Sanfo's Outdoor Business Crisis Looms To Be Listed On Shenzhen Stock Exchange

< p > if this Sanfo outdoor can circle to 200 million yuan real gold and silver, how will the future return on investment be guaranteed? < /p >
< p > < strong > < a > href= > http://sjfzxm.com/news/index_s.asp > > /a > crisis looming > /strong > /p >
< p > the quality of IPO enterprises seems to have become less important in the eyes of investors in the environment of continuous trading of new shares. But a Chengdu investor told reporters: "the local Sanfo outdoor store has no people, and one day no one can see shopping." < /p >
< p > opening the Sanfo outdoor listed prospectus, showing the business situation is really not good. By the end of 2013, there were 34 stores, of which there were 11 loss making stores, accounting for 1/3 of the total number of stores. Even so, the company is still open shop to expand the scale. By the end of June 2014, Sanfo outdoor Wuxi IKEA store opened, Sanfo outdoor already has 35 stores. < /p >
< p > the total amount of Sanfo outdoor public offering is no more than 17 million shares. The total share capital of the company will be no more than 67 million shares. The total investment amount to be raised is 200 million 258 thousand and 100 yuan, and the sponsor is Limited by Share Ltd of Donghai securities. Sanfo's outdoor fund-raising investment is mainly to open stores. In the next few years, the company plans to continue to develop Beijing as the core to other key cities throughout the country, giving priority to opening stores in the northeast, East China, North China and Chengdu. In the next three years, it will enter 26 large and medium-sized cities in 18 provinces, municipalities directly under the central government and autonomous regions, and plans to set up 37 new stores, of which 29 will raise funds and 8 will raise funds by themselves. < /p >
The price of P expansion is high investment, but the result of high investment is not necessarily high output. Sanfo outdoor disclosed that new stores would be profitable after half a year or two years of incubation. For a listed company, even if the listing is successful, how to ensure the profit growth at present and in reality is the biggest doubt of public investors. < /p >
< p > < strong > < a > href= > http://sjfzxm.com/news/index_s.asp > > three > /a > shock > /strong > /p >
< p > in fact, as an outdoor sporting goods seller, Sanfo outdoor has met the three impact of network and domestic strength brand growth and foreign brand. < /p >
Less than P, 2013, Sanfo outdoor 1/3 stores were losing money while other sports brands were successively winning. The net profit of 300005.SZ was 249 million yuan, an increase of 47.48% over the same period last year. < /p >
< p > according to Sanfo outdoor, in the first quarter of 2014, the unaudited net profit of Sanfo was 939 thousand and 300 yuan, down 44.55% compared with the same period last year. In the same quarter, the number of Pathfinder increased by 30.3% over the same period. < /p >
< p >, Sanfo outdoor explains: "as a result of the impact of the overall macro economy, the growth of the retail industry and the impact of e-commerce and shopping malls, the outdoor competition environment of the professional outdoor retail channel is becoming more and more serious." In Sanfo's outdoor prospectus, the company highlighted the potential downside risk of performance decline. "If the company can not further enhance its profitability and enhance its market share in the next period of time, it will likely 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." < /p >
< p > gross profit margin, compared with the gross profit margin of representative retailer or brand dealer at home and abroad, found that the gross profit margin of Sanfo outdoors was lower than that of Pathfinder, American REI and Columbia during the reporting period. < /p >
In 2011 P, the gross profit margin of the pathfinder was 47.53%, 50.94% and 50.02% respectively; the US REI was 42.44%, 41.57% and 43.06% respectively; Columbia was 43.41%, 42.91% and 44.13% respectively; meanwhile, the gross profit margin of Sanfo outdoor was only 44.11%, 40.74% and 40.74% in the same period. < /p >
Less than P, Sanfo outdoor said that the gross margin decline in recent two years was "affected by the macroeconomic slowdown in the last two years to 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." < /p >
< p > Sanfo's outdoor profit mode, its main source of profit is the difference between the purchase and sale of goods. Once the discount promotion and supplier discount remain unchanged, it means that the profit margins will be reduced and the gross margin will inevitably decline. On the other hand, with the popularity of online shopping, Sanfo outdoor has to face the competition of low cost e-commerce. Even Sanfo outdoor needs to face the embarrassment of its own distribution system itself. In fact, Sanfo outdoor also set up online stores on Tmall's main e-business platforms, but the problem is that sales of the Internet will inevitably lower the price of physical retail, while at the same time rob its offline customers. < /p >