Listed Companies To Enter The Disclosure Time, Notice Of The First Half Of The Performance Announcement

Entering the July, A share clothing listed companies began to enter the time of disclosure.

According to incomplete statistics, from the current announcement of the 12 garment enterprises that announced the first half of 2019, there were 6 enterprises with a year-on-year increase in their performance, and 3 enterprises whose performance was pre cut, and 3 of the companies whose performance forecast losses were made. From the performance notice announced by some garment enterprises, we can see some development paths of garment enterprises this year.

The strong performance of the main business and the support of "new" business are important reasons for the increase of garment enterprises' performance.

One of the main reasons for the growth of garment enterprises in the first half of the year is that the main industry has maintained growth or reversed the trend of decline last year, pushing the overall performance of enterprises to grow.

In June 26th, the company announced its 2019 semi annual performance forecast. The company expects to earn 171 million yuan to 196 million yuan in the first half of this year, an increase of 40% to 60% over the same period last year. The company increased its R & D investment and brand promotion in the first half of the year, optimized marketing network construction and supply chain management, strengthened staff training, and launched an employee stock ownership plan incentive plan, so that sales performance continued to grow. Since its launch, the net profit of the company has increased year-on-year, but the growth rate slowed down in the first quarter of this year.

Pathfinder attributed the main cause of growth to the growth of main business performance. In July 11th, the Pathfinder issued the 2019 semi annual performance notice. The company expects the net profit attributable to shareholders of Listed Companies in the first half of this year increased 230% to 250% over the same period last year, and the profit was 79 million 600 thousand yuan to 84 million 500 thousand yuan, a substantial increase over the same period last year. The company expects that the impact of non recurring gains and losses on net profit of the company is about 51 million yuan. Mainly in the first half of the year, the company's disposal of its own property is expected to achieve a net profit of about 36 million yuan after tax, while the impact of non recurring gains and losses on net profit of the company during the same period last year is 17 million 770 thousand yuan. It is estimated that the net profit attributable to shareholders of listed companies after deducting non recurring gains and losses in the first half of this year increased by 22 million 250 thousand yuan to 27 million 150 thousand yuan compared with the same period last year.

Pathfinder said that in the first half of the year, the company continued to focus on outdoor products industry, enhance product competitiveness, strengthen brand building and promotion, quantify the following indicators of sales terminals, and plan for the sale of off-season inventory products, and the main business income of outdoor products is expected to increase slightly compared with the same period last year. In addition, the company optimizes its organizational structure and strengthens its budget control. The main business of Pathfinder outdoor products reached 1 billion 337 million yuan in 2018, a decrease of 5.85% compared with the same period last year. However, the first quarter of the first quarter of this year's outdoor goods industry revenue of 233 million yuan, up 16.05% from the same period last year, has restored the momentum of growth, the company said it has benefited from the return to the main industry. From this perspective, the first half of the Pathfinder's performance continued the first quarter growth momentum.

In addition to the growth of the main business, the growth of "new" business or transformation business of garment enterprises is another factor supporting the growth of garment enterprises in the first half of the year. The performance of Hinur and other enterprises can be attributed to this category.

In July 14th, Hinur released the 2019 semi annual performance notice that it expects to achieve net profit of 4 million to 8 million yuan attributable to shareholders of Listed Companies in the first half of the year, an increase of 146.67% to 393.34% over the same period last year. Hinur said that the layout of the company's tourism business was initially shaped and its revenue scale grew. Hinur's 2018 annual report shows that Wen brigade has become the first business segment of Hinur. However, Hinur did not respond clearly to whether the main business was changed when he replied to the Shenzhen Stock Exchange's annual report on 2018.

The main reason for the decline in the performance of garment enterprises is the slow development of the main business and the rising cost of business input.

Judging from the current forecast for the first half of the year, the garment enterprises in the first half of the year saw a decline in performance. There are two main reasons for the decline in performance. One is the decline in the development momentum of the main garment industry or the slower development of the new main business after the transformation. The two is that the business is in a period of business input, making the cost rise, resulting in a year-on-year decline in net profit.

In July 12th, when he released the 2019 semi annual performance notice, the company estimated that the net profit attributable to shareholders of Listed Companies in the first half was 172 million yuan to 258 million yuan, down 40% to 60% over the same period last year. The company said that the year-on-year decline in its performance was due to the weakening of trade frictions and weak market demand. In the first half of the year, the company continued to slow down the development of supply chain management business, resulting in a larger decrease in supply chain management business than in the same period last year. From the operational indicators, since 2018, the single quarter operating income and net profit growth rate has been in a downward channel, the first quarter of this year's revenue and net profit fell year-on-year. In view of this, the search for the first half of the year is a continuation of the first quarter performance.

Blonde Rabbi said the company's expansion in the first half of the year led to higher costs. In July 14th, the blonde Rabbi disclosed the 2019 semi annual performance notice. The company expects to achieve net profit of 24 million 697 thousand and 600 to 31 million 754 thousand and 100 yuan attributable to shareholders of Listed Companies in the first half of the year, down 10% to 30% compared to the same period last year. Blonde Rabbi said the decline in performance was mainly due to the speed of the establishment of Direct stores in 2018 when the company optimized its sales channels, and the new outlets were still in the breeding stage, and sales had not yet reached the expected level. Meanwhile, the fixed cost of new direct outlets increased.

