Zhou Dasheng to regain the rapid expansion of IPO franchise stores

Join the store IPO big health CCTV exposure

shidaizhoubao· 2016-11-29 08:33:52

11 [Abstract]

16, in the capital market for a period of silence for some time Zhou Dasheng jewelry Limited by Share Ltd (hereinafter referred to as "Zhou Dasheng") and submitted to the securities and Futures Commission prospectus.

times weekly reporter Li Wanshan from Guangzhou

11 month 16 days, a period of silence in the capital market of the Zhou Dasheng jewelry Limited by Share Ltd (hereinafter referred to as "Zhou Dasheng") has submitted a prospectus to the commission.

public information, Zhou Dasheng "Zhou Dasheng" brand mainly engaged in jewelry design, promotion and chain operation, is the leading brand in the high-end market mainstream diamond jewelry, the main products include diamond jewelry and gold jewelry.

as early as the end of 2014, Zhou Dasheng had a "backdoor" failure to IPO, after no below. Two years later, Zhou Dasheng was still listed on the Shenzhen Stock Exchange, the issuance of not more than 79 million shares of A shares, equity investment projects to raise funds and the total investment has not changed. However, in 2014 the prospectus, Zhou Dasheng is still able to produce a "compound growth for each reporting period operating income rate of 21.06%" good record, but from 2013-2015, Zhou Dasheng's revenue grew by only 1.89%.

Zhou Dasheng repeatedly stressed in the prospectus, Zhou Dasheng take the asset light, integrated operation management strategy, in this mode, Zhou Dasheng will be entrusted to the production manufacturer of production and processing, and adopt the channel expansion strategy to the franchisee based. Although Zhou Dasheng stressed that this can allow the company to put more energy into the brand building, terminal channel management and other core aspects, but this model also allows it to face a certain quality control risk.

2013, CCTV 315 party exposure Zhou Dasheng suspected of brand gold adulteration, and Zhou Dasheng responded that the preliminary investigation of the batch of unqualified products from a supplier, then the test results released in Shenzhen, Chongqing, Ji'nan and other places that all batches of product sampling qualified Zhou Dasheng 100%. The impact of the crisis on Zhou Dasheng can make nothing of it, for the first time the impact of IPO failed now, and Zhou Dasheng will tell the story of how to win the favor of the capital market?

jewelry industry over the "week"

official website shows, 1999, Zhou Dasheng opened the first shop, Wangfujing department store in Beijing today, Zhou Dasheng has been in the country with the marketing terminal 2288 stores, including 1994 stores, 294 stores.

is interesting, the current domestic market a lot of jewelry brands are invariably zone "week" "life" "blessing" word, deputy secretary general Chinese jewelry industry association Ren Jin told the weekly Times reporter, initially some well-known jewelry brand in Hongkong, with these words, then many brands are so named, these enterprises and there is not much contact.

Guangdong Yang right law firm senior partner Li Ying told the weekly Times reporter, in theory, this kind of close relatives named behavior will certainly produce confusion. But because many similar trademarks have been approved by the Trademark Office, that the official name of the way will not cause confusion in the view, in fact, it does not matter whether or not constitute a confusion. But for those old brand, a large number of similar names will dilute the influence of the brand. The media reported that Zhou Dasheng

, formerly known as the overseas Chinese Zhou family was founded in Hongkong, the "Dragon Trading", then "big dragon Matheson and Zhou" joint venture founded in Hongkong Zhou Dasheng, but the prospectus did not mention the Dragon co.. On Zhou Dasheng's actual controller Zhou Zongwen, Zhou Huazhen couple of biographical introduction, does not appear related to dragon, work experience, and although Zhou Dasheng and time-honored jewelry brand "Zhou Dafu" and "Zhou Shengsheng" the similar name, and Zhou Zongwen, Zhou Zhen Hua married also surnamed Zhou, but from the prospectus, and his wife close relatives and the time-honored no association between Zhou Dasheng and the origin, these enterprises, Zhou Dasheng also did not reply.


exposure event in the absence of listing, take asset light expansion strategy to Zhou Dasheng in a relatively short period of time has achieved good results, but at the same time, the lack of its own scale of production capacity also let Zhou Dasheng production schedule lack deployment efforts.

has been, Zhou Dasheng mainly to join in the sale of diamond inlay products, and gold jewelry such non mosaic products mainly through the supplier to complete the supply.

