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2016年安踏持续经营利润达23.83亿 远超其他国产体育品牌
作者:admin 发布于:2018-11-17 11:01

在有“中国鞋都”之称的福建晋江,安踏体育(02020.HK)是一家无人不知的体育用品公司。“要多支持国货!而且我们的东西也不比其他品牌差。”安踏体育晋江品牌店店长李立对界面新闻记者说。
 
Anta Sports (02020.HK) is an unknown sporting goods company in Jinjiang, Fujian Province, which is known as the "shoe capital of China". "We must support more domestic products, and our goods are no worse than other brands." Anta sports Jinjiang brand store manager Li Li told the interface reporter.
 
 
 
作为鞋业“去库存大战”中的胜利方,安踏体育近年来佳绩频传。2016年年报显示,安踏体育当年实现营业收入133.48亿元,持续经营利润达到23.83亿元。同样出自福建晋江的品牌361度(01361.HK)、特步国际(01368.HK)以及贵人鸟(603555.SH),去年净利润分别仅为4亿元、5.2亿元以及2.9亿元。比较来看,安踏体育的收入及利润规模,远超其他品牌。
 
As the winning side of the shoe industry "go to inventory war", Anta sports has made frequent achievements in recent years. According to the 2016 annual report, Anta Sports realized 13.348 billion yuan in revenue and 2.383 billion yuan in continuous operating profit. The same brand from Jinjiang, Fujian Province, has 361 degrees (0136.1 billion HK), Tabu International (0136.8 billion HK) and Guirenbi (6035.55 billion SH). Last year, net profit was only 400 million yuan, 520 million yuan and 290 million yuan, respectively. Comparatively speaking, the income and profit scale of Anta sports far exceeds that of other brands.
 
 
 
2016年安踏持续经营利润达23.83亿 远超其他国产体育品牌
 
In 2016, Anta's continuous operating profit reached 2 billion 383 million, far exceeding that of other domestic sports brands.
 
 
 
而对比“老对手”李宁(02331.HK),安踏如今也稳操胜券。2016年,在改进原有跑步、篮球、休闲产品的同时,加快了对快时尚品牌的重塑和优化后,李宁终于扭亏为盈。2016年李宁营业收入80.33亿元,实现利润2.5亿元。虽然这一成绩已经是近五年来李宁最好的成绩,但仍不及2011年的业绩表现。
 
Compared with Lining, the old rival, Anta is now in the 02331.HK. In 2016, while improving the original running, basketball and leisure products, Li Ning speeded up the remodeling and optimization of Fast Fashion brand, and finally turned the loss into profit. In 2016, Lining's operating income was 8 billion 33 million yuan, with a profit of 250 million yuan. Although this achievement has been the best achievement of Lining in the past five years, it is still not as good as its performance in 2011.
 
 
 
自2008年“体操王子”李宁在北京奥运会上的“飞天点火”之后几年时间里,李宁从收入规模上来看仍是行业内的龙头大哥。数据显示,2007年至2010年,李宁的收入分别为43亿元、66亿元、83亿和94亿元。而同期,安踏体育的收入分别仅为31亿元、46亿元、58亿元以及94亿元。那时,安踏还是追赶者。
 
Li Ning, the "prince of gymnastics" in 2008, has been the leader in the industry in terms of income scale for several years since the "flying sky ignition" at the Beijing Olympic Games. Data show that from 2007 to 2010, Lining's income was 4 billion 300 million yuan, 6 billion 600 million yuan, 8 billion 300 million yuan and 9 billion 400 million yuan respectively. In the same period, the income of Anta sports was only 3 billion 100 million yuan, 4 billion 600 million yuan, 5 billion 800 million yuan and 9 billion 400 million yuan. At that time, Anta was still a chaser.
 
 
 
但在2011年,一切都发生了改变。数据显示,包括匹克体育、李宁等港股体育用品上市公司2007年行业增速达到90%以上,到2008年增速仍维持在75%以上。但是在2010、2011年后两年增速连续下移,到2012年收入增速下滑4.77%。匹克体育、李宁等公司的营业收入和利润增速甚至呈现了负增长。可以说,行业的业绩拐点已到来。
 
But in 2011, everything changed. The data show that the growth rate of sports goods listed companies in Hong Kong, including Pick Sports and Li Ning, reached more than 90% in 2007 and remained above 75% in 2008. However, in the 2010 and 2011 years, the growth rate continued to move downward, and the growth rate of revenue dropped by 4.77% in 2012. PEAK sports, Lining and other companies operating income and profit growth even showed a negative growth. It can be said that the turning point of the industry's performance has arrived.
 
 
 
在李宁等品牌增长乏力的同时,安踏体育却开始发力。2011年安踏实现利润17亿元,同期李宁的净利润仅为3.85亿元。2012年安踏体育更是站稳了脚跟。当年实现持续经营利润13.5亿元,而李宁却出现了大幅亏损,亏损额达到了19亿元,亏损一直延续到了2015年。
 
While Lining and other brands were weak, Anta sports began to exert their strength. In 2011, Anta realized a profit of 1 billion 700 million yuan. In the same period, Lining's net profit was only 385 million yuan. In 2012, Anta sports had a firm foothold. In that year, Li Ning realized a sustained operating profit of 1.35 billion yuan, but it suffered a huge loss, which reached 1.9 billion yuan, and the loss continued until 2015.
 
