The Pathfinder Has Been Losing Money And Growing Wild, And A Consumer Brand That Can Not Escape The Low End Of The World.

Looking at the rising share price, the Pathfinder shareholders are somewhat unrealistic: the spring and summer order in 2013 will be over, and the company has not released the data according to the usual practice.

Coupled with the unexpected decline in net profit in the 2 quarter of this year, investors are more anxious about ordering data.

At an internal exchange meeting in July, the company executives sent "Anxin pills" to the presence agencies, saying that the order amount increased by more than 40% over the same period last year.

However, with the rapid pformation of the "Jinjiang Department" high level, the company experienced a "labor pains" in the first half of 2012.

Disclosure of orders for "sealing" orders

As the first outdoor listing of A shares

Since July 2011, the Pathfinder has introduced the new product order data into voluntary information disclosure.

The company will make an announcement after several days of the general order.

However, the spring and summer order meeting in 2013 is an exception.

As early as mid July, the company said to investors, "part of the spring and summer new product conference in 2013 was concluded at the beginning of July, and the franchisees and the company's direct business areas, group customers, e-commerce and other business units planned to submit relevant order information about a week after the end of the on-site meeting."

Now, by the end of the month, the company has not yet disclosed a single word.

This can not help some investors worry: is it "ugly wives are ashamed to see their parents in law"? In June 28th, the Pathfinder made a notice on the first half of 2012, net profit of about 56 million 600 thousand -6310 yuan, an increase of 30%-45% over the same period last year.

In view of the fact that the company achieved net profit of 40 million 650 thousand yuan in the first quarter, this means that the net profit in the two quarter was larger than that in the first quarter.

"The order meeting statistics are still in statistics, and will be disclosed together with the August 16th China Daily."

Yesterday, the company's Securities Division explained.

However, at a recent internal meeting, the company executives finally told the institutional investors, "the result of the order is not announced because the incentive is exercised. The SFC requires that no major information be disclosed during the exercise period."

At the same time, it revealed, "compared to last year, there are still more than 40% growth."

In July 11th, the Pathfinder first phase equity incentive 1 million 528 thousand shares listed, of which President Peng Xin, vice president Zhang Cheng and Han Tao successively took 117 thousand, 241 thousand and 800 and 62 thousand and 400 rights.

In addition, the company confirmed July 13th as the "second stock options and restrictive stock incentive plan" of the award day, Peng Xin, Zhang Cheng, Meng Yongli (vice president), Han Tao hold 1 million 950 thousand, 650 thousand, 195 thousand and 130 thousand shares of restricted stock respectively.

Brand is hard to beat.

Executive incentive is undoubtedly beneficial to the release of company performance.

At the exchange meeting, the company executives did not avoid. "The first half of 2012 is the most difficult time for the company. Based on the adjustment of past shortcomings, the adjustment results will appear in the second half of the year."

The sharp drop in net profit in the two quarter is the "most difficult" footnote for executives.

Company insiders told reporters, "in the two quarter of this year, sales revenue increased by 50%-60% compared to the same period last year.

The reason is that since last year the company planned to invest in brand promotion, promotional activities began in the two quarter, and advertising costs increased.

In addition, because the company has just completed the "professional outdoor mid end brand" positioning, the product will also lower the price, resulting in a drop in total profits.

In 2012, the average price of Pathfinder terminal was reduced by 15%-20%, and in spring and summer 2012, the price of products will be reduced by another 15%-20%.

The company explained that "the main purpose is to make more consumers able to spend the brand of the Pathfinder, and many other brands that are below the price of the company's products enter the market. In order not to commit any mistakes that Lining has made, the company takes the initiative to adjust."

Once a Chinese sports brand Li Ning Co, net profit plunged from 1 billion 108 million in 2010 to 386 million yuan, a sharp drop of 65% over the same period last year, causing strong concern in the capital market.

A researcher in Shanghai told reporters: "facing the invasion of foreign brands, the domestic casual clothing brands like to adopt the" wolves tactics ", and each shop opens around the foreign brands to form a besieged trend.

But Lining has always been strong in price and has no advantage in facing foreign brands, so that he is in a dilemma of declining performance and positioning.

Looking through the resume of the "new" executive of the Pathfinder, it is easy to find out why the company has suffered from Lining's failure.

Vice President Meng Yongli served as deputy general manager of supply chain of Beijing Lining sporting goods Co., Ltd., vice president of product development, Anta (China), vice president of product development, and vice president Guo Junwen worked in Lining (China) Sporting Goods Co., Ltd. from March 2001 to January 2012, and served as brand manager, product manager and category director.

The road ahead also went to the "crossroads". Before that, the brand of international predators was oppressed, followed by low price competition of domestic brands.

With a warning, the Pathfinder chooses to "lower the figure".

It is understood that in 2012, the company mainly promoted the price of 999 yuan, 1099 yuan preferential clothing, and the price of Columbia assault clothing was 1299-2599 yuan, the price of the rush clothing is 1400-4000 yuan, and the price of the wolf claw assault clothing is 1300-2400 yuan.

Barbarism is joy and sorrow.

Company executives have repeatedly stressed to the scene, "although the price down, but through supply chain integration, cost optimization, and will not affect the gross margin of products."

The executive said, "when Peng entered the company in 2011, he strengthened marketing management.

Judging from the commodity structure, the company's products have been very small since 2009, and the products have been greatly adjusted last year.

In addition, the company also strengthened guidelines for order structure planning and ordering policies, guided franchisees to make more scientific and reasonable futures booking work, and made good plans for key categories of orders.

For example, after the end of the spring and summer order in 2013, the customer orders were different from the initial ones. "Dominant product firm hopes to make up 15%, but the franchisee order is 12%. Later, it will advise customers to reassess the order."

In addition, the Pathfinder is learning from the channel expansion experience of Jinjiang sports brand, and develops franchisees to speed up the layout of the two or three tier cities and quickly occupy the market.

In 2011, the company's channel growth rate was 58%. At present, the company has a total number of channels of about 1200.

It can not be evaded that the single shop income of Pathfinder in 2011 was 630 thousand yuan, and there was still a big gap between the 1 million 130 thousand yuan and 1 million 140 thousand yuan single store income of Lining, Anta and other brands on the same floor.

Company executives also admit that "over 70% of the past growth came from channel expansion, and more than 20% came from the growth of store efficiency, which is what we must do in this particular stage.

In the early stage of development, channel laying is very important. There will be no fewer than 400 new outlets in 2012.

In the next 2-3 years, we will keep this pace, and the future growth will tend towards more intensional growth. "

At the same time, it added that "the company's revenue in 2012 is no less than 1 billion 150 million yuan."

In 2011, the company's main revenue 750 million, the growth rate was 53%.

"The outdoor industry is in the stage of rapid growth. As a leader in the industry, Pathfinder will share the growth feast of the industry.

But once the professional outdoor cake becomes bigger, some of the leisure brands are likely to be pferred to the outdoor industry which is not too competitive at the moment, and the living space of the Pathfinder will be squeezed.

The former researcher said.