Hai Lan'S Home Market Is Facing Growing Risks And Risks.

Men's wardrobe -- the propaganda of these 5 words, let the sea Lan's home go to the summit of the joining mode.

The half yearly financial report of Hai Lan's home has illuminated the gloom and gloom of the clothing industry, but it also reveals a sad sadness from the surface.

Join in pain

6 years ago, when Tian Shan (a pseudonym) swallowed his pen and gladly signed his name on "Party B", I never expected that there would be a tiger riding situation today.

Tian Shan is a franchisee of Wuxi Hai Lan's home.

Cheng joined, failed to join.

A few years ago, both sides of the contract abide by the rules and the company's management is very regular. He said, "everything just changed last year."

According to Tian Shan, last year, the company carried out a series of "reforms" and changed a large number of management personnel.

"First," processing "a franchisee, for reasons unknown."

Tian Shan said, "at first, we thought the franchisee violated the company's regulations, and later found that this was a way of killing the birds."

Tayama said that the purpose of the so-called punishment is to let the franchisee accept any instructions from the company, whether or not it is against the contract, that is, let you "obey".

A data provided by Tian Shan to the new financial reporter shows that the contract stipulates that franchisees are cooperative with Party A.

This means that the franchisee is not the subordinate unit, agent or business representative of Hai Lan's home.

However, the following series of terms do not look like "cooperation".

For example, Party B, as an independent civil subject, carries out business activities outside the country; when Party B is in operation, it must invest in itself, assume its own profits and losses, and bear civil liability for its external independence; Party A does not assume any responsibility; Party B provides business account for franchised stores, and every day the business volume is deposited into the account in time; Party A has the right to monitor the bank account of the franchised store; 68% of the turnover is to Party A, and 32% to Party B's own account; the franchisee's internal management is supervised and supervised by Party A;

Tayama said that even under this unfriendly "cooperation" contract, it is very clear that the franchisees' funds are managed by franchisees themselves.

However, by 2012, the store of Tian Shan was informed by the company.

"Ask the store manager to deduct part of the money from the store."

He said, "this is equivalent to forcibly depriving me of the right to pay my employees. I didn't discuss with me in advance."

Then, in order to ensure the cash flow in the store, Tian Shan directly remitted the wages of the employees to the company, and did not allow the company to deduct the money from the store.

He said, this is the first breach of Hai Lan's home, although it made the franchisee very angry, but everyone acquiesced.

Unfortunately, this acquiescence condoned the company's behavior, Tayama said.

In August last year, the more extreme thing happened.

Tian Shan told the new financial reporter that at the time when the franchisee was completely unaware of the situation, Hai Lan's home opened the Jiangsu Sea Industrial Bank's Wuxi branch's sea Lan's home link card as a franchisee.

"Without our entrustment, without our signature, the card came out like this, and how it came out, we can not understand it."

Like other franchisees, the moment when he received the card, Tian Shan's feeling was only two words: not good.

Before long, Tian Shan was forced to activate this card.

"At that time, the company called to tell the manager that if the card was not activated, the sum would be remitted to the franchisee, and all the funds belonging to the franchisee would be remitted to the company."

Tayama said that the emergence of this card allowed money to be managed by itself and to provide the home of Hai Lan without interest.

After consulting with ICBC staff, Tian Shan learned that once the smart Link card was activated, due to the operation of several major banks in the country, no matter whether the franchisee's money in the public account or the money in the personal account was tied up, it would automatically collect to the general account of the Hai Lan home.

When the national franchisee's cards are activated, Hai Lan's home can use the money.

At this point, Tian Shan and a group of franchisees have been very clear about the time when they will be able to pay their bills and how to deduct the money.

"Now, many franchisees have been activated by the pressure and threats of Hai Lan's home, and some franchisees simply don't understand what this card means, and it also activates it."

Tayama said.

Dangerous fundraising game

Tayama said that when he joined the team 6 years ago, he invested 2 million yuan.

Among them, 1 million yuan is used as a "deposit" to the company, and the remaining 1 million yuan is used to pay rent, decoration, manpower, start-up funds and management fee of 60 thousand yuan per year.

"Every franchisee handed over to the company 1 million, and the whole country adds up to more than 3 billion yuan, which is enough to keep them running."

Tayama said.

Tayama said that although it costs 2 million yuan to join Hai Lan's home, there is no fee in the contract that says "joining fee".

The new financial reporter called the Helan home to join the hotline, referring to the cost of joining, the other side said, "joining is free", but when asked the specific details, the other side said, "now do not accept telephone inquiries, if you want to join, to the company interview."

Contrary to the action of the massive development of franchising mode, people from Hebei province told the new financial reporter that recently, Hai Lan's home has stopped the entry of new franchisees in Hebei Province, and it is said that it will be reopened at the end of the year.

