Dear Bird: Channel Sinking Depends Too Much On Distributors.

As of September 30, 2016, sports brand

Operating income of 1 billion 378 million yuan, down 1.68% over the same period last year.

Net profit attributable to shareholders of listed companies fell 12.93% to 178 million yuan compared with the same period last year. Meanwhile, the number of stores decreased by 263 during the reporting period, and advertising expenses were also reduced.

With the Olympic Games Dongfeng, the number of terminal expansion was a sharp weapon for the growth of many manufacturers.

This is a "ride" from 2009 to 2011.

The number of retail terminals expanded from 1847 to 5067, a compound growth rate of 65.63%, and reached its peak in 2012. The company's operating income was as high as 2 billion 800 million yuan, and its net profit reached 500 million yuan.

After 2012, the performance of the precious birds began to go downhill. At the end of last year, the business income of the precious birds fell to 1 billion 970 million yuan, and net profit dropped 66% compared with 2012.

Channel sinking depends too much on distributors.

Reporters in the data released by the birds revealed that the trip and the name of shoes were not included in the consolidated statements. During the reporting period, the main source and terminal status of the company's main business was still a single brand.

It is reported that the problem of single brand income of main business has been maintained for nearly ten years, and its sales mainly include wholesalers and distributors who sell their products through their own retail terminals or subordinate retail operators.

According to the announcement, the total number of existing stores is 4202, of which only 4 are direct stores, and the rest are dealers agent terminals.

At the same time, the distribution of their stores is mainly concentrated in small and medium-sized cities. As of September, there are 428 retail outlets, 838 second tier cities, 1605 cities in three cities, 1331 cities in four cities, three or four of which are 70% of the total sales.

The industry believes that such a pattern led to a strong dependence on dealers.

At the same time, because of the decentralization of villages and towns, it is difficult to achieve centralized increments, and the management level of relevant dealers will also weaken.

So it's not so easy for you to keep targeting the mass market.

Multi channel layout, capital operation, hope for self rescue

With the gradual development of mass sports, the domestic sports industry is gradually warming up.

In 2015, the major sports brands reported that Lining ended 3 consecutive years of losses.

XTEP, 361 degrees, PEAK and other brand performance also showed signs of recovery.

Among them, Anta led by 11 billion 126 million yuan of business revenue and an increase of 24.7% over the same period. XTEP, 361 degrees and PEAK business income reached 5 billion 295 million yuan, 4 billion 459 million yuan and 3 billion 110 million yuan respectively.

In the awkward stage of low performance, the birds are aware of the new opportunities for development in the big environment. The sports industry has been allocated since last year, and the 240 million yuan curve has been invested in tiger sports.

You said that capital will drive the upgrading of sports industry, and use capital investment and introduce overseas subdivision sports brand to improve the layout of online and offline channels.

Everbright Securities analysts believe that, benefiting from the development of mass sports, the sports industry has a relatively high degree of prosperity at present. It is optimistic that the introduction of multi brand and multi-channel channels and penetration of market segments will enhance the performance of the sports industry. With the gradual introduction of subsequent M & A and the synergy effect of sports footwear industry and sports industry investment, the merger and acquisition of sports shoes and clothing industry and sports industry investment will continue.

There are also people in the industry who believe that the upgrading of the sports industry has not really supported the rescue of the birds. The upgrading and pformation of the sports industry can bring long-term benefits to the birds, but it can not help the brand at the operational level. In fact, it still stands for Nike and Adidas.