Are There Really Signs Of Loss After Six Years Of Listing?

Recently, a " Pathfinder The report on the first loss of listing in 6 years has attracted widespread attention in the industry. Is it true that the Pathfinder of outdoor brands is really showing signs of loss after six years of listing as described in this report?

Reporters learned here that the reason for the decline in net profit of the Pathfinder company in 2015 is: on the one hand, Outdoor products The business is in the out of stock stage, and the profit level is decreasing. On the other hand, the tourism sector is in the period of business development and transformation, and there is a strategic loss.

Cheng Weixiong, a senior clothing industry expert, said that the meaningless expansion made the Pathfinder break the embarrassment from the outdoor subdivision of the local leading brand into the main industry, but not in the specialized industry. Sports brand It is also hard to understand the decline in profits on the crooked roads on the bottom of the valley.

Analyst Liu Li said that the outdoor business group is the cornerstone business of the Pathfinder group at this stage, and also the main source of profits. In the face of the overall external consumption downturn and the increasingly unfavorable competition in the industry, the /2016Q1 outdoor business group in 2015 achieved operating income of 18.07/3.57 billion yuan, an increase of 5.36%/1% compared with the same period last year, accounting for 47.45%/69.46% of income and a net profit of 287 million yuan /8071 million yuan.

1, the outdoor professional brand Pathfinder (Toread) focused on mountaineering, hiking and other fields. In 2015, the revenue reached 1 billion 640 million yuan, which was basically the same as the same period in 2014. In 2015, the company closed down inefficient stores to improve single point efficiency, and the number of online stores dropped to 1455, compared with 1677 in the same period in 2014, 222. It is worth mentioning that the Pathfinder brand e-commerce channel achieved revenue of 453 million yuan in 2015, an increase of 20% over the previous year, accounting for 28% of the total revenue of the Pathfinder brand. In 2016, Q1 channel sales revenue continued to grow at a high rate of 29%.

2, focus on self driving, cross-country and other outdoor leisure DiscoveryExpedition brand growth rapidly, in 2015 to achieve revenue of 133 million yuan, an increase of 235% over the same period, the number of shops under the line reached 73, compared with 54 in 2014, an increase of 19.

3, the ACANU brand, which focuses on outdoor riding and other fields, achieves a revenue of 29 million 740 thousand yuan, an increase of 65.38% over the same period last year. Under the influence of adverse external environment, the company's focus on the 2016 outdoor products sector is to digest inventory, significantly reduce future purchases, and enhance the operational capability of quick turnover.

At present, the travel business group is mainly an entry to group user traffic and an important contributor to group sales revenue. However, it is still in the stage of strategic loss due to its business development and transformation. In 2015, /2016 realized sales revenue of 2 billion 4 million yuan and /1.58 billion yuan respectively, and the income share was 52.63%/30.7% respectively. Net profit loss was 22 million 860 thousand yuan and /637 million yuan respectively in 2015. The travel business group includes the operation of many subsidiaries, such as easy to travel, green fields, and explorer outdoor safety. The easy travel world is the main source of revenue for the travel business group. It is located in the travel O2O integrated service provider, and gradually develops the mode of "tourism integrated platform + travel planner + offline big experience shop". It not only has a synergistic development effect with the green field, but also promotes the sales of outdoor products. In 2015, the Greenfield network registered 1 million 400 thousand of its activities through the platform, an increase of 28% over the same period. Its six foot website and APP outdoor line have reached 370 thousand, with an increase of 200 thousand. At present, the sports business group is mainly operated and invested in ski resorts. It is the future emerging business segment of the group. The main investment areas include competitions, ice and snow sports, sports media, sports training, intelligent fitness management, sports community and so on. The founders' sports industry M & amp; a fund launched by the company has completed the first phase of 110 million yuan fund-raising, and has completed investment in key projects such as Lok world, Fittime, Ogilvy health and ice world.

Liu Li believes that the outdoor goods sector of the Pathfinder is in the out of stock stage. It is estimated that the growth rate of net income in 2016 will be single digits. Sports plate is still in its infancy. Therefore, as a whole, if three plates are to form a coordinated development trend, it will take some time to run in. It is estimated that after the inventory is cleared to health in 2016, the performance of the outdoor sector will return to normal level, and the travel sector will also contribute positively to the construction and strategic transformation of the ecological community.