Sanfo Outdoor: Revenue Growth Depends On State-Owned Enterprises

As a retail enterprise, Sanfo outdoor customers should be more dispersed.

However, reporters found that in 2013, Sanfo's first outdoor customer was China Mobile Communications Group Sichuan Limited (hereinafter referred to as "Sichuan mobile").

The amount is 21 million 47 thousand and 100 yuan, accounting for 7.37% of revenue. The second largest customer of the company is CNNC Operation Management Co., Ltd. (hereinafter referred to as "CNN operation"), the sales amount is 10 million 238 thousand yuan, accounting for 3.58% of revenue, and the two companies totals 31 million 285 thousand and 100 yuan.

In 2012, the first big customer of Sanfo outdoor was China Telecom group. The purchase amount was 1 million 337 thousand and 800 yuan, accounting for only 0.56% of the revenue. The Sichuan mobile and CNNC were not listed among the top five customers.

In the 2012-2013 year, Sanfo's outdoor business revenue was 243 million yuan and 289 million yuan respectively.

The increase was 46 million 237 thousand yuan, an increase of 19% over the same period last year.

This means that 67% of the company's revenue growth in 2013 came from the two companies. After excluding the revenues generated by the two companies, Sanfo's outdoor revenue growth will drop to 6.15%.

The problem is more than that.

According to the prospectus, Sichuan Mobile's purchase of goods, 17 million 865 thousand and 100 yuan is used for outdoor shoes procurement.

According to a press survey, outdoor shoes sold by Sanfo are mainly divided into off-road shoes.

And two kinds of hiking shoes, of which the average selling price of cross-country running shoes is about 600 yuan / double; the average selling price of hiking shoes brand is about 2000 yuan / double.

As we all know, Sichuan mobile is a wholly owned subsidiary of Chellona Mobile Communications Corporation Cmcc, and the nature of the company belongs to state-owned enterprises.

According to the relevant data, in 2012, the number of employees in Sichuan mobile was about 25 thousand. A rough calculation shows that the purchase amount of Sichuan mobile can almost buy a pair of cross-country running shoes for every company employee, and even if the shoes are purchased at a price of 2000 yuan / double, the number of purchases will also cover more than 1/3 employees. The welfare benefits of Sichuan mobile seem to be much better than that of the market.

In addition to Sichuan mobile, the operation of the CNNC is also a state-owned enterprise.

China Nuclear operation is a wholly owned subsidiary of China nuclear industry group, with more than 3600 employees, and is responsible for managing nuclear power units.

In the prospectus, Sanfo outdoor did not disclose the type of goods purchased by the central bank, but the amount of procurement in the nuclear operation seems to be less than the number of companies.