The semi-annual report of the textile and apparel industry has been released one after another. The casual wear industry is “pleasing”

Although "beautiful performance" is worth delighting, but the performance is not so "powerful," it doesn't have to hurt. The most fundamental thing is still that, in any case, companies must adjust themselves according to their own realities, in the hope that in the future, they will use the “brilliant” achievements to reward themselves and gain the impetus for sustainable development.

Search Yu special: Accelerate the development of channels to strengthen internal management Dongguan Sutut Clothing Co., Ltd. 2012 semi-annual report available "beautiful" to describe. During the reporting period, the company continued to increase sales channel development and construction efforts, strengthened internal management, and further expanded its brand influence. The company achieved a total operating income of 664 million yuan, a year-on-year increase of 48.3%.

The total profit realized was 130 million yuan, an increase of 48.74% year-on-year; the net profit attributable to the shareholders of the listed company was 95,884,800 yuan, an increase of 46.48% year-on-year; and the basic earnings per share was 0.33 yuan.

From the perspective of channels, the number of franchise channels and self-owned channels increased by 47.11% and 60.95% respectively over the same period of last year.

From the point of view of the series of products, the revenue of each series of products maintained a rapid growth, among which the ladies' series, the campus series and the fashion series increased by 39.68%, 45.05% and 58.89% respectively over the same period of last year.

From a regional point of view, South China, Central China, Southwest China, and Eastern China all achieved relatively rapid growth, with revenue growth of 109.88% in the main South China region and a significant increase in revenue to 38.82%.

Guohai Securities analysis pointed out that in the first half of the total number of search in the total number of stores is about 1,600, the expansion rate of expansion reached 8%.

From the perspective of the channel model, the number of franchise channels and proprietary channels increased by 47.11% and 60.95% over the same period last year. In terms of regions, the company's South China region increased by 110%, demonstrating the regional control advantages that the strong regions have continuously developed in the number and quality of stores.

Orient Securities believes that Sou Yute will position the company in 2012 as “Management Year”, and through the “Top 100 Franchisees” and other projects, the extension of the store's extension will be synchronized with the improvement of single store quality.

On the one hand, the average area of ​​new stores ranges from 100 square meters in 2010 to 140-150 square meters in 2011 and 200 square meters in 2012.

On the other hand, the company itself strengthens internal control, team cooperation and supply chain management in the context of the external environment is not clear, to lay a solid foundation for the steady growth of three years or even longer.

In general, Sutut is mainly engaged in brand building and promotion, product design and R&D, marketing network construction, and supply chain management. It is a business model that integrates franchising and direct operations, and fully outsources production and logistics, and engages in the “front line” brand. Youth leisure apparel product design and sales, product coverage of women's, men's, specifically divided into T-shirts, shirts, sweaters, casual wear and other 10 categories, consumer objects to 16-29 years old mainly by menstruation.

Qunyi Securities analyst Liu Hui believes that at present, the search in the special focus on the "front line" brand design and sales, product positioning youth casual wear to East and South China's third and fourth line market.

Although the current "trend front" brand is still unable to compare with the US state, Senma, and pure, but its product unit price of an average of about 100 yuan, lower than the average unit price of Smith Barney 15% -20%. In the past five years, the third- and fourth-tier cities have gradually increased their spending power.

Since its inception, the company has been focusing on the domestic youth casual wear three or four types of market, with "mass fashion" as the brand positioning, the industry's first to put forward the concept of "fashion go to the countryside", is committed to the fashion trend, style, variety, quality and cheap Youth casual wear put three or four types of market, so that the average consumer to enjoy affordable fashion apparel. The company's brand has now become the leading brand in the domestic market for casual wear in the third and fourth categories.

Sou Yute said that the main reason for the good performance in the first half of the year was that the company continued to increase sales channel development and construction efforts. Since 2012, the newly opened franchise has been required to exceed 200 square meters in principle, and franchisees are encouraged to Air development", opening multi-storey shops.

The company continued to support franchisees to open large stores and open multi-stores through various measures such as granting credit lines for goods, delivery racks, sending lamps, subsidy decoration, and management training.

In addition, in the semi-annual report, Soyutte also foresaw the business performance from January to September in 2012: the net profit attributable to listed companies increased by 40% to 70% year-on-year, corresponding to a net profit of 1.11% from January to September 2011. The profit range between January and September 2012 was 155 million yuan to 189 million yuan.

