Company referrals

Weigao International uses the brands of Veeko and Wanko to purchase, produce and approve women's services. In October 2004, Marketplace officially operated the retail service of chemical products in the form of chain stores, and established Colourmix, a specialty store for chemical products. By the end of September 2013, there were 201 Veeko/Wanko stores and 70 Colourmix stores in Hong Kong, Macau and China University.

Summary of investment

The daily decline in chemical goods services offset the slump in time shipping services: in the mid-term period up to the end of September last year, the operating profit of the company's chemical products business recorded an operating profit of HK $209.0 million, a year-on-year increase of 97.1%. In the same period, the operating profit of the same period fell by 81.2% to HK $1.4 million, and the operating profit of the whole group increased by 25% to HK $2.23 million. The retail service of chemical products was only expanded in 2004, and the operating profit of the current commodity service has reached 93.9%. It is believed that in the future, more resources will be invested in the high-growth period of chemical services to offset the downturn in time and storage services, which has become the main growth force of the collection.

The supply of chemical products has shown its ideal in the past years, but it is still the main growth in the past few years. The number of specialty stores on chemical products has increased from 37 at the end of March 2010 to 66 at the end of March 2013, with an annual increase of 8-12 stores. The three-year growth rate of income is 41.3%, and the three-year growth rate of operating profit is 27.3%. The average growth rate of revenue per store is 16.3%, and the average growth rate of same-store sales is 12.5% in four years, reflecting the good progress of chemical products sales in the past few years, which is an ideal return for investors. However, in 2013, the operating profit of chemical services fell for the first time in five years, and the growth rate of same-store sales also recorded a rare number of units of 7.3%. The management was blamed for the loss of revenue caused by the renovation of many stores during the period, unreasonable rent increases and the relocation of many stores, which led to an increase in equipment and repair expenses and a drop in gross profit margin, but the management said that the shadow was only temporary. We are confident that the outlook for business after the renovation project is still bleak. By the end of September last year, the medium-term real management report said that the growth rate of same-store sales of chemical products has rebounded to a high level of 21%, the gross profit margin has also rebounded to 37.2% (vs. 1HFY13: 37.5% and FY13: 36.4%), and the operating profit has nearly doubled.

The regular model is second only to Sasha, but the efficiency needs to be improved: there are 68 chemical products stores (vs) in Hong Kong and Macao at that time. Sasha: 103 and Zhuo: 45), but the efficiency is lower than that of the same industry. according to the recent medium-term statistics, the average revenue per store is ~ 65 million Hong Kong dollars (vs. Sasha: HK $3.40 million and Zhuo Fu: ~ HK $286 million), the operating profit-to-profit ratio of Marketplace is 4.6% (vs. Sasha: 12.0% and Zhuo Yan: 10.4%). That's true, but Sasha and Zhuo Yun's first stores opened in 1990 and 1991 respectively, and their management has exhausted the experience of the rich. I think that Carlton has a lot of room for growth, and Carbonne's profit-to-profit ratio has increased from 4.1% five years ago to 5.7% of FY13 (vs. During the same period, Sasha improved from 10.3% to 12.9%)