Sports Goods Industry Slowed Down &Nbsp, Overstock Became The Bottleneck Of The Development Of The Industry.

Recently, Anta The 2011 Annual Report released by sporting goods companies such as PEAK and other sports companies showed that the decline in net profit growth and the aggravation of inventory problems are becoming a common phenomenon in the industry. The industry pointed out that the sporting goods industry is experiencing the most painful adjustment period, from the high income and high growth drop, the industry market competition intensified.

According to the correlation analysis, the domestic sporting goods in recent years market The scale has decreased from 20% per year to 13% in 2011. It is estimated that the growth rate in 2012 will further slow down to about 5% to 8%.

Net profit generally declined

On the 13 day, PEAK sports released performance data show that in 2011, PEAK's operating income was 4 billion 647 million yuan, up 9.4% from 2010's 4 billion 250 million yuan, and net profit of 778 million yuan in 2011, down 5.4% compared with 2010's 822 million yuan. Last year's net profit margin decreased from 19.4% in 2010 to 16.7% in terms of profit margin.

The decline in net profit growth is not just a problem for PEAK. Anta's 2011 performance data also showed that Anta's operating income in 2011 was 8 billion 905 million yuan, an increase of 20.2% over the same period last year. Gross profit was 3 billion 762 million yuan, an increase of 18.7% over the same period last year. Net profit was 1 billion 730 million yuan, an increase of 11.5% over the same period last year. Among them, the growth rate of net profit and turnover decreased by 12.5 percentage points and 6 percentage points respectively in 2010.

In addition, the 31st 12 day earnings report also showed that in 2011, the annual sales revenue reached 5 billion 570 million yuan, an increase of 14.8% over the same period last year. Net profit was 1 billion 130 million yuan, an increase of 15.3% over the same period last year, and the net profit growth rate also declined compared with 30.5% in the first half of 2011. Lining's 2011 performance bulletin said that, due to the weak growth of orders and the influence of some dealers' inventory, the group's revenue in 2011 is expected to decline by 6% to 7% compared with 2010, and net profit will drop 7 to 8 percentage points compared with 2010's 11.7%.

　 go Stock Theme of the year

While the industry is slowing down, inventory overhang has also become a bottleneck in the development of the industry.

The announcement shows that PEAK's cash flow from business activities plunged from 1 billion 166 million yuan in 2010 to about 310 million yuan last year, mainly due to increased inventory and increased receivables. PEAK CEO Xu Zhihua said that the current retail terminal inventory of about 1 months, distributors inventory from 5 months to 6 months, the whole about 6 months, and said: "2012 is mainly a year to digest inventory, the group will strive to digest inventory this year, it is expected to solve inventory problems in the year."

In addition, the 31st degree Bulletin shows that the stock in 2011 was up to 4 billion 512 million yuan, up 81.8% from 2 billion 482 million yuan in 2010. Anta's previous annual report also showed that as of December 31, 2011, Anta's inventory amounted to 618 million yuan, up 36.1% compared with 454 million yuan in the same period last year. Anta's accounts receivable and other receivables were 1 billion 709 million yuan, up from 990 million yuan in the same period last year, with an increase of 72.6%.

It is understood that inventory can be divided into three aspects: stock of raw materials, unsold inventory in the previous quarter and inventory of products not yet listed. "Inventory of raw materials and unlisted products may affect the turnover of enterprise capital and affect the scale of expansion, and the unsold inventory in the previous quarter has a greater impact on the financial data of enterprises." Investment analysts said.

Late growth

"The sporting goods industry has developed to a stage, and it is time to integrate and consolidate the weak and remain strong." Xu Zhihua said in an interview, but the industry is still in its infancy, the growth space still exists, and the demand for terminal products continues.

Anta said in its announcement that the third quarter will see a higher negative growth in orders, but it also said: "I believe this is the minimum quarterly total of orders, and things will improve after that."

"The adjustment of most sporting goods enterprises has started in the second half of 2011." Hou Lidong, who has worked in several Quanzhou sports brands, has slowed down the pace of opening stores, including Anta, XTEP, PEAK and other enterprises, and has put more effort into deep tillage and upgrading of single store profits. In the development of products, enterprises are constantly breaking through to expand children, women and outdoor markets. In addition, some three or four line sports brands are seeking more market segments, spanforming into fashion, leisure and other fields. Industry experts analysis: "through industry integration, comprehensive domestic brands will be reduced, and some brands will become regional brands or subdivision brands."