< p > the direct battalion is still in its growth stage, and the "wholesale" to "retail" has entered the deep water stage. The franchisee's inventory situation is controllable and the "cautious increase" rating is maintained.

In the autumn and winter 2012, the sales rate of the outlets was about 60%, which was lower than that of the franchisees (10%-15%) (the sales rate of the normal stores was around 70%), and the sales efficiency of the company's direct outlets still had room for growth compared with the franchised stores.

At present, the franchisee's channel inventory has been well controlled, and can be adjusted through buyback and other means.

The EPS forecast of maintaining 0.86, 0.95 and 1.13 yuan for 2013-2015 years predicted that the target price of 8.6 yuan should be maintained and the "cautious increase" rating should be maintained.

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< p > channel reform starts, and meticulous management opens.

The company controls the scale of opening stores and intensifying fine management.

A target= "_blank" href= "//m.pmae.cn/" > clothing < /a > the era of extensive expansion of enterprises has ended. Since last year, the seven wolves have made corresponding strategic adjustments.

The past mode of the company is wholesale, and wholesale products can be sold to distributors. Now, the company gradually pays attention to the management of distributors, assists dealers in improving terminal sales ability: introducing commodity planning and guidance in commodity management, strengthening the concept of distribution, and emphasizing the detection feedback in the end management mode, paying attention to the application of data, and greatly improving the control capability of the terminal.

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< p > focusing on multi-channel construction, online sales are booming.

Under the condition that online sales are blocked, the company has strengthened online sales.

At present, the company's online business is still in the exploratory stage, mainly to clean up inventory, a small part of the network dedicated style.

Online sales are also a combination of direct and wholesale businesses. The current wholesale accounts for a larger proportion, and distributors and offline franchisees do not coincide.

In the first half of the year, online sales increased by 40% over the same period last year. We expect a substantial increase in the second half of the year. We expect annual sales to be around 3-4 billion.

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