On the evening of August 28th, Mengjie Home Textiles released the 2012 annual report. After the financial reports of Rollei Home Textiles and Fu Anna, the three home textile giants had problems with low orders, high inventory, and high costs. The warming of the home textile industry may lag behind real estate. industry.
Compared with the rapid growth in 2011, the sales of the three companies have declined. As the leader in the industry, the first-half net profit of Luolai Home Textiles (002293) fell 17.70% year-on-year, while Fuanna (002327) saw overall revenue in the first half of the year. The increase of 25% is lower than the growth rate of 40% in the spring/summer 2012 trade fair. After the sales of Mengjie Home Textiles (002397), which had just released financial reports, saw a year-on-year decline in sales in the first quarter, Interim reportedly achieved a 2.1% growth in revenue.
At the same time, the climb of inventory has also given certain pressure on the performance of the company. Mengjie Home Textiles Financial Report showed that as of the end of June inventory was 437 million yuan, an increase of 13.88% compared to the beginning of the year; the inventory balance of Rollei Home Textile increased even more, compared with the beginning of the period, an increase of 48.05%, reaching 768 million; Fuana although inventory was 4.95% higher than the beginning of the year The decline, but the high inventory of 491 million yuan, also rose 35.31% over the same period last year.
Insiders believe that the high inventory problem in the home textile industry is directly related to the current weakness in the real estate market. The impact of residential turnover on the home textile industry has a lag period of 3-6 months. In the fourth quarter of 2011, the national residential transaction area decreased by 10%, and the first quarter of 2012 decreased by 16% year-on-year, so relative to real estate, the home textile industry The recovery may be lagging behind.
At the same time, all three companies are expanding their stores on a large scale. Rollei Home Textiles plans to open 600-900 new stores in 2012, which is significantly higher than the 275 in 2011; Fuanna has 147 new outlets in the first half of the year, and has reached 2,076 outlets at the end of the period, including direct sales stores and franchise stores; At the end of 2011, Mengjie Home Textiles had reached 2,420 channels, which was higher than the total number of 2,371 channels at that time.
Behind the substantial expansion is also accompanied by rising costs. In the first half of the year, the total expenses of the Luolai Home Textiles increased by 26.49% to 298 million yuan, an increase of 62,433,600 yuan, which is 87.80% higher than the revenue growth of 33,244,000 yuan; the sum of the three expenses of Fu Anna also reached 203 million yuan, a year-on-year increase. 15.46%; the sum of the three expenses of Mengjie Home Textiles reached 189 million yuan, a year-on-year increase of 6.83%. The costs of the three leading companies have increased in different proportions.
For the company's inventory pressure, Gao Xiaoshi, a home textiles analyst at the Industry Research Institute of Qianfeng Industry, stated that companies can increase their propaganda efforts and cover all levels of consumption. In terms of channels, it can increase the size of franchisees or directly-operated stores, increase investment in online shopping, group purchase and supermarket channels, and expand new channels. Exclusivity-based competitive measures, such as mergers and acquisitions, can also be adopted to ultimately increase market share.
Insiders believe that freezing is not a day. The home textile industry is currently facing many difficulties.
August 28, Rollei Home Textiles fell 1.68%, to close at 52.60 yuan; Fu Anna rose 0.21%, to close at 38.13 yuan; Mengjie Home Textiles fell 4.16% to close at 15.43 yuan.
Compared with the rapid growth in 2011, the sales of the three companies have declined. As the leader in the industry, the first-half net profit of Luolai Home Textiles (002293) fell 17.70% year-on-year, while Fuanna (002327) saw overall revenue in the first half of the year. The increase of 25% is lower than the growth rate of 40% in the spring/summer 2012 trade fair. After the sales of Mengjie Home Textiles (002397), which had just released financial reports, saw a year-on-year decline in sales in the first quarter, Interim reportedly achieved a 2.1% growth in revenue.
At the same time, the climb of inventory has also given certain pressure on the performance of the company. Mengjie Home Textiles Financial Report showed that as of the end of June inventory was 437 million yuan, an increase of 13.88% compared to the beginning of the year; the inventory balance of Rollei Home Textile increased even more, compared with the beginning of the period, an increase of 48.05%, reaching 768 million; Fuana although inventory was 4.95% higher than the beginning of the year The decline, but the high inventory of 491 million yuan, also rose 35.31% over the same period last year.
Insiders believe that the high inventory problem in the home textile industry is directly related to the current weakness in the real estate market. The impact of residential turnover on the home textile industry has a lag period of 3-6 months. In the fourth quarter of 2011, the national residential transaction area decreased by 10%, and the first quarter of 2012 decreased by 16% year-on-year, so relative to real estate, the home textile industry The recovery may be lagging behind.
At the same time, all three companies are expanding their stores on a large scale. Rollei Home Textiles plans to open 600-900 new stores in 2012, which is significantly higher than the 275 in 2011; Fuanna has 147 new outlets in the first half of the year, and has reached 2,076 outlets at the end of the period, including direct sales stores and franchise stores; At the end of 2011, Mengjie Home Textiles had reached 2,420 channels, which was higher than the total number of 2,371 channels at that time.
Behind the substantial expansion is also accompanied by rising costs. In the first half of the year, the total expenses of the Luolai Home Textiles increased by 26.49% to 298 million yuan, an increase of 62,433,600 yuan, which is 87.80% higher than the revenue growth of 33,244,000 yuan; the sum of the three expenses of Fu Anna also reached 203 million yuan, a year-on-year increase. 15.46%; the sum of the three expenses of Mengjie Home Textiles reached 189 million yuan, a year-on-year increase of 6.83%. The costs of the three leading companies have increased in different proportions.
For the company's inventory pressure, Gao Xiaoshi, a home textiles analyst at the Industry Research Institute of Qianfeng Industry, stated that companies can increase their propaganda efforts and cover all levels of consumption. In terms of channels, it can increase the size of franchisees or directly-operated stores, increase investment in online shopping, group purchase and supermarket channels, and expand new channels. Exclusivity-based competitive measures, such as mergers and acquisitions, can also be adopted to ultimately increase market share.
Insiders believe that freezing is not a day. The home textile industry is currently facing many difficulties.
August 28, Rollei Home Textiles fell 1.68%, to close at 52.60 yuan; Fu Anna rose 0.21%, to close at 38.13 yuan; Mengjie Home Textiles fell 4.16% to close at 15.43 yuan.
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