Prospectus for the first issue of short-term financing bonds in 2009
The amount of this issue is RMB 500 million.
The issue period is 365 days.
The guarantee is unsecured.
Credit rating agency Dagong International Credit Rating Co., Ltd.
Credit rating result subject: AA-; Debt: A- 1
Issuer: Shanghai Smith Barney Bang Wei Clothing Co., Ltd.
Lead underwriter and bookkeeper: China Merchants Bank Limited
2009 1 1 month
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The short-term financing bonds issued by the company have been registered with the China Association of Interbank Market Dealers.
Registration does not mean that the dealers' association makes any evaluation on the investment value of short-term financing bonds in this period.
Nor does it mean making any judgment on the investment risk of short-term financing bonds in this period. Investors buy public funds.
We will carefully read the prospectus and related information disclosure documents of this issue of short-term financing bonds.
An independent analysis of the authenticity, accuracy and completeness of information disclosure, and according to the independent
Judge the investment value immediately and bear any investment risks related to it.
The board of directors of the Company has approved this prospectus, and all directors promise that there is no falsehood in it.
Records, misleading statements or major omissions, and be responsible for their authenticity, accuracy and completeness.
Individual and joint legal liability.
The person in charge of the company, the person in charge of accounting work and the person in charge of accounting institutions guarantee this issuance.
The financial information stated in the manual is true, accurate and complete.
Obtaining and holding short-term financing bonds issued by the company through legal means such as subscription or transfer,
It is deemed to have voluntarily accepted the rights and obligations stipulated in this prospectus.
The company promises to fulfill its obligations in accordance with the provisions of laws and regulations and the agreement in this prospectus.
Accept the supervision of investors.
Important tips
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catalogue
Chapter One Interpretation of Righteousness ........................................................................................................... 5
Chapter II Risk Warning and Description ........................................................................................... 9
I. Investment Risks Related to Short-term Financing Bonds in the Current Period ................................................................ 9
Second, the risks associated with the company ............................................................................................ 9
Chapter III Terms of Issue ..................................................................................................... 15
I. Main terms of issue .................................................................................................. 15
II. Bookkeeping and Filing Arrangements .................................................................................................. 16
Three. Distribution arrangement .......................................................................................................... 16
Four. Payment and settlement arrangements .............................................................................................. 17
Verb (abbreviation of verb) Registration of guardianship arrangement .................................................................................................. 17
The listing and circulation arrangement of intransitive verbs in .................................................................................................. 18
Chapter IV Use of Raised Funds ............................................................................................. 19
I. Main uses of raised funds .......................................................................................... 19
Second, the company promises .......................................................................................................... 19.
Chapter V Basic Information of the Company ............................................................................................. 20
I. Basic Information of the Company .................................................................................................. 20
Second, the company's historical evolution and changes in share capital ...................................................................... 20
Three. Ownership structure and basic information of controlling shareholder .................................................................. 25
Iv. Company's internal structure and investment in important rights and interests ...................................................... 30.
Five, the company's internal control system ...................................................................................... 36
Basic information of directors, supervisors and senior managers of intransitive verbs company .............................................. 38
VII. Staff .......................................................................................................... 40.
Eight. Scope of business and main business of the company .................................................................. 4 1
Nine, the company's industry situation in .......................................................................................... 55
X. The position and competitive advantage of the company in the industry .............................................................. 59
Chapter VI Main Financial Conditions of the Company ..................................................................................... 70
I. Main accounting data of the company in the last three years and the latest period .................................................. 70
Two. Analysis of financial position of consolidated statements .................................................................................. 77
Three. The company's interest-bearing debt .......................................................................................... 88
Four. Accidental .......................................................................................................... 90
Verb (abbreviation of verb) Related party transactions of the company .......................................................................................... 90
Non-adjusting events and other events after the balance sheet date .......................................... 92
Seven. Assets mortgage and designated assets .......................................................... 92
Eight, financial derivatives, commodity futures, wealth management products and overseas investment in .......................... 93
Chapter VII Company Credit Status ......................................................................................... 94
First, the company's main rating report summary .......................................................................... 94
Two. Summary of rating report of short-term financing bonds in this issue .............................................................. 95
Three. Relevant arrangements for tracking rating .......................................................................................... 95
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Four. Other credit information of the company .......................................................................................... 96
Chapter VIII Guarantee ............................................................................................................. 98
Chapter IX Taxation ............................................................................................................. 99
I. Business Tax .............................................................................................................. 99
Second, the income tax of .............................................................................................................. 99.
