National Brand: Hot Concept Of Guochao Meibang Clothing "Jiulianban" Soared 135%

After the "head of the company" was ordered to stop trading for 21 companies, Meibang clothing took over the banner and continued the record of "nine board".

On April 8, Meibang clothing opened high and went low to stop at nine link board, closing at 3.73 yuan, down 0.53%. However, compared with the market before the start of the market, the cumulative rise of Meibang has reached 135%, doubling.

The most direct reason why Meibang clothing ushered in the continuous speculation of funds is the "Xinjiang cotton" event. But today, the secondary market hot spots dissipated, why can Meibang clothing continue to rise?

There has always been no solid logic for hot money speculation. The only explanation is that the dish is small and easy to pull up. The free circulation share capital of Meibang clothing is 1.184 billion yuan, which is less than 2 billion yuan based on the stock price before the market starts.

However, for Meibang, which has been losing money year after year, the board of nine can not reverse the fate of St. it is more like ringing the death knell of delisting.

Under the concept of national tide

Under the capital rotation, based on the stock price of 1.59 yuan on March 25, the starting point of nine link board, the stock price of Meibang clothing has risen by 135%.

What is the reason for lighting Meibang's clothes? According to the industry, first, the new territories cotton incident, consumers turned to support domestic products, which is good for Meibang in theory; second, Meibang is said to bet on the concept of Guochao, which is a small outlet at present.

However, an industry source who asked for anonymity said, "if the company does not have obvious positive news, the stock price fluctuations caused by the above external factors are unsustainable. It is just fund speculation, and how it rises will fall back."

As it is said, on April 8, Meibang clothing stopped the trend of even board, and the current round of market ended with nine consecutive boards, at 3.73 yuan, a decrease of 0.53%.

Prior to that, on April 2, the Shenzhen Stock Exchange released the Shenzhen market regulatory news, saying that it would continue to focus on monitoring the "sequence control development", "Meibang clothing" and "north international" with abnormal growth for many consecutive days, and take timely regulatory measures. On the same day, the Shenzhen Stock Exchange issued a letter of inquiry asking Meibang clothing to explain whether there are major undisclosed matters and whether the company's fundamentals have changed significantly.

From the news point of view, Meibang clothing is obviously not good news, but there is a major negative.

According to the risk warning announcements recently issued by Meibang, on the one hand, the company is expected to make a performance loss last year. The net profit loss attributable to the shareholders of the listed company is - 820 million yuan to - 580 million yuan, and the non net profit loss is - 828 million yuan to - 588 million yuan.

On the other hand, the negative impact of the adjustment of the company's offline loss stores on sales revenue in 2021 will continue, and there is great uncertainty in the company's performance. Meibang hopes that investors will take a more cautious attitude towards the changes in the company's operating conditions.

From the dragon and tiger list data, there is a deep intervention of hot money in the early stage of the market, and institutional seats are also playing the game of left hand to right hand.

On March 29, among the top five buyers of longhubang, Huatai Securities bought 3.8343 million yuan in Shenyang Daxi road. On March 30, Guotai Junan Securities, a well-known hot money "new one" seat, bought 22.093 million yuan at Taiping South Road in Nanjing, but on the 31st, the seat sold for 23.694 million yuan; there were also institutional seats to buy 13.3595 million yuan and sell 15.4502 million yuan at the same time. On April 2, the agency accelerated its withdrawal, with 22.2249 million yuan and 9.8483 million yuan of seats sold on the same day.

At the same time as the institutions exit, retail investors seem to be entering in large numbers. On April 2, Dongfang Fortune Securities, known as the retail concentration camp, bought 11.1911 million yuan and 11.4201 million yuan respectively, and sold 9.6405 million yuan and 8.894 million yuan at the same time. On April 6, the two seats bought 23.6468 million yuan and 18.8443 million yuan respectively, and sold 15.0542 million yuan and 12.8525 million yuan.

This is like yesterday. In 2014, Meibang clothing staged a similar trend, and the operator behind it was Xu Xiang, the former "big brother of private placement".

Coincidentally, Xu Xiang is about to be released from prison at the time when Meibang's costumes "recover demons". Goodbye in the river and lake. I don't know how Xu Xiang, the former private equity elder brother, will look at this once national brand?

Decline of Meibang

"Metersbonwe, do not take the ordinary road", this advertisement word let Meibang clothing household name. In 2003, American bond signed Jay Chou, who was just emerging. After that, Jay Chou quickly became popular, which made him and Meibang become the memories of many post-80s and 90s generation, enlightening a generation of people's understanding of fashion.

In 2008, Meibang clothing landed on the small and medium board of Shenzhen Stock Exchange. On the 2009 New Fortune 500 rich list, Zhou Chengjian ranked third in China with 16.6 billion yuan, becoming the highest ranking entrepreneur in China's clothing industry. Since then, its sales have increased year by year and reached its peak in 2011. According to public data, in 2011, Meibang clothing achieved a revenue of 9.945 billion yuan and a net profit of 1.206 billion yuan.

