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As of August 31, 2019, 166 textile and apparel listed companies in Shanghai and Shenzhen (A shares) have disclosed their 2018 semi-annual report data. According to the semi-annual report of listed companies and Asys. 16 system data statistics:

From the perspective of operating income, in the first half of 2019, 166 listed textile and apparel companies in Shanghai and Shenzhen achieved a total operating income of 517.88 billion billion yuan, an increase of 10.31 over the same period last year. Among them, there are 11 companies with revenue exceeding 10 billion yuan, and Hengli Petrochemical (600346.SH) ranks first with 42.333 billion yuan.

In terms of net profit, 166 listed companies achieved a total net profit of 37.051 billion billion yuan in the first half of 2019, an increase of 8.78 over the same period last year. Chemical fiber manufacturing and clothing chain retail industry are still the most profitable industries. Among them, Hengli Petrochemical (600346.SH) has made an average daily net profit of more than 2000 million yuan in the 2019 six months, with a cumulative net profit of 4.031 billion yuan crowning A- share 166 textile and clothing listed companies.

This report is divided into "Overview of Performance and Operational Performance in the First Half of 2019", "Earnings Quality and Operational Health Assessment Conclusions", and "Top 10 (or Top 20) Rankings of Top 10 Individual Data such as Revenue, Profit, Market Capitalization, Scale, Earnings and Returns.

　　1. First Half 2019 Results and Operational Performance Overview

According to statistics, in the first half of 2019, 166 listed textile and clothing companies in Shanghai and Shenzhen (A shares) achieved a total operating income of 517.88 billion billion yuan and a cumulative net profit of 37.051 billion billion yuan. they increased by 10.31 percent and 8.78 percent respectively. This is in the current situation of China's textile industry is facing more complex and severe macro situation at home and abroad, various unstable and uncertain factors are intertwined, internal and external market pressure has increased, and the first half of China's textile industry production and marketing, investment, efficiency and other operational indicators are fluctuating, a good report card. It fully shows that the listed companies in China's textile and garment industry play a positive role in leading the innovation and development of the whole industry and maintaining the stable operation of the economy in the process of promoting the high-quality development of the industry.

1. Among the 166 companies that disclosed the 2019 semi-annual report: 81 main board companies, with a cumulative operating income of 273.539 billion yuan and a net profit of 23.018 billion yuan;(2) There are 72 small and medium-sized companies, which achieved operating income in the first half of 2018.236.327 billion yuan, a net profit of 13.124 billion yuan;(3) There are 13 companies on the Growth Enterprise Market, with operating income of 8.014 billion yuan and net profit of 0.908 billion yuan in the first half of 2019. Revenue and net profit by sector are shown in Figure 1 below:

2, from the perspective of revenue distribution, more than half of the textile and apparel A- share companies in the first half of 2019 operating income in the "2 to 2 billion" range, 25 companies with revenue of more than 5 billion yuan, and operating income of more than 10 billion, there are 11.

In addition, from the perspective of the revenue of sub-industries (or professional fields) in the first half of the year, the chemical fiber industry still achieved the most revenue, ranking first, with a cumulative revenue of 165.781 billion yuan; the clothing and apparel industry ranked second, with a total operating income of 119.476 billion yuan.

From the perspective of net profit distribution, there were 20 companies with a net profit of more than 0.5 billion yuan in the first half of the year, and 7 companies with a net profit of more than 1 billion yuan were Hengli Petrochemical, Zhejiang Longsheng, Hailan Home, Youngor, Hengyi Petrochemical, Tongkun Shares, Rongsheng Petrochemical. At the same time, 23 companies posted net losses in the first half of 2019, with a loss area of 13.86 per cent.

