The Ma Ruimin Family'S Local Fashion Is Promoted By Ma Yun And Ma Huateng'S Cloud Front Fund.

The design of the high-end high-end women's clothing brand group -- the earth fashion Limited by Share Ltd (hereinafter referred to as "Di Su fashion") announced in the evening of June 1st, said the company shareholder Shanghai Yunfeng venture capital center (limited partnership) (Ceng Yongming: Shanghai Yunfeng equity investment center (limited partnership), hereinafter referred to as "Yunfeng fund") plans to make the 3 announcement from the date of the announcement. Within the next 6 months, there will be no more than 21 million 600 thousand shares of the company's shares in the way permitted by laws and regulations such as centralized bidding, bulk trading and so on, accounting for 4.49% of the total share capital of the company. Up to now, the number of shares held by Yunfeng fund is 4.49%, which means that the Yunfeng fund is a liquidation reduction.

As of today, Yunfeng fund owns 21600000 shares of tradable Limited by Share Ltd (hereinafter referred to as "company" and "Di Su fashion"), which accounts for 4.49% of the total share capital of the company.

The announcement shows that as early as the end of 2019 6, the Yunfeng fund plan had not been reduced by more than 3.99%. As of January 8, 2020, the Yunfeng fund altogether reduced 16 million shares of the company's shares, accounting for 3.99% of the total share capital of the company.

Reporters found that according to enterprise inspection, Yunfeng fund was jointly launched by Ma Yun and founder of Yu mass media, Yu Feng and others. At present, Shenzhen Tencent Business Management Co., Ltd. is the largest shareholder of Yunfeng fund, with a shareholding ratio of 95%. Shenzhen Tencent Business Management Co., Ltd. is a subsidiary of Shenzhen Tencent computer system Co., Ltd., Shenzhen Tencent computer system Co., Ltd. For Ma Huateng, the shareholding ratio is 54.29%.

According to the disclosure of stylish prospectus, in May 2013, the company introduced the Yunfeng fund, which spent 180 million yuan to subscribe for about 17 million 780 thousand shares of the company at a price of 10.125 yuan per share. In the same year, the number of shares changed to 34 million shares. After that, the Yunfeng fund gained 3 million 600 thousand shares by equity capital allocation in 2019.

In May 31, 2013, the fund signed a capital increase agreement with the Yunfeng fund. The Yunfeng fund subscribed to the new registered capital at a price of 10.125 yuan per share, totaling 180 million yuan, and the shareholding was 10% after the completion of the capital increase. At the same time, in 2018, the local fashion has accumulated a cash dividend of 802 million yuan. The Yunfeng fund is expected to earn 68 million yuan in all previous dividends. As of June 1st, the market value of Di Feng was 8 billion 758 million yuan, and Yunfeng's fund was 4.49%.

At the end of the press release, di Su fashion reported a gain of 18.20 yuan / share, or 1.17%, and when it was listed in June 22, 2018, the issue price of Di Su fashion was 27.52 yuan / share, the highest being up to 46.48 yuan / share.

According to public information, DSU fashion was founded in 2002, and is a multi brand fashion fashion group. Its main business is the design, promotion and sale of high-end women's clothing.

At present, DAZZLE has three core women's clothing brands, namely, "DA", "DIAMONDDAZZLE" (DM) and "d" zzit (DZ). It is positioned at the age of 19-45, which is the most powerful consumer group of clothing consumable. It has been fully covered from the middle end, the middle to the high-end, and has become a multi-dimensional and multi-level penetration of the women's wear market. The company launched the "RAZZLE" (RA) brand in the second half of 2017, further enriching the brand connotation and expanding the coverage of the crowd.

Reporters read the details of shareholders to know that the largest shareholder of Di Su fashion is Ma Ruimin, chairman of the company as general manager; Ma Shumin, Ma Limin are Ma Ruimin's younger sister, the three sisters are directors; Ma Shu min, Ma Li Min, Ma Ruimin's sister's mother is the horse core.

