Textile industry inventory continues to rise

July 23, 2020

Textile industry inventory continues to rise As of August 15, a total of 23 listed companies in the textile and apparel industry released mid-term reports. The statistics showed that the textile and apparel industry suffered from weak growth in revenue and profits, and the inventory and accounts receivable continued to grow, far exceeding the growth rate of operating income and accounting for total assets. The proportion continued to rise and the quality of operations declined.

In the first half of the year, the 23 companies realized a total operating income of 20.687 billion yuan, a year-on-year increase of 2%; net profit attributable to shareholders of listed companies was 1.828 billion yuan, an increase of 9% year-on-year. Both are lower than the average mid-listed companies listed so far.

Statistics show that among the listed companies of textile and apparel companies that have published semi-annual reports, there are 11 companies with a year-on-year increase in operating income, accounting for 48% of the total, and 12 companies with a year-on-year decrease of 52%. In terms of net profit, one company turned losses into a loss, one renewal deficit and one new loss. The remaining 20 companies saw a year-on-year increase in net profit of 12 companies, accounting for 60% of the total, and 8 companies saw a year-on-year decrease in net profit, accounting for 40%. The net profit performance is slightly stronger than the revenue.

With the lack of revenue and profit growth, the industry asset structure has also changed significantly. Statistics show that by the end of the second quarter of 2013, the accumulated inventory of the above 23 companies reached 17.533 billion yuan, an increase of 11.12% year-on-year; accounts receivable reached 7.634 billion yuan Yuan, a year-on-year increase of 33.07%, is much faster than revenue. The inventory/total assets ratio and accounts receivable/total assets ratio also continued to rise. Among them, the inventory/total assets ratio was 22.80% at the end of 2012, 24.11% at the end of the first quarter of 2013, and it had exceeded 25% by mid-2013, reaching 25.09%; the accounts receivable/total assets ratio also rose significantly. The indicator was at the beginning of the year. At 8.29%, it reached 9.62% at the end of the first quarter and reached 10.93% by the middle of the year.

Analysts of Huatai Securities pointed out that the growth rate of inventory and accounts receivable is higher than operating income, which usually means that the sales of enterprise products are difficult, and a large amount of backlog leads to an increase in inventory. In order to sell, there has been more sales using credit sales to lead accounts receivable. increase. The increase in inventory and accounts receivable will occupy the company's working capital and increase the company's operating costs. Therefore, from the data point of view, the textile and garment industry operating conditions are not ideal.

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