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Semir Costumes: Real Control Couple Cash In 1 Billion 800 Million Business Difficulties Highlighted

2019/6/4 11:38:00 11821

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Two days ago, Semir clothing (002563), a listed company in Zhejiang, released a report on equity changes.

Qiu Yanfang, the shareholder of the company, signed the share pfer agreement in May 31st and pferred the 5% agreement of the company's total capital to Wang Yaohai.

The price of the proposed share pfer is 9.69 yuan per share and the total pfer price is 1 billion 308 million yuan.

After the change of interest, Qiu Yanfang owns 6.26% of the company and Wang Yaohai owns 5% shares.

It is learned that Qiu Yanfang is the daughter of Qiu Guang he, chairman of Semir clothing, and one of the real controllers of the company. He has 11.26% of the company's shares before pfer.

In addition to Qiu Yanfang's pfer of shares, the recent operation of Zhou Pingfan, another practical controller of the company, has also attracted our attention.

Zhou Pingfan's status is vice chairman of Semir clothing and Qiu Yanfang's husband. There are 6 pages of Zhou Pingfan's frequent reduction in flush of executive shareholding data in flush F10.

Up to now, there have been up to 28 reduction operations in November 29, 2018 so as to reduce 53 million 989 thousand and 800 shares of Semir apparel.

At the same time, Qiu Yanfang also had 8 million 57 thousand stock reduction operations.

We have counted the accounts for the couple. If the Qiu Yanfang can be successfully pferred, the couple can have a total of 1 billion 881 million yuan from the end of November last year.

The identity of the two party is closely related to the chairman of Semir clothing, Qiu Guang, the largest shareholder. The continuous reduction of the couple's time has to make us wonder about the company's situation.

It is worth noting that Semir's clothing performance in recent years is not bad. According to the company's 2018 financial report, the company achieved operating income of 15 billion 719 million yuan in 2018 1-12, an increase of 30.71% over the same period, a net profit of 1 billion 694 million yuan, an increase of 48.83% over the same period.

But behind this beautiful performance, there is a "timed" bomb hidden in stock.

At the end of 2018, the balance of Semir apparel inventory jumped sharply, with a value of 4 billion 417 million yuan, an increase of 85.28% over last year.

The company's explanation for high inventory is: coping with the growth of sales in autumn and winter, and the increase in sales of double eleven electricity suppliers.

However, according to the company's inventory over the years, such a statement can not withstand scrutiny.

Compared to the company's three quarter and four quarter financial data, it is not normal for its substantial growth in stock this year.

So what exactly is this inventory?

According to the inventory details disclosed by Semir costumes, 4 billion 248 million of the 4 billion 417 million inventory balance is in the column of inventory commodities.

According to the "operator management" report, Semir clothing is a light asset virtual operation mode, the company does not produce, no factories, mainly based on franchisees.

Therefore, almost all goods in stock are returned by garments or dealers.

Compared with the rising stock balance, the turnover rate of inventory is declining gradually.

Inventory turnover was 0.57 in the first quarter of 2019.

In addition, since 2014, the turnover rate of Semir clothing has been declining and turnover speed is becoming slower and slower.

The analysis of the accountants at the Indus tree is: on the one hand, the increasing inventory size; on the other hand, it is a gradually decreasing turnover speed.

For the garment industry with strong seasonal and rapid upgrading, it is like burying a time bomb.

The risk of Semir clothing is not the only one. Because of the virtual business mode, 8407 of the 9905 outlets of the company are franchised stores. These franchisees carry out the layout by replicating the sales mode of self stores, and carry out rapid reproduction.

The rapid increase in the number of franchisees will continue to divide up the profits of Semir clothing, and will also carry a large amount of inventory for the company. In order to expand the market share, Semir will continue to provide more preferential policies for franchisees.

At the same time, up to 8407 franchisees will also increase the intermediate cost of Semir clothing.

While Semir's apparel is increasing at a gross profit margin, the net interest rate is decreasing. It seems to be a clear illustration of the problem faced by the company.

Back to this Qiu Yanfang and Zhou Pingfan two people's reduction.

In October 30, 2018, the first announcement of the reduction announced by the couple revealed a reason for the reduction:

In view of the personal capital needs of shareholders Zhou Pingfan and Qiu Yanfang, and taking into account the higher share holding ratio of the company's actual controllers and related parties, the liquidity of the company's stock market is poor, so as to enhance the liquidity of the company's stock market and improve the shareholder structure of the company.

In order to enhance the company's stock liquidity reduction, in other words, it can be understood that investors are not able to buy it.

This strange reason we have seen in the capital market countless times, Semir clothing listed in 2011, the actual controller limit period of 36 months, if it is due to liquidity, improve the company's shareholding structure and reduce, then in March 2014 can be operated, so the reason for raising liquidity is reduced.

Combined with the high inventory of Semir apparel, the crisis facing the company's business model has been highlighted, but at the moment, it can not be alleviated.

Maybe we can expect that Semir clothing has found a solution now, and 1 billion 881 million of the cash is just because the couple are short of money.