According to the financial report, in 2019, di Su fashion realized business income of 2 billion 378 million yuan, an increase of 13.23% compared with the same period last year. The net profit attributable to the parent company was 624 million yuan, an increase of 8.75% compared with the same period last year. The net profit was 567 million yuan /+20.55%, and the earnings per share were about 1.56 yuan. The company also announced that every 10 shares were divided into 10 yuan (including tax). Dividends are high.

According to sub brands, the main growth of the brand is the growth of the retail brand, and the growth of the sub brand is mainly caused by the extension. During the reporting period, the DAZZLE, DIAMONDDAZZLE, d 'zzit and RAZZLE brands of Di Su fashion accounted for about 58%, 7.5%, 34% and 0.4% respectively. Among them, the main brand DAZZLE direct retail upgrading results show that in 2019, store revenue grew by nearly 13% to 2 million 270 thousand yuan / home, promoting brand revenue growth of 11%. DIAMONDDAZZLE and d 'zzit annual stores increased by 4% and 14% respectively, and channel extension promoted brand revenue by 5% and 19% respectively. Another RAZZLE brand annual revenue growth of 8.7%, other business revenue fell 23%.

Gross profit margin, DAZZLE, d 'zzit brand revenue growth is significantly higher than the corresponding sales growth of 1.3%, 4.8%, endogenous growth mainly from the terminal discount strength weakened, promoting the two brand gross margin. In addition, DIAMONDDAZZLE and RAZZLE brand revenue growth is slower than sales growth.

Channels, in recent years, d 'zzit brand promotes the number of fashion stores. In 2019, the total number of stores reached 1095, representing an increase of 46 compared with the end of last year, an increase of 4.4% over the same period last year. Split brand, main brand DAZZLE stores continue to optimize and integrate, year-on-year total stores decreased 8 to 605 year-on-year, d 'zzit was welcomed by consumers and franchisees, and total stores increased by 52 to 435.

From the point of view of the channels, di Su fashion stores direct retail stores to upgrade quality, and the electricity supplier promotes multi-channel cooperation. In 2019, the proportion of online sales revenue was 44%, 43% and 13% respectively. Among them, the direct channel, the 3C fashion continues to promote the landing of the 3C training, optimize the shopping guide incentive scheme, optimize the membership management system, enhance the stickiness of the members, and promote the store efficiency improvement. During the year, the average store sales per capita grew by 11.6%, and the direct channel revenue increased by nearly 15% in 2019. Annual distribution of store revenue increased by 10%, the first is the number of franchisee growth, and the two is to join stores, revenue growth of 4%. E-commerce channels, Tmall channels, the trend of synchronized fashion vip.com, NetEase koala, Xiaohong book and other channels of cooperation, from traffic operation to user operation, user activity and enhance the penetration of more high-value potential customers, and jointly promote the electricity supplier channels to achieve nearly 20% faster growth.

In the first quarter of 2020, di Su fashion achieved 408 million of its operating income, 122 million of its net profit attributable to its parent company, and its gross profit margin increased by 0.92 percentage points over the same period last year, maintaining a high level of 74.76%.

It is noteworthy that during the epidemic period, di Su fashion strengthened its support for franchisee inventory, and temporarily raised the proportion of returnable goods. The turnover days of inventory increased by 166 days to 367 days compared with the same period last year. At the same time, di Su fashion tries to layout new retail formats, including new development channels such as Xiao Hong book and webcast, which are well functioning. Therefore, the electricity supplier channel has also become an important growth support point. On the offline side, most stores have resumed their jobs since March, and the recovery of water has been improving in April, and annual revenue is expected to increase steadily.

Wang Yusi, an analyst at Zhongtai securities, believes that as a leader in Chinese high-end women's clothing, the company has been affected by the epidemic in the short term. However, in the long run, the product has great design ability. The supply chain has excellent control ability. The terminal management is constantly systematized and refined, and the company's profitability and operational capability are all in the leading position of the industry, taking into account the strong product design ability of the company. The brand influence created by diversified marketing mode is optimistic about the future store efficiency improvement and the income growth brought by channel expansion. At the same time, the company's profitability and operational efficiency are in the leading industry level, and the operating cash flow is sufficient and the debt rate is low.