Hasen Shoes Listed On The Cold Market Performance, Want To Cross The Border To Find A Way Out

It is understood that Hasen shares are mainly engaged in

Brand operation, product design, production and sales. As of the end of 12 2015, Hasen had 2050 marketing outlets, relying on vip.com, Tmall, Jingdong, Yintai, etc.

The platform carries out network marketing.

Prospectus shows that in 2011, Hasen set up Shanghai Jun titanium.

After the operation, the average annual investment is about 20 million yuan.

In 2013, 2014 and 2015, Hasen's electricity supplier income was 63 million 902 thousand and 500 yuan, 82 million 444 thousand and 300 yuan and 122 million 813 thousand and 800 yuan respectively, and sales income accounted for 2.95%, 4.02% and 6.34% respectively.

A man shoes brand electric business person in charge, Hasen's electricity supplier and the same kind.

Compared to the brand, the difference between the brand and the first brand of BELLE is about 2 billion RMB yuan. The brand name of Saturday is brand.

The scale is about 600 million yuan, and its KISSCAT is about 400 million. The sales volume of Hasen group is larger than that of Saturday and Tian Chong, but the electricity supplier sales is only about 120 million, far less than that of its competitors.

The proportion of income 6.34% is also far lower.

It accounts for 10% of total social zero.

It is understood that the top ten well-known domestic

BELLE, Hasen, Daphne, AOKANG and so on have been listed in Hongkong or the domestic capital market. After the pfer of shares in 2011, Hasen has been applying for IPO queuing. At last, it was approved by the SFC at the end of 5 in 2016. It is the top ten footwear brands that have entered the capital market at the latest.

But from the prospectus,

The current business data, whether it is sales revenue under traditional lines or sales channels of electricity suppliers, there is not much room for thought.

In 2013, 2014 and 2015, Hasen's operating income was 2 billion 169 million yuan, 2 billion 49 million yuan, and 1 billion 938 million yuan respectively, which has declined over the years.

In 2016 1-3, Hasen's operating income was 465 million yuan, operating profit 38 million 280 thousand yuan, net profit attributable to shareholders of the parent company 33 million 620 thousand yuan, compared with the same period in 2015.

It is estimated that the net profit of the shareholders of the parent company after the deduction of non recurring gains and losses in 2016 will decrease by about 30% compared with that in 2015.

The reason for Hasen's decline is the reason why "the company's domestic sales revenue is affected by online sales and closes more stores, resulting in a decline in direct sales."

At the end of 2015, Hasen had 2050 marketing outlets, including 1665 direct outlets.

At the end of 2013 and the end of 2014, the number of Hasen outlets was 1782 and 1815 respectively, and 150 stores were closed in 2015.

In fact, the impact of the rapid rise of the electricity supplier, the whole

Brands were affected by varying degrees of store closing and performance decline, in the first three quarters of 2015.

A total of 418 shoe shops were closed.

UBS, a financial services agency, pointed out that BELLE's footwear sales in the third quarter of 2015 fell by 10.4% year-on-year, representing a 7.7% decline over the second quarter, reflecting a further contraction in sales volume, which is expected to fall 10% annually in the next three years.

On the other hand, China

Under the circumstances of the continued downturn in the eurozone economy and the impact of the US debt crisis and the pfer of manufacturing orders to Southeast Asia, export export orders for footwear companies have been greatly reduced.

In 2013, 2014 and 2015, Hasen's export earnings were 494 million 457 thousand and 100 yuan, 339 million 196 thousand yuan and 314 million 807 thousand and 300 yuan respectively, accounting for 22.80%, 16.56% and 16.24% of the main business income respectively.

Export earnings declined significantly during the reporting period. In the future, it will still face the risk of declining export earnings and declining overall returns.

It is worth noting that the prospectus shows that Hasen will raise funds for the implementation of marketing network construction projects, leather shoes production expansion projects and information construction projects.

Among them, we plan to spend 389 million yuan of the net proceeds raised for marketing network construction projects.

The network construction project will open 950 direct outlets, which are distributed in 24 major cities, including Beijing, Nanjing and Dalian, and their surrounding areas. The new business area will be 38000 square meters.

On the other hand, it is the loss of business and the closure of stores. On the other hand, it plans to open new stores in batches, reversing the declining performance and increasing revenue.

But the new store means that there will be a cycle of cultivation costs, and it is impossible to get instant results.

After the listing, how should Hasen's first pcript be painted?

Billion power network found that, in addition to the established Shanghai Jun titanium

Limited company engaged in business, Hasen also low-key investment layout of cross-border electricity providers.

Shanghai, established in 2014

Ltd. is an e-commerce company engaged in the import and export of mother and child products, and has worked with brands, agents and manufacturers in Japan, Korea, the United States and many European countries.

According to the prospectus, Hasen's controlling shareholder, Kunshan real investment, holds a 25% stake in Shanghai.

Shanghai Hyun ho International Trading Co., Ltd., wholly owned by Shanghai Jun titanium, was founded in 2013. It specially introduced the latest and most fashionable brands and commodities in the world.

At present, its brand has Korea's new bright art make-up brand too cool for school.

It is understood that Hasen has Hasen (HARSON), Cardenal (KADINA), Kavin (COVER), love Brigade (ALLER-A) and

Such as its own brand, and acting as ROBERTA, AS and other well-known foreign brands products, at the same time for DANSKO, SPERRY and other famous brands abroad to provide OEM/ODM processing.

The prospectus shows that Hasen's controlling shareholder is Zhenxing international Limited by Share Ltd, holding 91.02% of the company's shares. The company is a wholly owned subsidiary of HARRISON SHOES INT 'L CO., LTD. (BVI).

The company's actual controllers are the main members of Chen family, such as Chen Yuzhen, Wu Zhenfang, Chen Yurong, Chen Yufang and Chen Yuxing.

The company's actual controller and co operative person share the equity of HARRISON (BVI) 92.86%.