"Domestic Women Shoes First Share" Business Is Now Closed Shop Tide, But In 11 Trading Days 9 Times Limit!

Recently, the first domestic brand of A shares listed on the market has attracted much attention on Saturday. With the closure of the market again in December 27th, this is already the case. On Saturday  The 11 trading day ushered in the ninth daily limit.

On Saturday, December 27th, a notice was issued. call  Receiving letters from the Shenzhen Stock Exchange It is required to disclose many issues such as whether the executives and their relatives have purchased the company's stock since November, and whether there is a violation of the principle of fair disclosure. 9 trading days on 11 trading days

Saturday's letter from Shenzhen Stock Exchange

From December 2nd to December 27th, in just 11 trading days, 9 daily limit plates were harvested on Saturday, rising from 6.81 yuan / share to 18.56 yuan / share, up 170.16% in the month.

Liu Qiaoji, chairman of Shenzhen nine sky Cci Capital Ltd, Its original business is relatively traditional, and its profit level is less than 10 million. Now it has signed a gambling agreement with some net red companies through its transformation, such as looking at the network through its subsidiaries, and its profits can reach 210 million and 260 million in 2020 and 2021, so the market is particularly high on these two aspects, and its share price has also gone up very well.

As investors in our two tier market, we need to pay attention to whether this certainty is high, whether growth is sustainable, and now the stock price has risen to about 12000000000, and the valuation level has not been cheap, so we must be careful.

On Saturday, when the stock price was at a high level, a number of shareholders and executives also dropped plans on Saturday. On the evening of December 24th, Saturday announced. On Saturday, the controlling shareholder of the company controlled and acted in concert with Singapore's Li Yuan and Shanghai's plan to reduce the company's shares by no more than 5% in the next six months.

At the same time, directors, senior managers Li Gang, He Jianfeng and Li Lisan also disclosed that in the next 6 months No more than 257 thousand and 800 shares, 45 thousand and 700 shares and 76 thousand and 200 shares respectively. As for the reasons for the reduction, in addition to the controlling shares outside the East, three Dong Jiangao are called personal capital needs. He Jianfeng, Secretary of Limited by Share Ltd's board on Saturday, Controlling shareholders on Saturday have been raising funds in various ways in recent years. It is mainly used to provide financial support to listed companies. The main income of this reduction will be used to resolve the debt pressure accumulated by shareholders in the early stage and the risk of stock pledge financing. At the same time, a part of the reduction income will continue to provide financing and assistance to listed companies.

In this regard, the Shenzhen Stock Exchange issued a letter of concern, asked to explain the company, controlling shareholders and actual controllers and concerted action. Whether there are major issues that should be disclosed and not disclosed or planned, negotiated, intentions and agreements related to major matters. In addition, it is required to state that the company, the controlling shareholder and the actual controller and the concerted action, directors, supervisors, senior managers and their immediate relatives. The situation of buying and selling company stock since November 2019. Liu Qiaoji, chairman of Shenzhen nine sky Cci Capital Ltd, Such a reduction behavior is not the only criterion for our judgement. I do not think so. Because when I am investing, I think it is better to combine the listed company, its own business mode, corporate governance and its financial situation, and then synthesize its current valuation to make an assessment.

Saturday divestiture footwear industry heavy assets to accelerate the creation of new retail platform

Even the reduction plan did not hinder the soaring price of shares on Saturday. Business transformation as well as Forecast for annual growth Of In December 19th, on Saturday, he sold a wholly owned subsidiary responsible for producing shoes and said he wanted to build a new retail platform. Under the background of the decline of traditional women's shoes business, the strategic transformation on Saturday will face the test of the market.

CCTV financial reporter Song Hua: I am now in the Nanhai District of Foshan City, Guangdong province. Behind me is the headquarters of Limited by Share Ltd on Saturday. In December 19th, the company announced that it would transfer 13 million 850 thousand of its wholly owned subsidiary, Foshan science and technology research and Development Co., Ltd., to Foshan Shi Ying shoes Material Co., Ltd. at a price of $100%. According to the address information disclosed, the R & D company is also located here on Saturday.

Song Hua: On Saturday, the R & D company was once a product manufacturer of the company. Once it is stripped, it means that the production capacity of leather shoes will no longer be available on Saturday. According to our understanding of the scene, the company is in normal operation.

For the reasons behind the equity transfer of the wholly owned subsidiary, the announcement on Saturday said it was Strategic transformation and gradual stripping of heavy assets One of them is conducive to further optimizing the company's asset structure and resource allocation, and speeding up the creation of a new retail platform, which is "user centered, data driven and consumer scenario integrated." He Jianfeng, Secretary of Limited by Share Ltd's board on Saturday, In fact, in the past few years, the proportion of the company's whole production is not high. We mainly purchase products through the way of OEM OEM, no longer retain the company's production capacity, which is a process of making the company lighter. On the one hand, it can reduce production costs by suppliers to cope with a fierce competition in the industry. The company can also focus on resources and operation management of the brand, as well as the management of the supply chain.

Financial reports show that since its listing on Saturday, its performance has not been satisfactory. From 2009 to 2018, net profit rose only in 2009, 2014 and 2018 in 2009. Net profit in 7 years is down. In 2017, net profit plummeted by 1789.31%.

