Inventories Account For 30% Of Total Assets, And The Investment Progress Is Only 2.34%.

Inventories account for 30% of total assets, and investment progress is only 2.34%.

Under the background of the clothing industry in the cold winter period, the "Golf costume first stock" is more concerned than the 002832.SZ's expansion.

Recently, related questions related to the rationalization of net profit growth, such as the increase in net profit is much higher than the increase in revenue, the increase in operating costs of the stores, the reasons for the slow change of the investment projects and so on, and the inquiry letter sent by the Shenzhen Stock Exchange. In late July 21st, he responded to the above questions.

Raise investment projects slow and slow progress

In December 2016, the IPO listing of the company was successfully funded by 698 million yuan. According to the prospectus disclosed, the "marketing network construction project" is the main investment of the company to raise funds, with a planned investment of 521 million yuan.

In January 2018, the publication of the announcement on changing the use of some fund-raising funds by bill Ewing said that it was intended to abolish the fund-raising of the flagship stores and standard shops purchased in the marketing network construction project, and invested some of the funds originally planned to invest in the project to invest in the new project of "intelligent storage center". The total amount of fund-raising to be invested is 224 million yuan, accounting for 35.9% of the net proceeds of the company.

However, by the end of 2018, the total investment was only 5 million 242 thousand yuan. In view of the slow progress of the construction of "intelligent storage center", the Shenzhen Stock Exchange also sent a letter of inquiry. In this regard, Bi Yin Ling said that as of December 31, 2018, the actual amount of intelligent storage center project invested 5 million 242 thousand yuan, the investment progress of 2.34%.

"Because land is the reserve land for auction in the early stage of the company, the progress of the equal work progress of the three departments in the relevant departments is expected to be delayed, which leads to the delayed progress of the project. The company has applied to the state regulation department to extend the construction period, the completion time and the ratification of the construction land, and obtain the approval. In his reply, he explained.

At the same time, data show that since 2017, the performance of the company has maintained rapid growth for 8 consecutive quarters. In 2017, its operating revenue increased by 25.23%, net profit increased by 35.92%, operating income increased by 39.96% in 2018, net profit increased by 58.49%, operating income in the first quarter of 2019 increased 27.37%, and net profit grew 52.91%. The difference between the increase in operating income and the increase in net profit is bigger and bigger.

The enquiry letter of Shenzhen stock exchange is concerned about this change and requires that the increase of net profit is much higher than that of business income. In response, the main reason is that the parent company was identified as a high-tech enterprise by the end of 2018, and the corporate income tax rate of the parent company was reduced from 25% to 15%.

Store operating costs climbed edge expansion

In 2003, the company was founded in Guangzhou in 2016 and its small and medium-sized board at the Shenzhen Stock Exchange. At present, the company's products are positioned in the market segment combining golf with fashion and leisure life. Now there are two brands. Of them, bryin is positioned in high-end golf casual wear brand; Venice is located in holiday tourism apparel brand.

It is worth noting that before the listing, the growth of inventory at the end of the year was generally lower than that of the business income. After the listing, the growth rate of the stock was much higher than that of the business income. Data show that as of December 31, 2018, the ratio of inventories to total assets was 29.37%. Among them, the proportion of stock commodities in inventory composition is relatively large, which is 92.25%.

In 2018, the inventory turnover rate of beeprim was 1.12 times / year, a slight decrease compared with 1.21 times / year in 2017. In response, the response to the Shenzhen Stock Exchange said that it was mainly affected by the rising proportion of direct battalion mode, the steady growth of digestion channels and the impact of new stores on stocking.

In addition, the Yangtze daily news reporter noted that in 2018, the clothing industry entered a cold winter period. In the case of many sports brands falling into the "closed shop tide", the number of stores of BL. In 2018, the number of terminal stores in the city of 764 increased by 17.1%.

In 2016 to 2018, the number of terminal stores in the city was 602, 652 and 764 respectively, with a net increase of 50 and 112, respectively. Correspondingly, in recent three years, the operating cost of the company has increased year by year, which is 186 thousand and 800 yuan, 224 thousand and 700 yuan and 226 thousand and 600 yuan, respectively. In 2017, the average operating expenses increased more than in 2016. A rise in store operating costs has also been asked.

At the same time, from 2016 to 2018, the cost of decoration and decoration of the company was 51 million 821 thousand and 400 yuan, 73 million 25 thousand yuan and 82 million 858 thousand and 300 yuan respectively, the increase was 40.92% and 13.47% respectively, and the decoration and decoration costs were 86 thousand and 100 yuan, 116 thousand and 500 yuan and 117 thousand yuan respectively.

In reply to the enquiry letter of the Shenzhen Stock Exchange, the company has increased the funds needed by the direct stores in the past three years, which is derived from the relevant special fund raised by the marketing network construction project.