In The Half Year, The Store Opened 50%.

First title in children's clothing.

(002875.SZ) after entering the capital market, the stubborn disease of its high inventory remains unsolved.

Half year report shows that in the first half of this year,

The operating income and net profit achieved two digit growth, but the company's sales expenses were also outstanding.

The most brilliant is the company's inventory, reaching 362 million yuan, an increase of 54% over the same period, far exceeding the growth of operating revenue and net profit during the same period.

Reporters interviewed found that high inventory has been difficult for many years to solve the problem.

Since 2014, the book value of the company has been steadily above 200 million yuan, and has increased year by year. The share of the inventory accounts for the current liquid assets exceeds 50%, of which inventory accounts for nearly 60% of the total inventory.

The stock price is also well prepared for the drop in prices. As at the end of June this year, the company's reserve price for inventory depreciation was 37 million 199 thousand and 700 yuan.

High inventory is closely related to the expansion of the company's stores, and is carried out at the same time as the stores.

In the first half of this year, 82 new stores and 130 stores were closed, and the total number of stores decreased by 79 compared with 2 years ago.

The concern is that as a focus of high-end

The company's quality problems are frequent.

Since 2012, the company's products have landed on the list of products seven times.

Yesterday afternoon, in view of the problems of high inventory and other problems, the reporter of the Changjiang commercial newspaper telephoned Ann el, and the telephone was unanswered.

Cao Zhang and Wang Jianqing did not increase the profitability of the company on the occasion of listing financing.

Public information shows that in 1996, Cao Zhang and his wife, who worked in the south of Shenzhen, founded Anil's children's clothing store. After 22 years of development, he has become the top three children's clothing company in China, after balbala and Anta.

After 2 years of IPO hardship, it finally struck the listing bell on June 1 children's day in 2017.

The Changjiang Daily reporter found that before and after the listing, the profitability of the company was unstable.

The data available show that from 2012 to 2016, the company achieved operating income of 553 million yuan, 706 million yuan, 793 million yuan, 840 million yuan, and 920 million yuan respectively, though the growth rate was not large, but it was relatively stable.

In contrast, net profit lacks stability.

In the same period, the net profit of the company was 39 million 440 thousand yuan, 56 million 120 thousand yuan, 78 million 970 thousand yuan, 70 million 910 thousand yuan, and 79 million 120 thousand yuan respectively, and the net profit in 2015 shrunk. In 2016, it finally recovered again in the critical period of IPO.

After listing, net profit is also unstable.

In 2017, net profit was 69 million yuan, down 12.95% from the same period last year.

In the first half of this year, the company's operating income and net profit increased by 568 million yuan and 55 million yuan respectively, representing an increase of 17.48% and 24.62% respectively.

The unstable profitability is related to the high cost of the company, and the most prominent one is the company's selling expenses.

Data show that from 2012 to 2016, the selling expenses of the company were 201 million yuan, 272 million yuan, 300 million yuan, 349 million yuan and 373 million yuan respectively.

Compared with the same period, the most obvious growth was in 2013, an increase of 71 million yuan, an increase of 35.32% and an increase of 16% in 2016.

In the past two years, sales revenue increased by 27.67% and 9.53% respectively.

This shows that the increase in sales costs over the same period of business revenue growth.

In 2017, the company's sales expenses increased to 420 million yuan, an increase of 12%.

In this year, although the company's listing and financing is 427 million yuan, the company still has 3 million 560 thousand yuan in financial expenses.

These factors directly lead to a decline in net profit in those years.

Shop opening stores, inventory half a surge of 50%

At the time of IPO, he had an ambitious ambition to expand the store, but for now, the idea of store expansion is not as good as expected.

Data show that two years ago in June 30, 2016, the company has set up 1466 stores nationwide, including 952 outlets and 514 franchisees.

At the same time, the company has established network sales channels on e-commerce platforms such as Taobao, Tmall and vip.com.

