YOUNGOR Is Facing Pressure On Inventory Pressure To Raise Its Solvency

< p > although the net profit of < a href= "//www.sjfzxm.com/news/index_c.asp" > YOUNGOR < /a > is 960 million yuan in the first half of this year, it is difficult to hide its high inventory and high debt.

Yesterday, according to a group of Accountants in YOUNGOR semi annual report, a group of data analysis, introduced that the company's liquidity ratio, asset liability ratio and other sets of data are "unqualified", which means that "YOUNGOR has great challenges in solvency".

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< p > < strong > inventory turnover needs 200 Yu Tian < /strong > /p >

< p > < < a href= > //www.sjfzxm.com/news/index_c.asp > > garment industry > /a > painful pformation. YOUNGOR, which is squeezed by multiple problems such as high storage and storage, is poor in its performance in the first half.

China Daily reported that the company's operating income was 7 billion 989 million yuan, an increase of 47.2% over the same period, the net profit attributable to shareholders of listed companies was 960 million yuan, up 8.81% over the same period last year.

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< p > although YOUNGOR emphasized that the 484 million yuan deposit which was deducted from the Hangzhou Shenhua land contract had an impact on the net profit performance, the real estate revenue performance has become the main driving force for the net profit increase in the reporting period.

Data show that in the first half of, the real estate business of the company achieved a business income of 5 billion 302 million yuan, achieving a net profit of 554 million yuan, and two indicators have occupied the majority of the overall performance of the company.

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< p > however, in the same period, the main business of garment industry was dwarfed. The net profit in the reporting period was reduced by 37.75% compared to the same period last year, which was 328 million yuan.

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< p > from YOUNGOR's earnings report, it is found that the inventory pressure of the company at the end of the reporting period is still not small. Its < a href= "//www.sjfzxm.com/news/index_c.asp" > brand clothing < /a > the total amount of inventory is 1 billion 340 million yuan.

For this achievement, YOUNGOR seems to be more satisfied and said that thanks to the development of the long line classic products and the further development of the order replenishment system, the inventory at the end of the year was 120 million yuan lower than the 1 billion 460 million yuan at the beginning of the year, which was reduced by 8.2%.

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< p > however, a long-term concern of the clothing industry accountants, through YOUNGOR earnings report calculated, the company's clothing plate inventory turnover days up to 200 Yu Tian.

"A more serious stock backlog will make it impossible for the company to change its sales through sales, causing the enterprise capital chain to be strained."

The accountant said.

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< p > < strong > net asset liability ratio is close to 300% < /strong > < /p >

< p > according to another introduction, besides the high inventory, YOUNGOR's liabilities are also at a high level.

Up to the end of the reporting period, its liabilities totaled 35 billion 224 million yuan, while the net assets of the company were 12 billion 406 million yuan and the net assets liabilities ratio was almost 300%.

For this figure, there is an analysis that the intuitive understanding is that the company's own net assets are far lower than the company's liabilities, unable to repay its debts through its own assets, "we must constantly borrow and maintain business and take advantage of the east wall to make up for the west".

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< p > for the company's high liabilities, insiders believe that the main reason is that the company has invested more in real estate business. "Real estate is a typical capital intensive industry, and the profitability of the main business is not high. In order to get financial support for the development of its real estate business, the company can only borrow money".

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< p > < strong > debt paying ability is facing challenges: < /strong > /p >

< p > however, the "debt management" strategy also faces the risk of "repayment of money".

The aforementioned accountants listed the following sets of data in YOUNGOR's earnings report to the Beijing Commercial Daily reporter: 32 billion 295 million yuan in current liabilities, 30 billion 142 million yuan in current assets, 35 billion 224 million yuan in total liabilities, and 47 billion 932 million yuan in total assets. After calculation, the turnover ratio of YOUNGOR was 93%, and the asset liability ratio was 73%.

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< p > the accountant explained that the above two sets of ratios are the reference values for measuring the solvency of the company.

Among them, the liquidity ratio is used to measure the liquidity of the enterprise assets that can be converted into cash for debt repayment before the maturity of the short-term debt. Generally speaking, the normal turnover ratio should be above 2:1. In terms of data, the ratio of YOUNGOR is far from the standard.

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< p > "asset liability ratio" refers to how much of the total assets of the company is raised through liabilities. This index is a comprehensive index to evaluate the company's liabilities level, the normal level is 40%-60%, and YOUNGOR also exceeds this normal range.

After another calculation, the company's cash ratio, net debt ratio and other data are also not up to standard, and these data reflect the fact that YOUNGOR's current solvency is facing challenges.

The accountant concluded.

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< p > but he also pointed out that YOUNGOR's main force in the real estate industry has increased a lot of uncertainty about its solvency.

"On the one hand, in the current situation, real estate is still a relatively profitable industry, which may bring some expected revenue to YOUNGOR.

However, the long-term development of the real estate business has forced the company to borrow heavily, which has increased the company's operational risk.

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