lowest level in 2014, it is "affected by the continuing downturn in the terminal demand environment and the change of business mode".

In 2017, the performance of the seven wolves industry was attributed to the reform and innovation of the retail mode, the promotion of investment and the recovery of overall consumption.

In recent years, the report shows that seven wolf industry has 4007 terminal channels at the peak of 2012. After adjusting for nearly 1200 stores in 2, at the end of 2014, there were 2821 terminals.

Since then, the seven wolf industry has no longer disclosed the number of stores.

The electricity supplier and the needle spinning business have become an important source of profit besides the main brand line.

In 2017, the seven wolves industry achieved an online revenue of about 1 billion 300 million yuan, an increase of more than 30% over the same period last year, and the income of needle spinning products exceeded 1 billion yuan.

But the seven wolves industry also hinted that needle spinning business had lower gross margin.

In addition, the seven wolf industry is also promoting investment business.

At the end of 2017, the announcement revealed that the seven wolf industry bought 240 million of the international light luxury brand joint venture company Karl Lagerfeld Greater China Holdings Limited (hereinafter referred to as "KLGC") 80.1% stake and shareholder loans, and will increase its capital by 100 million yuan.

In the annual report, seven wolves industry said, "trying to break through the brand extension limit, participate in the new business mode and format, and create seven wolves fashion group".

In recent years, financial reports show that since the end of 2014, the "industrial and investment" strategy has been put forward. The total investment of the seven wolf industry is 991 million yuan. The investment company includes KLGC, the Shanghai Shang Shi Hong investment center (limited partnership), the Qianhai reinsurance Limited by Share Ltd, the modern digital holdings limited engaged in digital media business and the Fujian seven wolf group finance limited company.

2 consecutive years of real estate revenue surge, the subsequent no room to sell.

The main business of clothing continues to be weak, and the real estate business has become the key point for the seven wolf group to seek growth.

The prospectus showed that the income of the seven wolf group in real estate business in 2012~2013 exceeded 700 million yuan, accounting for nearly 15% of the main business income.

In 2014~2015, the real estate market downturn, the seven wolf group real estate revenue fell sharply, accounting for 10.3% in 2015.

According to the prospectus, the main business of the seven wolf group's real estate business is Heng Wo land (Xiamen) Limited and its controlling subsidiary.

At the beginning of 2016, the Heng He seven project in Xiamen and the Heng Heng Wan Mei project in Anxi were at the stage of development and sale. The Jinjiang Binhai New Town project and the Heng Heng crown international community project in Chengdu have entered the stage of development and construction, and the 4 projects are all high-end projects.

By the end of 9 2015, the total investment of the above 4 projects and the project of Xiamen's PU Shang hotel was 6 billion 760 million yuan, and the total investment was 4 billion 885 million yuan.

The source of these funds is the seven wolf group's own funds, loans and money back.

Among them, the Xiamen Heng He seven project is known as the "landmark Bay Area noble residential", the total planned investment of 3 billion 400 million yuan, the seven wolf group invested its own funds reached 1 billion 700 million yuan.

By the end of 2015 9, the average sale price of the project was 44 thousand and 100 yuan.

With the 2016 Chinese real estate market paction scale, land prices and new heights, the seven wolf group real estate revenue in the year increased to 2 billion 54 million yuan, accounting for 42.5%.

In 2017, seven wolf group's real estate revenue increased to 2 billion 839 million yuan, accounting for 47%.

For the substantial increase in real estate revenue in 2016~2017, the seven wolves group believed that the main reason was the completion of the above 4 projects, and the pfer was confirmed as operating income.

Prospectus shows that as of the end of 2018 3, Xiamen Heng He seven Shang project, Anxi Heng Wo Wan Mei project, Chengdu Heng Wo crown international community project and Xiamen Pu Shang hotel project are still under construction.

The total planned investment of these projects is 7 billion 954 million yuan, and the total investment amount is 7 billion 142 million yuan.

The seven wolves group also set up a item company of Jinjiang science and Education Park, Fuzhou University, and held 60% stake with local state capital. PPP

As at the end of 3 2018, the total investment of the project was 1 billion 142 million yuan, and the investment amount was 469 million yuan.

In the first quarter of 2018, the real estate revenue of the seven wolf group jumped to 1 billion 425 million yuan, accounting for more than 60.3% of the main garment.

However, according to the prospectus, the real estate revenue of the seven wolf group will drop in 2018.

This is due to the fact that most of the real estate inventories have been sold in 2016~2017. There are not many surplus areas to be sold in the sale items, and the accounts receivable which are less related to the real estate are less. Even if the conditions of delivery are reached, the contribution to the real estate revenue is also small.

The prospectus also said that compared to the first quarter of 2015 to 2018, the real estate revenue of the seven wolf group will also decline in the next few years.

