Economic Observer Reporter Jiang Xin

The A -share market may usher in the second underwear stock.

Recently, the website of the CSRC disclosed the prospectus of Ai Mei Co., Ltd. (hereinafter referred to as: A admiration). Projects such as production bases.

Once the issue of admiration shares is successful, the A -share market will usher in the second underwear concept stock. The first peers to log in to the A -share market are Huijie (002763), and in addition to the “underwear label” in the A -share market, many companies choose to be listed in Hong Kong, such as Anlfang (1388.HK), urban beauty people (2298.HK).

Affected by factors such as the new coronary pneumonia, these “underwear stocks” in 2020 did not seem to have given a satisfactory answer to the capital market. For example, in recent days, the urban beauty issued a central reporting warning of a losses of 120 million yuan in the first half of the year. The stock price fell to HK $ 0.48/share on July 1, and the price fell 50%from the beginning of the year. And another underwear company Victoria Mi has recently released a first -quarter transcript of sales of 46%from the same period last year.

According to Zhiyan Information data, the scale of my country’s underwear market has increased from 167.5 billion yuan in 2012 to 408 billion yuan in 2018, with a stable growth trend. However, data also showed that from 2017 to 2019, companies achieved the year -on -year growth rate of clothing, shoes, hats and needle textiles, and rear textiles. The growth rate of the industry has slowed down, and online has become a direction of exertion.

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Dialysis of financial conditions: net profit continuously declined

The predecessor of admiration is Beijing Huamei Fashion Factory established in 1981. It has experienced four development stages: collective ownership, joint -stock cooperation system, limited liability system, and joint stock company.

The actual controller of the company is Zhang Rongming. At present, Zhang Rongming directly holds 163 million shares of A admiration, accounting for 45.37%of the company’s total shares. In addition, Zhang Rongming also indirectly holds admiration shares through the company and other companies. 70.11%. At present, the company’s total share capital is 360 million shares, and 40 million shares are planned to publicize this time, not less than 10%of the total share capital. After the issuance, Zhang Rongming’s shareholding ratio is still high.

In 1993, the admiration brand was officially established. At present, I admire the brands such as admiration, Mr. Ai, Ai Beauty, Emerald Children, Mu Lan and other brands. And protective masks. At present, the first stockwear in the A -share market was listed on the Shenzhen Stock Exchange in 2015. Currently, it has “Mannifans”, “Iveis”, “Lan Zhuoli”, “Sang Fulan”, “Qiao Baishi” , “Jiashangpin”, “secret weapon” and “Mr. Tudou”.

According to the prospectus of admiration shares, from 2017 to 2019, the operating income of admiration shares was 2.947 billion yuan, 3.119 billion yuan, and 3.318 billion yuan, respectively. They were 552 million yuan, 449 million yuan, and 335 million yuan, respectively. In 2018 and 2019, net profit returned to the mother fell by 18.66%and 25.45%year -on -year, respectively.

Regarding the decline in the company’s profitability, I admire that the company’s help brands are mostly positioned in high -end or high -end markets. During the reporting period, the company continues Aji to strengthen the market to consolidate the brand’s awareness and expand the offline retail network to better to better to better to be better. The increase in the target consumer group, the increase in costs affects operating profits.

But the decline in profits does not seem to be an example for the underwear industry. A reporter from the Economic Observer found that Huijie, which also deeply cultivated the mid-to-high-end market, operating income from 2017-2019 to 2.14 billion yuan, 2.35 billion yuan, and 2.59 billion yuan, respectively. The net profit attributable to the mother was 222 million yuan and 166 million yuan, respectively. And 182 million yuan, in 2018 and 2019, a year-on-year increase of -25.48 and 9.61%, respectively. Anlifang Holdings also showed a decline. The company’s operating income from 2017-2019 was 1.956 billion yuan, 2.148 billion yuan, and 2.031 billion yuan, and net profit attributable to mothers was 414 million yuan, 132 million yuan, and 71.958 million yuan.

Among the major categories of A admiration, the operating income of the bras accounted for the highest proportion. In 2019, the sales finance was 1.31 billion yuan, accounting for 39.89%of the company’s revenue in 2019, and in 2018, it was more than 40%. The second place in the company’s operating income is home clothes and other clothing. In 2019, the sales amount was 680 million yuan, accounting for 20.82%in 2019. In 2019, sales were 540 million yuan, accounting for 15.56%in 2018 to 16.45%.

In 2019, the average unit price of the company’s bras, underwear, and warm clothes was 188.74 yuan, 66.73 yuan, and 203.51 yuan. There are around. According to the company, in the context of the slowdown in the growth rate of the retail industry in 2019, the company maintains the sales scale of offline sales channels on the one hand, and on the other hand, strengthening the layout and promotion of e -commerce channels, making the average price decrease and sales have occurred. In the case of increased quantity.

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Operation in the first quarter

Compared with the market with a mature consumption of European and American brands, the market segmentation of the market, clear positioning of various brands, and obvious individual style differences, the Chinese underwear market is still in a state of low industrial concentration. Driven by cost pressure, international underwear companies have adopted areas to control production to cost advantages to control costs. While increasing competition, they also drive the development of the industry.


