Sanfo's Outdoor 13 Door Stores Fall Into A "Mud"

Along with the listing of outdoor products companies such as Pathfinder and Jia Linjie, more and more companies in the same industry began to seek listing, including the Beijing Sanfo outdoor products Limited by Share Ltd (hereinafter referred to as Sanfo outdoor).

　　 Sanfo outdoor It is the first enterprise specializing in outdoor products sales in China. Its products include three categories: outdoor clothing, shoes and socks, and equipment. The company intends to go public in Shenzhen Stock Exchange's small and medium-sized board, raising about two hundred million yuan.

By the end of 2014, the company had 34 stores, which were distributed in many first tier cities such as Beijing, Shanghai and Shenzhen. However, it is worth noting that 10 of these 34 stores have suffered losses in 2014, and 7 of them lost money in 2013. In this case, the company is prepared to raise funds for new stores. And clearly stated in the use of funds, in the two hundred million yuan fund-raising funds, 157 million yuan will be used to set up exclusive stores, a total of 29.

Under the premise of the recent loss of 1/3 stores, how can Future Ltd ensure the profitability of new stores? In addition, the company prospectus shows that in 2014, the company also had many problems such as the decline in net profit and inventory rise, which is worth investors' attention.

So what is the specific reason for the loss of the company's stores? What are the reasons for the decline in the company's performance and the increase in inventory? For this reason, the reporter sent an outline for the interview to the company and telephoned the phone number in his prospectus. The company said that the issue mentioned in the mail is also a matter of concern to the SFC. Preparations are being made for feedback, and the prospectus will be updated and updated. Because the company did not explain the relevant content, the reporter could only analyze it according to prospectus and other information.

According to the prospectus, 10 of the 34 stores operated in 2014 suffered losses, and 7 of them appeared for two consecutive years. loss 。 In addition, in the 24 shops that made profits, there were 6 net profit declines in 2013. It can be seen that the sales situation of the company stores is not optimistic.

By comparing the contribution of each store to net profit, the reporters found that the net profit of the company in 2014 mainly came from the two shops of Beijing Ma Dian east store and Beijing Ma Dian West store. Among them, Ma Dian Dong shop realized a net profit of 879 million yuan, and Ma Dian West store realized a net profit of 4 million 170 thousand yuan, totaling 12 million 960 thousand yuan, accounting for 61% of the company's net profit in that year. It can be seen that if there is no two stores, the performance of the company will decline sharply, and the contribution of other stores to the company's performance is not large.

If the 29 stores are open Do business How many of these companies can bring benefits to the company? What is the contribution to the company's performance even if it brings benefits? From the current situation, there is still great uncertainty.

In addition, Madian's Dongmen store still maintained a relatively high net profit growth rate in the two most profitable stores, achieving a net profit of 8 million 790 thousand yuan in 2014, an increase of 32% over the same period last year. However, the performance of Ma Dian Xi shop has stopped growing for nearly 3 years, and its net profit in 2014 has increased by only 5%, down from the net profit in 2012. Therefore, once the performance of Dongmen store in Madian is stagnant, it is likely to have a serious impact on the company's performance in 2015, which is worth investors' attention.