He Relies On A Single Brand To Lead To Serious Inventory Problems.

The children's clothing enterprise Shenzhen Limited by Share Ltd (hereinafter referred to as "angel") published the prospectus on the last day of April, and plans to visit the Shenzhen Stock Exchange. The sponsor is CITIC Securities.

This time, he intends to issue more than 25 million shares of new shares, with a total fund-raising of 557 million yuan.

Among them, 334 million yuan for marketing center construction projects, 84 million 730 thousand yuan for the design of R & D center construction projects, 38 million 410 thousand yuan for information construction projects, 100 million yuan to supplement other main business related working capital.

As a private brand clothing company with high-end high-end children's clothing business, its main income comes from its brand "Annil angel" children's wear brand, and there is a risk of relying too much on a single brand.

Once the brand reputation is damaged, it will directly affect the company's performance.

In recent years, clothing enterprises are generally suffering from high storage bottlenecks.

By the end of 2014, he had a net inventory value of 213 million yuan, accounting for 48.65% of total assets, including 148 million yuan of inventory merchandise and 69.33% of inventory.

After the completion of the listing, the scale of operation and the direct selling channel will be further expanded, but how to solve the inventory problem remains a big problem.

On behalf of the director of the times, he told reporters that he had declined the interview request on the grounds of silence.

Xu Huilin, an analyst at Shanghai fortune think tank Textile Technology Co., Ltd., analyzed to the times weekly reporter that the development of the garment industry in the past one or two years may still be difficult to get better. "And there will be polarization. Good brand trends are good, bad brands are still more difficult."

According to the prospectus, Ann was founded in September 20, 2001, mainly engaged in children's clothing product value chain independent research and development design, supply chain management, brand operation promotion and direct sales and affiliate sales.

As a private brand in the middle and high-end children's clothing business.

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It owns the brand of "Annil angel" children's clothing, and the main income of the company comes from the brand.

From the financial data, in the 2012-2014 years, the operating income of the company was 553 million yuan, 706 million yuan and 793 million yuan respectively, with net profit of 39 million 440 thousand and 500 yuan, 56 million 115 thousand and 100 yuan and 78 million 968 thousand and 900 yuan respectively, and both operating income and net profit showed an upward trend.

In the same period, the gross profit margin of the company was 54.04%, 56.67% and 58.95% respectively, and this ratio also maintained a high level in the industry.

In contrast, the average operating margin of the apparel industry in the same period was 47.91%, 49.71% and 51.68% respectively.

The Barbara children's clothing brand of Semir clothing (002563.SZ) listed in 2011 was only 37.28%, 39.31% and 42.01% in 2012-2014 years.

On the one hand, the "Annil" brand has brought the main business income to the company, and at the same time, too much reliance on the brand has really worried the outside world.

Times weekly reporter noted that the IPO's investment direction is still not involved in the new brand.

This means that even after the successful listing, "Annil" brand will have a serious impact on the reputation of the brand, and the product image will be greatly reduced, and will directly affect the company's business performance.

In fact, the "Annil" brand has attracted media attention in the past due to quality problems.

In February 2012,

The City Council made a comparative test of children's clothing sold in the city.

The sampling results showed that a batch of AB131408 long sleeved Lapel T-shirt, named "Shenzhen City Fu Fu Clothing Co., Ltd.", was produced at that time, and its formaldehyde content exceeded 4 times.

In October 2014, "Annil angel" brand children's clothing was once again involved in the vortex of public opinion in Inner Mongolia.

This time, it was detected that the amount of cashmere, filling and cashmere content were not qualified.

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%.