Sanfo Outdoor Tips After Listing Earnings Face Risk

< p > although it is located in < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "target=" > textile > plate, but outdoor goods market is actually a sunrise industry.

The market value of the Pathfinder once broke through billions of dollars, which is in sharp contrast to the collapse of the stock price of a, target=, _blank, href=, http://www.91se91.com/, clothing, Semir and Semir.

Recently, Sanfo outdoor products Limited by Share Ltd (hereinafter referred to as Sanfo outdoor), which is engaged in outdoor products chain business, has disclosed the draft prospectus prospectus, and intends to raise 200 million yuan to visit the Shenzhen Stock Exchange, which has attracted the attention of the capital market.

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< p > but the company's performance in 2012 dropped by 18.11% compared to the same period last year, although it rebounded in 2013, it still showed a downward trend compared with 2011.

The company also hints at the risk of "more than 50% year-on-year decline in operating profit on the stock market."

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< p > in addition, the famous "Daniel" position of equity investment in China was also exposed for the first time.

In the list of shareholders on Sanfo outdoor, the reporter discovered the figure of CEO Ni Zhengdong, holding 6.47% of the company's shares.

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< p > < strong > main outdoor chain < /strong > < /p >

< p > Sanfo outdoor is mainly engaged in outdoor retail business.

It is mainly divided into three categories: outdoor clothing, outdoor a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > socks and outdoor equipment, and has about more than 360 brands, covering the mainstream brands of outdoor products, mainly based on high end brands and low end brands.

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< p > in the management channel, the company adopts the sales mode of entity store sales, the online shopping and the sales of the big customer department as the subsidiary mode, under the jurisdiction of 34 stores, which are located in 11 major large and medium-sized cities throughout the country.

In 2011~2013, the sales revenue of physical stores accounted for 95.78%, 93.67% and 84.30% of the main business revenue respectively.

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< p > from the industry chain, the upstream industry of the company is outdoor supplier, and downstream is outdoor consumer.

But on the whole, Sanfo's outdoor and brand agents are cooperative relationships, and compete with some of the self built brands, such as Pathfinder.

At the same time, the company's main competitors are other outdoor products sales channels, mainly shopping malls, other professional outdoor stores, e-commerce channels and sports outdoor shopping malls (Decathlon (Decathlon stores), etc.).

One of the most direct competitors is other professional outdoor stores.

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< p > results show that as of the end of 2013, Sanfo's outdoor net assets amounted to 179 million yuan.

In 2011~2013, the company achieved operating income of 217 million yuan, 243 million yuan and 289 million yuan respectively, and realized net profit of 33 million 654 thousand and 500 yuan, 27 million 788 thousand and 400 yuan and 32 million 585 thousand and 500 yuan respectively during the same period.

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< p > the company intends to raise 200 million yuan to invest in the two major projects of "marketing network construction" and "information system upgrading". The remaining part will add liquidity.

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< p > > a href= "http://www.91se91.com/news/index_f.asp" > Sanfo outdoor < /a > said that in the next few years, Beijing will continue to expand to other key cities in the country, giving priority to opening stores in the northeast, East China (East China store), North China and Chengdu.

In addition to the core cities and key areas, Sanfo outdoor will also expand the marketing network to the whole country in a gradient manner. In the next three years, it will enter 26 large and medium-sized cities in 18 provinces, municipalities and autonomous regions, and plans to set up 37 new stores, of which 29 will raise funds and 8 will invest in self financing.

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< p > < strong > gross margin is lower than Pathfinder < /strong > < /p >

< p > reporter noted that Sanfo outdoor highlighted the risk of changing the market after listing.

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In P > 2011~2013, Sanfo's net profit attributable to shareholders of the parent company was 33 million 90 thousand yuan, 27 million 98 thousand and 100 yuan and 32 million 202 thousand and 800 yuan respectively.

In 2012, compared with 2011, it dropped by 18.11%, while the net profit of unaudited companies in the first quarter of this year was 939 thousand and 300 yuan, down 44.55% from the same period last year.

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< p > to this, Sanfo outdoor said that due to the impact of the overall outdoor economy and the growth of the retail industry and the impact of e-commerce and shopping malls, the outdoor competition environment of the professional outdoor zero channel is becoming more and more serious. If the Future Ltd can not further enhance its profitability and enhance the market share of its products, its performance may decline further, or even the risk of a sharp decline of more than 50% of the operating profit of the listed year.

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< p > but not all outdoor products enterprises are declining in profitability. As a result of self built brand channels, they become the Pathfinder of the company's competitors. In 2012, the net profit attributable to the parent company was 107 million yuan, 168 million yuan and 241 million yuan respectively. In 2012 and 2013, the annual growth rate was 57.01% and 43.45% respectively.

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In addition, in P, the gross profit margin of Sanfo outdoor showed a downward trend of 44.11%, 40.74% and 40.85% respectively.

In this regard, the company said that the gross margin decline in recent two years was "affected by the slowdown in the last two years in the terminal consumer market. In order to improve the efficiency of inventory turnover and cash flow recovery, the company's discount sales cycle and intensity were strengthened compared to 2011, while the purchase discount was basically unchanged from 2011."

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The gross profit margin of pathfinder was 47.53%, 50.94% and 50.02%, respectively. < p >

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< p > < strong > Qing Ke CEO holdings first exposure < /strong > /p >

< p > in Sanfo's outdoors shareholders list, unexpectedly discovered the figure of Ni Zhengdong CEO of Qing Ke group.

Ni Zhengdong currently holds 3 million 235 thousand and 900 shares of Sanfo outdoor, accounting for 6.47% of the total share capital of the latter.

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< p > it is understood that Ni Zhengdong is the founder, CEO and President of Qing Ke group.

The group is currently a comprehensive service and investment institution in the field of private equity investment in China.

Its capital is mainly invested in investment banking, assisting more than 20 companies to complete capital raising or acquisition every year. In 2006, venture capital fund was set up to invest in the Internet, mobile applications, digital media, energy saving and environmental protection.

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< p > in addition to Sanfo outdoor, Ni Zhengdong also owns 64.40% of the "a" href= "http://www.91se91.com/news/index_cj.asp" of Beijing Qing Ke Cci Capital Ltd 83.30%, the 64.40% stake of Beijing Qing Ke Information Consulting Co., Ltd., 6.4141% of Hainan Tianya Online Technology Co., Ltd. (hereinafter referred to as Tianya online), 50% of Shanghai Qing Ke Cci Capital Ltd, and 20.80% of the Beijing branch of AI Qi Qing (Beijing).

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< p > it is worth noting that Tianya online has reported the news of IPO.

By the end of 2011, Tianya community CEO Xing Ming had said he plans to make a public listing.

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