Li Ning Co Signed CBA Champion Yue Sun

Beijing men's basketball player Yue Sun signed a Lining press conference on 29 may in the Lining park. "Sun Dasheng" expressed his hope to retire in Beijing uniforms during the event.

On the day of the launch, Li Ning Co also arranged the meeting of the CBA champion Beijing and the fans. Beijing coach Min Lulei took the happy interaction with Yue Sun, Zhu Yanxi, Li Gen, Zhang Songtao, Fang Shuo, Chen Lei and Wang Xiaohui, and hundreds of fans at the scene, including the skills competition, the three points competition and the team shooting competition.

Speaking of why he worked with Lining, Yue Sun said, "Mr. Lining has been very successful both in his career and in his post retirement brand, and I personally admire him too.

We are in many ways.

It coincides with something else. Some things happen readily, and there are many similarities in ideas.

I hope this choice of Lining will enable us to develop better. "

Hand in hand

Another reason is that Yue Sun, who is already thirty years old, does not want to say goodbye to basketball on the day of leaving the court. "What I am doing now with Li Ning Co is to prepare for the future and try to do something that I can do, see what needs improvement, and let more people love basketball. This is our common thought."

Beijing beat Liaoning in the CBA finals this season, becoming the third successful defending team in history. This is also Yue Sun's second CBA champion. He expressed his hope to end his own team in this group.

Career.

"We are like a big family. Everyone is very united. As long as I struggle on the basketball court for a day, I will not take off this blue and white jersey."

Yue Sun said.

During the finals, Yue Sun had been fighting with shoulder injuries and recalled the moment when he lifted the championship trophy. Sun Yuekai joked "worried about the dislocated shoulder and broke the trophy."

Yue Sun has planned to go to the United States for surgery next month and may have to recuperate for 4 to 6 months after surgery.

In the latest list of men's basketball team training, Yue Sun, who is injured, has entered the list of reserve players. Whether he can catch up with the Asian Basketball Championship in Changsha, Hunan in September 23rd this year is unknown.

Yue Sun said: "I want to play with one hundred percent of my own. Maybe I was mentally afraid before, and I didn't dare to take the initiative to fight with others, because every time I would aggravate the injury, I didn't know what would happen.

Now I want to make myself stronger, physically or mentally.

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The reporter found that in the case of inventory ratio far higher than peers, Sanfo's outdoor inventory turnover rate is far less than that of comparable listed companies, and the company's inventory depreciation allowance is also obviously insufficient.

In the context of cold business, slow revenue growth and declining net asset yields, Sanfo's outdoor profitability is worrying.

Sanfo outdoor is an outdoor product company which sells outdoor products and sells outdoor retail chain products.

The company specializes in outdoor outdoor products, outdoor products, outdoor clothing, outdoor shoes and socks and outdoor equipment. The main products are mainly professional outdoor products and public outdoor products. The three main categories are outdoor clothing, outdoor footwear and outdoor equipment.

In Sanfo's outdoors balance sheet, the company's inventory is particularly noticeable.

Prospectus shows that in 2011-2014 years, the total assets of Sanfo outdoors were 161 million yuan, 208 million yuan, 231 million yuan and 252 million yuan respectively.

In the same period, the amount of goods stored in the company was 105 million yuan, 115 million yuan, 132 million yuan and 132 million yuan respectively, accounting for 65.19%, 55.42%, 57.12% and 52.38% of total assets respectively.

In the A-share market, Pathfinder (300005.SZ) is more similar to Sanfo outdoor than A.

Data show that, in the past 2011-2013 years, the total assets of the Pathfinder were 845 million yuan, 1 billion 86 million yuan and 1 billion 489 million yuan respectively, while the merchandise inventory value of the same period was 180 million yuan, 164 million yuan and 291 million yuan respectively, and the inventory accounted for 21.05%, 15.06% and 19.57% respectively, much lower than that of Sanfo outdoor.

Although Sanfo outdoor explains that the company is a channel retailer for outdoor goods retail chain, most of the real estate used for lease is obtained through leasing. Therefore, compared with the Pathfinder, the company has a smaller amount of illiquid assets.

However, after excluding illiquid assets, the inventories of 2011-2013 years' inventories accounted for 30.84%, 20.15% and 25.05% of current assets respectively, still lower than Sanfo outdoor.

Not only that, Sanfo's outdoors inventory turnover is also far from the Pathfinder.

Prospectus shows that in 2011-2013 years, Sanfo's outdoors inventory turnover rate was 1.47, 1.30 and 1.37 times, while the same period Pathfinder's inventory turnover rate was 2.96, 3.18 and 3.17 times respectively.

In addition, the reporter also found that Sanfo outdoor inventory inventory preparation is obviously insufficient.

The prospectus shows that in 2011-2013 years, the amount of Sanfo's outdoor inventory depreciation was 35 thousand yuan, 1 million 77 thousand and 800 yuan and 1 million 471 thousand and 800 yuan respectively, the proportion being 0.03%, 0.93% and 1.4% respectively, while the amount of allowance for inventory depreciation in the same period was 24 million 939 thousand and 500 yuan, 24 million 113 thousand and 700 yuan and 42 million 32 thousand and 100 yuan respectively, and the respective ratios were 12.3%, 12.3% and 12.3%.

At the same time, the storage age of Sanfo's outdoor merchandise shows that as of December 31, 2014, the merchandise value of Sanfo's outdoor warehouse aged more than 3 years was 19 million 260 thousand and 200 yuan, accounting for 14.54%; the merchandise value of 2-3 years was 29 million 965 thousand and 300 yuan, accounting for 22.63%; 1-2 years, the commodity value of the warehouse age was 30 million 104 thousand and 700 yuan, accounting for 22.73%;

As a result, the inventory reduction preparation for Sanfo outdoors should be over 10 million yuan, in accordance with the proportion of the explorer's inventory fall.

Sanfo's outdoors explanation is that the products of the company over 3 years old are mainly outdoor equipment products. Most of these products are durable and professional outdoor products. The age of the products has little effect on the net realizable value of the products. The sales volume of some products in the company's sales is stable throughout the year. Winter goods such as down garments can not only be used for daily cold protection, but also can be used in mountains, snowy mountains and extremely cold areas. Therefore, such goods still have large sales volume in spring and summer, and the prices will not be reduced. Therefore, there is no over season of such goods.

And summer commodities (such as spring and summer T-shirts, shorts, sandals, etc.), because their own low prices, the proportion of the company's stock is smaller, and the next year can still be sold, so there is generally no price decline.