Three. Stamp duty .............................................................................................................. 99
Chapter 10 Company Information Disclosure Work Arrangement ........................................................................... 100
I. Information disclosure before the issuance of short-term financing bonds .................................................................... 100
Two. Information disclosure of major issues during the existence of short-term financing bonds ................................................ 100
Three. ................................................................ 10 1
Four. Payment of principal and interest .................................................................................... 10 1
Chapter II XI Liability for Breach of Contract and Investor Protection Mechanism ............................................................... 102
I. Issuer's Liability for Breach of Contract ............................................................................................ 102
Two. Default ........................................................................................................ 102
Three. Investor Protection Mechanism ............................................................................................ 103
Four. Force Majeure ........................................................................................................ 104
Verb (abbreviation of verb) abstains from ................................................................................................................ 104.
Inadvertent Verb Debt Repayment Guarantee Measures for Short-term Financing Bonds in Current Period ................................................................ 105
Chapter 12: ....................................................... 106, the relevant institutions of this short-term financing bill issuance.
Chapter XIII Documents for Reference ............................................................................................... 1 10
I. Reference document ........................................................................................................ 1 10
2. The inquiry address is ........................................................................................................ 1 10.
Attachment 1: calculation formula of main financial indicators ....................................................................... 1 12.
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Chapter I Interpretation of Meaning
In this prospectus, unless the context otherwise requires, the following words have the following meanings:
Metersbonwe Bang Wei/Smith Barney
Decoration/Issuer/Company/Company
Division/headquarters
Shanghai Smith Barney Bang Wei Clothing Co., Ltd.
Dagong refers to Dagong International Credit Rating Co., Ltd.
Short-term financing bonds
Refers to the issuance of non-financial enterprises with legal personality in the inter-bank bond market.
, agreed to 1 year debt financing instruments.
The total registered amount means that the balance of short-term financing bonds to be repaid by the company does not exceed 654.38+0 billion yuan.
The short-term financing bonds in this issue refer to "Shanghai Metersbonwe Bang Wei Bang Wei Service" with an amount of 500 million yuan and a term of 365 days.
Decoration Co., Ltd. 2009 Phase I Short-term Financing Bonds
This issuance refers to the issuance of short-term financing bonds in this period.
Prospectus means that the company intends to issue short-term financing bonds in this period and disclose the short-term financing bonds to investors.
Information about the issuance of financing bonds made by "Shanghai Metersbonwe Bang Wei Bang Wei".
Clothing Co., Ltd. raised the first short-term financing bill in 2009.
Explain "
Announcement of issuance means that the company issues short-term financing bonds in this period according to the provisions of relevant laws and regulations.
In 2009, Shanghai Smith Barney Bang Wei Clothing Co., Ltd.
Announcement on issuing the first short-term financing bonds.
Release documents refer to documents, materials or other materials necessary in the current release process.
All amendments and supplementary documents (including but not limited to this prospectus)
Booking and publishing announcements)
Bookkeeping manager refers to the operator responsible for the actual bookkeeping filing, that is, China Merchants Bank Co., Ltd.
department
Bookkeeping filing means that the lead underwriter, as a bookkeeper, records the short-term financing subscribed by investors.
Procedures for the willingness of coupon quantity and price level
The lead underwriter means China Merchants Bank Co., Ltd.
The underwriting syndicate refers to the underwriting syndicate established by the lead underwriter according to Shanghai Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd.
The short-term financing bonds of this period organized by the company's underwriting syndicate agreement.
An underwriting syndicate composed of underwriters.
The underwriting agreement refers to China Merchants Bank Limited and the lead underwriter.
Shanghai Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd. About short-term financing bonds
Master underwriting agreement "
The underwriting syndicate agreement refers to the agreement signed by the lead underwriter and other members of the underwriting syndicate on this issue.
