In the first half of the year, there was still a general situation of sluggish performance, and enterprises adopted an increasingly convergent strategy in transition adjustment.

Hung Hom’s net profit fell in the first half of the year, and the brand was rejuvenated.

On August 27, Hung Hom released its semi-annual report for 2019. The company achieved operating income of 1.473 billion yuan in the first half of the year, down 1.18% year-on-year; net profit attributable to shareholders of listed companies was 109 million yuan, down 31.42% year-on-year. Hung Ho said that the decline in revenue was mainly affected by the overall economy of the industry.

Hung Hom said that in the first half of the year, the company continued to build three core competencies around the transformation and upgrading of the Hung Hom brand: healthy and comfortable product development and integration capabilities, fast fashion supply capacity and new retail capabilities. To create a "young leisure, healthy and fashionable" Hung Hom specialty products and positioning, with "technology + fashion" as the main line, from the new style to the new category. The company believes that the demand for traditional business leather shoes has dropped significantly, and the demand for sports and leisure style products is gradually increasing.

Hung Hom mentioned that in the first half of the year, the company established a flexible and fast fashion product supply model, reformed the ordering mechanism, reduced the proportion of initial orders, increased the proportion of quick replenishment orders and quick return orders, and created a linkage plan for central planning, regional demand planning and store sales planning. . In the East China region pilot headquarters direct matching mode, daily replenishment from the central warehouse to the terminal store. In the channel structure, promote the entry of shopping mall channels and seek strategic cooperation with quality shopping centers. The company promotes new retail innovations and builds a monthly linkage model and rapid response mechanism for stores, parks, molecular companies, headquarters merchandise, and R&D.

Hung Hom is also looking for multiple investment channels in the first half of the year. On March 14, Hung Hom announced that in order to broaden the scope of industrial investment, the company's wholly-owned subsidiary Ningbo Meishan Bonded Port Area Hung Ho Asset Management Co., Ltd. plans to use its own capital of 80 million yuan and Suzhou Xili Equity Investment Management Center (limited Partner), Pukou Development Zone High-Tech Investment Co., Ltd. jointly established Nanjing Pukou Xieli Venture Capital Center (limited partnership), the investment field is electronic information service industry (new retail, big consumption, TMT, big data), advanced manufacturing (shoes and clothing) Manufacturing, artificial intelligence, new materials, integrated circuits), high-end equipment (shoes and garments preparation technology, high-end road equipment, new technologies, new processes) and other strategic emerging industries.

Aokang International's net profit decline in the first half of the year, establishing a partner business model

On August 27th, Aokang International released the semi-annual report for 2019. The company achieved operating income of 1.325 billion yuan in the first half of the year, down 15.75% year-on-year; net profit attributable to shareholders of listed companies was 95.941 million yuan, down 43.13% from the same period of the previous year. According to the company, the year-on-year decline in operating income was mainly due to the overall weak macro economy in the first half of the year, weak consumer demand and the impact of the traditional footwear industry. Optimizing channel layout during the company's transformation and upgrading process led to a decline in revenue.

According to the semi-annual report, Aokang International implemented the “Aokang” brand as the mainstay, and the multi-brand model supplemented by brands such as “Kanglong”, “Skeqi” and “Puma”. The Aokang brand provides mid-to-high-end business fashion products for the target customers of 25-35 years old; the Kanglong brand is positioned for fashion and leisure, with young consumers as the main force; the Skech brand products cover children and adults over 3 years old, including sports shoes and apparel. , supporting products, etc.; Hummer brand products are mainly leisure and sports series, involving running, football and other fields.

Aokang International said that in the first half of 2019, the company selected the best and the fittest, focused on improving the efficiency of single store, and created a new image of “Aokang Life Museum” and “Kanglong Original Designer Store” terminal; the company first tried the brand authorization model and established a partner. The business model is based on the Aokang leather shoes brand as the core product category. In addition to creating a social retail market and promoting new retail online business, the company cooperates with Tencent Smart Retail to obtain traffic through WeChat payment courtesy and friend circle advertising, and the company will continue to explore the social retail sector.