Meibang Apparel: Slower growth of channel inventory In August 27th, Shanghai Metersbonwe Fashion Co., Ltd. released its 2012 semi-annual report. The report shows that in the first half of 2012, the company realized operating income of 4.6 billion yuan, an increase of 21.21%; operating profit of 518 million yuan, an increase of 16.59%; net profit attributable to the parent company owner of 432 million yuan, an increase of 14.83%; Earnings per share of 0.43 yuan.

It can be seen that in the past, the "big shop model" has been criticized for criticism and under the pressure of high stocks. In the first half of this year, the company still delivered a good "report card."

According to the report, the growth of the world's major advanced economies in the first half of 2012 was weak, and the downward pressure on China's economy was increasing. Affected by the economic environment, the consumer market continued to slump.

The management of the company closely focused on the established annual business objectives of the board of directors and adopted a variety of measures to actively explore the market. During the reporting period, the company added 346 new stores, covering an area of ​​47,000 sq. ft., of which 192 new stores were directly managed, and 143 new stores were added. Family.

At the same time, the company's operating quality continued to improve, the asset-liability ratio dropped steadily, and the operating net cash flow increased significantly, from -5.5 billion yuan in the same period last year to 1.7 billion yuan in the current period.

In terms of channels, as of June 30, 2012, Meibang Fashion had 5,139 stores, of which 192 to 1,322 were added directly to stores and 154 to 3,817 were added to franchise stores. The new stores were mainly MTS. The Bonwe brand and MooMoo brand stores have an average area of ​​136 square meters.

Northeast Securities believes that the company's proportion of direct operations has further improved. In the first half of the year, direct sales and franchise operations achieved revenues of RMB 2.317 billion and RMB 2.244 billion respectively, with growth rates of 22.15% and 19.84% respectively.

Direct operating income of the company increased by 0.5 percentage point from the same period of last year to 50.8%. This was mainly due to the company's expansion of direct-operated stores in recent years and improvement of business capacity. The company will maintain a balance of direct sales and franchise development in the future.

According to BOC International, as terminal operating costs continue to increase, the company’s apparel channel strategy has gradually shifted to small stores and boutiques. The first half of stores and operating areas have increased by 7% and 5% respectively from the end of 11th, and the expansion rate has slowed down.

Meibang Apparel is a leading company in the youth casual wear industry in China. After years of exploration, the company has accumulated stronger experience in direct management and multi-brand operations than its peers.

According to the analysis of China Investment Securities, the development plan of the channel of Meibang Apparel is due to the number of channels reaching 5,139, and the base number is large. The growth rate of the future channels will slow down, and single store promotion will be a more important growth point.

At the same time, the company will attach importance to the promotion of the single-store effect, which will surely be a long-term process: First, it will pay attention to the classification management of stores, and form four kinds of standard stores according to regions and business circles to carry out differentiated product planning and supply chain support; The second is to speed up the supply chain turnover and enhance the ability to recover replenishment during the quarter.

For inventory issues that have attracted much attention from the outside world, the inventory of the company's apparel declined by 31.52% from the beginning of the year. Since 2011, the scale and structure of the company's inventory have been declining and optimized quarter by quarter, and the structure of deposits and sales has become more balanced.

As of the end of June, the inventory balance of the company decreased by RMB 810 million to RMB 17.5 billion compared with the end of 2011, a decrease of 31.52% from the beginning of the year and a decrease of 24.35% from the end of the first quarter. The main reason was that the company continued to adopt active strategies to digest inventory goods and rely on terminal service management. With the improvement of the ability level, the implementation of marketing strategies is active and effective; at the same time, the scale of production purchases will continue to be appropriately controlled, thus reducing the inventory level. As the terminal goes into inventory, the inventory problems that have plagued the company have been improved.

Orient Securities believes that Meibang’s apparel business has experienced the most difficult period and is more likely to improve in the future.

Orient Securities expects that the casual wear industry will gradually return to a more healthy and reasonable growth rate in 2013. The company still has strong comprehensive competitiveness in second- and third-tier cities in China. It is expected that the entire brand series of the company will show a wider range in 2012. With a richer and more distinctive gradient structure, the future development space will be further expanded.

Meibang Apparel stated that the popular leisure apparel industry that the company is engaged in is affected by the economic environment and consumer demand. If economic growth continues to slow or stagnate, consumer spending power and willingness to consume will continue to decline, which will give the company a future development belt. Adverse effects.

At the same time, international brands have entered and continue to infiltrate second and third tier cities with their brand advantages, rich fashion product design, and advanced management and operation experience. Overall, market competition will continue to intensify, which will pose certain challenges to the company's future business development.