Affected by its performance, Saturday began planning transformation in 2017, acquiring 83% equity interest in fashion fast forward and 80% stake in Beijing Xin Xin, in order to make the network transformation. In March 2019, the company merged the distant view network into the consolidated report form through major asset reorganization. After the restructuring of the remote network, its business performance improved significantly on Saturday.

Financial reports show that 2019  In the first three quarters, the company achieved operating income of 1 billion 369 million yuan, an increase of 20.22% over the same period last year. Net profit of 105 million yuan, an increase of 432.56% over the same period last year. The company expects net profit margin to change from 1579.05% to 2138.74% in 2019, and the net profit change range is between 150 million yuan and 200 million yuan.

He Jianfeng, Secretary of Limited by Share Ltd's board on Saturday, In recent years, the development of our bid has also made good progress, contributing to the company's business performance, especially since the acquisition of the remote network this year, compared with the same period last year, there will be a relatively large increase.

The industry believes that in recent years, in the background of weak leather shoes consumption and fierce competition in the industry, Saturday The original low-end popular leather shoes business It is no longer equipped with the advantage of first out and stripped of footwear assets. Internet business development This is also a choice. But because of the acquisition of the network, the goodwill scale of Saturday reached 1 billion 727 million, and investors need to guard against the risk of impairment.

Huang Jun, senior researcher of China Merchants Securities, I think it is more prudent for some companies to cross the border business, because their own industry's operating conditions, their cash flow situation, their stock and some receivables are not very good. In this case, if the small and medium enterprises like 2013 and 2014 increase a lot of goodwill, I believe that subsequent digestion will be even more difficult.

Frequent closing stores high inventory

Footwear consumption market weakness

For domestic shoe companies, 2019 is not peaceful. Many veteran shoe companies are in crisis. Like the rich birds, Daphne is losing money. Although the problems faced by different families are not the same, there is a common problem that the number of stores has increased in the process of rapid expansion in the past, but the overall business level has not kept up, and has not handled the relationship between inventory, quality and price.

In recent years, Saturday also ushered in the shop tide. In 2015, 283 stores were shut down on Saturday, 233 stores in 2016, 222 stores in 2017, and 211 stores in 2018. As at the end of 6 2019,  There were 1352 stores on Saturday, a decrease of 9.32% over the same period last year. There were 974 self operated stores, a decrease of 15.89% over the same period last year.

He Jianfeng, Secretary of Limited by Share Ltd's board on Saturday, In recent years, the number of shops has been reduced. In fact, the company has adjusted our marketing channels according to the market situation. Specifically, the company has voluntarily closed down some inefficient department stores and shopping malls chain stores. On the other hand, the company will actively create a new brand collection shop called Saturdaymode.

Reporters then visited Saturdaymode, a gathering shop in Shenzhen on Saturday, but found that they sold all of their inventory last year. The discount can be up to 80 percent off. Saturday, a store clerk in Shenzhen: There are four brands in the collection hall. We sell them together, but we sell them here, only selling old ones, not selling new ones. At the end of the year, we need to clear the goods. These are last year's shoes, that is, we need to sell the goods. This is less than seventy percent off.

Not only Saturday, but the whole women's shoes industry is not booming. In a number of shopping malls in Shenzhen, the reporter saw that the sale area of women's shoes counters had been adjusted. Moved from the best shop on the first floor to the third floor or the four floor. Not only that, The area of many counters has also been sharply reduced. 。 At the same time, brand shoes are now available. Basic discount The maximum discount for new leather shoes can be up to 60 percent off. A shop assistant in Shenzhen: Shopping malls require all shoe areas to be transferred upstairs, and business is not as good as before.

A shop assistant in Shenzhen: The original price of this shoe is 1790 yuan, now the special price is very cost-effective 599 yuan, this pair may hit 60 percent off, 60 percent off is 435.6 yuan. Now, the discount for shoes is clean, and it's all clear price.

For these shoe companies, the biggest problem is high inventories. From 2015 to 2018, the number of turnover days was 63.67 days, 85.77 days, 81.65 days and 89.26 days respectively. In the three quarter of 2019, it rose to 189.69 days. The average stock cycle of Daphne shops was 218 days, 201 days, 198 days, 198 days respectively.

The turnover days of inventory on Saturday were 664.57 days, 803.03 days, 820.42 days, 715.85 days, respectively, and dropped to 534.55 days in the three quarter of 2019.

Huang Jun, senior researcher of China Merchants Securities, The inventory problem in the textile and garment industry is very worthy of our attention, because of the rapid opening of stores and the high inventory brought by expansion. Fast opening stores, if the operating efficiency is low, and the industry profits will go down, will lead to high inventory can not be digested, then will face the problem of inventory impairment, and inventory impairment will bring about the problem of goodwill impairment. This is a financial indicator that we need to pay special attention to when we invest in the clothing industry.

Hot topics of funds

The fundamentals still need time to verify.

Recently, there is a sentence in the stock bar. It is called "buy Saturday, every day is Saturday". It mainly describes the stock daily limit, so that people who buy it are idle.

The main business is sluggish, gambling with new achievements, with the help of the new net red economy boom, the realization of the Phoenix Nirvana of share price can only show that money is sensitive to subject matter. Whether or not the company's fundamentals can be a phoenix will take a long time to verify.