China shares are also similar to the blonde rabbi. The main reason for the decline in net profit in the first half of this year is the increase in business input costs. In July 11th, Sino submarine shares issued semi annual performance forecast for 2019. The company expects the net profit of shareholders belonging to listed companies in the first half of this year will be 10 million to 14 million yuan, down 12.85% to 37.75% over the same period last year. The company said that the decline in performance was due to the fact that the Sino submarine building had been converted into fixed assets, which increased the corresponding depreciation and amortization costs. Two, the company increased the investment in R & D of intelligent underwater products, expanded and improved the marketing channels, and increased the initial investment cost of each sector of the industrial chain. However, from the point of view of operational indicators, the operation situation of China's potential shares is similar to that of enterprises. Since 2018, the net profit growth rate in the single quarter has been in a downward path, and the net profit of the single quarter has also declined continuously. Therefore, this performance notice shows that the potential shares have not yet been reversed.

Some of the garment companies that failed to make a profit have failed to continue their growth or rebound since last year.

Compared with the apparel companies that released earlier or earlier in advance, the number of garment companies that made a profit in the first half of the year appeared to be more "contrasting" and did not continue to grow or rebound in the first half of last year or even the whole year.

Among them, it is worth mentioning the United States clothing. In July 12th, the United States and Northern apparel announced the 2019 semi annual performance notice amendment notice. Before the amendment, the company estimated that the net profit attributable to shareholders of Listed Companies in the first half was a loss of 0 yuan to 50 million yuan. After correction, the company estimated that the net profit attributable to shareholders of Listed Companies in the first half was 100 million yuan to 150 million yuan, while the profit for the first half of last year was 53 million 114 thousand and 400 yuan, up from profit to loss.

Mei Bang said that the main reason for the revision was due to the delay of new product launches in spring and summer in 2019, which failed to meet the market demand in time, resulting in a decline in business revenue. It is estimated that the actual net profit in the first half of 2019 is lower than that of the previous performance forecast, so the previous profit forecast interval should be corrected. At the same time, the company has already attached importance to the delivery management of goods, and the related problems have been solved to ensure that the planned sale of goods in the autumn and winter of this year can be smoothly promoted.

2018 annual report shows that the company achieved revenue of 7 billion 677 million yuan in 2018, an increase of 18.62% over the same period last year, and realized a net profit of 40 million 361 thousand and 600 yuan attributable to shareholders of listed companies, an increase of 113.24% over the same period last year. However, a quarterly report shows that in 2019, the company achieved operating income of 1 billion 728 million yuan in the first quarter of 2019, down 20.68% from the same period last year, and realized a net profit of 38 million 348 thousand yuan attributable to shareholders of listed companies, down 23.92% compared to the same period last year. In 2018, the single quarter net profit of Smith Barney apparel increased year-on-year, but it fell into a year-on-year decline in 2019, and again recorded a loss in the first half of 2019.

The other half of the company is also fond of releasing the 2019 semi annual performance notice in July 12th. The company expects the net profit attributable to shareholders of Listed Companies in the first half of this year will be 3 million yuan to 6 million yuan, which was 24 million 641 thousand and 400 yuan in the same period last year. The main reason for the decline in company performance over the same period last year is that the company's development strategy is adjusted, and the Internet related businesses are in a state of stagnation. Two, a major asset reorganization and a management fee increase; and the three is the disposal of fixed assets losses.

Similar to that of Smith Barney, the number of year-on-year growth in net profit in the single quarter was increased in 2018. However, in the first quarter of this year, net profit fell into a downward trend and recorded a loss in the first half of the year. Many loved the reorganization in the first half of this year. The company announced in June that it will absorb the merger of Zhejiang construction group through the replacement of major assets, the merger and transfer of shares and the transfer of surplus shares. All shareholders of Zhejiang construction group will become a favorite shareholder. Many favorite holding shares will be changed to state-owned assets operation company, and the actual controller will be changed to Zhejiang SASAC. According to reports, many love side said that due to the slowdown in the demand for home textile market, the industry competition is extremely fierce, and more like the main business development slowdown, profitability decline. In order to sustain development, we love to make this major asset reorganization. After the completion of the transaction, they would like to transform into a large construction enterprise.

A rough scan of some of the garment companies that publish semi annual performance forecasts, though they can not cover the overall market of the entire clothing sector and clothing sub sectors in the first half of the year, can still be a glimpse of some of the development status of the apparel listed companies in the first half of the year. It can be found that garment enterprises with predominant performance still occupy the majority, and the main business development trend is good or warmer is an important reason for the prematurity of business performance. In addition, some garment enterprises have recovered their growth or rebound since 2018, but failed to maintain the continuity of performance growth in 2019, while some garment enterprises began to slow down since 2018, and the performance in the first half of 2019 has not yet come out of a slowdown. Generally speaking, garment enterprises with stronger main business performance, stronger performance growth stability and stronger continuity may have better performance in the second half and longer periods, and will take a more favorable position in the current market situation and market competition.