China No. 1 Textile Network News on January 30, 2021 (Reporter Martin Report): Guangdong Baibaolong Co., Ltd. (hereinafter referred to as “Babaolong”), the first A-share fashion design listed company that ranked among the top 100 “total profits” in the apparel industry in 2012, on the evening of January 29 Disclosing the 2020 annual performance forecast, it is expected to achieve operating income of 515 million yuan to 670 million yuan during the reporting period, compared with 960 million yuan in the same period last year, and a net profit loss attributable to shareholders of the listed company of 730 million yuan to 940 million yuan, compared with a profit in the same period last year 150 million yuan.
For performance changes The main reasons, Bai Baolong explained: First, due to the impact of the epidemic, the company’s wholly-owned subsidiary Shenzhen Yi Global United Design Co., Ltd.’s joint-stock companies Beijing Fansen Baier Brand Management Co., Ltd. and Fujian Baiyue Brand Operation Management Co., Ltd. The losses were serious. In order to avoid further expansion of losses, the company closed all retail stores. The two joint-stock companies have been suspended and are planned to be liquidated. It is expected to have a certain impact on the performance. According to the Accounting Standards for Business Enterprises and relevant accounting policies, it is planned to accrue provisions for this period. Impairment; secondly, due to the sharp drop in the price of anti-epidemic materials, the company judged that there are signs of impairment in the inventory. Based on the principle of prudence and in accordance with the accounting standards for enterprises and relevant accounting policies, the company plans to make provision for asset impairment; in addition, the company uses bank Wealth management products provide external guarantees. Now the guaranteed party has insufficient repayment ability. It is expected that the company will fulfill its guarantee responsibilities and plans to accrue estimated liabilities.
First Textile Network noticed that after the outbreak of the epidemic in 2020, Baibaolong announced on February 11 that the company and Haiou Medical signed an “Investment Cooperation Agreement” to jointly invest in the establishment of a joint venture, and Baibaolong subscribed for a capital of 5.1 million. Yuan holds 51% of the shares, and Haiou Medical has subscribed 4.9 million yuan to hold 49% of the shares. The joint venture’s business scope is the production and sales of medical devices, medical clothing, masks, hats, and shoe covers and medical protective products; as of March 31, the company 10 protective mask production lines have been put into operation, with a daily production capacity of 1 million; the company has put into production 6 protective clothing production lines, with a monthly production capacity of 300,000 sets; on June 9, Baibaolong announced that it had obtained the certificate issued by the Guangdong Provincial Food and Drug Administration “Medical Device Registration Certificate” and “Medical Device Production License” for disposable medical masks and medical surgical masks. At the same time, the company has entered the “List of Medical Materials Manufacturing Enterprises Obtaining Foreign Standard Certification or Registration” of the China Chamber of Commerce for Import and Export of Medicines and Health Products .
However, in early November 2020, Baibaolong stated on the interactive platform that the company’s sales of mask protection products slowed down in the third quarter.
In addition, it is worth noting that on November 4, 2020, Baibaolong issued an announcement stating that the company’s controlling shareholders and actual controllers Chen Weixiong and Chen Nana received a notice from the China Securities Regulatory Commission ( (hereinafter referred to as the “China Securities Regulatory Commission”)), because it was suspected of manipulating the company’s stock price, and in accordance with relevant regulations, the China Securities Regulatory Commission decided to open an investigation against it.
Data from relevant media show that from March 2019 to September 2020, in just one and a half years, the actual controllers of Baibaolong, Chen Weixiong and Chen Nana’s family, increased their holdings cumulatively 1 time, 81 reductions, a total reduction of 57.3047 million shares, and a reduction amount of 742 million yuan. Data shows that as of the end of September 2020, only 2 institutions held Baibaolong shares.
Public information shows that Baibaolong was in Guangdong in 2006 Puning was established, changed to a joint-stock company in 2009, and listed on the Shenzhen Stock Exchange in 2015. Baibaolong is mainly engaged in the clothing design business, mainly providing clothing design services to brand owners, and providing supporting organization and production services through outsourced factories. The company is a leading clothing design enterprise with the largest scale and the most complete supporting services in China. It is the only listed company in China that specializes in clothing design.
Yi Global Rules It is a wholly-owned subsidiary of Baibaolong and was established in 2017. Clothing Global mainly integrates buyers, fabric and accessories suppliers, garment manufacturers, consumers and other industry chain participants through the industrial Internet platform to provide channel sales for global designers.��, traffic promotion, product sampling, supply chain production and other support, forming a “self-owned designer team + designer cloud innovation platform + online and offline retail and wholesale channels + fashion industry supply chain management + star designer incubation + designer academy ” closed-loop operating model. At present, the Yi Global Platform has multiple business sectors such as Internet celebrity live broadcast, designer cloud innovation platform, intelligent manufacturing, and textile and apparel industry Internet. In 2019, Yi Global achieved operating income of 255 million yuan, a year-on-year increase of 32.1%, and achieved a net profit of 4.44 million yuan, turning a loss into a profit.