Haimeite Bang Wei clothing co., ltd. short-term financing bonds underwriting syndicate
Agreement "
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Balance underwriting refers to the lead underwriter's short-term financing bonds in this period in accordance with the "China Merchants Bank shares"
Ltd. and Shanghai Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd.
According to the provisions of the Financing Bonds Underwriting Agreement, after the prescribed issuance date,
I bought all the unsold short-term financing bonds in this period.
The Central Clearing Company refers to the China National Debt Registration and Clearing Co., Ltd.
Dealers' Association refers to the China Association of Interbank Market Dealers.
The inter-bank market refers to the China inter-bank bond market.
Statutory holidays refer to statutory and government-designated holidays or rest days in People's Republic of China (PRC) (China).
(Excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Province Province.
Legal holidays or rest days in the province)
Working days refer to the business days of People's Republic of China (PRC) (China) Commercial Bank (excluding French).
Set holidays)
Unless otherwise specified, yuan refers to RMB yuan.
China refers to People's Republic of China (PRC) (PRC)
Metersbonwe Bang Wei refers to the brand of Metersbonwe Bang Wei.
Me and. The city means me&; City brand
Smith Barney Group refers to Metersbonwe Bang Wei Bang Wei Group Co., Ltd.
Shanghai Metersbonwe Bang Wei Co., Ltd. refers to Shanghai Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd. and Shanghai Metersbonwe Bang Wei Bang Wei Clothing.
The predecessor of decoration co., ltd.
Bang Wei Clothing refers to Shanghai Bang Wei Clothing Co., Ltd. registered on September 14, 2006.
sell
Huafu Investment refers to Shanghai Huafu Investment Co., Ltd..
Shanghai Qige refers to Shanghai Qige Industrial Co., Ltd., formerly known as "Shanghai Qige Clothing Co., Ltd."
Company "was renamed as Shanghai Qige Industrial Co., Ltd. on June165438+1October 9, 2007.
Limited company, one of the shareholders of Huafu Investment, holds 30% shares of Huafu Investment.
Rights and interests of
Shanghai Javey refers to Shanghai Javey Investment Co., Ltd.
Smith Barney Enterprise Company/Shanghai
arouse
Refers to Shanghai Metersbonwe Bang Wei Bang Wei Enterprise Development Co., Ltd., a wholly-owned subsidiary of the issuer.
company
Ernst & Young refers to Ernst & Young Dahua Certified Public Accountants Limited.
Wenzhou Group refers to Metersbonwe Bang Wei Bang Wei Group Co., Ltd., formerly known as "Wenzhou Metersbonwe Bang Wei Bang Wei"
Limited company "
Smith Barney Sales refers to Shanghai Metersbonwe Bang Wei Bang Wei Clothing Sales Co., Ltd., a holding subsidiary of the issuer.
company
Shanghai Meiwei refers to Shanghai Meiwei Clothing Co., Ltd., dated March 2009 10.
sell
Wenzhou Smith Barney refers to Wenzhou Smith Barney Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
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Guangzhou Metersbonwe Bang Wei refers to Guangzhou Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Shenyang Metersbonwe Bang Wei refers to Shenyang Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Beijing Metersbonwe Bang Wei refers to Beijing Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Chongqing Metersbonwe Bang Wei refers to Chongqing Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., and the issuer is the controlling shareholder.
company
Chengdu Metersbonwe Bang Wei refers to Chengdu Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd. controlled by the issuer.
company
Xi Ameters Bang Wei refers to Xi Ameters Bang Wei Bang Wei Clothing Co., Ltd., the controlling son of the issuer.
company
Hangzhou Bang Wei refers to Hangzhou Bang Wei Clothing Co., Ltd., a holding subsidiary of the issuer.
