The shoe and clothing industry 2022 midfielder war: subdivided the faucet to show toughness, the national tide is still hot, dozens of losses are waiting for recovery

21st Century Business Herald reporter Zhu Yiyi Hangzhou report

Under the test of the epidemic, domestic shoe and clothing companies have experienced the "dark moment" in the second quarter of this year.

As the domestic epidemic is more distributed, the overall retail sales of clothing, shoe and hats and other categories have decreased a year-on-year month-on-year month-on-year month-on-year decline; since June of this year, with the gradual recovery of travel and consumer market demand, industry retail sales data has been reduced from downgraded to the decline to the decline to the decline. Ascension, a year -on -year increase of 1.2%.

With the conclusion of the interim report of the listed companies in the shoes and clothing, the best and frustrated people have also unveiled the veil.

According to Wind data (Yangtze River) ingredients stocks, in the first half of this year, of the 33 A -share clothing companies, Huali Group (300979.SZ), Yagore (600177.SH), Biyin Lefen (002832.SZ), etc. The net profit of domestic companies is positive, but only a small number of revenue and net profit have increased on both. In contrast, Meibang Clothing (002269.SZ), Jiu Mu King (601566.SH), noble bird (603555.SH), etc. Family companies are in loss.

In the Hong Kong stock market, a number of local sports brands still enjoy the rise of the "national tide" and show their emergence.

Ru Anta Sports (2020.HK), Li Ning (2331.HK), Tubu International (1368.HK), 361 degrees (1361.HK) have maintained revenue growth in the first half of this year. In addition 3.588 billion yuan (RMB, the same below), 2.189 billion yuan, 590 million yuan, and 551 million yuan.

In contrast, Volkswagen's casual clothing brands such as Senma Clothing (002563.SZ) and Taipingbird (603877.SH) are still waiting for recovery.

Substitute a faucet to show toughness

In the first half of this year, Huali Group, Yagol, Biyin Lefen, and Boybird (002154.SZ) were several representatives of the few of A -share clothing companies that maintained revenue and net profit.

For example, the Huali Group, with a total market value of more than 60 billion yuan, achieved total revenue of 9.899 billion yuan in the first half of this year, net profit of home mother was 1.562 billion yuan, and revenue and net profit increased by more than 20%year -on -year.

The Brilliance Group mainly provides shoe product development design and production services for world -renowned sports and leisure brand operators. It serves customers including Nike, Converse, Vans, PUMA, UGG, Under Armor, HOKA One One. Export to the United States and the European Union.

In the first half of this year, Huali Group sold 115 million pairs of sports shoes, an increase of 13.27%year -on -year.

In this regard, the Brilliance Group stated that "the increase in demand for the sports shoes market, the growth of the performance of well -known sports brand customers, and the expansion of the company's sales share on major customers are the main factor to promote the growth of the company's performance."

Coincidentally, Men's leader, Yagore, also reflects a certain amount of business toughness.

In the first half of this year, the company achieved total revenue of 9.549 billion yuan and net profit attributable to her mother was 3.132 billion yuan. Although the significant growth of revenue and net profit was related to the centralized delivery project of real estate business, the brand's brand clothing business was relatively stable, and the revenue was 27.9. 100 million yuan, net profit attributable to mothers was 453 million yuan.

Specifically, Youngor's core brand Youngor continues to maintain its competitive advantage, with revenue rose by 0.45%year -on -year to 2.532 billion yuan; although the sub -brand Mayor, Hartmarx, and HANP revenue have declined, Yaiga pointed out that these sub -brands have passed one after one. The adjustment of the year has re -clarified the brand positioning and development path. At present, the preparations for independent operation have been basically completed. New stores and new products will be listed in the second half of the year.

In terms of channels, Yagore continues to promote the strategy of large stores. The average single -store area of ​​new stores is more than two times that of the stored store area. At the same time, online and offline work together to prepare the national strategic layout of the fashion experience hall.

The continued high growth is Biyin Lefen, who is known as "the first stock of domestic Gauff to clothing".

In the first half of this year, Biyin Lefen achieved total revenue of 1.313 billion yuan, an increase of 8.57%year -on -year, and net profit attributable to 295 million yuan, an increase of 20.15%year -on -year.

