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china taifeng beddings holdi (873) Snapshot

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07/7/14 - $1.69
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china taifeng beddings holdi (873) Details

China Taifeng Beddings Holdings Limited, an investment holding company, manufactures and distributes cotton yarns and bedding products. The company provides cotton yarns to textile manufacturers for the production of cotton textile used in garments and furnishings. It offers bedding products, including bed covers, flat sheets, pillow cases, bed sheets, and quilt covers, as well as combination sets of such bedding products. The company sells its bedding products directly or through distributors under the ‘Taifeng’ brand. As of December 31, 2013, the company operated approximately 1,225 stores and counters. It has operations primarily in the People’s Republic of China, the United States, Brazil, Hong Kong, Macau, and Europe. The company was formerly known as International Taifeng Holdings Limited and changed its name to China Taifeng Beddings Holdings Limited in January 2013. China Taifeng Beddings Holdings Limited was founded in 2001 and is headquartered in Laiwu, the People’s Republic of China.

5,152 Employees
Last Reported Date: 09/12/14
Founded in 2001

china taifeng beddings holdi (873) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: CNY814.0K
Chairman, Member of Nomination Committee and ...
Total Annual Compensation: CNY1.0M
Executive Director
Total Annual Compensation: CNY806.0K
Compensation as of Fiscal Year 2013.

china taifeng beddings holdi (873) Key Developments

China Taifeng Beddings Holdings Limited Provides Earnings Guidance for the Year Ending 31 December 2014

China Taifeng Beddings Holdings Limited board announced that based on the information currently available, it is expected that the Group will record a substantial net loss for the year ended 31 December 2014, as compared to the net profit of RMB 297 million for the year 2013. The loss was mainly due to: the significant decrease in the demand for and the average selling prices of the company's textile products in 2014 as compared to last year as a result of a combination of factors, including the challenges faced by the traditional sales channels of the home textile industry, the correction occuring within the industry which is relatively long-lasting and the decrease in demand as a result of decreased home sales; the rising production costs; and the possible one-off book loss incurred for the one-off large-scale channel restructuring plan contemplated by the Company. The amount of such loss might be as significant as between RMB 500 million and RMB 600 million, and is subject to the scale and schedule of the implementation of the Channel Restructuring Plan, which is intended to provide an effective solution to the long-standing problems faced by the traditional channels and assist distributors in clearing excess inventory; resuming a sound cash flow; and improving their financial positions.

China Taifeng Beddings Holdings Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014

China Taifeng Beddings Holdings Limited announced unaudited consolidated earnings results for the six months ended June 30, 2014. For the period, the company reported total revenue of RMB 665,455,000 against RMB 1,251,408,000 a year ago. Profit before taxation was RMB 47,370,000 against RMB 368,346,000 a year ago. Profit for the period attributable to owners of the company was RMB 39,709,000 or RMB 0.040 per basic share against RMB 257,070,000 or RMB 0.257 per basic share a year ago. Net cash from operating activities was RMB 219,799,000 against net cash used in operating activities of RMB 242,236,000 a year ago. The main reasons for the decreases in revenue was affected by the general market condition in China, orders for group purchases dropped drastically. As consumption power decreased, consumers turned rational in their spending. The property market remained sluggish and this resulted in a drop in beddings demand. To boost the demand for its textile products, the Group had to use various promotion methods such as cutting prices. Thus, the average selling prices of the bedding products decreased by 35% as compared with the corresponding period last year, while the average selling prices of cotton yarn products also dropped by 26% as compared with the corresponding period last year due to falling demand.

China Taifeng Beddings Holdings Limited to Report First Half, 2014 Results on Aug 26, 2014

China Taifeng Beddings Holdings Limited announced that they will report first half, 2014 results on Aug 26, 2014


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