Hangzhou Metersbonwe Bang Wei refers to Hangzhou Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Tianjin Metersbonwe Bang Wei refers to Tianjin Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Jinan Smith Barney refers to Jinan Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Kunming Metersbonwe Bang Wei refers to Kunming Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Fuzhou Smith Barney refers to Fuzhou Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Ningbo Metersbonwe Bang Wei refers to Ningbo Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Nanchang Smith Barney refers to Nanchang Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Harbin Metersbonwe Bang Wei refers to Harbin Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., and the issuer holds Zigong.
department
Wuhan Metersbonwe Bang Wei refers to Wuhan Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Nanjing Metersbonwe Bang Wei refers to Nanjing Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Guangxi Smith Barney refers to Guangxi Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Changchun Metersbonwe Bang Wei refers to Changchun Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Lanzhou Metersbonwe Bang Wei refers to Lanzhou Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Shenzhen Metersbonwe Bang Wei refers to Shenzhen Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Hefei Smith Barney refers to Hefei Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Miansidi refers to Shanghai Miansidi Information Technology Co., Ltd., a wholly-owned subsidiary of the issuer.
department
Suzhou Metersbonwe Bang Wei refers to Suzhou Metersbonwe Bang Wei Bang Wei Clothing Co., Ltd., a subsidiary of the issuer.
Shanghai Banggou refers to Shanghai Banggou Industrial Development Co., Ltd., a wholly-owned subsidiary of the issuer.
Museum refers to Shanghai Metersbonwe Bang Wei Bang Wei Clothing Museum, a wholly-owned legal entity of the issuer.
Franchising refers to the business model with franchising as the core, and the company
Enterprises or individuals with certain qualifications sign franchise contracts and award them.
Give it a certain time and scope, and sell the company by opening a franchise store.
Product rights, but also give it the qualification to become a company franchisee,
In practice, franchisees directly operate franchisees and report directly to the company.
Buy products and sell them to consumers at retail prices.
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Franchising refers to an independent store or counter opened by the franchisee, and its expenses shall be borne by the franchisee.
Responsible for the management of all shops or counters and undertake the corresponding management work.
expense
Direct stores refer to independent shops or counters opened by the company and its subsidiaries.
The company and its subsidiaries are responsible for the management of all shops or counters.
Make and bear all management expenses.
Fabric suppliers refer to fabric production enterprises that provide fabrics for clothing production.
Accessories suppliers refer to accessories manufacturers who provide accessories for clothing production.
Garment factory refers to a garment manufacturing enterprise that sews fabrics and accessories into garments.
Suppliers refer to fabric suppliers, auxiliary materials suppliers and garment factories.
Euromonitor refers to the authoritative organization of global consumer market research headquartered in London.
CTR refers to CCTV Market Research Co., Ltd., market information and research analysis.
ISP internet
CMT (processing with materials) means that the company buys flour and auxiliary materials by itself, and then supplies them.
The supplier is responsible for transporting the flour and auxiliary materials to the garment factory, which will make the garments.
Production organization mode of processing
FOB refers to the production team of the garment factory responsible for purchasing and processing all noodles and accessories.
Weaving pattern
IFOB (reverse designation) refers to the supplier of flour and auxiliary materials recognized and approved by the company.
The purchase price limit of noodles and accessories, and then the clothing factory intends to choose noodles.
Production organization mode of auxiliary material supplier cooperation
CFOB (directional designation) refers to the specific flour and auxiliary materials suppliers designated by the company to produce clothing.
Noodles and accessories are supplied to specific noodles and accessories by designated clothing factories.
Production organization mode of garment processing after merchants purchase
Ordering units refer to franchisees and sales subsidiaries.
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Chapter II Risk Tips and Instructions
Investors should carefully consider the following risk factors when evaluating and purchasing short-term financing bonds in this period.
Element:
I. Investment risks of short-term financing bonds in this period
1, interest rate risk
The interest rate level of short-term financing bonds in this period is based on the current market interest rate level and the credit of short-term financing bonds.
The rating is determined by institutional investors through bidding. Affected by the operation of the national economy and the national macro-policies.
There is uncertainty in the fluctuation of market interest rate. The short-term financing bonds in this issue do not rule out the long-term market.
The possibility of interest rate fluctuation will bring investors the income level of short-term financing bonds in this period.
The uncertainty of a set.
2. Liquidity risk
The short-term financing bonds in this issue will be traded and circulated in the inter-bank bond market after issuance, but they will be retained when they are transferred.
Under certain liquidity risk, the company can't provide guarantee for the short-term financing bills in the inter-bank bond market.
Quantity and activity.