Daphne International still recorded a loss in the first half of the year, and the store transformation "joining system"

On August 27, Daphne International disclosed its interim results for the first half of 2019. The company achieved a turnover of HK$1,403 million in the first half of the year, a decrease of 37.9% year-on-year; and a gross profit of HK$651 million, a year-on-year decrease of 39.7%. Net profit loss was HK$390 million, compared with a loss of HK$493 million in the same period last year. Daphne International said that the year-on-year decline in revenue was mainly attributable to the decrease in the Group's sales point by 34.8% year-on-year and the decline in same-store sales of its core brand business. The Group continues to integrate and adjust its store network to cater to its new brand image. The Group closed 612 points of sales in the first half of the year. As of the end of June, the Group had a total of 2,208 sales points.

Daphne International said that in the first half of the year, the Group opened a new image store in the shopping mall channel and continued to renovate the store. The group worked with a professional brand consulting company to reposition the Daphne brand. In response to the development trend of sports and leisure, the Group launched sports and leisure products and increased investment in product research and development. The Group's spring and summer series launched more sports and leisure products, facing young customers with fashion and comfort.

Daphne International mentioned that the Group's e-commerce business continues to increase its contribution to the Group's total turnover and maintain profitability. The Group will adjust its sales channel strategy and pursue a “light asset” business model, which will focus on e-commerce business and supplemented by physical store business. The Group will continue to optimize its sales network and transform more stores into “partnership systems” or “joining systems”. The Group will continue to expand its sports and leisure products and continue to reposition its brand.

Tianchuang Fashion's net profit decline in the first half of the year

On August 22, Tianchuang Fashion released its semi-annual report for 2019. The company achieved operating income of 1.046 billion yuan in the first half of the year, up 4.28% year-on-year; net profit attributable to shareholders of listed companies was 121 million yuan, down 12.40% year-on-year.

The semi-annual report shows that the company is a multi-brand operator of fashion women's shoes. It has six women's shoes brands, including five high-end women's shoes own brands "KISSCAT", "ZSAZSAZSU", "tigrisso", "KissKitty" and "KASMASE". ", as well as acting for the Spanish high-end women's shoes brand "Patricia". In addition, the company expands its fashion lifestyle brand and category, launches the men's own brand “MUST HAVE”, represents the Italian fashion brand “O BAG”, and participates in the international designer brand United Nude (UN).

According to the semi-annual report, the company's footwear apparel sector achieved operating income of 870 million yuan in the first half of 2019, a decrease of 0.9% year-on-year. Tianchuang Fashion said that in the first quarter of 2019, the footwear apparel business recorded a decline in operating income and net profit at home. In the second quarter, the company adjusted its operating focus and accelerated the product group systemization at the product end. Optimize the CRM membership system of each brand to strengthen member operations; through refined management and control costs, the operating income of the footwear and apparel segment in the second quarter increased slightly compared with the same period of the previous year, and the e-commerce business achieved a year-on-year growth of approximately 50% in the second quarter. Net profit increased by 40.98% year-on-year.

Tianchuang Fashion said that in the first half of the year, the company adjusted or optimized the inefficient stores. In the first half of the year, the company closed a total of 64 stores, and integrated resources into key and Class A stores to improve the efficiency of single store operations. As of the end of June, there were 1,861 offline channel stores, of which 1,318 were directly operated and 543 were joined. In the first half of the year, online business grew by 26% year-on-year, and the proportion of the main business income of the fashion footwear apparel sector expanded from 14.55% in the same period last year to 18.38%. Tianchuang Fashion's other business segment mobile Internet digital marketing business achieved operating income of 176 million yuan in the first half of the year, an increase of 40.55%, and a net profit of 54.22 million yuan, an increase of 6.34%. It can be considered that Tianchuang Fashion's performance growth in the first half of the year is mainly supported by diversified business.