In our country, there are many population, and underwear -age consumer groups are large. With the maturity of underwear consumption consciousness and the improvement of consumption capacity, the demand for mid -to -high -end brand underwear is becoming increasingly strong. At present, there are many domestic underwear manufacturers, and the industrial concentration is low.

Among many brands, the popularity of admiration brand is not low, but in the face of market competition, it has not reflected obvious competitive advantages. In the prospectus, admiration stated that the company is a leading company in the industry, but the industry is facing fierce market competition. On the one hand, it comes from domestic companies such as Hu Jie and Anlfang. On the other hand, it comes from Japan. , Japan’s Walg, LB, PHV and other foreign companies, the rise of Internet brands has also exacerbated competitive advantages.

The increasingly fierce competition can also be seen in changes in gross profit margins. In the prospectus, Mudge shares disclosed the changes in the gross profit margin of Huijie, An Lifang, and Metropolitan Beauty in the past three years. From 2017 to 2019, the average gross profit margin of the three companies dropped from 63%to 55.39%, of which the main topic is China. In the past three years, the gross profit margins of the city of the market below the market are 43.25%, 41.67%, and 22.6%, while the gross profit margin of the three mid -to -high -end market participants is more than 65%, especially the core brand “Anlifang” revenue accounts for 45 Anolfang’s gross profit margin of more than 77%has always been more than 77%, and the gross profit margin of Huijie shares is 73.82%, 72.29%, and 70.73%during the reporting period.

Ire uses that good product pricing capacity is the main reason why the gross profit margin of the company’s product has been maintained at a good level. From the perspective of product pricing methods, the company is multiplied by the production cost of each specific product product to a fixed rate, and comprehensively considers the price level of similar products in the previous quarter, and the price level of the market competition in the same period to determine each specific style product Tag price. The price of the same specific style products in different sales channels is the same. In the process of product sales, the company usually gives consumers a certain retail discount on the basis of the tag price, thereby forming the retail price of the product.

In recent years, my country’s textile and apparel companies have increased the layout of e -commerce business, and online channels have become an important part of the income structure of textile and apparel companies. From 2017 to 2019, the online retail sales of physical commodities were 5480.6 billion yuan, 7019.8 billion yuan, and 8523.9 billion yuan, respectively, with a year -on -year growth rate of 28.0%, 25.4%, and 19.5%.

With the online migration of residents’ consumption habits, the layout of online sales channels has become a common choice of underwear industry companies, especially since the outbreak of the new crown epidemic in 2020, this trend has become more and more obvious.

Ai Ling said that in 2019, the company’s main product gross profit margin declined slightly compared with 2018. It was mainly because the company increased online promotional activities and prices to make interest rates in order to more adapt to the needs of online consumers in 2019.

New crown epidemic affects offline sales

On June 26, Metropolitan Beauty was watched because of a loss of performance. Compared with the net profit of 35.5 million yuan in the first six months of 2019, the company will decline in the first half of the year in 2020, and it is expected to lose 120 million yuan.

汇洁股份也于2020年4月24日披露2020年一季报,公司2020年一季度实现营业总收入4.2亿,同比下降35.6%;实现归母净利润1750.9万,同比下降了84.7%;净利率It was 4.3%, a year -on -year decrease of 14.7 percentage points.

Ai Ling said that the company’s offline terminal resumed work in March 2020. Although the offline channels have been fully resumed and the company’s online channel income has remained increasing in 2020, the income growth of online channels is expected to be unable to fully make up for the epidemic. The impact of the decline in offline channel income in 2020. Affected by the above factors, the company’s unaudited operating income in the first quarter of 2020 was 800 million yuan, a decrease of 10.27%from the same period in 2019; the net profit attributable to shareholders of the parent company was 83.5298 million yuan, a decrease of 40.18%from the same period in 2019.

As of July 1st, the stock price of the urban beauty was 0.48 Hong Kong dollars per share. This number has fallen by more than half compared with the beginning of the year. At present, the company’s total market value is nearly 1.08 billion yuan. Affected by the epidemic, the company and its franchisees closed about 90%of the stores from February to March this year. It was not until late March that the company’s stores resumed business one after another. At the same time, the board of directors can reduce the adverse effects of new coronary poisoning by streamlining organizational structures, negotiating with owners, and temporary reducing salary of senior staff.

The isolation of physical distance has increased the degree of dependence on online consumption on online consumption. Onlineization has become the main channel for enterprises, such as building a new sales system through different platforms, and promoting new products online channels.

It is worth noting that the development of offlineization also puts pressure on underwear companies. Generally speaking, for underwear companies, it is mainly divided into direct -operated channels for sales channels with the highest gross profit margin. Dealers need to buy products from the company after buying off their products. The dealers make a price discount, and the gross profit level of e -commerce channels is lower than that of dealer channels. Many companies sell some low -cost special products in the e -commerce platform. The overall price makes the profit margin significantly greater than other channels.