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Pathfinder Competition Fierce Revenue Growth Slowed Down Stock Surge

2014/5/12 13:28:00 22

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73.64%, 46.68%, 30.74% and 16.03%. This is the growth rate of business income of Pathfinder in 2011, 2012, 2013 and 2014.

From this data, the operating income of Pathfinder is decreasing year by year.

And a href= "http://www.91se91.com/news/index_f.asp" > Company < /a > also clearly felt that the growth of operating income is slowing down year by year.

In addition, the gross profit margin of Pathfinder in 2013 also declined.

For the company's problems, the road explorer, Mr. Chang Zhang, said at the shareholders' meeting in May 8th that "this shows that the competition of outdoor products market has entered a white hot stage".

< six > > all of the bills in the P are all against the vote .

May 8th, the Pathfinder held the 2013 shareholders' meeting in the conference room 1 of the 21 layer Explorer company, A block, A, 6, Zhichun Road, Beijing.

There were 25 shareholders and shareholders representing the company, representing 160 million shares of the company's voting shares, accounting for 37.69% of the total number of voting shares of the company.

among them, 11 shareholders and shareholders represented at the scene meeting, holding < a href= "http://www.91se91.com/news/index_cj.asp" > shares < /a > 137 million shares, accounting for 32.32% of the total voting shares of the company; 14 shareholders participating in the online voting, holding 22 million 824 thousand and 100 shares, accounting for 5.37% of the total voting shares of the company.

at this shareholders meeting, the company passed six bills.

Among them, the 2013 annual board of supervisors report and the two motion on the reappointment of Ruihua accounting firm as the 2014 annual audit institution received 1348 votes respectively.

The four motion, including the 2013 annual report, received 100 votes against each item.

it is worth noting that on the day when the Pathfinder convened the shareholders' meeting, the company's share price was very negative and a sharp fall.

Data show that in May 8th, the Pathfinder opened a stock price of 16.26 yuan / share, during the company's morning session of the shareholders' meeting, the company's stock price surged to 16.57 yuan / share, but until the afternoon of the end of the shareholders' meeting, the company's share price plunged to 15.5 yuan / share, and the highest price in the morning decreased by 1 yuan, until the close, the company's stock price only returned to 15.65 yuan / share, the share price fell 4.28%.

revenue growth slowed down compared to the same period /p >

in fact, since February 27th, the stock of Pathfinder has started to go downhill. From the time when the highest share price was 26.45 yuan / share to the closing price of 15.65 yuan / share in May 8th, the shares of the company had been reduced by about 11 yuan per share.

In more than two months, the company's share price fell by 40.83%.

Some analysts believe that the company's share price is falling so fast because of the large number of shipments.

at the same time, Pathfinder's operating income growth has also slowed down in recent years.

Data show that in the three years from 2011 to 2013, the company's operating revenue increased by 73.64%, 46.68% and 30.74% respectively.

From 2011 to 2014, the company's revenue growth in the first quarter of the year also dropped sharply, which was 70.96%, 73.27%, 36.47% and 16.03% respectively.

for this reason, some analysts believe that the outdoor products industry is going downhill.

However, Pathfinder believes that this stage is the temporary adjustment period for the outdoor products industry to enter the high-speed growth period.

The company believes that there is still room for expansion in the outdoor products market.

annual report shows that in 2013, the company achieved operating income of 1 billion 445 million yuan, an increase of 30.74% over the same period last year, of which the main business income was 1 billion 443 million yuan, an increase of 31.04% over the same period last year. The operating cost was 722 million yuan, an increase of 33.19% over the same period last year, of which the main business cost was 719 million yuan, an increase of 34.41% over the same period last year.

In addition, the total sales, administrative, financial and income taxes of the company amounted to 441 million yuan, an increase of 21.4% over the same period last year.

according to the reporter, at the shareholders' meeting, the road explorer, Mr Tung Chee Cheng, said that in 2013, the growth of the company's operating revenue was lower than the increase in operating costs, which was the reason for the decline in gross margin. The decline in gross margin was due to the competition in the outdoor goods market.

in fact, in the past two years, the outdoor products industry has seen a great development. Especially after a large number of famous sports brands such as Adidas, Lining (Lining store), Anta, China and so on have been involved in this industry, the outdoor goods market competition is more intense.

gross margin decrease, inventory increase,

in the outdoor products industry, attracting more and more brand investment, the market competition of this industry has intensified, which has led to a decline in the prices of outdoor products.

according to the industry classification, the Pathfinder of outdoor products industry achieved a gross profit margin of 50.13% in 2013, down 1.25% from the same period last year.

According to the product classification, the net profit of the company's profit outdoors is less than 2.28%, compared with that of outdoor a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > net profit.

The largest drop in gross profit margin was outdoor equipment, with gross margin of 42.65%, down 5.36% from the same period last year.

In 2013, the Pathfinder only achieved a year-on-year increase of 3.36% in gross profit margin of outdoors < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a >

it is worth noting that by region classification, except for the North China region, the gross profit margin of the other six regions decreased.

Among them, East China (East China store) area and overseas market gross margin declined significantly, down 21.6% and 22.05% respectively.

accompanied by a decline in gross profit margin is a significant increase in Pathfinder inventories.

The annual report shows that the inventories of the Pathfinder increased from 164 million yuan in 2012 to 291 million yuan in 2013, an increase of 78.11% over the same period last year.

for the substantial growth of inventories, Pathfinder explained, "mainly the increase in the inventory of new brands (Discovery Expedition and ACANU brand), and the rhythm of the 2014 spring and summer products of the company's adjusted explorer in the year ahead of schedule was concentrated at the end of the year."

apart from having more brands to divide the outdoor products market cake, the rise of the electricity supplier has also brought a sense of crisis to the Pathfinder.

The Pathfinder also began to increase investment in the Internet, and the biggest investment was to invest in the green field network.

> a href= "http://www.91se91.com/news/index_f.asp" > Pathfinder < /a > thinks that the acquisition of green field network can achieve three aspects of value. One is to build outdoor activities Taobao, consumers need more in-depth experience of outdoor activities, and product suppliers need a platform to butt consumers; the two is to recommend professional services to consumers.

According to the company's reply to the media, the Pathfinder wants to communicate with consumers through the green field network and understand the needs of consumers.