3. Repayment risk
During the existence of this short-term financing bill, if the company changes due to uncontrollable market and environment,
Failure to obtain sufficient funds from the expected repayment sources may lead to the failure to repay the short-term financing bonds in this period on schedule.
Pay.
Second, the risks associated with the company.
1, financial risk
(1) Risks of large capital expenditure in the future
The company plans to invest in marketing network construction projects and information system construction projects in the future, with a total investment of.
The capital is about 2.8 billion yuan, including 2.6 billion yuan for construction investment and 200 million yuan for working capital.
The listed companies raised about 654.38+33.5 million yuan, and the insufficient part was supplemented by their own funds. Although the company's goal is
The former is in good financial condition, but it does not rule out that the company will face certain cash pressure in the future, which exists to some extent.
Risk.
(2) Capital liquidity risk
The company's products are all outsourced, and different forms of contracts are signed with suppliers, which are generally
Pay 0-20% of the payment in advance as a deposit, and the clothes delivered by the clothing factory will be put into the company's ERP warehouse.
Then pay the rest in installments. Due to the current economic downturn, if upstream suppliers tighten credit, increase
Increase the deposit ratio, the downstream prosperity will decline, and it will be impossible to pay the payment in time, and the company will face a tight capital situation.
In the past three years, the total assets and liabilities of the company have increased year by year, and the asset-liability ratio has been declining. But always
Among the liabilities, current liabilities account for a relatively high proportion. From 2006 to September 2009, the proportion of current liabilities to total liabilities is as follows
100%, 100%, 89.95% and 86.93%, mainly obtained by the company through short-term bank loans.
The funds needed for development are more short-term debts.
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(3) Risk of accounts receivable turnover rate
From 2006 to 2008, the turnover rate of accounts receivable was 265,438+0.09, 29.55 and 65,438+05.2 respectively. Accounts receivable in 2008
The turnover rate has decreased, mainly due to the company's increased credit support for a number of excellent agents, so
Resulting in an increase in the scale of accounts receivable. From the macro-economic and financial environment, production and operation situation and upstream and downstream industry economy
Comprehensive analysis of operating conditions shows that good profits and cash flow from operating activities provide stable short-term solvency.
Ensure that the company's short-term solvency is good, but it does not rule out changes in the macroeconomic and financial environment in the future.
The leisure clothing retail market is not very prosperous, and the possibility of slowing down the speed of capital withdrawal leads to the company's short-term
Solvency is affected.
(4) the risk of property mortgage
Houses and buildings owned by the company as of September 30, 2009 (book value is September 30, 2009)
466,560,030 yuan) and land use rights (the book value on September 30, 2009 was 33,575,558 yuan, as mentioned above.
Property is the headquarters of the company), as well as houses and buildings in Dandong and Hangzhou (September 2009
/kloc-0, with a book value of 65,438+09,703,902 yuan on October 30th) was mortgaged to the Agricultural Bank of China, which was 2,065,438+065,438+0 in June 2008.
The debt with the highest balance of 300 million yuan formed at the end of June 2008 is guaranteed. The company's bill discount loan is
Houses and buildings owned by the company in Nanchang (book value on September 30, 2009 was168,848,645 yuan)
The loan amount discounted by Minsheng Bank was RMB 65,438+050,000,000. If the company can't pay on time
If the above-mentioned bank loans have also been repaid, the mortgagee can exercise the mortgage right to dispose of these properties according to law to compensate for the bankruptcy of the company.
Pay off debts, thus adversely affecting the normal operation of the company.
(5) The risk of providing loans to franchisees.
In the course of operation, the company has increased some expenses to expand sales channels and enhance the strength of franchisees.
Allies provided loans for franchisees to rent houses and decorate storefronts. The company provides loans to franchisees.
The loan behavior does not conform to the general principles of loans and the relevant provisions of the People's Bank of China. March 3, 20081
After the company no longer provides financial support to franchisees in this form, the previous franchisee loans will be
Clean up after the contract expires. As of September 30, 2009, there are still 2.2 million franchisees whose loan balances have not been recovered.
Yuan.
In addition, the company's support for franchisees is to sign a tripartite joint supplementary housing lease contract.
Discussion, that is, the lessor, the company and the franchisee sign an agreement, and the company pays rent for the franchisee for a certain period of time.
