Pathfinder: The Main Business Of Outdoor Products Is Shrinking And Transformation Is Still Going On.

　　 Pathfinder Announced that it has just completed the fixed increase, and the proceeds will be 1 billion 270 million yuan for the Pathfinder cloud project, the green field outdoor travel O2O project, and outdoor supplies vertical. Online retailers Projects, etc. The ceiling of outdoor products market has reached the top. According to its data of 1-3 months of this year, net profit fell by 23.9% compared with the same period last year, and the cash flow generated by business activities was -1.3 billion. At the same time, some high-end travel agency business and online tourism business before merger and acquisition also showed net cash outflow.

　 Camping ski events exit

The Pathfinder announced that the company successfully completed the issue of non-public offering of shares, the final issue price of 15.88 yuan / share, raising the total amount of 1 billion 270 million yuan. This non-public offering is the first increase since the Pathfinder went public. Compared with last year's issuance plan, the total amount of the IPO is almost half. In June 5th last year, the Pathfinder did not issue more than 5 shares to more than 80 million shares, and the total amount of funds raised was not more than 2 billion 105 million yuan.

Investment projects have also been adjusted. In the growth plan, 822 million yuan is used for "camping ski and outdoor multi-function experience center project", which is no longer available in the recently released projects. The additional funding will be used in the Pathfinder cloud project and the green field outdoor travel O2O project. Outdoor products Vertical electricity supplier projects, outdoor safety assurance service platform projects and supplementary liquidity projects 5 projects. In the 5 projects mentioned above, the amount of funds to be invested is 517 million yuan, 199 million yuan, 188 million yuan, 178 million yuan and 200 million yuan respectively.

　　 Outdoor products main industry atrophy

As the first share of the domestic outdoor products industry, the Pathfinder has been listed since 2009, and its operating income has increased from less than 300 million yuan to more than 3 billion 800 million yuan. In 2015, the operating income reached 3 billion 808 million yuan, up nearly 121.99% compared with the same period last year, but net profit was 263 million yuan, a decrease of 10.5% compared with the same period last year. From the point of view of income structure, the outdoor business group plate achieved a total revenue of 1 billion 807 million yuan in 2015 and a net profit of 287 million yuan. The travel business group plate was very beautiful and easy to travel, and its operating income was 2 billion 4 million yuan in 2015, which had an effect of about -2285 yuan on the overall net profit of the company.

Although the net profit of the travel group has not yet been increased, it has outperformed the traditional outdoor products in terms of business income.

　　 Transformation still takes time

Pathfinder said that the smooth implementation of the non-public offering will help speed up the Pathfinder to create an outdoor ecosystem strategy landing, and further consolidate the Pathfinder as a leading expert in outdoor life as a whole solution expert. On the basis of multi brand layout outdoor products industry, Pathfinder has been committed to building an outdoor ecosystem in the past two years, and has established three major business groups, namely, outdoor products, travel services, and big sports. It has sold many related industry chain companies, and the company name has also been changed from "Beijing Toread Outdoor Products Co" to "Pathfinder holding group Limited by Share Ltd".

In the first quarter of 2016, the Pathfinder achieved a total revenue of 514 million yuan, an increase of 33.87% over the same period, and a net profit of 72 million yuan attributable to shareholders of listed companies, a decrease of 23.9% compared to the same period last year. Pathfinder explained that the main reason was that the market competition pressure further increased the net profit of the outdoor business group of the company, and at the same time, the new business of the travel business group was still in the rapid development period, showing a loss in profit.

Pacific Securities analysts believe that the outdoor business group is the cornerstone business of the Pathfinder group at this stage, and also the main source of profits. Facing the unfavorable situation of external overall consumption and industry competition, the travel business group is mainly used as 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. Revenue growth and net profit growth are expected to be single digits in 2016. Due to internal structural adjustment, the travel service sector is still at a loss stage in the form of only contribution to revenue and net profit, and the sports sector is still in its infancy. Therefore, overall, if the three plates are to develop synergy, it will take some time to run in.