Pathfinder'S Main Business Is Stagnant And Diversified.

(300005.SZ) it may still be "exploring the way". In just six months, as the first unit of outdoor products, it has experienced two changes.

According to the world clothing and shoe net, in November 29th, the Pathfinder released the latest list of directors, and Wang Jing became the new chairman and CEO.

It is worth mentioning that Qiang Wei was appointed president in June, less than half a year from now.

At the same time, there are many executives left.

In the past few years, Pathfinder has undertaken a series of acquisitions and acquisitions, and has established three major business groups: outdoor products, travel services and big sports.

After becoming president this year, Qiang Wei announced that the group would strengthen.

Diversified layout.

However, these actions do not contribute too much to the Pathfinder, and the development of main outdoor products is still uncertain.

Whether it can bring new improvements to the Pathfinder may yet remain to be verified by time.

Pluralistic pavement pformation

In November 29th, the Pathfinder announced that Wang Jing was elected chairman and President of the new board of directors.

In response to the correspondents' interview, the Pathfinder said that Wang Jing was one of the founders and main investors of the Pathfinder company. She co founded and operated the Pathfinder in 1999 with Mr. Sheng Faqiang.

The reporter learned that Wang Jing, Sheng Faqiang's wife, left the company's daily management after promoting the Pathfinder in 2009, and then tried many outdoor adventure activities and launched books on related topics.

Meanwhile, the Pathfinder also mentioned that after taking office, Wang Jing will continue to focus on outdoor products, continue to consolidate and enhance the company's operation and management capabilities, and tap the outdoor segmentation.

The development space promotes the development of outdoor travel and other related businesses.

Cheng Weixiong, general manager of Shanghai Liang Qi Brand Management Co., Ltd., told reporters that Wang Jing had not participated in the actual business in recent years. What effect will it bring to her company when she takes office is still to be observed.

A Beijing Pathfinder dealer told reporters that they had not yet received any changes or adjustments in their policies or strategies since they had changed hands.

But he refused to disclose more information.

Subsequently, reporters on the related issues call the Explorer investment promotion department, the staff said that the current investment all in accordance with normal conduct, has not changed.

Reporters learned that the Pathfinder started from tents, and then gradually extended to outdoor clothing and shoes.

However, Pathfinder does not want to make only a company that makes money by outdoor products.

In 2013, it invested in Singapore's online travel platform Asiatravel (providing air tickets, hotels and attractions booking services for the Asia Pacific and Middle East countries), outdoor activities websites, green fields and polar travel agencies.

Then, in March 2014, the Pathfinder bought 74.56% of Yi Hang's world equity and engaged in the distribution and operation of travel agencies.

In July 2015, it officially set up three major business groups, outdoor products, travel service and sports industry, and began to pform.

The name of the company was also changed from "Beijing Toread Outdoor Products Co" to "Pathfinder holding group Limited by Share Ltd".

Moreover, since becoming Chairman of the group in June, he has been making progress in diversification, and has put forward a new strategy of "new positioning", "new mechanism" and "new operation".

Reporters noted that another outdoor product listed in the company Sanfo outdoor also has a similar layout.

Its semi annual report 2017 shows that business includes multi brand retail chains, outdoor activities and outdoor events, design, construction and operation of comprehensive outdoor camps and outdoor experience education for young people.

However, the diversified development of the Pathfinder has brought about a decline in net profit.

In the first three quarters of this year, the Pathfinder achieved a revenue of 1 billion 955 million yuan, an increase of 15% over the same period last year and a net profit of 81 million 226 thousand and 800 yuan, down 19.06% from the same period last year.

This year's semi annual report also shows that during the period of revenue rising, the net profit of the Pathfinder dropped 16.30% to 79 million 12 thousand and 600 yuan.

Cheng Weixiong said that in the travel and sports business sector, the performance of the Pathfinder needs to take some time.

Take travel business as an example. The first half of this sector earned 723 million yuan, an increase of 81.31% over the same period last year, but the gross profit margin was relatively low - only 2.99%, down from last year.

The 2015 earnings report also showed that the business revenue of travel business, including the beauty and easy to travel world, was 2 billion 4 million yuan, but the loss reached 22 million 855 thousand and 700 yuan. The financial report also showed that the new business was still in the rapid development period, and the cost of sales, operation and management expenses increased by more than 20%, resulting in a serious loss.