Figures 2 and 3 below show the operating income and net profit distribution of textile and apparel A- share companies in the first half of 2019:

Figure 2 Data source: semi-annual reports of listed companies

Figure 3 Data source: semi-annual reports of listed companies

3. Other main statistics of 166 listed companies mainly engaged in textile and clothing in Shanghai and Shenzhen stock markets (as of June 30, 2019):

(1) The total market value is about 1325.897 billion yuan, down 6.38 from the same period last year;

(2) The total asset size was about 1655.522 billion yuan, up 18.76 (a large increase) from the same period last year;

(3) Average earnings per share (average) 0.18 yuan (down 12.45 from the same period last year. Earnings per share (EPS) is in the range of $0.85 to-$0.91. 53.01 percent of companies had lower earnings per share than in the same period in 2018.

(4) The total operating cost was about 415.01 billion yuan, up 10.48 (faster growth) from the same period last year,;

(5) Accounts receivable totaled 100.827 billion yuan, up 7.41 from the same period last year,;

(6) Inventory totaled about 233.9 billion yuan, up 19.48 percent from the same period last year;

(7) Construction in progress totaled about $185.428 billion, up 102.85 (faster growth) from a year earlier;

(8) Short-term borrowings totaled about 248.804 billion billion yuan, an increase of 112.80 per cent over the same period last year, and short-term liabilities increased significantly, the largest increase in recent years;

(9) Total liabilities amounted to 914.866 billion yuan, up 28.83 per cent (faster growth) over the same period last year;

(10) Accounts payable totaled about 127.647 billion yuan, up 28.78 per cent (faster growth) over the same period last year;

(11) Net cash from operations totaled about $37.845 billion, up 238.37 percent (faster growth) from a year earlier;

(12) In the first half of 2019, 23 of the 166 listed textile and apparel companies lost money, with a loss of 13.86 percent, an increase of 3.62 percentage points over the same period last year); the total loss was 2.392 billion billion yuan, an increase of nearly three times over the same period last year.

(See Attached Table 1 and Table 2 for details)

4, the main financial analysis indicators:

(1) Return on net assets (average) 3.07 per cent, down 0.66 percentage points from a year earlier;

(2) Net sales margin (average) 4.41 per cent, down 29.00 per cent from a year earlier (a larger decrease);

(3) The average asset-liability ratio was 41.16 per cent, up 8.14 per cent from the same period last year;

(4) The current ratio (average) 2.36 by 5.24 per cent over the same period last year;

(5) Inventory turnover, accounts receivable turnover, and current asset turnover all have different declines or decreases in Chengdu;

(6) The year-on-year growth rate of earnings per share, the year-on-year growth rate of operating profit, the year-on-year growth rate of operating income and the year-on-year growth rate of net profit are obviously inferior to the same period of last year.

(See Schedule 4 for details)

5. Preliminary conclusions of analysis and judgment:

In the first half of 2019, the overall situation of the operation and development of 166 main textile and clothing listed companies in Shanghai and Shenzhen stock markets: the income continued to grow, the operation was basically stable, and the cash flow was good. The scale of assets continued to expand, and the capital structure and solvency were basically reasonable.

　　2. income quality assessment and health index evaluation conclusion.

According to Asys. 16 System, Shanghai and Shenzhen 166 main textile and apparel listed companies in the first half of 2019 earnings quality assessment and health index evaluation results are 45.02 and 82.08, respectively, as follows Table 1, Figure 4:

Table 1 Source: Asys. The 16 system

Figure 4 Source: Asys. The 16 system

1. The overall situation of the industry's income-generating capacity and profit quality is good, and although the evaluation value has a slow downward trend, the overall situation is still good.

2, the industry is running in good health, compared with the same period last year's HIS score decreased by 4.76. It shows that the operation and development of textile and garment listed companies in Shanghai and Shenzhen are in good condition, and the possibility of operation risk and potential hidden danger is low.

