In the first half of the textile and garment industry in the overall operating performance of the rapid growth of the situation, the overall performance of the advantages of brand-name companies is one of the biggest features. From the breakdown of the industry, in addition to the eye-catching performance of the three leading home textile brand enterprises, the leisure industry's two "giants" - Smith Barney costumes and costumes are also beautiful performance, maintained a rapid growth momentum. Smith Barney Cost: the effective control of the cost rate Smith Barney costumes (002269) from January to June 2011 main business revenue of about 3.77 billion yuan, an increase of 49%; main business gross profit margin reached 47%, 43% increase over the same period last year 4 percentage points; net profit of about 376.36 million yuan, 40.34 million yuan over the same period last year soared 833%. In the first half of the year, the cost rate decreased by 5% to 34.7%; the ending inventory increased by 340 million yuan to 2.9 billion yuan from the end of 2010, down from the end of the first quarter. The turnover rate continued to decline to 1.48. The increase in inventories was mainly due to the stocking of new products, of which the inventory in 2010 had been partially digested. Accounts receivable decreased by 340 million yuan to 600 million yuan from the end of 2010, with an annualized turnover rate of 10 times, basically unchanged from the end of 2010, but still a gap of 16 times over the same period of last year. Owing to the large capital stock, the company's operating cash flow is still negative. The company expects January-September net profit attributable to parent company to grow 120% -140% (Q3 single-quarter growth rate of 17% -40%). Increase in profit from increase in gross profit margin and cost control During the reporting period, the Company's overall revenue grew rapidly, and various channels and brands maintained a good growth momentum. The net profit surge of 833% of the reasons, in addition to revenue and gross profit growth contribution, the effective control of expenses during the rapid growth of net profit obvious role. During the reporting period, the Company's total sales, management and finance expenses totaled about RMB1.3 billion with a fee rate of 34.68%, a decrease of 5.05 percentage point as compared with 39.73% of the same period of previous year. During the reporting period, the Company's sales expenses and administrative expenses increased by 23.49% and 27.36% respectively as compared with the same period of last year. The growth rate of expenses was much lower than the growth rate of revenue and gross profit. At the same time, the above two items accounted for a certain drop in the proportion of revenue over the same period of last year. Fang Junping, a researcher at Guoxin Securities, pointed out that in the first half of the year, the operating efficiency of the franchise system of the Company increased by over 20% and revenue growth was 55%. In 2010, the company joined the net expansion of stores 629, by the end of June 2011 nearly 3,400 stores, franchise stores and companies to increase supplier support efforts to improve the gross profit margin together to promote the company's affiliate system revenue growth of 55% to 1.873 billion Yuan, franchise system operating profit of 400 million yuan. In the first half of the year, the Company paid a deposit of 80 million yuan for its supplier's production. Direct inflection point has emerged, revenue growth of 44%, 2% profit margin improvement track established. After the company listed vigorously to expand large stores and huge investment in the MC brand, resulting in direct business system in 2009-2010 did not contribute to the overall profit for two consecutive years, after the second half of 2010 Direct Main Store and MC re-planning, 2011 In the first half of the year, the direct sales stores of the Company increased by about 100 to 800, while the direct sales system realized a revenue of RMB1.897 billion as scheduled, an increase of 44% over the same period of last year and a profit of RMB40 million. In the first half of the year, the Company paid about 330 million yuan of rent, an increase of 27% over the same period of the previous year. The direct selling expense ratio decreased steadily. MC series of healthy development of rapid development MCKIDS from the brand point of view, this year Meters / bonwe (MB) brand division continued to support the franchise channel support strategy, franchise channels terminal stores steady growth; ME & CITY brand after the pre-adjustment, comparable revenue and new expansion this year Channels have maintained a stable and healthy development momentum, and to achieve the rapid development of children's clothing ME & CITYKIDS brand. CITIC Securities researcher Li Xin and Ju Xinghai analysis pointed out that the company MB series is more complete, MC series is expected to 2012 profit. MB brand product development and branding gradually mature operation, including urban series, the introduction of children's clothing series to product categories more rich, "Transformers" advertising implants are also very creative; MC brand is improving the improvement in efficiency, 2012 Is expected to profit and join; "state purchase" platform integration of online and offline resources, is expected to begin to profit in 2012; the future the company is also expected to introduce strategic investors to open up space for development. Cheng Yuan, a researcher at Huatai Securities Research Institute, pointed out that in the first half of the year, the MB brand's product design and brand marketing capabilities continued to improve, and the terminal retail management capabilities continued to improve, significantly improving than the same store floor efficiency. MC brand into the channel of benign development, MCKIDS brand rapid development. MC brand stores this year, comparable revenue and new channels of development have been steadily growing, showing a good momentum of development. Semir clothing: the two brands "go hand in hand" 2011 Semir Fashion (002563) achieved operating income of 3.09 billion yuan, an increase of 36.64% over the same period last year; operating profit of 598 million yuan, an increase of 29.83%, attributable to the parent company net Profit 437.5 million yuan, an increase