Net profit growth in the first half of Saturday, diversified business and consolidated performance

On August 19th, the semi-annual report of 2019 was released on Saturday. The company achieved operating income of 891 million yuan in the first half of the year, up 21.11% year-on-year; the net profit attributable to shareholders of listed companies was 60.844 million yuan, a year-on-year increase of 106.24%. According to the semi-annual report, Yaowang Network has been incorporated into the consolidated statements on Saturday as a holding subsidiary since March 2019. Excluding the consolidation factor, the company's clothing and footwear business revenue in the first half of the year was 570 million yuan, down 12.40% year-on-year.

On Saturday, the company is committed to “building a stylish IP ecosystem”, building “media and social platforms”, “fashion IP incubation operation platform” and “fashion IP collection platform” to transform into a new retail platform. In the first half of the year, the company continued to expand the “Saturday Mode” of shopping mall brand collection stores, and promoted the development of e-commerce business, laying out online diversified channels, using live broadcast platforms such as Taobao Daren live broadcast, Taobao C store live broadcast, and gathering, love inventory , social platforms such as baby warehouses, and closed-ended limited-time sales and public sales, to expand new sales channels and marketing models. In addition, the company changed the mode of direct store-based in the early stage of the collection store, and gradually increased the proportion of participating in the collection store. In addition, the company will gradually change the original department store self-operated stores into franchise stores.

Recently, some investors have asked how the company's women's shoes business is expected to achieve breakthroughs and growth in the current downturn. On the investor interaction platform on Saturday, a company will use the three platforms established to improve the aggregation and liquidity of consumer traffic. On the other hand, it optimizes the main business model, improves the channel structure and product structure, and builds diversity. The sales platform of fashion products, while adjusting the structure of the store, reducing the proportion of self-operated stores, gradually moving towards light assetization, improving inventory, capital turnover and operating cash flow. In addition, the company will gradually increase the proportion of casual and fashionable sports products in the product structure.

The market is still in the doldrums, and footwear companies want to transform into a “light asset” model.

The performance of footwear listed companies in the first half of 2019 continued to last year's downturn. Hung Hom, Aokang International, Hasen shares and other footwear companies saw a decline in net profit in the first half of the year. Two Hong Kong stock footwear companies Daphne International and Thousand Baidu recorded in the first half of the year. Losing money, Tianchuang Fashion, Saturday and other footwear companies in the first half of the revenue growth is mainly supported by diversified business, footwear and apparel sector revenue is in a downward trend.

In the face of the market downturn, footwear companies continue to transform in strategy, brand, channel, and products, and these transformation actions have no common ground. In terms of operational strategy, some footwear companies have increased their performance through diversification to find more profit growth points; in terms of brands, companies continue to work on multiple brands, intending to cover more market segments and conduct brands. In terms of product style, the company plans to introduce more fashionable, casual and sports style products to meet the needs of young consumers; in terms of channels, footwear companies find that online business is generally a performance increase. One bright spot will increase support for e-commerce business and make more attempts in social e-commerce and new retail.

In addition to the above-mentioned transformational actions, footwear companies also have a “heavy play” of transformation and adjustment, that is, the transformation and adjustment of physical channels. In this regard, in addition to regular operations such as shop-slimming, refurbishment and upgrading, footwear companies also have a common adjustment tendency: to become more “light”, such as increasing the proportion of franchise stores, increasing the proportion of online channels, and trying brand authorization. And the partner system and so on. For example, Aokang International said that the company first tried the brand licensing model and established a partner business model; Daphne International said that the company pursues a “light asset” business model, which will focus on e-commerce business, supplemented by physical store business, and will be more Multi-stores have been transformed into a “partner system” or “joining system”; on Saturday, it will gradually increase the proportion of affiliated stores, and the company will gradually change the original department store’s self-operated stores into franchise stores, gradually moving towards lighter Assetization.