3. The top twenty rankings of income quality appraised values are as follows in Table 2:

Table 2 Source: Asys. The 16 system

　　3. Top Ten Individual Rankings

1. Revenue ranking

In terms of operating income, the top 20 companies achieved a total operating income of 320.454 billion billion yuan (61.88) in the first half of 2019. Among them, 11 companies have revenues of more than 10 billion yuan. Hengli Petrochemical ranked first in the income list of textile and apparel A- share listed companies with an operating income of 42.333 billion yuan; Hengyi Petrochemical took the second place with a revenue of 41.729 billion yuan; followed by Rongsheng Petrochemical, Operating income is 39.492 billion yuan. The top 20 revenue rankings are as follows:

Source: Asys. The 16 system

2, make money list

Among the top 20 net profits, the chemical fiber manufacturing industry performed outstandingly by industry, with a total of 4 companies in the top 10. Among them, Hengli Petrochemical (600346.SH) ranked first in net profit 4.031 billion. Zhejiang Longsheng (600352.SH) ranked second, with a net profit of 2.533 billion yuan in the first half of 2019. This was followed by Hailan House (600398.SH), which achieved a net profit of 2.112 billion yuan in the first half of 2019. The top seven all achieved net profit of over 1 billion yuan. Make money list as follows:

Source: Asys. The 16 system

3. Earnings Ranking

In terms of earnings per share, Disu Fashion (603587.SH) ranked first with 0.85 yuan. Zhejiang Longsheng (600352.SH), Yankun shares (601233.SH) won the second and third. The earnings ranking is as follows:

Source: Asys. The 16 system

4. Asset size ranking

Source: Asys. The 16 system

5. Market Value Ranking

Source: Asys. The 16 system

6. Revenue growth ranking

In terms of revenue growth, Shinur, from the clothing and apparel and commercial retail industries, saw a sharp increase of 336.91 in revenue in the first half of 2019 compared with the same period last year, becoming the fastest growing textile and clothing (A-share) listed company in the first half of 2019. The other two companies in the top three were 3D Silk and Deep Textile A, with year-on-year revenue growth of 163.31 percent and 112.72 percent in the first half of 2019, respectively. The top 20 revenue growth rates are as follows in Table 2:

Source: Asys. The 16 system

7. Return Ranking

In terms of return on net assets, Hailan Home (600398.SH) led with 15.67 per cent; Hengli Petrochemical (600346.SH) ranked second with a return on net assets of 13.97 per cent; and Jianxin (300107.SZ) ranked third with 12.92 per cent. The return on net assets of more than 10% also has Zhejiang Longsheng, Shinda shares, Disu fashion, Gan Consulting, Guangwei compound, Biyin Lefen, Leap Earth shares, Huijie shares. The return leaderboard is as follows:

Source: Asys. The 16 system

8. Top 10 Investment Income Rankings

In terms of investment income, Youngor (600177.SH) topped the list with an investment income of 174499.55 yuan. Liaoning Chengda (600739.SH) and Shinda (600626.SH) ranked 2. three with 85320.30 yuan and 73757.73 yuan respectively. The investment income ranking is as follows:

Source: Asys. The 16 system

9, solvency top ten rankings.

In terms of current ratio, the top three Jiangnan High Fiber (600527.SH), Jianxin (300107.SZ) and Chinacao Technology (603306.SH) all have current ratios of more than 10, 20.36, 12.30 and 10.97, respectively. The top ten solvency rankings are shown in the table below.

Source: Asys. The 16 system

10. "Rich" list

In terms of net profit growth, a total of 22 companies increased their net profit by more than 100 percent year-on-year. Among them, the net profit growth of Meierya (600107.SH) jumped by 2044.54 compared with the same period last year, which was the fastest growing company in the first half of 2019. Jinghan shares (000615.SZ) ranked second, with net profit up 1496.36 percent year-on-year. This was followed by Sinur (002485.SZ), with net profit growth of 761.41 per cent. Net profit growth over the same period of growth in the top 10 rankings are as follows:

Source: Asys. The 16 system

(Note: Listing Deadline End 2018)

(Source: China Textile Planning Research Association)