As of the end of 2019, Baibaolong has 265 internal designers, designed more than 11,200 styles in 2019, and accumulated 130 brand customers including Peak, Xtep, Fila, and Li Ning. As the traditional clothing sales model has been impacted by e-commerce and the decline in clothing exports, some major brands have made strategic adjustments and their external purchases have declined, which has had a certain impact on the company’s business. By developing new clothing brands and emerging clothing e-commerce customers, the company has made up for the impact of the decline in business from original customers to a certain extent.
Industry insiders believe , rich designer resources and modular operation mode are the basis for Baibaolong to build leading design and R&D capabilities, and modular management enables the company to have the following advantages in design:
The first is accurate market grasp: more than 200 designers obtain fashion information and inspiration through diversified channels, inspect the market, collect color, material, style and other information, and conduct research and analysis based on the trend factors of the season. From this, Baibaolong can comprehensively track and absorb domestic and foreign fashion trends at the first time, better grasp fashion trends, accurately identify the nodes where fashion trends appear, adjust and change design styles according to trends, and quickly launch corresponding clothing Design style.
The second is efficient design process: Baibaolong’s current design system adopts the form of professional division of labor, modularizes homogeneous design elements, and organizes multiple designers and auxiliary personnel according to the Their expertise is divided into information collection, printing, embroidery, fashion colors, styles, fabric research and development, integration and other design groups, with multiple people working together to design. Through the process-based professional division of labor, the company has shortened the time spent in each design link. On the other hand, everyone’s brainstorming has also enhanced the richness of the design works and can better meet and respond to customer needs faster. .
The third is large-scale development capabilities: With its growing design team and scientific division of labor, Baibaolong has achieved large-scale design. All design prototypes will be displayed in the showroom for customers to choose from, and orders can be placed for production on the spot. This “volume-selling” sales model not only gets rid of the inefficiency of the traditional directional sales-based design service provision model (one-on-one), but also meets the increasingly diversified design needs of customers due to its fast update speed and many optional styles.
From observation, Baibaolong invests a lot of resources in research and development every year, and R&D expenses continue to increase from 2011 to 2019. To a certain extent, the company is currently able to achieve large-scale design production and high-level design output by relying on the accumulated experience year by year. Strong design and R&D capabilities. Baibaolong’s advantages in design and R&D are reflected in the R&D team’s rich fashion and creative design experience, accurate judgment of fashion trends, strong expressiveness of design styles and other soft strengths. Its strong fabric development capabilities and sample pattern making capabilities are among the best in the industry. Also has a good reputation.
Wealth Securities researchers have also previously stated that as a relatively scarce target with design as its core attribute in the current A-share market, Baibaolong’s performance is affected by the diminishing marginal effect of terminal consumption. According to the analysis, in terms of design business, the main focus in the future is the improvement of the selection rate + the increase in the number of designs; for the supporting organizational production business, the future focus is still on the maintenance of a high conversion rate and the adoption of smart manufacturing among suppliers. The coverage and popularization; wholesale and retail business, the future focus is to better realize the realization of designer products and further expand the market scale.
The financial report shows that in the first three quarters of 2020, Baibaolong achieved total operating income of 600 million, a year-on-year decrease of 15.1%; net profit attributable to the parent company was 140 million, a year-on-year increase of 28.5%; earnings per share was 0.26 yuan. During the reporting period, the company’s gross profit margin was 38.2%, a year-on-year increase of 7.7 percentage points, and the net profit margin was 23.4%, a year-on-year increase of 7.9 percentage points.
As of the last trading day before First Textile Network published this evening, Baibaolong closed at 4.57 yuan per share, a decrease of 3.38%, with a market value of 2.459 billion yuan. (First Textile Network Martin)
0210131101353797.jpg” border=”0″>
Financial reports show that in the first three quarters of 2020, Baibaolong achieved total operating income of 600 million, a year-on-year decrease of 15.1% ; Achieved net profit attributable to the parent company of 140 million, a year-on-year increase of 28.5%; earnings per share was 0.26 yuan. During the reporting period, the company’s gross profit margin was 38.2%, a year-on-year increase of 7.7 percentage points, and the net profit margin was 23.4%, a year-on-year increase of 7.9 percentage points.
As of the last trading day before First Textile Network published this evening, Baibaolong closed at 4.57 yuan per share, a decrease of 3.38%, with a market value of 2.459 billion yuan. (First Textile Network martin )
</p