The above-mentioned footwear companies' transformation into the “light asset” model, including the introduction of more young-style products, and the establishment of a rapid response flexible supply chain model mentioned by some footwear companies, and other transformational adjustment measures, reflect the footwear companies Under the situation that the external market environment is relatively sluggish and the industrial development is at the bottom of the cycle, the company intends to increase the operational flexibility and improve the transformation acumen. However, no matter what kind of transformation adjustment strategy is adopted, it is more likely that the footwear enterprises that cultivate their own unique competitiveness and improve the sustainability and stability of the transformation will become the winners of the market.上半年普遍仍未走出业绩低迷的状况，企业在转型调整方面采取愈加趋同的策略。

红蜻蜓上半年营收净利下滑，发力品牌年轻化

8月27日，红蜻蜓发布2019年半年报，公司上半年实现营业收入14.73亿元，同比下滑1.18％;归属于上市公司股东的净利润1.09亿元，同比下滑31.42％红蜻蜓称，营收下滑主要是受行业整体经济影响。

红蜻蜓称，上半年公司围绕红蜻蜓品牌年轻化转型升级目标，继续打造三个核心竞争力：健康舒适的产品研发整合能力，快时尚的供应能力以及新零售能力打造“年轻休闲化，健康时尚化”的红蜻蜓特色产品与定位，以‘科技+时尚’为主线，由新款式走向新品类。公司认为，传统商务皮鞋的需求下降明显，运动，休闲风格的产品需求在逐步提升。

红蜻蜓提到，上半年公司建立柔性快时尚产品供应模式，改革订货会机制，降低首次订货比例，提高快速补单和快速返单的比例，打造中央计划，区域需求计划和店铺销售计划联动机制。在华东区试点总部直配模式，每日从中央仓对终端店铺进行补货。在渠道结构上，推动购物中心渠道的入驻，寻求与优质购物中心进行战略合作。公司推进新零售创新，打造店铺，园区，分子公司，总部商品，研发的月度联动模式和快速反应机制。

红蜻蜓上半年亦在寻找多元投资渠道。3月14日，红蜻蜓发布公告，为拓宽产业投资领域，公司全资子公司宁波梅山保税港区红蜻蜓资产管理有限公司拟以自有资金8000万元与苏州协立股权投资管理中心（有限合伙），浦口开发区高科技投资有限公司共同成立南京浦口协立创业投资中心（有限合伙），投资领域为电子信息服务业（新零售，大消费， TMT，大数据），先进制造（鞋服制造，人工智能，新材料，集成电路），高端装备（鞋服装备工艺，高端道路装备，新技术，新工艺）等战略新兴产业领域。

奥康国际上半年营收净利下滑，建立合伙人经营模式

8月27日，奥康国际发布2019年半年报，公司上半年实现营业收入13.25亿元，同比下滑15.75％;归属于上市公司股东的净利润9549.12万元，较上年同期下滑43.13％公司称，营业收入同比下滑主要系上半年宏观经济整体疲软，消费需求疲弱，传统鞋服行业受到冲击。公司转型升级过程中优化渠道布局，导致收入下滑。

半年报显示，奥康国际实施以“奥康”品牌为主，“康龙”，“斯凯奇”及“彪马”等品牌为辅的多品牌模式。其中奥康品牌为25-35岁目标客户群提供中高端商务时尚产品;康龙品牌定位时尚休闲，以年轻消费群体为主力;斯凯奇品牌产品覆盖3岁以上儿童及成人，包括运动鞋，服饰，配套产品等;彪马品牌产品以休闲和运动系列为主，涉及跑步，足球等领域。