 
 
安踏体育和李宁的地位反转,来得猝不及防却又理所应当。深究其背后的原因,可能并非是安踏做对了,而是李宁做错了。
 
The reversal of Anta sports and Lining's status has caught us off guard. The reason behind it may not be that Anta has done the right thing, but that Lining has done something wrong.
 
 
 
虽然说在2010年之前,李宁的收入规模遥遥领先。但利润方面,早在2007年安踏就已超越了李宁。2007年,李宁和安踏分别实现4.7亿元以及5.3亿元的净利润。
 
Although it was said that before 2010, Lining's income scale was far ahead. But in terms of profits, as early as 2007, Anta had surpassed Lining. In 2007, Lining and Anta realized net profit of 470 million yuan and 530 million yuan respectively.
 
 
 
造成李宁收入巨大却并不赚钱的主要原因,与其“铺张浪费”有着直接的关系。数据显示,李宁的销售费用占收入的比重自2006年开始就处于行业内的最高水平。2011年,其销售费用占比为28.3%,其中广告及市场推广费用高达15.67亿元,占收入比重达到17%。同期,安踏体育的销售费用占比仅为16%,广告及宣传费占比为13.7%,金额为12亿元。此后,李宁的销售费用始终高于同行水平。李宁可以有如此大的收入规模,与其高额的推广和销售费用有着直接的关联。
 
The main reason for Li Ning's huge income but not making money is directly related to his "extravagance and waste". Data show that Li Ning's sales expenses as a proportion of revenue has been at the highest level in the industry since 2006. In 2011, its sales expenses accounted for 28.3%, of which advertising and marketing expenses amounted to 1.567 billion yuan, accounting for 17% of revenue. During the same period, Anta Sports accounted for only 16% of the sales expenses, while advertising and publicity accounted for 13.7% of the total amount of 1.2 billion yuan. Since then, Lining's sales costs have always been higher than peers. Li Ning can have such a large income scale, which is directly related to its high promotion and sales costs.
 
 
 
另一方面,李宁的运营能力却相当一般。以零售行业的关键指标存货以及应收账款周转天数举例,数据显示,2006年李宁的存货以及应收账款周转天数分别为69天和54天,而安踏则分别为41天和19天。存货周转天数越短,意味着企业库存周转的越快,被认为是零售企业有销售活力的象征;应收账款周转天数代表着企业对于下游经销商的议价能力。应收账款周转天数越短,回款速度越快。对比这两个数据,安踏体育都略胜一筹。
 
On the other hand, Lining's operation ability is quite general. Taking the key indicators of retail industry inventory and accounts receivable turnover days as examples, the data show that in 2006, Li Ning's inventory and accounts receivable turnover days were 69 days and 54 days respectively, while Anta's was 41 days and 19 days respectively. The shorter the days of inventory turnover means that the faster the inventory turnover of enterprises, which is considered as a symbol of the sales vitality of retail enterprises. The days of accounts receivable turnover represent the bargaining power of enterprises for downstream distributors. The shorter the receivable turnover time, the quicker the repayment rate. Compared to these two data, Anta sports are slightly better.
 
 
 
受此影响安踏体育的存货数远低于李宁。数据显示,在2015年之前,无论收入方面安踏体育如何高,但存货的数量却远低于李宁,直到2016年才由于李宁存货数量骤减而高于李宁。受此影响,安踏的2005年-2010年的平均存货周转率高达9.3%,相较李宁仅有5.8%。
 
Affected by this, the stock of Anta sports is much lower than that of Lining. Data show that before 2015, regardless of how high the income of Anta Sports is, the number of inventory is much lower than that of Li Ning. It was not until 2016 that Li Ning's inventory was higher than Li Ning's because of the sharp decline in the number of inventory. Affected by this, Anta's average inventory turnover rate in 2005-2010 was 9.3%, compared with Li Ning's only 5.8%.
 
 
 
数字折射出的正是两家企业本质的区别:库存管理的能力。而在2010-2015年体育用品产业去库存的周期内影响深远。
 
It reflects exactly the difference between the two enterprises: the ability of inventory management. In the 2010-2015 year, the sports goods industry has a profound impact on the inventory cycle.
 
 
 
2008年北京奥运会前期,行业处于快速发展的阶段。几乎所有的体育用品企业都卯足劲通过加杠杆的方式,加速企业扩张。以李宁的门店数量举例。2007年以及2008年,李宁分别新开门店数936家以及1012家。截至2008年末,李宁共开设门店6245家,并在此后的3年内进一步扩张,2011年末开设门店数高达8255家。安踏体育的路径较为类似,2007年以及2008年新开设门店608家以及1065家,2011年末达到了9297家门店。
 
In the early 2008 Olympic Games in Beijing, the industry was in a stage of rapid development. Almost all sporting goods companies accelerate the expansion of enterprises through leverage. Take Lining's number of stores as an example. In 2007 and 2008, Lining opened 936 stores and 1012 new stores respectively. By the end of 2008, there were 6245 stores in Li Ning, which expanded further in the following three years. By the end of 2011, there were 8 255 stores in Li Ning. Anta Sports has a similar path. 608 new stores and 1065 stores were opened in 2007 and 2008, and 9 297 stores were opened in late 2011.

 


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