In 2012, the net profit of Meibang clothing fell by 30%, again by 50% in 2013 and by 60% in 2014. By 2015, Meibang had a net profit loss of more than 400 million yuan. In 2015, the loss of non net profit was more than 500 million yuan; in 2017, the loss was more than 300 million yuan; in 2018, it returned to the profit level temporarily, which was 12.69 million yuan; in 2019, it was more than 800 million yuan.

What is the reason for the decline of Meibang clothing business? From Zhou Chengjian's public talk, one is the wrong layout of the new high-end brand me & city; the other is the lack of understanding of the e-commerce platform.

In a public speech in January 2019, Zhou Chengjian talked about Ma Yun's "admonishment" of Ma Yun's entry into the e-commerce platform. "I am very grateful to Mr. Ma. One night, he came to my home in the middle of the night and talked with me for two or three hours. He always advised me how to understand the Internet and tell me not to be a platform, but to do my own industry and brand well."

Zhou Chengjian said, "Ma Yun said," I'm not going to ask you to sell clothes on Taobao. There is something wrong with you doing this. A single brand is at most an official website, not a platform. Using the official website thinking as a platform is pure burning money. This is the bad result of innovation brought about by my childishness, willfulness and impetuosity.

The other is the high inventory of Meibang which is criticized by the market. By the end of 2019, the turnover days of Meibang's inventory had reached 234.66 days; at the end of the third quarter of 2020, the turnover days were 282.29 days. In 2011, it was 165.6 days.

Dai Xiantian, a researcher at the Institute, told reporters that the decline of Meibang is the result of multiple factors. The biggest reason is that it can't keep up with the pace of the times, including design style, channel change, turnover efficiency, etc. The small reason is the rise of foreign capital and new brands, and Meibang is facing fierce competition.

"One is that they did not seize the opportunity of the rise of e-commerce, but regarded it as a supplementary channel for selling inventory. Users who did not buy novel clothes naturally went to other brands. Second, the brand aging, design and production efficiency is low. Third, high inventory and low capital turnover efficiency. Fourth, the rise of new categories and the change of consumption trend have diverted the fast fashion market. Fifth, it does not attach importance to the channel of franchisees and is too strong. " Dai Xiantian said.

Meibang saves itself

In June 2019, the news that Hu Jiajia, chairman of Meibang clothing, was restricted from high consumption was circulated on the Internet, which broke the gap that Meibang clothing building was going to fall.

At that time, Meibang clothing explained to the reporter of the 21st century economic report that the owner was unwilling to renew the lease due to the expiration of the lease, and the order of height restriction had been lifted. The matter involves the leasing of Meibang clothing in the landmark building Meibang flagship store on Nanjing East Road, Shanghai.

In February this year, Meibang closed the largest flagship store in Hangzhou and once made a hot search on Weibo. According to the announcement of Meibang, due to the transfer of business districts and considering the input-output ratio, the company has taken the marketization as the main line, made more active adjustments to some stores, and further accelerated the closure of all continuously losing shops to ensure the enterprise's profitable operation as the basis of its positive strategy. In the future, it may also make adjustments to unprofitable stores.

This is a part of Meibang clothing's arm broken self-help. According to the annual report, Meibang lost 6.28 million yuan in 2018 and 25.94 million yuan in 2019. In the first half of 2020, Meibang closed 504 stores and opened 105 new stores.

However, according to the current financial data, the net profit loss of Meibang in 2019 is more than 800 million yuan, and the loss is expected in 2020. In 2021, the risk of ST will not be avoided.

Or in order to avoid delisting, in 2021, Meibang is selling assets back to blood.

"Selling assets for self rescue is an inevitable choice for Meibang at this stage. Problems such as brand positioning, product design and channel promotion cannot be reversed in a short period of time. We can only stop the expenses first, and then it is possible to go back to the battle with light equipment in the future." The industry, who asked for anonymity, said.

Moreover, it is worth noting that on March 1, Meibang announced that after the company and its subsidiaries conducted a comprehensive inventory and asset impairment test on the assets with possible signs of impairment at the end of 2020, including inventory, accounts receivable, other receivables, non current assets due within one year, long-term receivables, investment real estate, etc., after a comprehensive inventory and asset impairment test, the company plans to withdraw various assets in 2020 The provision for impairment was 366 million yuan. This will reduce the company's net profit attributable to the owners of the parent company by 366 million yuan in 2020.

"If Meibang withdraws impairment in 2020, it can leave room for 2021. In addition, selling assets can greatly reduce delisting risk." On April 8, a certified public accountant who asked for anonymity told 21st century economic reporter.

In fact, previously, the stock price of Meibang shares once fell below the par value of 1 yuan. Some people in the market believed that the possibility of artificial operation could not be ruled out.

It is worth noting that another national brand of A-share, La ShaBel, is also closing stores for self-help. At the same time, domestic clothing brands such as Tangshi, JeansWest and Benny road also fell. Looking back, it may be the end of an era aesthetic represented by Meibang.

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