{
  "docId": "019dd923-622c-750b-8b96-d2366ed75e04",
  "docSlug": "4e8802588ba6",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 13,
  "pageCount": 92,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "precedent_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 200,
  "notes": "The slide compares ANTA's distributor margins against public companies like Belle and Pousheng to highlight discrepancies.",
  "elementsJson": [
    "data_table",
    "comparison_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/13",
  "deckHref": "/decks/019dd923-622c-750b-8b96-d2366ed75e04",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-d2366ed75e04.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-d2366ed75e04#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b90b-3505d7590c08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Gross Margin: 30-35%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b90b-3bf3513dd0bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.08,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01554d5e-1255-40d5-ab77-315f439705c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "GZ Anda was disclosed as ANTA's largest customer in 2006 and 2007, and we believe it continues to be one of ANTA's most important distributors.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02d7adfa-1911-4a19-96bb-941d293f7fca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.08,
        "y": 0.4
      },
      "kind": "source-note",
      "text": "Source: Chinese credit reports and company financial reports",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cac684c-416c-46dc-8912-5bca06ba3488",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "table",
      "text": "Distributor financial data table for 2016 and 2017",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfada438-c721-40ad-91b6-fa1db7287cc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.22,
        "y": 0.56
      },
      "kind": "table",
      "text": "GPM comparison table for Pousheng and Belle",
      "attrs": null,
      "subkind": "kpi",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa01dfb9-48b4-4c4d-9499-5ebacc512c4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.08,
        "y": 0.73
      },
      "kind": "title",
      "text": "Guangzhou Anda Trade Development Co. Ltd.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d72a8518-cf68-4c6e-8385-e04239f839f6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "fa92fcd4-cd0e-4b23-a8ba-b5ff4dc445f1",
      "evidence": "Comparing distributor margins against industry benchmarks to identify anomalies.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 90,
      "from": 4,
      "beatId": "35040399-ced0-49f3-be43-86667596fb86",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeated instances of exposing contradictions in ANTA's statements and practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}