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    UNIQLO And Mori Mayo Supplier Ya Dong Group Seek Listing: Will The Industry Freeze Point?

    2020/4/9 15:54:00 2

    Ya Dong Group

    According to the recent disclosure of HKEx, Jiangsu textile and dyeing and finishing service provider Ya Dong Group Holdings Limited, third, once again submitted its listing application to the main board of HKEx. It submitted its first listing application to HKEx in November 27, 2019.

    Ya Dong group was first founded in 1993, is one of the famous clothing brand suppliers such as UNIQLO and Semir. At present, a total of three production lines are designed with an annual output of 42 million 80 thousand meters.

    According to the prospectus, Ya Dong group plans to raise proceeds from the proceeds to the following purposes: to expand production capacity by upgrading and improving existing production lines and technical capabilities, including establishing design and research centers and updating production equipment, and acquiring a controlling interest in a company with an annual production capacity of about 10 million meters to 15 million meters in Jiangsu. Expand product range, increase knitted fabric production line, expand and enhance domestic customer base to European and American markets.

    The prospectus pointed out that Ya Dong group's revenue in 2018 was about 861 million yuan, accounting for about 0.2% of China's market capitalization in 2018 and about 1.6% of its market value in Jiangsu. In 2018, Ya Dong group ranked third in Jiangsu textile dyeing and finishing service suppliers, while Jiangsu ranked second in the five major industrial clusters of the national textile dyeing and finishing industry.

    Despite the gimmicks, the actual data is not that good.

    The market of China's textile dyeing and finishing industry is fragmented. The Ipsos consultancy report shows that in 2018, the market share of China's five major textile dyeing and finishing service providers was about 6.3%. Judging from the national industrial clusters, the output of Jiangsu ranked second in 2018, accounting for 12.7%, but the first place in Zhejiang accounted for 58.9% of the total, occupying most of the industry.

    From the data of Jiangsu Province, Ya Dong group also showed a lack of strength. In 2018, among the five major textile dyeing and finishing service providers in Jiangsu Province, the Ya Dong group ranked third, and the income was 8 times higher than that of the first ranking A company, while the Ya Dong group accounted for 1.6% of the market share in the province, while the A group accounted for 13.5% of the total.

    From 2017 to 2019, the gross profit of Ya Dong group was 81 million 690 thousand yuan, 113 million yuan and 129 million yuan respectively, and the gross profit rates were 12.3%, 13.1% and 14.9% respectively.

    According to Chi Chi consulting data, from 2017 to 2018, the gross gross profit margin of the entire printing and dyeing industry was 20% and 15.6% respectively. Despite the impact of raw material prices, the gross profit margin of the industry declined in 2018, but the gross margin of Ya Dong group is still below the average level of the industry. Fortunately, the gross profit margin is rising year by year, and the prospect is still expected.

    Products, Ya Dong group's textile products can be divided into two categories, namely plain cloth and corduroy. In addition, it also provides processing services. Prospectus shows that in 2017-2019 years, the company achieved 662 million yuan, 861 million yuan and 867 million yuan respectively, of which sales of textile fabrics accounted for 91.4%, 93.3% and 95% respectively, and processing services accounted for 8.6%, 6.7% and 5% respectively. At the same time, two categories of fabrics, mainly plain cloth sales.

    UNIQLO and Semir are in the top three of Ya Dong group's five largest customers.

    Take the overseas client, UNIQLO, which is listed in the prospectus as an example, Ya Dong group has established a business relationship with UNIQLO since 2014 and has been named one of its most trusted business partners by UNIQLO.

    According to Ipsos report, including Ya Dong group, UNIQLO owns 28 textile fabric suppliers in China and 49 textile suppliers worldwide. It looks bright, but in the supplier team of big customers, Ya Dong's position is only "one". In 2018, UNIQLO ranked first among the five largest customers of Ya Dong group, achieving sales of 123 million 400 thousand yuan, accounting for 14.5% of the same period. Since then, in 2019, UNIQLO ranked five among the top second customers, and Semir ranked No. 1.

    In the 2017, 2018 and 2019 fiscal year, the earnings from the largest customers accounted for 11.9%, 14.5% and 9.9% respectively. The revenue from five major customers is about 41.3%, 38.6% and 38.1% respectively. In addition, Semir is also one of the five largest suppliers of Ya Dong group. Ya Dong buys fabric from Semir group and supplies it with finished products after dyeing and finishing.