To this end, the company will continue to improve the product's comprehensive competitiveness, terminal retail management capabilities and internal management levels, through the company's comprehensive competitiveness to enhance market influence and brand influence, to ensure the company's future development strategy and business objectives.

Summa clothing: poor performance does not prevent its brand value compared with the US state apparel, search Yu special, Zhejiang Semir Clothing Co., Ltd. 2012 semi-annual report seems to be less prominent. During the reporting period, Simema Apparel's operating income fell by 16.54% year-on-year to RMB 2,511 million; operating profit decreased by 43.41% year-on-year to RMB 338 million; net profit attributable to parent company decreased by 43.22% to RMB 248 million year-on-year, corresponding to earnings per share. 0.37 yuan.

In the second quarter, revenue declined further, casual wear performed poorly, and children's wear also experienced negative growth. As the apparel sales terminal situation continues to be sluggish and the young casual wear industry is increasingly affected by the double impact of foreign brands and e-commerce, the company’s operating income in the second quarter decreased by 17.3% year-on-year, which was more than the decline in the first quarter.

In the first half of the year, the company's main brand Semir revenue dropped by 19.9% ​​year-on-year, while the company's children's wear brand Balabala was relatively stable, but its revenue also decreased by 4.0% year-on-year, accounting for a 3.7 percentage point increase to 28.9%.

For the decline in performance, Semima Garments believes that the main reasons are: due to the impact of the macro economy, slow growth in apparel demand, coupled with the rapid development of international apparel brands and new brands of domestic apparel, market competition, the company's operating income is lower than expected.

The company's inventory increased, the corresponding provision for inventory depreciation increased, the terminal channel cost and labor costs increased, which increased the company's operating costs; the company strengthened its efforts in the construction of marketing networks, and in particular increased the number of direct-operated stores in the core shopping areas. We have invested more funds in product development, marketing network and industrial park construction, and brand promotion.

The above-mentioned benefits have not been effectively reflected in the short term, leading to increased operating expenses and short-term profits.

Galaxy Securities believes that the increase in sales, management fees, and asset impairment losses is an important reason why the decline in net profit is far greater than the decline in revenue.

In the first half of this year, the sales expense ratio and management expense ratio were 19.0% and 4.3%, respectively, and 12.2% and 2.8% respectively in the same period of last year. Asset impairment losses increased by 197.3% year-on-year.

Although financial income increased from 17.56 million last year to 77.39 million in the first half of this year, the decline in net profit is still much larger than income.

The increase in sales expenses was due to the continuous increase in the construction of marketing networks after the company's listing, especially in core cities, and invested more funds in product research and development, marketing network and industrial park construction, and brand promotion.

CICC said that the backlog of Summa apparel intensified. In the first half of the year, the terminal sales were in poor conditions, and the pressure on channel inventory was so great that the shipment growth rate was slower than the increase in order orders.

The inventory of the company increased by a significant 27.9% from the beginning of the period, and inventory turnover days increased by 62 days compared to the same period of last year. The increase in inventories resulted in the provision of inventory depreciation of up to RMB 100 million in the first half of the year.

Development Trends Clearance inventory has become the primary task of Semir apparel, and inventory clearance channels such as discount stores, factory stores, and e-commerce have been fully started. Gross margins will be under pressure in the next 1-2 years, and revenue growth may rebound in the fourth quarter. Product development, refined terminal management, and supply chain improvements are relatively long-term processes.

In the second half of the year, Semima Apparel will take measures to actively respond to market challenges based on changes in the market environment: optimizing the organizational structure, streamlining management processes, reasonably controlling expenses and reducing operating costs.

The establishment of discount stores and factory stores will increase the sales force of e-commerce and accelerate the processing of company's inventory products; strengthen brand promotion and product R&D efforts, and enrich product styles and categories to improve product competitiveness in accordance with changing market demands.

In addition, it will also increase support for agents, strengthen cooperation with agents, conduct meticulous training for terminal sales personnel, improve the company's terminal retail capabilities, promote the promotion of efficiency, and enhance the company's sales performance.

Although the performance report of Semir apparel in the first half of this year was not satisfactory, it did not hinder its own brand value.

It is understood that in mid-August, the Hurun Research Institute released the “2012 Hurun Brand List” in Shanghai. As the brand of Wenzhou, “Senma” ranked 65th in the list with a brand value of RMB 6.2 billion, and ranked “Most valuable in China”. The 20th place in the list of private brands is the first value brand in Wenzhou.

This list is based on the brand value of 100 China's most valuable brands ranked, of which 39 private brands into 100 of the most valuable brands in China. In addition, at the same time, the "2012 value of clothing brand rankings" announced, "Senma" ranked second.