China’smulti-brandfashiongroupNingboPeacebirdFashionClothingCo.,Ltd.(hereinafterreferredtoas”Peacebird”)discloseditsresultsforthefirsthalfof2021today(August9)eveningQuicknews,duringthereportingperiod,thecompanyachievedoperatingincomeof5.015billionyuan,ayear-on-yearincreaseof55.88%;netprofitattributabletoshareholdersoftheparentcompanywas411millionyuan,ayear-on-yearincreaseof240.52%.
For the reason why the company’s profitability has improved significantly since the second quarter and the overall profitability is continuously optimized, Peacebird explained that the report During the period, the company continued to focus on improving the quality of operations and firmly promoted various operational reforms such as brand rejuvenation, channel structure optimization, product rapid response capabilities, and organizational vitality stimulation. The operating performance maintained stable and sustainable growth; at the same time, profits The main manifestations of growth are: the operation quality and profitability of direct sales channels have been significantly improved; the franchise channel store expansion and terminal retail sales have resumed effective growth; the new retail operation capabilities of e-commerce channels have gradually increased, etc.
Industry insiders believe that Peacebird focuses on the fashion needs of young consumers, with various products such as Peacebird fashion shows and IP cross-border joint branding. methods to enhance the cognitive stickiness of brand rejuvenation; clarify the focus of channel operations from value dimensions such as strategy, brand, and finance, and open up the closed loop of online and offline omni-channels; at the same time, the company launches a technology digital transformation project to achieve appropriate design, precise marketing, and improve The company’s operating efficiency is improving and the future is improving.
Ma Li, an analyst at Zheshang Securities, also pointed out this evening that after adjusting its product style in the past 2-3 years, Peacebird has successfully aligned itself with young consumers around the age of 25. In addition, the product reshaping dividends brought about by the adjustment of organizational structure have also made PEACEBIRD gradually become a leading fashion brand representing China’s young people. In Ma Li’s view, against the background of the obvious decline in traffic of international brands in the same price range, Peacebird is expected to further absorb traffic and expand its market share under the current continuous upward brand trend. The second quarter of this year is the fifth quarter of continuous high revenue growth for Peacebird, which fully illustrates its current high-speed upward trend.
In the long term, the fast fashion field in which Peacebird is located has a vast market space. Looking at overseas markets, local fast fashion brands occupy the forefront of the clothing market (second in GAP in the United States, Japan’s Uniqlo ranks first). Currently, Peacebird only has a market share of 0.5% in China’s footwear and apparel market (14th) and still has considerable room for growth. Ma Li said frankly that she is confident that Peacebird’s sales will continue to increase due to the rejuvenation of its brand and products as well as its digital reform. The development direction of Peacebird is the correct path for the long-term development of China’s fast fashion industry.
Since this year, Peacebird’s profitability has improved significantly, and its overall profitability has been continuously optimized. The financial report shows that in the first quarter of 2021, The company achieved operating income of 2.67 billion yuan, a year-on-year increase of 93.1%; net profit attributable to shareholders of the parent company was 203 million yuan, a year-on-year increase of 2222%. As of the end of the first quarter, the company had a total of 4,632 offline stores, including direct-operated and franchised stores. They reached 1,570 and 3,062 respectively, and the total number of stores exceeded the high of 4,594 in 2018.
Points In terms of products, the operating income of the women’s clothing sector reached 1.097 billion yuan, a year-on-year increase of 120.42%; the operating income of the men’s clothing sector was 793 million yuan, a year-on-year increase of 77.20%; the operating income of Leding women’s clothing was 363 million yuan, a year-on-year increase of 82.97%; the operating income of the children’s clothing sector was 316 million yuan Yuan, a year-on-year increase of 76.08%; operating income of other segments was 80 million yuan, a year-on-year increase of 87.12%.
