Since La Natsu Bell Young's Listing, "To Darkest Hour" Performance Stock Prices Have Been Worst.

La Natsu Bell (603157) no doubt welcomed the "darkest moment" since the A share listing. In July 31st, the company's notice fell sharply after the sharp decline, which means that La Natsu Bell will hand over the worst earnings report since its listing. To add insult to injury, La Natsu Bell's stock price dropped 3 days in July 31st. Yesterday's low and closing price hit a new low since the listing.

Performance shares are all pale.

After losing 160 million yuan last year, La Natsu Bell also made a profit of nearly 10 million yuan in a quarterly report this year. Now it is expected that the sharp decline and substantial losses in the performance of the report will really make the market unanticipated. In July 31st, La Natsu Bell released the first half of 2019 performance forecast, estimated net profit loss in the first half of 440 million yuan to 540 million yuan, down 286.6% to 329% over the same period last year.

La Natsu Bell's announcement also showed that in the first half of 2019, the company's operating income dropped by more than 20% in the first half of 2018 compared with the total amount in the first half of the year. At the end of June 2019, the number of operating outlets within the company decreased by more than 2400 compared with the end of 2018.

This means that La Natsu Bell, who landed on A shares in September 25, 2017 and one of the leading women's clothing companies in China, will surrender the worst earnings since listing. Looking back on the first year of market not far away, that is, in 2017, La Natsu Bell also made a profit of 499 million yuan a year. After just two years, La Natsu Bell was eclipsed into a huge loss of 400 million yuan -5 billion yuan.

The same as La Natsu Bell's share price. Yesterday, La Natsu Bell shares fell 2%, the lowest intraday low of 5.30 yuan Chuang listed since the new low, the closing price of 5.40 yuan also hit a new closing low. In July 31st, when La Natsu Bell's performance forecast was released, the stock price had dropped by 7.55%, and then continued to drop 2.13% in August 1st.

Why is La Natsu Bell's performance so overshadowed? La Natsu Bell explained, "by the double downturn of the domestic retail market and the optimization of the channel structure under the company's initiative, the company's operating income in the first half of 2019 has dropped by more than 20% compared with the first half of 2018. At the same time, the company accelerated the sale of over season products, resulting in a decline in the average gross profit margin of commodities. In addition, the company's business transformation, adjustment, reduction of efficiency and other measures are being actively promoted, but the actual effect still needs a certain time to gradually reflect that the reduction in the first half of the year has not been able to offset the decline in gross margin. In addition, due to changes in the external financing environment, the company continued to return bank loans during the reporting period, which had a negative impact on the company's purchase in spring and summer in 2019, and so on. During the reporting period, the company took the initiative to adopt a strategy of shrinkage adjustment, focusing on high value business. As at the end of June 2019, the number of operating outlets within the company decreased by more than 2400 compared with the end of 2018.

　 Performance is fading.

In fact, La Natsu Bell's performance has been threatened. From the perspective of the operating profit that directly reflects the profitability of the main industry, La Natsu Bell has seen a decline in overall business profits since the first quarter of 2018, when the operating profit growth rate reached 26.17%. In the same period, the decline of 20.20% in the Chinese newspaper and three in the Quarterly Bulletin increased to 36.10%, and the whole year was down 99.63%. The average gross profit margin in 2018 also dropped to 65.33% from 67.73% in 2017.

Comparing the two annual reports listed, we can also find that La Natsu Bell's most important clothing product sales increased from the overall growth in 2017 to the two digit decline in 2018. 2018 annual report shows that La Natsu Bell sales accounted for more than half of the upper garment, production and sales respectively fell 29.95%, 20.58%, the most dramatic decline; second of the sales of skirt production and sales also fell 19.94%, 16.45%, respectively, while the lower production and sales volume fell 20.52%, 19.48%, respectively. In 2017, La Natsu Bell's sales and sales increased by 16.73% and 6.47% compared with the same period last year. The production and sales of skirt products increased by 13.89% and -5.14% compared with that of the same period last year. The sales and sales of bottoms increased by 18.19% and 7.88% respectively.

Behind the changes in the main industry after the listing, data show that the number of La Natsu Bell's stores has increased rapidly from more than 1800 in 2012 to more than 9400 in 2017, and the company's brand has expanded from 3 to more than 20 in the past, covering women's wear, men's wear and children's wear. Correspondingly, the company's revenue scale increased from 2 billion 910 million yuan to 9 billion yuan, and exceeded 10 billion yuan in 2018.

With the rapid growth of the company's scale, La Natsu Bell's inventory in 2014 -2018 also increased rapidly from 1 billion 327 million yuan to 2 billion 534 million yuan, while the share of current stock accounts for 26.42% from the current assets ratio to 48.58%. At the end of the first quarter of this year, La Natsu Bell stock remained up to 2 billion 193 million yuan, accounting for 50% of current assets.

Today, the Chinese newspaper has made a huge difference in the performance of La Natsu Bell, who has lost a lot of money, and whether a large number of stores are related to the "heavy weight" that may exist in the rapid expansion of the early years. In the company's notice, the "business transformation adjustment, reduction of capital and efficiency increase" measures are needed, but the actual effect still needs some time to be gradually reflected. Does this mean that the performance of the second half of this year may continue to suffer pains, and when the main business and performance of the company are expected to be greatly improved? Yesterday, the mass media reporter telephoned La Natsu Bell with the above questions, but the telephone failed to connect.