Information released by Anne semi annual report shows that as of the end of June this year, the company has established 1387 offline stores in 31 provinces, autonomous regions and municipalities directly under the central government, including 943 outlets and 444 franchisees.

By contrast, the total number of stores has decreased by 79, of which, 9 outlets and 70 franchisees have been reduced.

The Changjiang Commercial Daily reporter noticed that the shop had changed a lot by opening shop and closing shop.

In the first 6 months of this year, the company opened 82 new stores, including 46 outlets, 36 franchisees, 130 outlets, 77 outlets and 53 franchisees.

In just 6 months, the number of stores changed to 212.

The explanation of this is that the company actively adjusts the store structure, expands the shopping center shops, closes the shops whose performance is not up to the standard, caters to the rapid development trend of the shopping center's commercial form, and layout the developed areas such as provincial capital cities or regional central cities, so as to accelerate the pformation of sales channels under the line.

Constantly switching stores, when increasing costs, also makes the company's stock increased.

And this has been the pain point that has been questioned by the market.

Historical data show that from 2013 to 2015, the book value of the company's stock was 183 million yuan, 213 million yuan and 231 million yuan respectively, representing 55.14%, 52.07% and 59.72% of current assets respectively.

In 2016 and 2017, the inventory was 241 million yuan and 297 million yuan, accounting for 56.57% and 33.04% of current assets respectively.

Excluding the 2017 IPO fundraising factor of 427 million yuan, its inventory accounts for the current assets ratio is still more than 50%.

In the first half of this year, the company's inventory reached 362 million yuan, an increase of 54.04% from 235 million yuan a year earlier, far exceeding the 17.48% growth of operating income.

In the inventory of 362 million yuan, the stock of goods was 214 million yuan, accounting for 59.12%.

Inventory of large quantities of goods will inevitably result in a lot of inventory depreciation and the pressure on company funds.

By the end of June this year, the company's inventory price drop was set at 37 million 199 thousand and 700 yuan, accounting for 10% of the book value of the stock.

In this regard, the company's explanation is that the larger inventory balance is mainly due to the continuous expansion of the company's business scale and direct channel, which has led to an increase in the inventory of goods such as goods.

Single structure products repeatedly hit the blacklist

The product structure is single and many times on the quality blacklist.

Data show that the company has children's clothing brand "Annil Ann", the main business is high-end.

R & D, supply chain management, brand operation promotion, direct sales and affiliate sales.

According to Anne prospectus's prospectus and the announcement and annual report released by the company after the listing, the company currently owns only one brand of "Annil Anne" and has no plans to develop new brands in the company's investment.

No doubt, highly dependent on a single brand, if the brand has a greater impact on reputation events, the company's performance will be directly impacted.

The Yangtze River Commercial Daily reporter combed open information found that in recent years, the company's products were repeatedly exposed to quality problems.

Specifically, in 2012, aneri infant clothing was detected by the Guangzhou Municipal Council that the formaldehyde content exceeded the standard. In August 2014, its children's swimsuit was detected by the Shanghai Municipal Quality Supervision Bureau for safety risks. 2 months later, its product down jacket was found to be unqualified by the Inner Mongolia Consumer Association.

The sample size of children's clothing is 166 grams and the cashmere content is 90%, while the actual measurement is only 70.4%, which is lower than 81%.

In 2016, the company's products were exposed three times, respectively, in January.

The Chongqing Consumer Association has detected that the duer cleanliness is not up to standard.

In May, 2 Annil children's clothes were detected by the Guangdong Quality Supervision Bureau.

In September, the Liaoning industry and Commerce Bureau inspected its cowboy trousers' fiber content and instructions.

In March 8, 2017, the Harbin Market Supervision Bureau announced that it was incorrect for the waist waist woven slacks.

Insiders said that although the above products were not exposed to quality due to their exposure to quality, the 7 quality blacklist in 5 years is enough to show that there is no small problem in the quality of the products.

If Ann can not learn from it, strengthen reform and management, once spread, it will bring disaster to the root.