Hai Lan'S Home Issued A Rating Report, "Accident" Revealed In The Past Three Years To Earn So Much Money!

The National Men's clothing brand, Hai Lan home Limited by Share Ltd (hereinafter referred to as "Hai Lan House"), was disclosed in the evening of May 30th. The company commissioned the credit rating agency Dagong international credit rating Co., Ltd. (hereinafter referred to as "Dagong international") to track the credit rating of the "Hai Lan home Limited by Share Ltd Limited by Share Ltd bond" issued by the company and the company (bond short: Hai Lan convertible bond, bond Code: 110045).

The main credit rating of Hai Lan House was "AA+", and the rating outlook was "stable". The first rating result of Hai Lan convertible bonds was "AA+"; the rating agency was Dagong international, and the rating time was August 28, 2018.

Based on the comprehensive analysis and evaluation of the operation and financial status of Hai Lan's home and the fulfillment of its debt situation, Dagong has issued the 2019 annual tracking rating report on the main body and related debts of the Hai Lan home Limited by Share Ltd, maintaining the main credit rating of Hai Lan's home as "AA+", maintaining a stable rating outlook, and maintaining the credit rating of Hai Lan convertible bonds "AA+".

The first textile network has reported that Hai Lan's home had previously issued a convertible Switching Company convertible into a company's A share stock, and the total amount raised could not exceed RMB 3 billion yuan (including 3 billion yuan). The funds raised will be invested in the upgrading of the industrial chain information system, the construction of the logistics park and the construction of the R & D office building of AI Ju rabbit.

By the end of 12 2018, Hai Lan's family had accumulated 152 million yuan in raising funds, of which 53 million 528 thousand and 600 yuan had been invested in the upgrading project of the industrial chain information. The project is expected to reach a predetermined level in July 2020, and a total investment of 98 million 870 thousand and 400 yuan to the logistics park construction project is expected to reach the intended use in July 2021.

Haolan's home is mainly engaged in brand management and clothing production. Brand operation and clothing production and sales are still the main source of revenue and profit. Since 2018, the company's operating income and gross profit have increased.

The company is mainly engaged in the chain operation of brand clothing and the production and sale of professional clothing.

The brand management of the company is mainly about the operation and management of brand management, supply chain management and marketing network management, such as Hai Lan home and AI Ju rabbit. Clothing production is mainly the production and sale of its own brand San Keno; other businesses mainly include materials sales, electricity, steam sales and leasing business.

Liu Chang, an analyst with Dongxing securities, said that in 2019, Hai Lan's family incorporated the brand of children's clothing into the consolidated statement and regarded it as an important development module.

The multi brand strategy of the company will be expected in the future.

In addition, the management of the Hai Lan home will continue to strengthen its internal management. The 3 billion convertible bond investment project will continue to be implemented. The effect of the supply chain upgrading will continue to be released, and the future will be built as the core competitiveness of the company.

In 2018, with the expansion of business scale, Haolan's home business revenue and gross profit grew. The proportion of brand business income and gross profit remained above 85%, which was 16 billion 618 million yuan and 6 billion 741 million yuan respectively, up 4.18% and 10.07% respectively, compared with the same period last year, and the clothing production revenue 2 billion 121 million yuan, an increase of 12.80% over the same period last year, and the gross profit was 1 billion 44 million yuan, accounting for 13.40%, an increase of 10.88% over the same period last year.

From the gross profit margin, in 2018, Haolan's gross profit margin was 40.84%, an increase of 1.89 percentage points over the same period last year.

Sub sector, brand operating gross margin was 40.56%, an increase of 2.17 percentage points over the same period, the gross profit margin of garment production was 49.25%, a slight decrease of 0.88 percentage points compared to the same period last year, and the gross margin level of other businesses was relatively low, being 3.09%, down 3.34 percentage points from the same period last year.

In the 1~3 month of 2019, Haolan's family realized business income of 6 billion 89 million yuan, an increase of 5.23% compared with the same period last year. Gross profit was 2 billion 654 million yuan, an increase of 14.94% over the same period last year; gross profit margin was 43.59%, an increase of 3.69 percentage points compared with the same period last year, and the products of the company were all complete. Since the beginning of the past 82018 years, sales of all kinds of products have continued to grow, and sales area has been widely distributed, but the urban layout and audience consumption groups are not balanced, which is not conducive to the continuous improvement of the company's competitiveness.

The main products of Hai Lan's clothing business are trousers, shirts, T-Shirts, Western-style clothes, down garments, jackets and knitted sweaters.

In 2018, except for a slight decrease in the operating income of knitted sweaters, the income of all major products of the company increased. The gross profit margin of the rest of the main products increased except for the slight decrease in gross margins of other products (including skirts, shoes and socks, clothing accessories, etc.).

