How Will The New Management Of The Pathfinder Lead The Company Out Of The Loss?

According to the world clothing shoes and hats net, on April 24th evening, the outdoor leader Pathfinder (300005, SZ) announced the 2017 annual report.

The annual report shows that the company has lost more than 180 million yuan of net profit.

The first loss since listing.

The company's loss was due to the impairment of goodwill of nearly two hundred million yuan.

Looking back on the road of pformation in the past three years is a bitter tear.

2015 is a turning point for Pathfinder. In the past six years, a single outdoor business has a compound growth rate of more than 30%, regardless of revenue or net profit.

However, at that time, the company was not satisfied with outdoor business, and began to enter the tourism industry. The loss of tourism business in recent two years has been a drag on the company's performance.

Failure to pform 84 million 850 thousand yuan last year

Pathfinder 2017 annual report shows that the company's revenue of 3 billion 33 million yuan, an increase of 5.41% over the same period, attributable to shareholders of listed companies net profit loss of 84 million 853 thousand and 900 yuan, net loss of non profit net loss of 185 million yuan, which is the first time that the Pathfinder has been listed since 2009.

Pathfinder's performance in 2017 is far from expected.

Previously, the goal of the pathfinder was to earn no less than 3 billion 620 million yuan in revenue, and to strive to achieve a business income of not less than 1 billion 750 million yuan in the outdoor goods business, and strive to achieve a revenue of not less than 1 billion 800 million yuan in the travel service business, with a total net profit of 170 million yuan.

However, from the announcement data, the two main business segments did not meet the expectations in 2017, and the outdoor business revenue was only 1 billion 420 million yuan, and the travel service business only achieved 1 billion 611 million yuan in revenue.

For the reasons for last year's loss, the company said that the non outdoor business investment in the short term can not achieve the expected profit target to carry out the impairment test. The total amount of goodwill, investment and assets impairment in the final test will have a net profit of 192 million yuan.

The companies that had lost nearly $two hundred million were acquired by the Pathfinder in 2015.

In 2015, Pathfinder invested and held three franchisees.

At that time, this move increased the number of shop outlets for the Pathfinder by more than 200, and the scale of sales expanded significantly. However, the contribution to the company's profitability was not large.

In 2017, the three companies had less than eighty million yuan in goodwill.

In the same year, the Pathfinder also invested and held the two companies of Yi you world and Beijing green field, in order to get online and get user traffic.

The two companies have formed another major business of the company, the travel service business, which has contributed significantly to the performance of the Pathfinder, which doubled its revenue in 2015, but the net profit fell year by year.

Since 2015, the profitability of Pathfinder's travel service business has gone from bad to worse. Last year, the two companies increased their goodwill impairment by more than one hundred million yuan.

2015 can be regarded as a turning point for Pathfinder.

In the past six years, although the only main business of the Explorer is outdoor business, the growth rate of both revenue and net profit has exceeded 30%.

However, the management of the company is not satisfied with outdoor business. In 2015, the Pathfinder changed from a single outdoor product provider to an outdoor travel integrated service provider, and went to tourism, skiing and other businesses.

Contrary to expectations, the new main business has not only increased profits for the company, but also has dragged down the company's performance.

The Pathfinder travel service revenue exceeded 1 billion yuan, but there was a loss for two consecutive years, and the impairment of assets affected the company's performance.

Founder comeback focuses on main business

Pathfinder refocuses on the main business and business development.

Market related.

Although the profitability of the Pathfinder has declined sharply in recent two years, the gross profit margin of the main outdoor business has remained above 40%.

The two main outdoor brands at the present stage are Pathfinder and Discovery Expedition. In 2017, the former achieved sales revenue of 1 billion 222 million yuan, down 19.88% from the same period last year, and the latter achieved sales income of 186 million yuan, up 23.68% over the same period last year.

Discovery Expedition is the Pathfinder who has begun to exert strength in recent years.

。

It is worth noting that the decision to focus on outdoor industry is made by the new management of the company.

The founder of the Pathfinder is Sheng Fa Qiang and Wang Jing, who has been chairman of the company since its listing in 2009.

But at the end of November 2017, the Explorer replaced the helm. The former chairman Sheng Faqiang nominated his wife Wang Jing as the new chairman.

In the past three years, the pformation of Pathfinder has not been successful, including the management pressure of Sheng Faqiang, the founder of the company.

At this time, Wang Jing served as chairman of the board and President of the joint venture.

Can she let the Pathfinder out of the predicament?

Just as the Pathfinder disclosed the 2017 annual report, Wang Bo, vice president of the company who entered the company in 2016, left.

In the first quarter of 2018, Pathfinder revenue and net profit decreased significantly compared with the same period last year.

For the reasons for the decline, the company explained that taking into account the completion of the general election of the board of directors at the end of November 2017, the management of the new management and the overall landing of the operational strategy will take some time.

In the future, how will the new management of the Pathfinder lead the company out of the loss?

More interesting reports, please pay attention to the world clothing shoes and hats net.