Is It A Poison Or Antidote?

This year's profit growth is still negative. Is Pan fashion a poison or antidote?

In October 23rd, the group released its three quarter report in 2019. In the first three quarters of this year, the revenue of the group rose by 6.65% compared to the same period last year, and net profit dropped by 14.92% compared to the same period last year, and net profit fell 25.80%. It is noteworthy that in the first quarter and the two quarter of the year, the shares of the group did not increase profits. According to the current development trend, it was more difficult for the group to reverse the decline in performance in 2019. It is noteworthy that in the recent years, Langer group, which had concentrated on high-end women's wear, has been involved in children's wear and medical beauty in recent years. So, this year's performance has not been good, is it related to the layout of multi business? Is Pan fashion a poison or an antidote to the stock of the company? Why are Langer's shares challenged by the capital robbing of major shareholders in the name of industry? Will the company's repeated fines be a potential risk?
　　 Net profit in the three quarter was negative year-on-year.
This year's performance does not decline, the difficulty coefficient is bigger.
In the three quarter of 2019, the report of the 1-9 quarter of the year showed that, as of 1-9 months, the shares of the group reached 2 billion 129 million yuan, an increase of 6.65% over the same period last year, and the net profit attributable to shareholders of the listed companies was 157 million yuan, down 14.92% compared to the same period last year. In fact, since the first quarter of this year, the stock has maintained a positive year-on-year growth in revenue, net profit and net profit minus year-on-year growth.
According to its quarterly report this year, in the first quarter of this year, the operating income of the group increased 11.78%, the net profit decreased by 12.54% compared to the same period last year, and the net profit of the group declined by 16.42% compared with the same period last year. In the two quarter of this year, the operating income of our group increased by 7.72% compared with the same period last year, and net profit decreased by 20.18% compared with the same period last year. The net profit of the group declined by 27.54% compared with the same period last year.
So far this year, the main performance indicators of the group are
It is worth noting that in the first quarter of the first quarter of this year, the growth rate of business revenue has been reduced from 11.78% in the first quarter to 6.65% in the three quarter. The net profit and the net profit decrease are not narrowed.
These data reveal that the main performance indicators of the group will remain positive year-on-year.
According to its 2018 annual report, in 2018, the company realized 2 billion 662 million of its operating income, 210 million of net profit and 190 million of its net profit. In 2019, if we keep up with the performance level of 2018, we should finish at least 533 million yuan in the remaining quarter, 53 million yuan net profit and 65 million yuan deduction of non net profit.

Compared with the performance of each quarter of the three quarter, the fourth quarter of the 533 million quarter was not difficult to achieve, but the net profit of 53 million yuan was relatively difficult. However, the completion of the net profit of 65 million yuan seems to be more difficult.
　　 Just gasping for breath for 3 years
The performance of the group will decline again this year?
Compared with the gratifying situation of double profits from 2016 to 2018, the fact that 2019's performance is difficult to guarantee is embarrassing. According to the annual report of the group, the profit from 2016 to 2018 double income, operating income and net profit, net profit is positive year-on-year growth.
It is worth noting that in the three years before 2016, the net growth rate of the net profit of the group was negative, and the net profit growth rate of the shares in 2013 -2015 was -8.81%, -74.54%, -35.95% respectively.
In the 2013 annual report, the stock market pointed out that "from 2013, especially in the second half of this year, China's clothing consumer market, especially the high-end brand clothing consumer market, encountered an unprecedented cold current", which regarded the phenomenon as "a major risk". In the same year, the net profit growth rate of rasse's share was negative.
In the 2014 annual report, the group again stressed the cold flow of high-end clothing consumption in China. In that year, the first annual decline in its performance and sales revenue since its establishment was observed.