奥康国际称，2019年上半年，公司择优劣汰，聚焦提升单店效益，打造“奥康生活馆”，“康龙原创设计师店”终端新形象;公司首次尝试品牌授权模式，建立合伙人经营模式，以奥康皮鞋品牌为核心丰富商品品类。另外打造社交零售场，推进新零售在线业务，公司与腾讯智慧零售合作，通过微信支付有礼，朋友圈广告投放等方式获取流量，公司将继续探索社交零售版块。

达芙妮国际上半年仍录得亏损，店铺转型“加盟制”

8月27日，达芙妮国际披露2019年上半年中期业绩报告，公司上半年实现营业额14.03亿港元，同比减少37.9％;毛利6.51亿港元，同比减少39.7％净利润亏损3.90亿港元，而去年同期亏4.93亿港元，亏损额有所收窄。达芙妮国际称，营收同比下滑主要是由于集团销售点按年减少34.8％及其核心品牌业务同店销售下跌所致。集团继续整合并调整其店铺网络，以迎合其新品牌形象。集团上半年净关闭612个销售点，截止6月底集团拥有销售点总数为2208个。

达芙妮国际称，上半年集团在购物中心渠道开设新形象店铺，继续进行店铺翻新。集团与专业品牌咨询公司合作，对达芙妮品牌进行重新定位。为应对运动休闲的发展趋势，集团推出运动休闲系列产品，并增加产品研发方面的投入，集团的春夏系列推出更多运动休闲产品，以时尚舒适为卖点面对年轻顾客。

达芙妮国际提到，集团的电商业务继续增加其对集团总营业额的贡献，并保持盈利。集团将对销售渠道策略进行调整，追求“轻资产”业务模式，将以电商业务为主，以实体店业务为辅。集团将继续优化销售网络，将更多店铺转型为“合伙人制度”或“加盟制度”。集团将继续扩充运动休闲产品，继续进行品牌重新定位。

天创时尚上半年净利下滑，关店优化调整

8月22日，天创时尚发布2019年半年报，公司上半年实现营业收入10.46亿元，同比增长4.28％;归属于上市公司股东的净利润1.21亿元，同比下滑12.40％。

半年报显示，公司为时尚女鞋多品牌运营商，旗下有六个女鞋品牌，包括五个中高端女鞋自有品牌“KISSCAT”，“ZSAZSAZSU”，“tigrisso”，“KissKitty”和“KASMASE “，以及代理西班牙中高端女鞋品牌”Patricia“。另外公司拓展时尚生活方式品牌与品类，推出男装自有品牌”型录MUST HAVE“，代理意大利时尚创意品牌”O BAG“，并参投国际化设计师品牌United Nude（UN）。

半年报显示，公司鞋履服饰板块2019年上半年度实现营业收入8.70亿元，同比减少0.9％。天创时尚称，鞋履服饰板块业务在2019年第一季度录得营业收入及归母净利润同比下滑，在第二季度公司调整经营重点，在产品端加快产品小组体系化建设，在用户端优化各品牌CRM会员体系加强会员运营;通过精细化管理及控制费用，第二季度鞋履服饰板块营业收入同比持平略增，其中电商业务在第二季度实现同比增长约50％，实现归母净利润同比提升40.98％。

天创时尚称，上半年公司对低效店铺调整优化或关闭，半年内净关店共计64家，整合资源投放至重点及甲类店铺，提高单店经营效率。截至6月底，线下渠道店铺总计1861家，其中直营店1318家，加盟543家。上半年线上业务同比增长26％，占时尚鞋履服饰板块之主营业务收入比重由去年同期的14.55％扩大至18.38％。天创时尚的另一业务板块移动互联网数字营销业务上半年度实现营业收入1.76亿元，同比增长40.55％，实现归母净利润5422万元，同比增长6.34％。可以认为，天创时尚上半年业绩增长主要靠多元化业务支撑。