2013 Zhou Dasheng, a franchise store thousands of gold "gold content exposure of 315 party is only 99.44%, the company said that" the batch of products from a supplier, involving thousands of gold jewelry 148. "As for the results of the event, Zhou Dasheng said in the prospectus, the company actively cooperate with the local industry and commerce, quality inspection departments to conduct a comprehensive inspection and sampling work, test results of all qualified".

and in the 315 incident, Zhou Dasheng whether to take measures to prevent the matter produced? As of press time, Zhou Dasheng did not give reporters a reply to the weekly Times reporter through the director of the Beijing law firm Guo Xu to Guo Xu, the relevant provisions of the securities law requires companies to be listed in the last three years without major violations, CCTV exposure product quality problems can be regarded as the major violations, but because the behavior has been more than three years therefore, this matter to Zhou Dasheng this listing may have little impact.

force electronic business platform

despite the establishment of a long time, but now Zhou Dasheng has become one of the Chinese market has a considerable market influence of the gold jewelry brand.

2015 "China jewelry industry development situation" shows that in 2015, the Zhou Dasheng brand market share of 4.3%, ranking third in the industry, after 80 years of Zhou Dafu and 100 years old fengxiang.

in more than ten years of extensive scale, take cities and seize territory, leading Zhou Dasheng to take the channel strategy plays a very important role. According to Zhou Dasheng's plan, regional sales stores and franchise stores for differentiated from each other, business area stores mainly for large city municipalities directly under the central government, part of the capital city in the main urban areas, other areas are mainly by the franchisee business. But times weekly reporter found that, during the reporting period (2013-2015), Zhou Dasheng appeared to join into the self back situation.

from 2013 to 2015, Zhou Dasheng's annual net increase of about 100 stores. Each new franchise income rose from 202 million yuan in 2013 to 285 million yuan in 2015; at the same time the number of self operated stores are reduced, the year 2015, Zhou Dasheng turned off the 70 own stores, accounting for about 20.65% of the total 2014 stores, when the number of company operated stores is reduced 40. Each new store opened its own revenue from 85 million 758 thousand yuan down to 35 million 4 thousand and 500 yuan.

Zhou Dasheng said in the prospectus, for some of the outstanding performance of the self store, the company to take measures to ensure that the company's own store, the scale and quality of the performance of the company. The change has been in the store pattern results show: from 2013 to 2015, from the stores the proportion of income from main business has dropped from 54.40% to 40.17%, joining stores contribution income rose from 45.54% to 55.22%, in this process, Zhou Dasheng's main business revenue grew by only 1%.

despite the limited revenue growth, but Zhou Dasheng's net profit from 245 million yuan in 2013 to 353 million yuan in 2015, the compound growth rate of 20.03%. From the financial statements, this situation is mainly due to the increase in gross margin, from 2013 to 2016, Zhou Dasheng's main business gross profit margin increased from 24.91% to 30.69%. This

Zhou Dasheng in the prospectus, because the relevant income proportion of high margin jewelry inlaid in the product structure, increase stores bring no direct costs, the profitability of a single store in the leading brands in the industry and other reasons, the company's gross margin level has been greatly improved.

Ren Jin told the weekly Times reporter, the jewelry industry with self + join in the expansion mode, "but in a particular area in some way to look at the company's service ability, service ability is not enough to take place in the natural way better to join".

prospectus disclosed that this Zhou Dasheng intends to raise 1 billion 460 million yuan into the "marketing service platform construction project" research and design center construction project "information system and business platform construction project and other four projects. Zhou Dasheng said that the electricity business platform is an extension of modern jewelry business marketing channels and an important supplement.

since 2014, Zhou Dasheng formally established the innovation management center is responsible for online sales, "the main flagship store opened by Jingdong, Tmall, Amazon and three party platform way". At present, the company's revenue has accounted for 7.35% of the main business through the electricity business model, while several major online channels in Zhou Dasheng, Tmall's flagship store to contribute most of the revenue, the Jingdong's flagship store ranked second. However, at present, Zhou Dasheng in the Jingdong's flagship store has disappeared, as for the reasons and when the two sides to resume cooperation, Zhou Dasheng did not reply to this.

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