In the worse performance of 2014, the Group invested about 310 million yuan, becoming the largest shareholder of Akbar, a famous Korean children's clothing listed company with a history of about 40 years. It expanded the fashionable tentacles from high-end women's clothing to baby clothing and supplies, and seemed to work hard to get rid of the cold current of high-end clothing.
In 2015, Langer offered the first "Pan fashion industry ecosystem development strategy" and pointed out that it has implemented a series of domestic and foreign mergers and acquisitions and major investment initiatives in infant and young children, cosmetics, fashion e-commerce and other industries.
In 2016, the shares of the group were extended to medical beauty. Through strategic investment, the famous medical beauty care group DMG of Korea, the two domestic high-quality medical beauty brands holding "Milan Bai Yu" and "Jing Yi Mei Mei" and their six medical beauty agencies, cross border medical beauty.
In the year 2016, the net profit growth rate of the group's net profit increased from negative to positive and increased to 206.80%. The performance of -2018 in 2016 has been seen as a manifestation of the haze of the high-end apparel industry.
However, it is worth mentioning that from 2016 to 2018, the performance of the shares was growing slowly. In terms of its net profit year-on-year growth rate, from 120.28% to 14.36% down to 12.2%, the net profit growth rate will be reduced from 206.8% to 43.97% to 29.22%.
Looking at this year's situation, it is difficult for both net profit and net profit to remain unchanged. It will be hard for us to catch up for three years. Why is that? Is the so-called "Pan fashion industry ecosystem development strategy" the poison or antidote of the stock of Lantian?
　 The concept of universal fashion is considered flashy.
Large shareholders are challenged to capitate on the name of industry.
The Nandu reporter noted that in the performance report, the group did not explain why its performance was poor this year. Many journalists in Nandu later called on the shares of the group, and no one answered before the deadline.
Song Qinghui, a famous economist, has said that the related business span of the layout strategy of the "Pan fashion industry interconnection ecosystem" is too large to give people a sense of grandiose, but in fact there is no operability at all. Therefore, it is difficult to achieve the goal of promoting performance growth. It said that the performance of today's long stock is weak and is obviously affected by its implementation of the pan fashion strategy.
In fact, in addition to being slick, the "Pan fashion" of the company is also referred to as an excuse for capital looting by major shareholders of the stock group. Yan Rui, founder of the polypeptide chain, published an article on an exchange platform for investors. He openly questioned the use of capital gains by the chairman of the company, Shen Dong day, to shift operational risk to investors in the two tier market.
It is reported that in June 27, 2019, the company announced that it would transfer the 42% stake in the Korean stock management company to 696 million yuan in Wuhu.
Yan Rui pointed out that Wuhu De Zhen Rui yuan investment partnership (limited partnership) is the only investment project of Wuhu De Zhen Investment Co. Ltd., and Wuhu De Zhen Investment Co., Ltd. has only two shareholders - Shen Dongri (shareholding 60%) and Shen Jinhua (40% stake).
Shen Dongri and Shen Hua brother and sister are the top two of the ten largest shareholders of the company. Therefore, Yan Rui doubts that Wuhu De Zhen investment company is a shell company founded by Shen's brother and sister for the asset control rights of the Korean group. Nandu reporters noted that Wuhu De Zhen Investment Limited was established in May this year.
It is worth noting that, according to the annual report of 2018, after the merger, the net profit of the company was 92 million 700 thousand yuan, while the net profit of the shares was 210 million yuan. According to this data, the net interest rate generated by the Korean management group accounted for more than 44% of the net profit of 2018.
In fact, the biggest risk of Langer's shares may be in its increasingly important business of medical beauty. Nandu journalists have noticed that after implementing the "Pan fashion industry ecosystem development strategy", the proportion of the income composition of Langer group has increased from 6.25% in 2016 to 18.01%.
In the past three years, the main business of the group has been sold separately.
Proportion of main business revenue
But it is reported that its medical beauty company, illegal and irregularities frequent, suffered many regulatory agencies' "flower style" punishment. For example, Sichuan Milan, one of the the Source firm's main revenue sources, knows that botulinum toxin is not allowed to advertise, but it involves the use of botulinum toxin in advertising. So it was fined 200 thousand yuan in March 2017. Another major source of income from Xi'an high life was punished by related agencies for continuous medical treatment management. In addition, Changsha crystal skin and Chongqing crystal skin have not been spared, mainly involving violations of regulations, including illegal discharge of medical sewage, promotion of the name and image of the brochure, and safety exit locking. Original title: the profit of our group is still negative this year. Is the pan fashion poison or antidote?