"This is indeed a strange cause for no apparent reason."

The source said.

With regard to the problems encountered by the franchisees, the new financial reporter has been calling the head of the marketing department of Hai Lan home recently. Only one time, the colleague of the responsible person said, "the person in charge is in a meeting", and the rest of the calls are unanswered.

The analysis of the joining mode of Hai Lan's home is more like a "direct shop".

In this franchise mode, franchisees do not need to participate in the specific operation of franchisees, all the internal management of all stores are responsible for the home of Hai Lan.

Even if the franchisee has no experience in the clothing industry, Hai Lan's home is also "fully collected".

When the franchisee hit the market heavily, the promise from Hai Lan's home was that the company guaranteed 1 million yuan before the franchisee's pre tax profit in 5 years, provided that the annual management fee of 60 thousand yuan was paid.

That sounds good.

To think about it, franchisees did not find a bargain.

For franchisees, the investment of 2 million yuan, 1 million yuan deposit is equivalent to the occupation cost of capital, plus the opportunity cost of 1 million yuan, 5 years later, it can ensure 1 million yuan pre tax profit.

After calculation, this is equivalent to only 20% of the annual yield. If we re calculate the annual management fee of 60 thousand yuan, the actual pre tax annualized yield is only 14%.

This rate of return is very general.

And once the family of Hai Lan has problems due to the problem of capital chain, the franchisee will lose everything.

Moreover, when signing a contract with the franchisee, 5 years later, the pre tax profit of 1 million yuan is only a "promise".

According to previous company prospectus disclosure, as of the end of 2011, the company's assets and liabilities ratio as high as 82%, the total liabilities of 5 billion 600 million yuan.

Among them, 3 billion 700 million yuan is the supplier's loan, and the other 1 billion 500 million yuan is the margin of the franchisee.

At that time, Hai Lan's home joining mode opened up in great heat, and there were more than 1000 franchisees in the whole country.

This way of operation of Hai Lan's home is more like a fund-raising game.

Although the company promised a pre tax annualized rate of return is not very high, but has been wandering on the edge of usury and illegal fund-raising high-voltage line.

In the name of franchising, it is a vague and confusing way to collect a deposit and promise a 5 year return on investment. This mode is characterized by the fund-raising activities involved in business activities and suspected of violation.

According to the analysis of the industry, the promise return is essentially a loan relationship, and the agreement signed by the Hai Lan family and the franchisee is strictly not a franchise agreement, but a loan agreement.

In the process, the company does not have any form of mortgage, so this way is more risky than the general loan agreement.

In financial markets, no one can avoid operating risks.

The operator took the 1 million yuan deposit to entice investors, violating the financial lending policy and the lending policy of the banking industry.

This is a disguised lending behavior that interferes with China's financial order and is suspected of illegal operation and illegal fund-raising.

Adverse market doubt

Not long ago, Hai Lan's home delivered the first half year earnings report after the listing.

The results showed that the company's operating income was 5 billion 680 million yuan, an increase of 61.53% over the same period last year, and the net profit of shareholders of listed companies was 1 billion 228 million yuan, an increase of 82.79% over the same period.

Not only that, Hai Lan's home increased 277 stores in the first half of the year.

In contrast, the net profit of nine Mu Wang, Hinur and searet in the middle of 2014 decreased by 24.8%, 135.26% and 42.88% respectively.

He was the first time he suffered losses since listing.

This time, the birds brought to investors are only a "empty joy".

In July 11th, the company issued a notice of performance notice amendment, which is expected to reduce net profit by 0 - 20% over the same period.

On the same day, there was also a case of card slave road. The company adjusted its net profit margin from 10% to 30% a year earlier, down to 60% - 80% compared to the previous year, and the decline was more than doubled.

Meanwhile, seven wolves (seven wolf store) had a turnover of about 1 billion 23 million yuan, down 28.07% compared to the same period last year, and the turnover of the Pathfinder store was about 622 million yuan, down 21.10% compared to the same period last year. Even though CABBEEN, whose development situation was relatively good, increased by 28% only in the first half of 2013.

The unique home of Hai Lan is like a glimmer of dawn for the clothing industry that has been shut down by shops.

However, there are many doubtful points.

The net cash flow generated by business activities in the first half of this year was only 278 million yuan, down 71.71% from the same period last year.

For the Hai Lan family, whose revenue is 5 billion 683 million yuan and net profit is 1 billion 228 million yuan, the sale of so many products ends up with a cash withdrawal of only 278 million yuan, which accounts for only 4.89% of the revenue. Why?

There is a common problem in the industry, for example, when dealers enter 100 thousand yuan, the company will give the dealer 200 thousand yuan of goods.

In this way, the account book