The company focuses on the field of subdivided clothing. It has the two major brands of "Biyin Lefen" and "Venice Carnival". The former is positioned in a market segment that combines golf sports and fashion leisure life. The latter focuses on the vacation tourism clothing market. The core category T-shirt of Biyin Lefen has been obtained for "the first comprehensive share of similar products" for four consecutive years (2018-2021), becoming the company's super single product.

In addition, according to statistics released by the China Commercial Federation and the National Business Information Center, Biyin Lefen Golf Costumes ranked first in the comprehensive share of similar products in 2021, with a market comprehensive share of 62.87%.

The national tide is still hot

In addition to the industry leaders still maintain toughness, sports clothing with stronger functional attributes also has a higher prosperity.

In the first half of this year, domestic sports brands such as Anta, Li Ning, Tubu, and 361 degrees listed on Hong Kong stocks were closely expanding the market with the trend of "national tide" to achieve double -digit revenue growth.

It is worth mentioning that Tub International led his peers with nearly 40 % of its revenue and net profit.

Following the first revenue of 2021, Tubu International continued to grow strongly in the first half of this year, achieving revenue of 5.684 billion yuan, an increase of 37.5%year -on -year; net profit of home mother was about 590 million yuan, an increase of about 38.4%year -on -year. According to market analysts, Tubu International's performance continued to improve in the first half of the year, and behind it, it has nothing to do with its focus on running products.

"The company will continue to broaden the Tobu's moat through the running ecosystem that extends outward, so that the company has more competitive advantages than other peers." Ding Shuibo, chairman and chief executive officer of Tubu International, said that with the brand's toughness, targeted investment and targeted investment and input Higher efficiency, the company is confident in accelerating business growth and improving long -term profitability, and then realizing the goal of income growth in the next few years.

Another Hong Kong stock marketing sports company 361 degrees adheres to the brand positioning of "professional sports" and "sports trends", focusing on core product categories such as running, basketball, comprehensive training and sports life.

This year's semi -annual report shows that the two core categories (shoes and clothing) of 361 degrees simultaneous efforts: shoe product revenue increased by 7.2%year -on -year to 1.48 billion yuan (RMB), and clothing product revenue increased by 18.4%year -on -year to 1.382 billion yuan. The overall income of the two categories accounted for 40.5%and 37.8%, respectively.

For the consumption needs of sports shoes and clothing, on September 19, relevant persons of sports retail operators Talo International (06110.HK) told the 21st Century Business Herald reporter that "Outdoor sports scenes have become a social field for the whole people. This kind of life is The change of the method has also expanded a rich and diverse scene for the industry. "

"It can be seen that the epidemic has improved since June, and the recovery trend in July-August. The sports retail track will continue to maintain its growth advantage. The leading sports shoes and clothing brands still have a strong head effect," the person mentioned.

Turning International, which has accumulated for more than 20 years, is not only the first partner of Nike's many innovative projects in China, but also work with Sikecic to try strategic joint innovation cooperation models. Last year, Tolu International also opened cooperation with Li Ning to further enrich brand choices and meet the diverse needs of consumers.

How does the public leisure costume get out of the predicament?

Some people are happy and some are worried. The performance of Volkswagen Casual Clothing Enterprises was particularly impacted in the first half of this year.

For example, Meibang Clothing (002269.SZ), which has a net profit ranking in the mother, revenue in the first half of this year, a year -on -year decrease of 47.49%, and the net profit attributable to the mother was 689 million yuan, a decrease of 501.37%year -on -year.

In addition, the main business for the operation of the clothing brand operation and the fashion industry supply chain management (002503.SZ) also lost 613 million yuan in the first half of this year, including Jiu Mu King, noble birds and other companies. Lost.

On September 20th, Xue Hongyan, deputy dean of the Xingtu Financial Research Institute, analyzed the reporter of the 21st Century Business Herald that "the market segment of Volkswagen Casual Clothing has become increasingly fierce in market competition. Due to the weak brand power of some apparel companies, consumers It will find a white brand replacement. Enterprises can easily fall into homogeneous competition. Coupled with the strategic mistakes of the enterprise, it is difficult to resist the risk of cyclical fluctuations. "

Regarding the current trend of consumption recovery of clothing, some clothing companies also mentioned in an interview with the 21st Century Business Herald that "the post -epidemic period, consumer consumption behavior tends The online transformation is accelerated, and the online channels will be more scattered. "He believes that" for brands, you need to shift from an incremental game to the stock game. "

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