This is because the seven wolves group has not yet acquired the right to use land in recent years, and only one project is proposed. The project is Anxi tiehe mountain Tieguanyin Ecological Culture Park, which belongs to the commercial real estate of the tourism park instead of the commercial housing development and sales.

Part of the fund-raising fund is idle, and the listed company has 2 billion 900 million yuan to buy money.

In addition to the clothing sector and the real estate sector, the seven wolves group also has investment and other business segments, engaged in investment, trade, property leasing, micro credit and other businesses.

But from 869 million yuan in 2012 to 192 million yuan in 2017, the business income of the sector has become a downward trend.

The prospectus shows that the decrease in investment and other business income of the seven wolf group in 2016 was due to the small amount of disposal stock and the pfer of the main body of the trade business. The reason for the decrease in the sector's revenue in 2017 was also the reduction in disposal of stock returns.

But by the end of 3 2018, the seven wolf group still had 7 billion 405 million yuan of available financial assets, including 702 million yuan of Societe Generale Bank stock, 269 million yuan of sunshine insurance group, 302 million yuan of Shenzhen innovation investment group, and 1 billion 15 million yuan of Xiamen bank equity.

On the whole, at the end of 3 2018, the total assets of the seven wolf group were 25 billion 739 million yuan, the total liabilities were 13 billion 102 million yuan, the asset liability ratio was 50.9%, the monetary fund held was 1 billion 511 million yuan, and the holding money was 3 billion 806 million yuan.

A large proportion of the above funds are concentrated on the seven wolf industry of listed companies.

although

Offline consumption is stagnant, but the seven wolf industry itself is not short of money.

In 2013~2016, the asset liability ratio of the seven wolf industry was hovering around 30%.

By the end of 2017, the total assets of the seven wolf industry were 8 billion 583 million yuan, the total liabilities were 3 billion 55 million yuan, and the asset liability ratio was 35.59%.

At the end of 2017, the money held by the seven wolf industry was 1 billion 379 million yuan, the financial holding was 2 billion 947 million yuan, and the proportion of cash plus financial assets in total assets has exceeded 50%.

When the seven year wolf industrial revenue was 105 million yuan, it accounted for 26.3% of the total profit.

2017 annual report shows that in the balance of unexpired financial products, seven wolves own funds of 1 billion 887 million yuan, raising funds of 1 billion 20 million yuan.

For the use of large amounts of funds to buy money, seven wolves industry explained in the annual report.

In 2012, seven wolf industry raised 1 billion 766 million yuan net proceeds through non-public offering of shares, and promised to raise funds to invest in the construction of "marketing network optimization project", that is, expansion of stores.

But by the end of 2017, the fund had only been used for 465 million yuan.

Seven wolves industry said that in recent years, the market environment and business models have undergone great changes, and the implementation of the investment projects is too risky to purchase stores.

In 2015, seven wolves industry changed 1 billion yuan to raise funds for the establishment of wholly-owned investment subsidiaries; in early 2017, the investment project was terminated.

After excluding the assets of the listed company, the money fund of the seven wolf group and its subsidiary company should be 364 million yuan, and the financial holding should be 690 million yuan.

For the issuance of this bond, the seven wolf group said it has the function of widening the financing channels. The issuer of the issuing company's first direct debt financing in the exchange market for the first time can further expand the financing channels of the capital market and enhance the market image of the company.

The seven wolf group also wants to optimize its debt structure.

The prospectus said that as at the end of 3 in 2018, its current liabilities amounted to 7 billion 557 million yuan, accounting for 57.7% of the total liabilities. "The issuance of this corporate bond will increase the medium and long term financing while reducing the current liabilities, which will help to alleviate the pressure of short-term debt repayment".

In addition, the seven wolf group also has the consideration of reducing the financing cost.

By the end of 3 2018, the financing cost of its stock debt was above 6%.

According to the prospectus, "with the strengthening of financial regulatory policies and the rising cost of debt of financial institutions, it is estimated that the interest rate of companies issuing corporate bonds in the next two years may still be lower than that of bank loans."

According to the prospectus, the issuance of this bond will not have a significant impact on the asset liability ratio of the seven wolves group, since all the proceeds of this bond are used to repay interest bearing debts.

Simulation data show that after the issuance of the bonds, the asset liability ratio of the seven wolf group is still 50.9%.

The industry has said that last year, Nine West, with "annual turnover of less than 10 million yuan", was removed from the cabinet, and the 2 line department stores and shopping center cabinets were completely removed at one breath. The number of tens of thousands of counters that met the standard was replaced by the new composite store "CC SHOP" entity and online e-commerce sales. In late May, Nine West announced the "end of the liquidation" on the fan page announcement, and the GRI was clear about the withdrawal of all the channels.

Department stores emphasize the whole stage.

The market is about about 10000000000 yuan, and other brands of Nine West and GRI have loyal customers in Taiwan. It is estimated that in the absence of the anniversary, the women's shoes market will probably decline at least 2.