Sanfo Outdoor IPO Has A Worrying Future: Loss Of 1/3 Stores

Less than half a month ago, Beijing Sanfo outdoor products Limited by Share Ltd (hereinafter referred to as Sanfo outdoor) Sanfo outdoor Wuxi IKEA store was officially opened, so far, Sanfo outdoor has 35 stores.

However, behind the increase of Sanfo outdoor stores is the embarrassment of its 1/3 stores last year.

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Not long ago, Sanfo outdoor disclosed the prospectus. According to the content disclosed in the prospectus, in March 2009, Sanfo opened the first store (flagship store) of Nanjing in Xinjiekou, Nanjing, with an area of 778.10 square meters. In April 2010, Sanfo opened second stores in Nanjing's Jinxiang River, with an area of 252.8 square meters in April 2010.

From 2011 to 2013, the net profit of Xinjiekou stores was 1 million 301 thousand and 500 yuan, 1 million 128 thousand and 200 yuan and 867 thousand and 600 yuan respectively, and net profit decreased year by year.

The net profit of Xianghe store from 2011 to 2013 was 287 thousand and 800 yuan, 438 thousand and 900 yuan and 293 thousand and 700 yuan respectively.

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< p > in fact, Sanfo outdoor has third stores in Nanjing, namely the purple peak building store (the purple peak building is the tallest building in Jiangsu).

For the store, Sanfo outdoor in the prospectus, in addition to the "Purple peak building shop closed in 2013" no longer mentioned.

Reporters in Sanfo outdoor official website inquiries information, purple peak building shop opened in December 18, 2010, located in the shopping center 4F, an area of 246 square meters.

For Nanjing Sanfo Zemin building shop, Sanfo outdoor real controller Zhang Hengceng interpreted as "this is Sanfo's only outdoor shopping mall, is an attempt."

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< p > the purple peak building shop is not the only store that Sanfo outdoor closed in 2013.

In December 2009, Sanfo opened the East Road store and West Road store in Tianmu Mountain Road in Hangzhou, with a total area of 540 square meters.

However, Tianmu Road West Road store closed in 2013.

The East Road store area of Tianmu Mountain Road is 380 square meters. From 2011 to 2013, the net profit of the shop was 218 thousand and 200 yuan, -8.16 million yuan and 207 thousand and 500 yuan respectively.

Sanfo outdoor belongs to the channel of outdoor products retailing industry. In Hangzhou, outdoor products retail enterprises mainly include Hangzhou Jiahe outdoor products Co., Ltd. and Hangzhou wind snow Trade Co., Ltd.

Why did Sanfo outdoor operate in Hangzhou for several years to shrink its front line in 2013? < /p >

The information disclosed in the Sanfo P outdoor prospectus shows that as of the end of 2013, the company had 34 chain stores nationwide, compared with 33 at the end of 2012.

Since Sanfo outdoor closed 2 stores in 2013, it means that the company has opened 3 new stores.

Is this really true? According to the prospectus, Sanfo's outdoor stores in 2013 were Wangjing store in Beijing (130.81 square meters in size, opened in July 2013) and Qingjiang West Road store in Chengdu (320.74 square meters in size and opened in May 2013).

Where are the 1 houses? This has to mention the Phoenix Plaza store in Suzhou (an area of 526 square meters and opened in March 2014).

It is doubtful that the Suzhou Phoenix Plaza store opened in March. Why did Sanfo store the shop that had not yet opened? /p

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In addition to closing stores, Sanfo outdoors lost 11 stores in 2013, accounting for 1/3 of the total number of stores, especially in 3 stores in Changchun, P.

In 2011 and 2012, all 3 stores in Changchun were all profitable, and 2013 was the total loss.

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From 2011 to 2013, the net profit of Sanfo's outdoors attribution 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, of which 2012 decreased by 18.11% compared with 2011, while the unaudited net profit of the company in 2014 1-3 was 939 thousand and 300 yuan, down 44.55% compared to the same period in 2013.

In this regard, Sanfo outdoor explained that as the professional outdoor zero channel is affected by the overall macro-economic growth, retail industry growth and the impact of e-commerce and shopping mall channels, the external competition environment faced by the company is becoming more and more serious. If the company can not further enhance its profitability and enhance its market share in the next period of time, it will be likely to face the risk of further decline in performance, and may even have a risk that the operating profit of the listed company will drop by more than 50% over the previous year.

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What is the performance of the company's peers? Sanfo outdoor company in the domestic industry is the Pathfinder. From 2011 to 2013 and the first quarter of this year, the net profit of the pathfinder was 107 million 151 thousand and 800 yuan, 168 million 702 thousand yuan, 248 million 803 thousand and 800 yuan and 77 million 699 thousand and 400 yuan respectively, and the same score increased by 98.81%, 57.44%, 47.48% and 31.53%.

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< p > it is a matter of concern that according to the prospectus, the total investment of Sanfo outdoor intends to raise funds is 200 million yuan, of which the company intends to invest 156 million 800 thousand yuan to build a total of 29 stores, all of which are direct stores.

Sanfo outdoors has about 1/3 of its existing stores. In 2013, it closed two stores. Why did the company still spend a lot of money on opening stores? In response to the above questions, the reporter recently sent a letter to Sanfo outdoor, but as of press release, the company did not reply.

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