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    002780   CNE1000021J7

BEIJING SANFO OUTDOOR PRODUCTS CO., LTD

(002780)
  Report
End-of-day quote Shenzhen Stock Exchange  -  2022-11-28
12.57 CNY   +3.29%
11/25Beijing Sanfo Outdoor Products Co., Ltd signed the equity transfer agreement to acquire 100% Equity of Shanghai Feiwa Trading Co., Ltd. from Liu Fang, Jia Xiaodan and Su Jie for CNY 249 million.
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10/27Beijing Sanfo Outdoor Products Co., Ltd Reports Earnings Results for the Nine Months Ended September 30, 2022
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08/30Beijing Sanfo Outdoor Products Co., Ltd Reports Earnings Results for the Half Year Ended June 30, 2022
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Olympics - Eileen Gu's China choice pays off... for now

02/14/2022 | 05:35am EST
Freestyle Skiing - Women's Freeski Slopestyle - Qualification - Run 2

BEIJING (Reuters) - When Eileen Gu won Olympic gold in the Big Air, sales of her red Anta ski suit, complete with slipdrag reduction technology, surged 20-fold on Chinese e-commerce platform JD.com.

Luckin Coffee sold out of Gu-endorsed drinks, with a spike in cup-holders bearing her image, and the Chinese chain immediately said it would launch more Gu-linked products throughout the year.

As the San Francisco-born skier prepared for Tuesday's slopestyle final and her bid for a second of what could be three golds in Beijing, her closely scrutinised decision to compete for China appears to be paying off, commercially at least.

Already Team China's most popular athlete, the fashion model and incoming Stanford student is sponsored by two dozen brands, from French luxury conglomerate Louis Vuitton to mass market Chinese sportswear maker Anta.

Her global endorsements include Estee Lauder, Victoria's Secret, Tiffany & Co and Oakley, which have all targeted the China market in recent years.

Her rousing gold medal performance and soaring popularity in China could propel her into the ranks of the world's top earning athletes if she can continue to avoid major controversy.

Michael Payne, former marketing chief of the International Olympic Committee, cited China's aim to get 300 million people involved in winter sports when he described the opportunity for Gu as unprecedented.

"If you look at the most successful athletes like Michael Phelps, I think we were talking about earning up to $100 million ... there's no question that if she continues to bring in the golds, she will be in the same league."

Winter Olympians, competing in niche sports, typically lag their Summer counterparts in earning power. Exceptions include snowboarder Shaun White, who made $8 million in 2009 in his heyday and $1.5 million in the 12 months leading up to the Beijing Games, according to Forbes.

GU-MANIA

Gu's looks, athletic achievements, dual-national appeal and power as an influencer put her on a level of her own.

Following her freeski Big Air gold medal win, Tiffany & Co began trending on Chinese social media after she removed her Anta gloves to reveal four rings that netizens quickly identified as made by the LVMH-owned jeweller, which Gu endorses.

Chinese media has buzzed with speculation over Gu's endorsements, with the Beijing News reporting her fee at $2.5 million after-tax and total earnings from brand deals in the past year over 100 million yuan, citing industry sources. News outlet Tianxiashangwang estimated that Gu's earnings since the start of 2021 exceeded 200 million yuan ($31.5 million).

Her agent Tom Yaps did not respond to a request for comment.

Gu ticks multiple boxes in China thanks to her image as a model student and pride in her decision to compete for the country of her mother's birth, said Bryce Whitwam, adjunct professor of marketing at NYU in Shanghai.

"She is extraordinarily charismatic and her appealing to Chinese culture and the simple fact that she came to China to want to be Chinese, that is a huge win for her," he said, describing China's "Gu-mania".

PITFALLS

With her carefully worded answers, which avoid directly addressing questions about her citizenship, and Beijing-accented Mandarin that has charmed many, Gu has managed to sidestep controversy during the Games, despite some online grumbling that she lives a life of privilege unattainable to most.

Hu Xijin, a prominent columnist at the Communist Party-run Global Times, suggested on Sunday that because Gu could end up choosing U.S. citizenship, she should be cheered on as part of team China, not as a patriotic symbol.

"She gives the Chinese pubic happiness, so there is no shame in seeking a commercial return," Hu wrote. "But the political elements need to be minimised as much as possible. It is risky for Gu Ailing to be that kind of a vector," he said.

Unlike her gravity-defying ski tricks, Gu's public persona is low-risk: she supports Black Lives Matter but avoids questions about human rights in China, instead presenting herself as a bridge-builder and global ambassador for skiing.

"Eileen has done a great job in making sure she does not say the wrong thing, but you know what? You are going to mess up sometimes," Whitwam said.

Gu's earning power in both countries could be dimmed by worsening bilateral tensions.

Her decision to compete for China has drawn criticism in the United States, while in China she must navigate what has been tightening oversight over celebrities, with many stars cancelled by authorities after missteps.

"It could be a simple Tweet, it could be a very simple mistake and they will wipe her clean from any kind of coverage, like they've done with many other Chinese celebrities," Whitwam said.

($1 = 6.3551 Chinese yuan renminbi)

(Reporting by Eduardo Baptista; Additional reporting by Julien Pretot and Sophie Yu in Beijing and Siliva Aloisi in Milan; Editing by Brenda Goh, Tony Munroe and Hugh Lawson)

By Eduardo Baptista


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANTA SPORTS PRODUCTS LIMITED 8.01% 87.65 Delayed Quote.-30.58%
BEIJING SANFO OUTDOOR PRODUCTS CO., LTD 3.29% 12.57 End-of-day quote.-36.52%
CHRISTIAN DIOR SE 0.51% 693.5 Real-time Quote.-5.48%
GUANGDONG SENSSUN WEIGHING APPARATUS GROUP LTD. 0.24% 25.3 End-of-day quote.-33.35%
JD.COM, INC. 6.69% 53.25 Delayed Quote.-28.77%
LVMH MOËT HENNESSY LOUIS VUITTON SE 0.47% 702 Real-time Quote.-3.89%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -1.39% 7.14447 Delayed Quote.13.98%
VICTORIA'S SECRET & CO. -0.66% 45.48 Delayed Quote.-17.57%
WANGFUJING GROUP CO., LTD. 5.89% 25.35 End-of-day quote.-6.11%
WEIBO CORPORATION 10.08% 14.74 Delayed Quote.-57.46%
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Financials
Sales 2021 556 M 77,6 M 77,6 M
Net income 2021 -26,2 M -3,66 M -3,66 M
Net Debt 2021 3,43 M 0,48 M 0,48 M
P/E ratio 2021 -110x
Yield 2021 -
Capitalization 1 981 M 277 M 277 M
EV / Sales 2020 6,20x
EV / Sales 2021 5,62x
Nbr of Employees 859
Free-Float 67,7%
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Xiang Jie Luo Chief Financial Officer
Ji Juan Li Chairman-Supervisory Board
Juan Qiong Gou Independent Director
Cheng Lu Independent Director
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