The main business is weak, Q1's net profit is doubled, and Morima Clothing has stared at new energy?

In the first quarter of 2022, the operating income of Senma's clothing decreased by 0.03%year -on -year to 3.309 billion yuan, and net profit attributable to mothers decreased by 40.74%year -on -year to 209 million yuan.

"Investment Times" researcher Lu Gong

Clothing manufacturing companies have also begun to target the field of new energy.

On June 29, Zhejiang Senma Clothing Co., Ltd. (hereinafter referred to as Samma Clothing, 002563.SZ) issued an announcement stating that the subsidiary Senma Investment and Shanghai Yongxin Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Shanghai Yongxin) When signing a partnership agreement, Samma Investment decided to use 10 million yuan in its own funds to participate in investment in Shanghai Xianghe Yongjun equity investment partnership (limited partnership) (hereinafter referred to as partnerships) to become its limited partner.

Partnership companies are mainly invested in the equity of unlisted companies, focusing on advanced manufacturing, semiconductor, medical great health, new energy vehicle -related, new energy photovoltaic and wind power -related, new materials, consumer electronics, and other areas supported by other countries.

Behind this is the Morima clothing that has not been stable enough for profit growth. In the first quarter of this year, net profit on revenue fell year -on -year. Among them, revenue fell by 0.03%year -on -year to 3.309 billion yuan, and the net profit attributable to shareholders of listed companies (hereinafter referred to as returned to the mother) decreased by 40.74%year -on -year to 209 million yuan. At the same time, the company's net cash flow generated by operating activities at the same time suddenly decreased suddenly, which was -56.154 million yuan.

"Investment Times" researcher noticed that since the official announcement of the sale of subsidiaries in July 2020, the performance of Senma's clothing in each quarter in 2021 has maintained a steady growth trend, but the steady situation has changed after entering this year.

In response to the aforementioned situation, the researcher of the "Investment Times" asked the relevant departments of Senma Clothing, and as of press time, the company had not received the company's reply.

Main business growth is weak?

According to public information, Morima Clothing, which was founded in 2002, is a corporate group that is characterized by virtual operations and leisure clothing and children's clothing. Two brand clusters of children's clothing.

"Investment Times" researcher noticed that since 2017, Samma Clothing's children's clothing business has contributed more than 50 % of the company's total income in the company's current total income. Since then, the company has continued to make efforts in children's clothing business.

Data disclosed that from 2017 to 2019, the revenue of Children's clothing business of Senma Clothing has maintained a double -digit high -speed growth, with a year -on -year increase of 26.40%, 39.60%, and 43.50%. 6.322 billion yuan increased to 8.825 billion yuan in 2018 and 12.663 billion yuan in 2019. In just two years, it achieved double growth, exceeding the scale of 10 billion yuan. At the same time, the income of the annual income of the business also increased from 52.56%in 2017 to 65.49%in 2019, an increase of over 10 percentage points.

In 2020, under the influence of many uncertain factors such as global economic fluctuations and industry integration and upgrading caused by the epidemic, the revenue and net profit achieved by Senma's clothing throughout the year fell. The high -speed growth trend decreased by 19.99%year -on -year to 10.132 billion yuan.

After entering 2021, the economic environment has improved, consumer demand is further released, and the clothing industry has ushered in new development opportunities under the background of the dual -cycle economy. In this context, Samma Clothing has also adopted a series of measures in terms of children's clothing business, such as brand positioning and upgrading, focusing on product development, and digital transformation.

However, from the perspective of revenue data, if the children's clothing business of Samma Clothing wants to return to the previous state of high -speed growth, there is still a long way to go. The data disclosed that in 2021, Morima Clothing achieved operating income of 15.42 billion yuan, only 1.41%over the same period last year. Among them, the income of children's clothing business was only 1.38%year -on -year to 10.272 billion yuan, compared with 12.663 billion yuan in 2019, 12.663 billion yuan in 2019 Shrinking over 2 billion yuan.

Let's look at the casual clothing business of Senma Clothing. Data disclosed that after the proportion of this business revenue was overtaken by the children's clothing business in 2017, it showed a downward trend, that is, from 46.85%in 2017 to 32.60%in 2021. In terms of revenue growth, the business only achieved double -digit growth (20.54%) in 2018 from 2017 to 2021. The rest of the year either decreased year -on -year (2019 and 2020), or only a slight increase of less than 2%slightly increased by less than 2%. (2017, 2021).

Based on the above -mentioned financial situation in recent years, does this mean that the two businesses of leisure clothing and children's costumes that Morima Clothing are mainly engaged in, have gradually shown a weak growth trend in recent years?

Senma clothing in recent years of casual clothing, children's clothing business income and changes (100 million yuan)

Data source: company financial report

Multiple shareholders' equity pledge

From the perspective of the specific sales model, the sales channels for Samma Clothing mainly include online, direct operations, franchise, associates and others.

According to the data in 2021, Senma Clothing has a decline in the revenue of direct sales and associative compared with the same period of the previous year, and the year -on -year decrease was 29.88%and 0.86%. A year -on -year increase of 2.46%increase. From the perspective of the number of stores, the number of new stores (206), which is directly operated by the Mori Malaysia Clothing in 2021, is higher than the number of stores at the end of the period (106). The number of stores (63); the number of newly opened stores (966) joined by joining is less than the number of closing stores (1247). It can be seen that the increase or decrease of the number of stores in Mori Clothing in 2021 and the increase and decrease of current sales revenue showed a reverse change.

In addition, in recent years, many shareholders of Samma Clothing have also pledged the company's shares with the company, because they are guaranteed as their own funds.

Specifically, as one of the controlling shareholders and actual controllers of Senma Clothing, Qiu Guanghe pledged the shares in September 2019, November 2020, and December 2020 to pledge the 117 million shares of Senma clothing held by him. The Galaxy Securities Co., Ltd. (recently lifted pledge) and 37.5 million shares were pledged to CITIC Bank Co., Ltd. Wenzhou Branch and 62 million shares to China Minsheng Bank Co., Ltd. Wenzhou Branch.

Zhou ordinary and Qiu Jianqiang, the other two shareholders of Senma Clothing, pledged the shares in June 2021 and February 2022, respectively. Wenzhou Branch and (latter) pledged 53 million Senma Clothing to China Galaxy Securities Co., Ltd.

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