Mei Bang Dress: The First Provisional General Meeting Resolution 2010

Wonderful review:

Mei Bang apparel 002269) Orient Securities said that the development of MB brand is getting better and better.

Nearly half a year later, Smith Barney clothing (002269, closing price of 29 yuan) for the first time to adjust the incentive plan.

The company announced last night that it would reduce the number of shares from less than 6 million 300 thousand shares to less than 5 million 900 thousand.

At the same time, the net asset yield of 2010 should not be less than 12% in the first exercise right condition, but not less than 20%.

Some analysts believe that this change means that the United States State clothing may increase franchisees in the future.

According to the disclosure of the latest equity incentive plan, Smith Barney will award up to 5 million 900 thousand shares to the incentive target, accounting for 0.587% of the total capital stock, of which 5 million 325 thousand are awarded for the first time, accounting for 0.530% of the total capital stock, and 575 thousand reserved, accounting for 9.75% of the total number of stock options granted, accounting for 0.057% of the total share capital.

It is noteworthy that the company has shortened the 4 years of the first right period, the 3 year of the second franchise period, the 2 year of the third franchise period, and the 1 years of the fourth power period, which are all reduced to 1 years.

The daily economic news reporter found that in addition to the directors and executives, the other 193 people to be encouraged should be reduced to 187.

This means that 6 people will not participate in the equity incentive.

In addition, the number of shares granted to other core technicians was adjusted from 3 million 885 thousand to 3 million 525 thousand.

In addition to changes in the above factors, the exercise conditions have also been adjusted.

The United States will unveiled the first performance appraisal goal in April, which is not less than 12% of the net asset yield in 2010, but not less than 20%. At the same time, the net asset yield of ~2013 in 2011 will be changed to no less than 20.5%, 21% and 21.5% respectively.

What's interesting is that in 2009, the net assets yield of American bond was 20.2%, which was close to the adjusted exercise conditions.

What kind of mystery may be hidden behind the improvement of American state dress?

Last night, a veteran clothing dealer researcher told the daily economic news that there are two possible purposes for improving the exercise conditions of American state dress: first, giving good profits to boost the stock price. Secondly, raising the net asset yield rate is likely to suggest a future increase in the channel.

It is possible that the net asset yield can be increased very quickly by reducing direct business and increasing franchise.

This is a good thing for this company with higher marketing cost.

Statistics show that in the first half of this year, the net profit of Smith Barney clothing was 40 million 336 thousand yuan, down 83% from the same period last year. The gross profit margin was 42.76%, lower than that at the end of last year, 44.52%. The three growth rate of fees rose from 45.69% at the end of last year to 50.48%.