Last Year, The Last Batch Of IPO Sanfo Was Not Listed.

Last week, the seventh batch of enterprise IPO approval issued by the SFC was the last batch in 2014, and Beijing Sanfo outdoor was not listed. In April 30, 2014, Sanfo outdoor initial public offering prospectus, as the first professional outdoor chain retailer in China, attracted a lot of attention. However, all kinds of doubts followed, mainly focused on company performance, gross margin, inventory and dependence on suppliers. Previously, a securities agency held that if Sanfo's outdoors could not update its financial information for 2014 in September 30th, it would be terminated.

According to the information disclosed by the SFC website, Sanfo outdoor intends to list Shenzhen Stock Exchange, and the total amount of public offering does not exceed 17 million shares. The fund-raising funds will be invested in marketing network construction, information system upgrading, and supplementary liquidity.

Sanfo's queries are mainly focused on:

1, the authenticity of financial performance. Mainly based on Prospectus The data were analyzed and focused on the financial statements in 2011. Doubt that Sanfo's performance will turn sour.

2, raise investment project profitability. Current outdoor Retail business Profitability was difficult, and the number of stores that Sanfo lost in 2013 accounted for 1/3 of the total number of stores. 156 million of the total raised funds were used to build 29 stores.

3, inventory is increasing year by year. Thanks to the double squeeze of market competition and the rise of electricity providers, Sanfo outdoor inventory in 2011 was 105 million yuan, and in 2013, it reached 132 million yuan, accounting for 57.12% of current assets.

At present, the rising cost of store leasing, the high cost of human resources, the fierce competition in the market, the compression of profit margins and the separation of e-commerce are all important factors for the predicament of outdoor retail enterprises.

In the past two years, Outdoor industry It is also in a period of adjustment. Although the recent policy released by the state shows great potential, the dividend has not yet been reflected in the enterprise. The capital market is a platform for growth expectations. For a sector that is in a period of adjustment, its investment space is bound to be limited.

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Recently, AOKANG International announced that the company's employee stock ownership plan had already completed the stock purchase, accumulatively purchased 16 million 625 thousand shares, the total purchase amount was 253 million 298 thousand and 500 yuan, accounting for 4.15% of the total share capital of the company, and the lock up period was 12 months.

According to the latest adjustment plan, the number of employee stock ownership participation has been adjusted to 49 people (the number of Dong Jiangao has not changed and the proportion of capital contribution has increased to 22.38%). The directors and supervisors have invested 3 million 310 thousand yuan, and the average amount of investment per worker is 2 million 580 thousand yuan. As of December 12th, the ESOP has completed the stock purchase, the total purchase of shares accounted for 4.15% of the total share capital, the purchase price of 15.24 yuan / share. With the successful implementation of the ESOP, the incentive mechanism is in place, the incentive effect is obvious, the employees and the enterprises develop to form an interest community, and the Future Ltd business has steadily recovered. In addition, according to public information, the future may not exclude the possibility of further enlarging the scope of employee motivation. At the same time, the company will add leveraged tools in the employee stock ownership plan, get the distribution rights of excess profits through the transfer of priority distribution, and the profit and loss of employee stock ownership will also be enlarged. This also fully demonstrates the confidence of the company and the participants of this plan in the future development.

After this round of industry adjustment, the competition situation of men's shoes is becoming clearer, and the industry competition is concentrating on several major brands. At the same time, after fierce competition from the channel, the future will not rule out the possibility of further integration from the three to the two. In addition, the impact of foreign brands on men's shoes is relatively small. AOKANG, as the leader of domestic men's shoes, will fully benefit from the upgrading of the industry's low trough and the change of competition pattern.

The company's strategy of transferring direct battalion is drawing to a close. From the revenue side, the competitiveness of the big hotels, including the International Pavilion, is outstanding. Meanwhile, terminal retail has been stabilized and dealers' confidence has been restored. Profit side, this year, because of the goal of centralized inventory digestion, sales promotion has increased and has a greater impact on gross profit margin. With the progress of storage and storage, stock pressure has gradually eased, and gross profit margins and profit margins have gradually resumed upward. The turning point of the company's performance has been basically established. In the future, with the recovery of terminal retail and the acceleration of International Pavilion construction (more than 300 new businesses will be added in the next two years), the company's business is expected to recover steadily and enter a stage of rapid development.

As a leader in domestic shoe industry, the company is expected to benefit from the upgrading of the industry's low trough and the change of competition pattern. The leading edge is more prominent. At the same time, through the promotion of new models such as the International Pavilion and so on, the extension space will be further opened, and the future business is expected to recover steadily, and the turning point of operation has already appeared. The company's employee stock ownership plan is successfully implemented, and the incentive is formally put in place to show future confidence in development. In addition, in the medium and long term, the company's promotion in O2O and personalized customization and standardized production is also worth looking forward to.