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Weekly Market Report | Down jacket revenue maintained growth last year, and winter clothing consumption is expected to benefit this year; exports of down and products are facing a rebound, but foreign trade expectations are difficult to be optimistic

2024-05-05 来源：金绒浏览量：380

Summary

The market in the 18th week of 2024 (4.29-5.5) was generally stable, with duck down falling slightly.

On the occasion of the May Day holiday, with unclear long and short expectations, the domestic down market is still tepid. However, due to seasonal factors, the down content of raw material wool has naturally decreased, and the price has dropped at the same time. However, because the settlement price of duck feathers in duck factories is still high, the price of raw material down has stopped falling in time after falling.

The current finished down product market is still in the off-season, and domestic product companies may still operate conservatively due to high down prices. In terms of foreign trade, the export of down jackets in previous years will start in May. The export-oriented gray goose down and gray duck down have also begun to rebound at this time. However, the current expectations for foreign trade are difficult to be optimistic.

On May 3, the offshore RMB exchange rate against the U.S. dollar rose by more than 200 points in the short term, rising above 7.19, the strongest level since March. Researchers said that the offshore RMB has rebounded strongly against the U.S. dollar recently, mainly due to the fluctuations and depreciation of the U.S. dollar, and the market's optimism about domestic economic recovery and capital market expectations.

Good news this week

Heilan House's down jacket revenue will increase by more than 30% in 2023

The 2023 annual report recently released by Heilan House shows that the company achieved operating income of 21.528 billion yuan for the whole year, a year-on-year increase of 15.98%; net profit attributable to the parent company was 2.952 billion yuan, a year-on-year increase of 36.96%. The overall performance is steadily improving.

Heilan Home said that the company's revenue model has changed from traditional offline store sales to an omni-channel model that combines online and offline. This model not only broadens sales channels, but also improves the brand's market penetration and consumer purchasing convenience.

While Heilan House is consolidating its traditional e-commerce channel business, it continues to increase its global operations on social platforms, live streaming e-commerce and content e-commerce. During the reporting period, the company won many honors, including JD.com’s 2023 Men’s Down Gold Award and Douyin’s 2023 Men’s Clothing Comprehensive Industry Brand of the Year.

In terms of categories, down jacket sales grew the fastest, with overall sales reaching 6.5883 million pieces, a year-on-year increase of 21.44%, while down jacket sales revenue was 2.504 billion yuan, an increase of 34.1%. In addition, sales of shirts, suits and jackets are also in double digits.

The company launched the "Aurora Goose Down" series in the winter of 2023, which has key functional technologies such as fabric, velvet, heat storage, and insulation. At the same time, it has newly upgraded the removable and layering method and introduced down core lamination technology to create multi-dimensional and multi-scenario functional down jackets, which are deeply loved by consumers.

Heilan Group Purchase focused on expanding the tooling and school uniform market, launched U+ intelligent temperature control shirt, high twist cool shirt, elastic wool suit, vertical and horizontal bullet suit, down trench coat and other series of new products, to provide customers with more choices at the same time, further broaden the brand market breadth.

source | 中华网财经、海澜之家年度董事会经营评述

The down quilt category of listed home textile companies will continue to grow in 2023

On April 28, Mengjie Co., Ltd. officially disclosed its 2023 annual report. The company achieved operating income of 2.156 billion yuan for the whole year, a year-on-year increase of 6.08%. The net profit attributable to shareholders of the listed company was 22.4142 million yuan, a year-on-year increase of 105%, achieving a turnaround from losses to profits.

The company released its first quarter report for 2024 on the same day. Data showed that the company achieved revenue of 409 million yuan and a net profit of 8.8142 million yuan in Q1, continuing to maintain a profitable trend. During the reporting period, the company adhered to the high-end strategy and deeply explored the high-end market. All operations continued to improve, the business structure continued to be optimized, significant results were achieved in cost reduction and efficiency improvement, and the company fully achieved a turnaround from losses to profits.

In terms of products, the gross profit margins of suites, quilt cores, and pillow core products increased by 5.07, 6.49, and 6.97 percentage points respectively. It is worth mentioning that the company jointly created the "Dengfeng" series of duvets for the Hunan mountaineering team to climb Mount Everest. A total of 80,000 duvets were sold throughout the year, with sales exceeding 100 million yuan.

As the "intelligent manufacturing pilot demonstration enterprise" of the Ministry of Industry and Information Technology, the company adheres to the self-production and self-control of products, builds intelligent and digital supply chain systems such as kit factories, chip factories, and down factories, and realizes the efficient manufacturing platform of centralized control, collaborative production, and digitalization of the whole process, as well as the accurate and efficient logistics service platform of the whole process.

In addition, Luolai Life released its annual performance report on April 27, stating that operating income in 2023 will be approximately 5.315 billion yuan, a year-on-year increase of 0.03%; net profit attributable to shareholders of listed companies will be approximately 572 million yuan, a year-on-year decrease of 1.44%. The company will release the Luolai super soft edgeless duvet series in 2023, and the retail sales of the edgeless series will exceed 100 million.