Tianfeng Securities analyst Sun Haiyang also said that Peacebird had a strong ability to resist risks during the epidemic, and also showed a strong recovery trend after the epidemic. From observation, when the epidemic broke out in early 2020, clothing The industry has also been greatly affected. In the first quarter of 2020, Peacebird’s operating income reached 1.383 billion yuan, a year-on-year decrease of 16.66%. In the second quarter of 2020, operating income was 1.834 billion yuan, a year-on-year increase of 25.56%. It quickly recovered; in the first half of 2020, the company’s operating income 3.217 billion yuan, a year-on-year increase of 3.11%. The revenue and growth rate in the third quarter and fourth quarter of 2020 reached 2.304 billion yuan, a year-on-year increase of 22.34%, and 3.866 billion yuan, a year-on-year increase of 32.20%.
At the same time, while the epidemic in 2020 has put pressure on the offline stores of major clothing brands, it has also effectively promoted online live broadcast operations and MCN influencer agency broadcasts , a new model of cooperative operation with goods, the live broadcast industry has become the mainstream online marketing model for apparel products. According to public data, as of December 2020, the key monitoring e-commerce platform has accumulated more than 24 million live broadcasts, and the market size has reached 961 billion yuan, a year-on-year increase of 121.5%.
Peacebird complies with the online live broadcast model to expand and promote the market trend. Online content creation and marketing has expanded from traditional e-commerce to social/interest e-commerce, and has been promoted on Bilibili and Doujiu. Increase content creation and investment on social platforms such as Music, Xiaohongshu, etc., effectively introduce traffic from young customer groups (especially Generation Z), increase brand exposure and attention, and achieve precision marketing. In the future, with the implementation of the company’s technology digital upgrade project, based on the organic combination of demand insight, trend prediction, and accurate design of upstream links, Sun Haiyang believes that the company’s online channels will rely on brand self-broadcasting and multi-platform content creation in the future. It is expected to contribute momentum to the expansion and development of the company’s online channels and the growth of terminal performance.
As the consumption habits and concepts of young customer groups (such as Generation Z, also the company’s core customer group) gradually change, Online channels have become a high-frequency way to shop for apparel. Peacebird has rapidly promoted the growth of online retail this year and has become one of the key business objectives of the channel. Peacebird has been deeply involved in expanding the traditional e-commerce platform of Tmall Taobao. In Tmall’s “Double Eleven” promotion event in 2020, the company’s PB women’s wear, PB men’s wear, Le Ding girls’ wear and mini PB children’s wear were sold in corresponding sub-categories. Top 10; in addition, Peacebird focuses on new social e-commerce channels such as Douyin. According to Taobao third-party data, the retail transaction volume of Peacebird women’s clothing reached 89.234 million yuan in June 2021, promoting deep link interaction between the brand and young consumers.
Dongxing Securities researcher Liu Tiantian said frankly that Peacebird’s past profitability was at a weak level among brand clothing. In 2020, the company’s net interest rate level reached 7.59%, which is the best level since listing; in the first quarter of 2021, the net interest rate level was 7.62%, which was the best single-quarter profit level since listing. Liu Tiantian predicts that as Peacebird deepens its management reform in the future and fully connects e-commerce and business units, its supply chain, products, and channels will become more streamlined, and its profitability will continue to rise, with the potential to break through the double-digit net profit rate level.
Public information shows that the predecessor of Peacebird Group was founded in 1989, and the “Peacebird” brand was founded in 1996. Over the past 20 years, it has experienced Through the three stages of rapid development, performance slowdown and rejuvenation strategic transformation, it has successfully cultivated PEACEBIRDMEN, PEACEBIRDWOMEN, MiniPeace, LEDIN, PEACEBIRDLIVIN and many other brands. A fashion apparel and lifestyle brand, covering all areas of men’s clothing, women’s clothing, children’s clothing, home furnishing and other fields, and the fashion matrix is constantly improving.
Since its listing on the A-share market, Peacebird has always regarded “focusing on fashion, data-driven, and full-network retail” as its core development strategy, and has gradually established a three-dimensional retail store with full-network and all-channel collaboration. model to help integrate online and offline development.
Peacebird currently closes at 54.46 yuan per share, an increase of 1.10%, with a market value of 25.5 billion yuan.
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