Gold is given to the lessor, and then the franchisee pays the monthly rent to the company. As of September 30, 2009, the company
The balance of funds advanced by franchisees is 23,565,438+0,000 yuan. If the franchisee violates the lease contract, or supplements
If the consortium fails to repay the prepaid rent to the company on time, the company will continue to lease the original leased store on the following terms.
there will be no changes. Please refer to the legal opinion for the above information. If the franchisee is unwilling to continue leasing because of unsatisfactory sales,
If the store stops paying rent, the company may face the same business problems if it continues to use the store in the same location.
Title.
2. Operational risks
(1) Risk of fierce competition in the industry
The company's casual wear industry is highly competitive, and there are many domestic and foreign brands of casual wear retail.
The market structure is scattered. By the end of 2008, the products are Metersbonwe Bang Wei, Benny Road, Jeanswest, Pure and Tang.
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The main leisure clothing brands represented by Lion and Mason account for 4.87% of the retail market share of leisure clothing. Except for ...
In addition, Levi's, Lee, Aitan, Jack &; Jones, Only, Vero Moda and those who have just entered China.
ZARA, H & ampm and Uniqlo are also the main competitive brands in the industry. Although the company is currently in China.
The market share of leisure service retail industry is higher than that of competitors, but with the continuous segmentation of the market, it comes from
The competitive pressure of competitive brands at home and abroad will continue or even increase, which may lead to the sales of the company's products.
Price reduction or sales reduction, thus affecting the company's operating performance.
(2) Macroeconomic fluctuation risk
The subprime mortgage crisis, which began in July 2007, evolved into a century-long global sweep in August 2008.
The global economy is being greatly impacted by the sudden financial crisis. As the fourth largest economy in the world
China has not been spared in this financial crisis. Although the company's mass consumer goods sales business is relatively
Other industries are limited, and China's economy is gradually recovering. Macroeconomic fluctuations have a negative impact on the company.
Our operation still has some negative effects, which adversely affects the profitability of the company.
(3) Risk of rapid business expansion and insufficient target stores.
The company's new brand me &；; The establishment and promotion of the city and the feasibility of the expansion of two brand stores of the company.
The analysis is based on the current economic development level and speed, market environment, industry development trend and consumers.
Consumption habits and other factors, combined with the company's many years of operating experience. If the market environment changes suddenly in the future,
Intensified competition in the industry, improper location of shops, and inaccurate grasp of consumer preferences will all happen.
It will have a great impact on the operation of enterprises.
In addition, enterprises also need to face the competition for store resources from other retail industries. Shops are important to the retail industry.
It is the most fundamental sales channel, so high-quality store resources are not only many casual wear manufacturers in the domestic market.
The target of competition is also other clothing retail enterprises, electronic consumer goods chain enterprises and food retail.
The object of competition between enterprises and catering enterprises. The domestic leisure clothing retail industry as a whole is also in fierce competition.
In the environment. More and more product styles of the company also put forward higher requirements for store area. if
Failure to obtain enough store resources will affect the company's future business development.
(4) Suppliers control risks and increase procurement costs.
The company itself does not produce, and all products are outsourced. Although the company has a strict set of product suppliers.
Grid selection mechanism and quality control system, but the quality and output of the company's products are still subject to the supply of flour and accessories.
The quality of raw materials provided by suppliers and the production quality, production speed and management level of garment factories are all affected.
With the expansion of the company's scale and the introduction of new brands, if there are not enough qualified garment factories to provide services for the company,
Service, there may be insufficient supply of products or the quality can not meet the company's requirements, thus affecting the company's operation and production.
Have an adverse impact.
The company buys goods from many fabric suppliers, auxiliary materials suppliers and garment factories. Recently, domestic raw materials,
Labor and logistics prices are basically stable, effectively controlling the company's procurement costs, but not excluding the future.
The risk of cost increase will lead to an increase in the company's operating costs and affect the company's gross profit margin.
(5) Risks of product transportation, storage and information management system.
The company's product transportation mainly depends on third-party logistics enterprises. Due to the large number of logistics enterprises, the public
It is difficult for our company to manage it. Once the logistics enterprise appears negligence or mistake, it may lead to