AOKANG International Is Believed To Have Net Profit And Negative Growth In The Year, And Accounts Receivable Has Increased Sharply.

Less than p days ago, AOKANG international opened higher and lower, eventually closed at 14.42 yuan, down 1.5%, and its share price continued to fall. < /p >
< p > at the beginning of this month, AOKANG international reached its lowest price of 13.77 yuan since its listing. In April 26, 2012, AOKANG international as a well-known a target= "_blank" href= "//www.sjfzxm.com/" > shoes < /a > enterprises, landed on A stock main board, once was optimistic about the market, the issue price reached 25.5 yuan. But after the listing, that is, the decline in performance, stock prices immediately broke, and continue to create a new low. The actual controller of AOKANG international is Zhejiang rich Wang Zhentao. < /p >
< p > "if a target=" _blank "href=" //www.sjfzxm.com/ "> textile < /a > a target=" _blank "href=" _blank "> clothing > industry, there are only stocks of AOKANG that have the same lethality as China Petroleum. An investor sentiment. < /p >
< p > but the problem of declining performance has not stopped. < /p >
< p > Huatai Securities released yesterday that the growth rate of AOKANG's first half year's growth is lower than expected. Due to the continued weakness of terminal consumption, annual profit is expected to grow negatively. However, despite the grim situation, AOKANG international is keen to spend billions of dollars on financial management. < /p >
< p > < strong > is considered annual net profit minus growth < /strong > < /p >.
P > yesterday, Huatai Securities announced that AOKANG's performance in the first half of the year was lower than expected, and both income and net profit were negative growth; terminal consumption continued to be weak, and the annual profit would be negative growth; in 2013, it would continue to transform to the retailer, improve operation efficiency and improve the performance in short period. < /p >
< p > Huatai Securities Research Report believes that the consumption of footwear industry in 2013 1~6 remains low, and the franchisee focused on inventory digestion. It is estimated that the growth rate of the company's shipping volume is lower than the actual growth rate of the terminal. At the end of last year, about 300 stores were directly operated, resulting in about 90 million merchandise returns. From the perspective of independent brands, the downturn in consumption has a greater impact on Kanglong and Red Flamingo, which are less famous for brand names. The agency brand in April was also lower than expected. But the terminal inventory has gradually improved, has returned to 4 months or so, it is expected that in the second half of the year, the franchisee will get the goods back to normal. < /p >
< p > the above report indicates that terminal consumption continues to be weak, and annual profit is expected to grow negatively. From the same store growth, the second half is expected to remain negative overall, of which AOKANG has slowed down but relatively stable, and the red bird has fallen considerably. Gross profit margin is expected to increase as a result of higher supply chain efficiency and terminal discount control and net gross profit margin. However, the cost rate has been greatly reduced due to the sharp increase in revenue growth and the difficulty of reducing fixed costs. In 2013, it continued to transform to retailers, improving operational efficiency and improving performance in the short term. < /p >
< p > < strong > accounts receivable increased sharply < /strong > < /p >
< p > AOKANG international listed in 2012, operating income of 3 billion 455 million yuan, net profit of 513 million yuan, respectively, an increase of 16.50% and 12.22% compared with 2011. In the first quarter of this year, the main revenue was 836 million yuan, an increase of 4.5% over the same period last year, and a net profit of 126 million yuan (basic earnings per share of 0.31 yuan), representing an increase of 10.17% over the same period last year. < /p >
< p > however, while the company's performance has kept growing, accounts receivable has increased rapidly. According to AOKANG international prospectus, receivables in 2009~2011 were 542 million yuan, 530 million yuan and 789 million yuan respectively, representing an increase of 48.87% over the previous year in 2011. 2012 annual report shows that the company receivables amounted to 1 billion 300 million yuan, an increase of 64.77% over 2011. < /p >
< p > for accounts receivable surging, AOKANG international annual report explains that "it is caused by the expansion of the company's business scale and the adjustment of the dealer's credit policy." AOKANG international, which is dominated by dealer mode, is the main reason for the sharp rise in receivables before and after its listing. < /p >
< p > according to AOKANG international prospectus, in 2009, the credit period of the accounts receivable of dealers has been relaxed from original 1~2 months to 3 months, based on the company's improving business performance and supporting distributors. < /p >
< p > despite the sustained growth of its performance, AOKANG international has been in a downturn in the two tier market. Judging from the trend of listing, AOKANG international has been in a downward channel since July 2012. When the company was listed, its issuing price was 25.50 yuan per share. In April 26th this year, some restricted shares were lifted, but the share price was broken. < /p >
< p > according to the promise of the company's listing, shareholders of the company's 7 original shareholders, AOKANG investment (Wang Zhentao Holdings 90%), Wang Zhentao and Wang Jinquan locked out for 36 months, Shenzhen Hongling venture capital, Miu Yanshu (Wang Zhentao's uncle), Pan Changzhong (Wang Zhentao's brother-in-law), and Chang Ting's venture capital lock in 1 years. 4 shareholders jointly lifted 35 million 949 thousand shares, accounting for 8.97% of the total share capital. < /p >
< p > however, AOKANG international has won many organizations' support. According to the company's periodic report, as at the end of 2012, 601 social security portfolios, 114 social security portfolios and 109 social security portfolios held 4 million 852 thousand and 700, 1 million 625 thousand and 300 and 1 million 352 thousand and 300 shares respectively, ranking first, seventh and nine shareholders. At the end of the first quarter of this year, there were 103 social security portfolios and 102 social security portfolios. Among the top ten tradable shareholders, they held 1 million 922 thousand shares and 1 million 299 thousand and 700 shares respectively. < /p >
< p > < strong > Hao throw 500 million financial affairs < /strong > < /p >
< p > despite the severe situation, AOKANG international is keen to spend billions of dollars on financial management. < /p >
< p > according to the motion of AOKANG international board through the use of part of the idle funds raised by the company to buy bank financial products, it agreed that the company should not spend more than 500 million yuan in idle rolling up funds to purchase a guaranteed financial product with high security and good liquidity at the right time. The term of grant is valid for 1 years from the date of deliberation and approval by the board of directors. < /p >
< p > in fact, AOKANG international has been more active in managing finances. The company announced in June 4th that, according to the above resolution, the company recently invested 500 million yuan to the Industrial Commercial Bank of China Ltd Yongjia sub branch and the Agricultural Bank of China Limited by Share Ltd Yongjia Huang Tian sub branch to buy bank financial products. In July 17th, it announced again that the company used idle funds raised 300 million yuan to buy bank financial products to the Agricultural Bank of China Yong Jiahuang Tian branch, Limited by Share Ltd. < /p >
< p > AOKANG international pointed out that the use of some idle funds raised by the company to purchase bank financial products is carried out under the premise of ensuring the funds needed by the company to raise investment projects and ensuring the safety of the funds raised. It does not affect the normal turnover needs of the daily capital of the company, and does not affect the normal construction of the investment and investment projects, and does not affect the normal development of the main business of the company. Through proper short-term capital management, we can get a certain investment income, further enhance the overall performance level of the company, and seek better return on investment for the company and shareholders, and will not damage the interests of the shareholders of the company. < /p >