Fuanna released its annual performance report on April 26, stating that operating income in 2023 will be approximately 3.03 billion yuan, a year-on-year decrease of 1.62%; net profit attributable to shareholders of listed companies will be approximately 572 million yuan, a year-on-year increase of 7.02%. The company actively traces its series of high-quality down, and the down quilt category continues to grow.

source | 梦洁股份、罗莱生活、富安娜

The ice storage capacity of Ice and Snow World this year is nearly three times that of last year.

The State Council Information Office recently held a series of themed press conferences on "Promoting high-quality development". Liang Huiling, deputy secretary of the Party Committee and governor of Heilongjiang Province, said at the conference that the next step will be to create new growth points for the snow and ice economy, and upgrade key scenic spots such as the Snow and Ice World, Yabuli and Snow Township.

She introduced that the ice storage capacity of the Ice and Snow World this year has exceeded 200,000 cubic meters, which is nearly three times the size of last year. If you come to Harbin again this winter, you will see a larger, more cultural, and more international ice and snow. kingdom.

During last year's ice and snow season, Heilongjiang's ice and snow tourism launched the "guest favor" mode, which inspired the enthusiasm of tourists and promoted the prosperity of tourism and other related industries. "Erbin" became popular around the Spring Festival this year, and Heilongjiang's ice and snow tourism became a phenomenon.

Currently, Harbin Ice and Snow World is working hard to promote four-season ice and snow projects and create a cultural tourism brand for spring, summer and autumn. The Harbin Ice and Snow World Fantasy Ice and Snow Museum, where you can enjoy real ice and snow all year round, will start ice construction in the near future and is expected to be completed in June.

source | 每经记者、哈尔滨新区文旅在线

Bad news this week

Mexico imposes temporary import tariffs and adjusts down clothing to 35%

Recently, Mexican President Lopez signed a decree to impose temporary import tariffs of 5% to 50% on 544 commodities, including steel, aluminum, textiles, clothing, footwear, wood, plastics and their products.

The decree takes effect on April 23 and will be valid for two years. According to the decree, textiles, clothing, footwear and other products will be subject to a temporary import tariff of 35%. Goods imported from regions and countries that have signed trade agreements with Mexico will enjoy preferential tariff treatment if they meet the relevant provisions of the agreement.

For the down industry, those affected include men's down coats, women's down coats and men's down jackets, and the tariffs for these categories have also been adjusted to 35%. In recent years, the export of down clothing to Mexico has increased, reaching 860,000 pieces in 2022 and 1.41 million pieces in 2023.

This is not the first time Mexico has raised tariffs in the short term. Previously, in August 2023, Mexico raised import tariffs on 392 tariff items. Nearly 92% of the products in these tariff items are now subject to the 25% import tariff, including some down products.

After the decree was issued, various sectors of Mexican society had different views on this move. Some industry insiders believe that Mexico raised temporary import tariffs to protect domestic industry and is consistent with the signals released by the White House in recent years.

Juan Carlos Baker, the former deputy minister of the Ministry of Economy of Mexico, said that among the major supplier countries, the countries that do not have free trade agreements with Mexico are China, South Korea and India. Considering the current situation, the most severely affected will be China. Because China sells the most products to Mexico.

source | 综合自央视财经、海关数据

The whole chain of the duck industry is profitable, and the peak of seedling emergence is expected to be in mid-to-late May.

As the May Day holiday approaches, the entire upstream and downstream chain of the duck industry will simultaneously warm up in April. The front end is in a clear profit range, the midstream contract breeding performance is favorable, farmers are active in replenishing stocks, and the downstream product end continues to remain profitable in April.

The average number of seedlings emerging last week was around 10.6-10.7 million birds, and the seedlings were arranged smoothly and continued to rise. Very few old breeding ducks have been eliminated, and the supply of newly produced breeding ducks is increasing. It is expected to reach a small peak of 11 million birds in the next 2-3 weeks, and the peak emergence time will be mid-to-late May.

On the duck breeding side, the profitability of contract ducks is acceptable, while the profitability of market ducks is basically the same. As the May Day holiday approaches, the farmer's market and live poultry transactions have improved, and affected by a slight interruption in sales, quotations have supported upwards. However, breeding costs followed in May, and the duck market continued to be negative.

The price of Yabaitiao products is rising steadily. First, because the risk of stocking at the current price is relatively low, and second, with the increase in May Day terminal demand, the frequency of distribution loading has increased significantly. The overall quotation and shipment performance were relatively strong. However, the stocking volume and stocking time of a batch are obviously cautious compared with previous years.

source | Mysteel

News situation

In terms of news this week, the good news slightly outweighs the bad news.

During the 17th week (4.22-4.28), the industry estimates that the number of ducklings emerging will increase to an average of about 11 million birds per day, and will remain generally stable in the later period. The current number of hatchlings will correspond to a corresponding increase in the number of meat ducks sold in the future, which may lead to a slight increase in the supply of duck feathers.

Recent annual and quarterly reports released by many brands show that although last winter was warmer, the operating income of down products has increased. For example, the sales volume of Heilan Home's down jackets increased by 34.1% over the previous year, and the down quilt category of listed home textile companies also continued to grow.

From the popularity of down jackets at the 2022 Beijing Winter Olympics to the boom in ice and snow tourism in Harbin in 2023, the ice and snow economy is gradually exuding vitality. This year, Heilongjiang will continue to create new growth points for the ice and snow economy, and the consumer market for winter clothing such as down jackets is expected to benefit from this.

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