Sanfo Outdoor Still Intends To Raise 30 Stores

Wind data showed that the net profit of Sanfo outdoor in 2014 was 28 million yuan, down 14.5% from 2013, while the net profit of the company decreased by 17% in the same period last year.

To this end, the company said in the prospectus that the company's performance decline was due to the impact of the macroeconomic slowdown and the slowdown in the professional outdoor retail channels, as well as from the electricity supplier and the Shopping mall channel The impact. The external competition of the company is becoming more and more intense. Although the company has increased investment in electricity and mobile Internet, it is hard to get results in the short term.

Since the impact of the Internet business, why companies do not increase in the fund-raising? E-commerce sales Investment in the platform, but put the main funds on the expansion of stores?

Because the company did not receive a specific reply to the problem, in order to help investors better understand the operation of the company, the investor newspaper interviewed the company's relevant reports and found that this may be related to the company's development orientation.

In early 2014, Zhang Heng, the founder of the company, said in an interview with relevant media: "although the development of the electricity supplier is fast, Sanfo will not regard the electricity supplier as the core business, and the future share will not be too high. Even with the development of the Internet, professional outdoor stores will still have a good market. It can be seen that in the early stage of development, the company did not intend to vigorously develop the electronic business platform.

In addition, the relevant industry also said that Internet sales will lower the sales price of the physical stores, and will rob the offline customers. Therefore, whether to develop the electricity supplier is really a contradiction for Sanfo outdoor.

In addition to the decline in net profit, another problem facing the company is the increase in inventories. In 2012, ~2014's inventory was 115 million yuan, 132 million yuan and 132 million yuan respectively, showing an unabated state, and the stock accounts for more than 56% of the current assets. What is the reason why the company keeps high inventory?

Company in Prospectus China said that the operating capital of outdoor retailing businesses was mainly due to the growth of inventories and expansion of stores. Suppliers generally used the futures pattern of ordering goods one year ahead of time, and retailers had to order half a year's goods to meet the needs of sales, resulting in a large amount of funds accumulated by retailers.

That is to say, the growth of the company's inventory has nothing to do with its way of operation. Because there is no independent brand, the company must first purchase large quantities of goods and sell again, while the expansion of stores has increased the intensity of inventory.

Analysts say that Sanfo's outdoor business model is a bit like a large supermarket. The advantage is that its products are rich and varied. The drawback is that they do not have independent pricing power, so they are more vulnerable to suppliers and do not distract the market from the risk of falling demand for certain products.

In addition to the stagnation of performance, there is also a contradiction between the company's financial data.

According to the prospectus, the net assets of the company were 88 million yuan as of March 2011. In May 2001 ~2011, March, the total investment of shareholders was about 64 million yuan. Since the company never paid dividends in March 2011, it can be estimated that the net profit of the company in the past 10 years is about 24 million yuan.

However, in 2011, the net profit of the company was about 33 million yuan, which was 9 million yuan higher than the net profit of the previous 10 years.

To this end, the company was asked about the problem, but no specific reply was received.

Insiders say that the company may raise its performance by buying and selling itself, and the related person will sell the product after buying the product. Although there is a certain cost, compared to the huge profits gained after listing, the cost is still very low. More importantly, there is almost no flaw in financial audit.