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Research | Time:May 3 2016 1:40PM
Analysis on 2015 annual reports of listed apparel companies
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In 2015, China's textile and apparel industry continued to increase investment overall, but has been waning gradually. On one hand, China’s textile and apparel exports experienced decrease for the first time in 2015 in seven years affected by sluggish demand from traditional export markets, EU, U.S. and Japan and severe competition from Southeast Asia. On the other hand, domestic demand has been in saturation and was hard to see increase. The growth of demand for apparel products was lower than the growth of investment. Although textile and apparel industry still witnesses profits, the increment tends to decrease. This research will analyze from the investment, demand and profits of textile and apparel industry and the detailed operation statistics of listed apparel companies.

Content (Total 9 pages)
I. Capacity and demand of textile and apparel industry
1. Fixed-asset investment improves and growth rate increases
2. Slower growth of retail sales in domestic market, export growth turning from positive to negative
3. Profit keeps increasing, and growth rate declines except for textile industry
II. Analysis of listed apparel enterprises
1. Profits maintain while capital utilization lowers
2. Only turnover of account receivables is improved of all operation conditions
3. Growth of profitability competence improves, but total asset growth declines
4. Ability to pay debt weakens, but still tolerable
III. Conclusion

Chart 1. Net profit and ROE of ten apparel companies in 2015
Chart 2. Operation condition of 10 apparel companies in 2015
Chart 3. Growth ability of 10 apparel companies in 2015
Chart 4. Debt-paying ability of 10 apparel companies in 2015

Figure 1. Fixed-asset investment of textile and apparel in 2014-2015
Figure 2: Textile and apparel demand of China and overseas market in 2014-2015
Figure 3. Revenue of textile and apparel industry in 2014-2015
Figure 4: profitability of 10 listed clothing enterprises
Figure 5. Comparison of operation conditions of 10 listed apparel companies in 2014 and 2015
Figure 6. Growth of 10 listed apparel companies
Figure 7. Debt pay-off status of ten listed apparel companies

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