of 29.12%. Among them, "Semir" brand revenue grew 32.75%, brand gross margin increased 2.76%, contributing more; "Barra Barra" brand revenue up 57.48%, brand gross profit margin decreased 7.2%. During the reporting period, the operating costs of the Company increased by RMB 501 million as compared with the previous period, up 35.66%, mainly due to the synchronous growth of operating income in the current period. The Company's sales expenses increased by RMB132 million or 56.33% over the same period of the previous year mainly due to the impact of the rapid growth of sales, the continuous expansion of the marketing network and the newly established subsidiaries. The advertising expenses, store rent, decoration expenses, employee compensation and depreciation Fees and other expenses increased over the same period last year. The administrative expenses of the Company increased by 35,169,200 yuan over the same period of previous year, an increase of 53.45%. The increase was mainly due to the increase of employees' salaries and depreciation expenses and the related expenses of the stock issuance and listing. In the first half of the year, the Semir brand and its art stars jointly promoted the "What TEE" creative campaign of Semir. By leading the TEE culture, Semir "What TEE" became the fashion trend of the current year's fashion industry. The brand concept of "Baroque is different from childhood" extends beyond the brand theme of "playing a different kind of products". Through cooperation with Moore Manor, Cool Six and theaters through TV commercials, interactive networks and children's carnival, Play "concept to 22 domestic cities. The brand influence of Barra Barra has been continuously improved. In May, the trademark of Barra Barra was recognized as "China Well-Known Trademark" by the State Trademark Administration. Huatai Securities researcher Cheng Yuan analysis pointed out that the first half of the company's performance significantly improved because of multi-dimensional enhance brand competitiveness, product enrichment and publicity is the key. In order to meet the higher requirements for product richness caused by the ever-expanding terminal scale, the Company enriched the product categories by introducing product categories and introducing new product lines. It also strengthened hand-buying to broaden product design channels, enrich product styles and enhance products Marketability. In the future, the company will also consider outsourcing part of the product design to further enhance the design efficiency. Moreover, the company's future business strategy is clear, "product" and "join" is the central word. Based on the lower loyalty of loafers and children's wear brands, the Company considers that the focus of brand development at this stage is to increase efforts to enhance product richness and increase repeat purchase rates of customers while brand promotion and terminal management are under strategic Position on the times. Yu Chunyan, a researcher at Dongguan Securities, pointed out that "Semir" is now the second largest casual wear brand in China. "Balabara" in the domestic children's clothing brand is not yet mature, fast staking their names, becoming the largest children's clothing brand. The two major brands go hand in hand in the first half of this year, driving the company's performance growth. "Semir" has a relatively large base. It is estimated that the annual average revenue growth will be around 30% in the next two years. The growth potential of "Paraballa" is huge. It is estimated that the operating revenue will grow at an average annual growth rate of 40% over the next two years. Hongyuan Securities researcher Wang Fenghua also pointed out that Semir clothing company two strong demand for the brand, the market prospects are very good. In the first half of the year, the Company formulated flexible strategies according to the market conditions and promoted the number and quality of stores through various ways such as new expansion, integration and expansion of stores, and improved the marketing network layout. At the same time, through the recruitment Investment in capital projects, orderly promote direct and franchise system construction. In the first half of the year, Semir and Barra Barra opened more than 350 new stores respectively, totaling more than 700; of which, there were 50 new ones in total, including 21 Semir and 29 Phala Barra. At the same time, the Company optimized the organizational system focusing on the product chain, supply chain and market chain through the reform of organizational structure, increased investment in product design and product research and development, and expanded product categories and styles. In the meantime, the Company stepped up the integration of the supply chain system and effectively controlled the increase of supply costs. Yu Chunyan, a researcher at Dongguan Securities, pointed out that the construction of the Company's two major brand channels has been strengthened and the outlets of the stores have expanded rapidly. The company's total number of stores in 2010 reached 6,683; "Semir" stores a total of 4007, of which 3862 franchise stores, outlets 145; "Barra Barra" a total of 2676 stores, of which 2551 franchise stores, 125 outlets. Under the promotion of fund-raising, the company's channel expansion is expected to accelerate in the future, and its channel management capability is also expected to increase. About 1,300 new stores are expected in 2011, of which about 600 have been added to "Semir" and about 700 have been added to "Barra Barra" . Cheng Yuan, a researcher at Huatai Securities Research Institute, pointed out that in the first half of the year, the Company's performance was basically in line with expectations, with revenue growth of 36.64%, mainly due to three aspects of brand promotion, channel expansion and price increase. The channel expansion led to the performance of the new shop from the expansion of old and into the maturity of the second store. In the future, the Company believes that franchise channels have more advantages than direct sales channels in terms of business motivation, agency costs, store resource acquisition, taxation and labor costs, etc. Therefore, the expansion of channels in the future will continue to be dominated by franchising.
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