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Obviously, the apparel companies in the first half of the year due to the impact of the macroeconomic downturn have not been better. Even the industry’s leading stocks, Mebon and Senma, failed to escape such a fate.
According to the semi-annual report of Meibang Garments, the company's total operating revenue increased by 21.21% to RMB 4.6 billion in the first half of the year, and its operating profit was RMB 527 million. The net profit attributable to shareholders of listed companies was 432 million yuan, an increase of 14.83% over the same period of last year. Basic earnings per share also increased, rising from RMB 0.37 in the same period last year to RMB 0.43.
In contrast, Semir apparel is more difficult in the first half of the year. According to its latest semi-annual report, the company achieved operating income of RMB 2.511 billion in the first half of the year, a decrease of 16.54% compared to RMB 3.009 billion in the same period of last year. Compared with the decrease in operating profit, it was even more exaggerated, down from RMB 598 million in the same period of last year. 43.41% to 338 million yuan in the first half of the year; net profit attributable to shareholders of listed companies decreased by 437 million yuan to 248 million yuan, a year-on-year decrease of 43.22%.
In terms of operating cash flow, the first half of the company's performance was impressive. According to the data, the operating cash flow of Maypon apparel in 2010 was 1.05 billion yuan, and in mid-2011 it was -5.5 billion yuan; in the second half of 2011, it was reversed and reached 980 million yuan in the year; in the first half of 2012, it has reached 1.7 billion yuan, and Smith Barney Apparel expects that the annual operating cash flow will be more than 2 billion yuan. Since 2011, the net cash flow from operations has improved from one period to the next, and the improvement trend has become more apparent since the first half of this year.
The operating cash flow of Semir apparel is difficult to satisfy investors. The semi-annual report shows that during the first half of this year, the net operating cash flow of Semir apparel was -11.10 million yuan, compared with the negative figure of -168 million yuan in the same period of last year.
Go to inventory as key
The high inventory of the clothing industry has become an open secret in this industry. To survive the current downturn, the speed of destocking will be the key factor. The performance of Smith Barney's semi-annual report after Smith Barney’s performance has increased by one percent and one by one, is actually a result of destocking.
The reporter compared the semi-annual reports of the two listed companies and found that all affected by the economic environment, the consumer market was sluggish, and Meibang Garments also stated in the annual report that since 2011, the scale and structure of the company's inventory have been declining and optimized quarter by quarter. The structure tends to balance. As of the end of the period, inventory has dropped to 1.75 billion yuan, and the proportion of old goods has continued to decline. If we consider the company's direct system of goods shop floor and turnover, the company's inventory control at a very reasonable level, compared with the same industry companies appear to be more secure.
Meibang Apparel stated that since 2011, on the basis of maintaining sustained revenue growth, the company has better controlled the scale of new product production and improved the efficiency of capital utilization. The decline in asset-liability ratio shows that management has more control over the company's business management. With ease, and under active regulatory measures, the company's historical inventory has been successfully realized and liquidity has increased. It is expected that the company's operating cash flow will continue to be abundant in the second half of this year, and the scale of interest-bearing liabilities will continue to decline, which will bring about a steady decline in asset-liability ratio.
However, in the summary of the reasons for the unsatisfactory results for the first half of the year, Semima apparel also stated that the company's inventories have increased, the corresponding provision for inventory depreciation has increased, terminal channel costs and labor costs have increased, and the company's operating costs have increased. In addition, the company’s management also stated that the company will open discount stores and factory stores in the second half of the year to increase e-commerce sales and expedite the processing of company’s inventory products.
In fact, the problem of high inventory has become the biggest pain in the apparel industry in recent years. From last year to this year, there have been countless apparel companies whose IPOs have been rejected due to inventory problems, such as Wissmann, Vignace's, Ladies, Shulan, and the Home of the Sea. There are even industry analysts who say that the apparel industry’s inventory will be sold out now, and that it can be sold for three years without new products. For this reason, how to deal with inventory effectively will become the key to the survival of this industry. Many companies use discount stores, e-commerce, direct-operated stores and other modes to inventory, but this route is still a long one.
Affected by the decline in the macro economy, apparel demand growth in the first half of the year was slow. Meanwhile, Meibang Apparel (002269.SZ) and Semir Apparel (002563.SZ), which are also apparel companies, also disclosed semi-annual reports. The net profit increased one by one. The key factor behind this is the ability to digest inventory.
Mebon increased by 15%