    In 2017, 2018 and 2019, the purchase of Ya Dong group to the largest suppliers accounted for about 32.1%, 23.6% and 19.7% of the total purchases respectively, while the purchases to five suppliers accounted for 64.2%, 66% and 62.1% of the total purchases respectively.

    From the industry perspective, Ya Dong group is in the middle part of the entire textile and garment manufacturing process, engaged in the design, processing and sale of textile fabric products. On the one hand, revenue and expenditure are affected by upstream raw material prices and suppliers, and on the other hand, the impact of customer choice.

    According to the industry practice, because of the fast fashion and fabric upgrading in textile industry, textile dyeing and finishing providers are more likely to sign short-term contracts with suppliers and customers. This improves their risk of evading their performance environment due to dependence on a supplier or customer. But at the same time, once the other side breaks up cooperation, Ya Dong group's business will fall risk.

    In addition, the cost fluctuation from the upstream and downstream industries will also be reflected in Ya Dong.

    Prospectus shows that Ya Dong group's material costs mainly include plain grain and corduroy grey cloth, textile dyes, chromogenic agents and dyeing auxiliaries and other additives. In the 2017-2019 years, the total material cost of the company was 466 million yuan, 611 million yuan and 597 million yuan, respectively, accounting for 80.4%, 81.7% and 81% of the total sales cost respectively.

    From the upstream suppliers, the price of grey cloth is affected by cotton production. According to the April global demand forecast released by the International Cotton Advisory Committee (ICAC), the new crown pneumonia epidemic will have a significant impact on global cotton trade, supply chain and forecasting. Cotton prices will fluctuate this year due to a sharp reduction in market willingness to grow and some cotton farmers to be uncertain. The prospectus said: "if the price of materials in the future rises, Ya Dong group may not be able to pass this risk on to customers."

    The prospectus showed that the slight increase in gross profit margin in 2019 was mainly due to the slight increase in the average price of plain cloth products due to the market situation by 3.4% in the first half of 2018 and the first half of 2019. At the same time, since 2018, Ya Dong group began to purchase Vietnamese textile fabrics with low single cost. By the end of 2019, the average unit price per metre of plain cloth was 18.4 yuan, the average unit price of corduroy was 21.1 yuan per meter, and the average unit price of processing services was 4 yuan per meter.

    But at the same time, the price reduction measures adopted by corduroy products for maintaining competitiveness of products have reduced the gross margin of the product by nearly six percentage points, and offset the increase of plain cloth.

    In the downstream chain, the situation is not optimistic. According to statistics from the General Administration of customs, the export volume of China's textile and clothing in January 2020 -2 was 29 billion 835 million US dollars, down 20% from the same period last year. Among them, exports of textiles (including textile yarns, fabrics and articles) amounted to US $13 billion 773 million, down 19.9% compared with the same period last year, and exports of garments (including garments and accessories) were US $16 billion 62 million, down 20% from the same period last year.

    The epidemic has weakened the peak season of clothing exports of the original "gold, silver and silver four", and due to the escalation of overseas epidemic, clothing demand in the second half of this year will also drop sharply. In China, according to the survey conducted by the China Federation of textile industry, as of March 13th, only 80% of the enterprises' orders reached the normal level. Only 56.4% of the enterprises chose inadequate demand and poor channels, which are the main difficulties facing the production and operation of the enterprises. The proportion of enterprises that choose the difficult options such as labor and logistics has been exceeded, and the overall situation of the industry has been recovering slowly.

    In addition, the prospectus also pointed out that, like most labor intensive enterprises, Ya Dong group is also facing the problem of rising labor costs.

    With the increasing cost of labor in China, many manufacturing firms have shifted their factories to Southeast Asia, Africa and other places. The major customers such as UNIQLO of Ya Dong group are inclined to control the cost strictly. If the Ya Dong group has no advantage in price, it will be able to face the risk of losing customers.

    The prospectus said that in order to reduce operating costs, Ya Dong group plans to expand production facilities outside China to Southeast Asia in order to enhance its competitiveness, especially for overseas market customers and its direct brand operators in Southeast Asia with its designated manufacturers.

    Source: capital detective Author: Zhang Yao

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