星期六上半年营收净利增长，多元业务并表增厚业绩

8月19日，星期六发布2019年半年报，公司上半年实现营业收入8.91亿元，同比增长21.11％;归属于上市公司股东的净利润6084.49万元，同比增长106.24％半年报显示，遥望网络自2019年3月起作为控股子公司并入星期六的合并报表范围。撇除并表因素，公司上半年服装鞋类业务营业收入5.70亿元，同比下滑12.40％。

星期六称，公司致力于“打造时尚IP生态圈”，构建“媒体和社交平台”，“时尚IP孵化运营平台”及“时尚IP集合平台”，向新零售平台进行转型。上半年，公司继续拓展购物中心品牌集合店“Saturday Mode”，并推动电商业务发展，布局线上多元化渠道，利用直播平台如淘宝达人直播，淘宝C店直播，还有云集，爱库存，宝贝仓等社交平台，以及封闭式的限时特卖及公众号销售等，拓展新的销售渠道和营销模式。另外公司改变集合店前期以直营为主的模式，逐步加大加盟集合店的比例，此外公司也将把原有部分百货商场自营店逐步改为加盟店。

近日有投资者问，对于目前低迷市场，星期六女鞋业务打算如何实现突破与增长。星期六在投资者互动平台上表示，一公司方面将利用建立起来的三个平台，提高对消费者流量的聚集及变现能力，另一方面优化主业经营模式，改善渠道结构与产品结构，建立多元化的时尚产品销售平台，同时调整店铺结构，减少自营店铺占比，逐步走向轻资产化，改善存货，资金周转以及经营现金流。此外，公司也将在产品结构上逐步增加休闲，时尚运动类产品的占比。

市场仍旧低迷，鞋履企业欲向“轻资产”模式转型

鞋履上市企业在2019年上半年业绩仍旧延续去年的低迷态势，红蜻蜓，奥康国际，哈森股份等鞋履企业上半年营收净利双下滑，两家港股鞋履企业达芙妮国际和千百度上半年录得亏损，天创时尚，星期六等鞋履企业上半年营收增长则主要靠多元化业务支撑，鞋服板块营收则是处于下滑态势。

面对市场低迷的状况，鞋履企业在战略，品牌，渠道，产品上继续进行转型，而这些转型动作不乏共同之处。在营运战略上，一些鞋履企业通过多元化来增厚业绩，寻找更多的利润增长点;在品牌方面，企业继续在多品牌方面发力，意图覆盖更多细分市场，并对品牌进行的新的定位和调整;在产品风格方面，企业计划推出更多时尚，休闲，运动风格的产品来满足年轻消费者的需求;在渠道方面，鞋履企业发现，线上业务普遍是业绩增长的一个亮点，会加大对电商业务的支持力度，并在社交电商，新零售方面做更多尝试。

除了上述方面的转型动作，鞋履企业还有一个转型调整的“重头戏”，即实体渠道的转型调整。在这方面，除了关店瘦身，翻新升级等常规动作，鞋履企业还大致有一个共同的调整倾向：变得更“轻”，如加大加盟店比例，增加线上渠道比重，尝试品牌授权和合伙人制度等等比如，奥康国际称，公司首次尝试品牌授权模式，建立合伙人经营模式;达芙妮国际称，公司追求“轻资产”业务模式，将以电商业务为主，以实体店业务为辅，并将更多店铺转型为“合伙人制度”或“加盟制度”;星期六称，会逐步加大加盟集合店的比例，此外公司也将把原有部分百货商场自营店逐步改为加盟店，逐步走向轻资产化。

上述鞋履企业向“轻资产”模式转型的动作，包括推出更多年轻风格产品，以及有些鞋履企业提到的建立快速反应的柔性供应链模式等等转型调整措施，反映出鞋履企业在外部市场环境相对低迷，产业发展大致处于周期底部的状况下，企业意图增加经营灵活性，提高转型敏锐度的共同尝试。不过，无论采用何种转型调整策略，在转型过程中培养出自身独有竞争力，提高转型的可持续性和稳定性的鞋履企业，才更有可能成为市场的赢家。