At the end of 2018, the total number of stores under the brand of Hai Lan home reached 6673 (excluding boys' and girls' stores), with a net increase of 881, covering 31 provinces (autonomous regions and municipalities directly under the central government) throughout the country, covering more than 80% counties and cities, and further expanding to overseas markets in Southeast Asia.

From the sales situation of Hai Lan's home area, since 2018, the company's sales are still mainly in East China, accounting for 39.72%, a slight decrease; the proportion of sales in the central, South, North and southwest regions has increased slightly; the proportion of business in Northwest and Northeast China is relatively low, and a small decrease; at present, the proportion of overseas business volume is very low, and slightly increased in 2018.

In recent years, Hai Lan's home has been actively infiltrating and radiating to the first and second tier cities on the basis of consolidating the coverage of the three or four tier city stores, while increasing the expansion of shopping center stores and constantly optimizing the layout of store network marketing.

But at this stage, the layout of the company is still dominated by three or four line cities. The main consumption group of the company's products is also concentrated in the three or four line cities. The consumption contribution of the first and second tier cities is relatively low. In the layout of the first and second tier cities, the total number of stores needs to be improved and the layout of the city needs further improvement.

At the same time, the products sold by men's stores are mainly men's clothing, and women's clothing and other products are relatively low in the main business income, the audience consumption is not balanced, and the product structure needs to be improved.

On the whole, the imbalance between urban layout and audience consumption is not conducive to the continuous improvement of company competitiveness.

According to the income and proportion of each brand, in 2018, Hai Lan's main brand, Hai Lan's business income was 15 billion 144 million yuan, an increase of 2.62% over the same period last year, accounting for 80.82% of the company's main business income and a very high contribution to income. The traditional business mode of independent production was adopted by San keno. In 2018, the income of San Keno brand was 2 billion 121 million yuan, an increase of 12.82% over the same period last year, and the contribution to income increased.

In the 1~3 month of 2019, Hai Lan's family brand business income was 4 billion 993 million yuan 3, an increase of 2.16% over the same period last year, and its contribution to income was still high.

The brand revenue of San Keno and AI Ju Rabbit series were 493 million yuan and 343 million yuan, respectively, which increased year-on-year; the income of other brands was 143 million yuan, up 11.39 times compared with the same period last year, mainly due to the integration of the main business income of boys and girls brands.

The products of the home retail brand are purchased directly to the suppliers, and the mode of procurement cooperation includes the non returnable model and the return mode.

The purchase mode of Hai Lan's home brand is "returnable goods and no return can be supplemented". Other brands mainly adopt the non return mode of procurement cooperation because of their small size.

Under the returnable mode, the company and the supplier sign the purchase contract with the return clause of the unsalable goods. After the product is sold, it will settle with the supplier on a monthly basis, and the product that has not yet been sold after the end of the suitable season can be returned to the supplier after the bid is cut, and it will bear the risk of unsalable sales.

In 2018, Hai Lan's new store opened 1181 stores, and closed 300 stores, with a net increase of 881. The total number of stores was 6673, an increase of 15.21% over the same period last year.

By the end of 3 2019, the total number of stores was 7607, of which 5369 were the Hai Lan home series, including 195 Direct stores and 5174 franchisees and associated stores. The 1273 1273 families, including 32 Direct stores and 1241 franchisees and franchised stores, 965 other brands, including 95 Direct stores and 870 franchises and associated stores, and a large number of other brand stores, mainly due to the incorporation of male and female brand stores.

Since 2018, the number of Direct stores has increased, mainly due to the changes in business circles and markets. The company has intensified efforts to expand shopping centers and opened outlets in accordance with the requirements of some shopping malls and shopping centers.

Everbright Securities Research Institute Li Jie said that in the short term, in the first quarter of this year, the base income of Hai Lan's consolidated statement and its main brand income have improved and returned to a robust single digit growth rate in the second quarter of 2018. The two quarter began with the high base effect weakened and the retail environment stabilized.

From the point of view of brand upgrading and innovation, Haisan home's main brand launched the IP Cooperation Fund in 2019. The sale of the heavenly palace T-shirt has been widely praised and made up many times. In the future, it will strengthen cooperation in IP and enhance the attractiveness of young consumers. The new brand selection, OVV, AEX, and black whale are at a relatively low volume, but the style and orientation of the products are in line with the current trend and have great potential for development.

At the same time, the elongated cycle shows that Hai Lan's home is the leading national costume leading to cost performance. The scale effect highlights the benefits of reducing costs and building moat. As the retail environment stabilizes and stimulates consumption, the tax reduction effect of the company is reflected.