The big sports business of investment is also controversial. The ice snow holding Development Co., which is responsible for snow skiing field, earned 1 million 370 thousand yuan in the first half and lost 9 million 820 thousand yuan.

Independent commentator Ma Gang, a footwear and apparel industry, said that both sports and travel businesses are not good at Pathfinder. The travel service sector only contributes to revenue and net profit continues to suffer losses. The sports sector is also in its infancy.

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The main business is stagnant.

A series of pformation measures did not make much contribution to the Pathfinder, but its main business was in a state of depression.

Pathfinder 2017 semi annual report shows that outdoor sales sector business downturn, the main business income of 543 million yuan, 19.83% lower than the same period last year.

For profit slipped, the Pathfinder said that the main reason was that the outdoor products sector was affected by the market environment factors such as the continuous competition in the industry and the low retail consumption. The decrease in operating income resulted in a decrease in net profit over the same period last year.

Semi annual report also showed that, at the end of the reporting period, the number of shops running chain stores under the Pathfinder line was 1353, a slight decrease compared with the number of 1370 stores at the end of 2016.

In this regard, the Pathfinder told reporters that the positioning of the travel sector is still an entry to group user traffic, focusing on the main business of outdoor products and promoting the coordinated development of outdoor travel business is a long-term development strategy of the company, and has not changed.

In fact, from 2012~2015, the growth of net profit of the main business of the Pathfinder has slowed down, and the inventory is facing greater pressure. By the end of 2015, the number of inventories was about 1 million 180 thousand, and the inventory of products in the over season was also increasing.

Pathfinder also reported in the three quarter of this year's earnings report, "inventories increased by 75.35% compared with the beginning of the year, mainly due to the seasonal characteristics of the company's business and the storage and delivery cycle of the goods."

At the same time, the outdoor goods industry is changing.

The analysis report on the development prospects and investment opportunities of the outdoor products industry in 2017~2022 shows that the scale of China's outdoor products market will reach 28 billion 340 million yuan in 2017. Due to the low entry threshold, the phenomenon of homogeneous competition is more obvious.

And a research report of the outdoor products branch of China textile business association also showed that in 2016, the total retail sales and the total number of brands in the domestic outdoor market increased by 4.91% and 2.09% respectively over the previous year, but the growth rate slowed down compared with the previous year.

On the one hand, the market competition of outdoor brands has intensified, especially the main brands represented by Columbia, The Northface and Jack Wolfskin.

Ma Gang pointed out that although the Pathfinder occupies a certain market share and status, it is more difficult to get rapid development, which means that the market cake should be grabbed in other competitive hands. Meanwhile, a large number of famous sports brands such as Lining and Anta have been involved in the field of household goods since 2015, and the market competition is becoming increasingly fierce.

The precipitation of brand is the weak place for the Pathfinder. In the fierce competition, it can only be operated and managed by comparison, and these can not be effective in the short term, and it is also one of the reasons for the embarrassment of its performance.

On the other hand, Pathfinder is weak in mining its own products.

"To a certain extent, consumers are more trusting of foreign outdoor sports brands, whether from the functionality of products, or from design, quality, etc., all these directly lead to differences in performance."

The Northface, for example, launched a "Moon Parka" coat last year, claiming that it was made of artificial spider silk with strong and soft characteristics. This is also the first time that artificial spider silk material has been put into commercial clothing production.

Cheng Weixiong told reporters, "from tents and rush clothes, if the Explorer can really concentrate on the research of functional development and the maintenance of old customers, it will not lead to a point of 'high and low."

As people's requirements for life and health are improving, the outdoor sports market is also deepening, showing more subdivision, personalization and fashion characteristics. This brings opportunities to outdoor products brands including Pathfinder.

Reporters noted that some outdoor brands have begun to cooperate with Supreme and other brands to launch a joint series to attract young consumers.

In addition, they are happy to improve their performance through online business extension.

For example, The North Face launched APP go wild bar, besides shopping, users can also initiate outdoor activities on the platform; Colombia is launching outdoor GPS software, and recommends goods in a targeted way.

In the Pathfinder's planning, its TOREAD will take on the role of popular outdoor products. Discovery Expedition will focus on light outdoor and take the fashion and leisure brand line.

Cheng Weixiong told reporters that the Pathfinder has always focused on the high-end products of the production profession, and the brand development can be widened by extending the product line in the future.

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