Trapped In Cash Flow, How Does Wang Jing Plan To Revive The Pathfinder?

In order to work more efficiently, Wang Jing will shoulder short hair.

And the black trousers are their daily wear. This kind of "minimalist style" is the concept that she puts forward for outdoor products of Pathfinder.

July of this year

At the press conference of Walker pants, Wang Jing came to the center of the stage in the way of "falling from the sky" in this dress. At the press conference, in addition to inviting musicians and bands to play, dancers and Parkour athletes wore Walker pants to perform, and even nearly ten net red came to the webcast.

This kind of operation makes people wonder if the Pathfinder should cross the boundary from the outdoors to the tidal current circle.

Walker trousers will gradually break consumer's tradition.

"Stereotype," Wang Jing explained, "before we all had a narrow sense of outdoors. We thought it was outdoors when we went to snow mountain and went to the north and south poles. Now people's lifestyle is getting closer to nature. The degree of outdoors is different. It is a process from city to snow mountain, and it should meet the needs of these people."

Inviting webcast for the live broadcast of the conference is even more an era demand for her, matching and merging with the market through big flow.

A month later, the Pathfinder issued a 2018 half year earnings report. Revenues and net profits fell sharply. The company's revenue was 877 million yuan, a decrease of 31.38% over the same period last year. The net profit attributable to shareholders of listed companies was 24 million 120 thousand yuan, down 69.47% from the same period last year.

As for the decline in revenue, the Pathfinder said it was mainly due to a significant reduction in the international air ticket service in the travel service. The main business of outdoor products achieved 497 million yuan in business revenue, basically reached the target set at the beginning of the year, 379 million yuan in travel business, 3.72% in gross profit margin, 47.97% in the same period last year, and 758 thousand and 300 yuan in sports service business, with a gross profit margin of -269.42%, down 42.85% from the same period last year.

In the 2017 earnings report, the target of achieving 100 million yuan net profit in 2018 is now up to 1/4 of the annual target.

In the next six months, how to complete the target is an unavoidable topic.

"Because we have a product in the first half of the year, we made a profit of 40 million yuan, which actually beat the profit.

From the perspective of the company's business level, it is actually controllable, and profits have declined, but the whole sales have not declined.

Wang Jing said that the overall sales discount of outdoor products retail terminal increased by 9%, gross profit margin increased year by year, and business cost decreased by 37.8% compared with the same period last year.

Since 2014, the Pathfinder group has started to build three major business segments: outdoor products, travel services and sports. By consulting the revenue data of Pathfinder in recent years, we can see that in 2015 and 2017, the revenue of travel services exceeded the revenue of the main business of the Pathfinder, which is abnormal for an enterprise.

Sheng Faqiang, former chairman of the Pathfinder, said in an interview with lazy bear sports in August last year, "for travel service business, do not make such a big figure, and the net interest rate is very low at last.

This is not what we want. "

But the Pathfinder 2017 annual financial report shows that the travel service sector business income of 1 billion 610 million yuan, an increase of 37.41% over the same period last year, mainly due to the increase in the number of international air tickets business, but at the same time, the international airline business has lower gross margins, and the travel service sector business is attributable to the net profit of listed companies -2758.38 million, compared with the same period last year, a deficit of 6 million 482 thousand yuan.

Having realized this problem, Pathfinder began to peel off the travel service business step by step.

For another sports service sector which is less related to the main business, the company has gradually stopped investing in sports related fields and initiated exit planning.

The direct result of this is that the revenue of Pathfinder in the first half of 2018 decreased by 31.38% compared to the same period last year, mainly due to the sharp contraction of the international ticket business of the travel service sector.

At present, the Pathfinder has terminated three fund-raising projects, such as the green field outdoor travel O2O project, outdoor appliances vertical electricity supplier project, outdoor safety assurance service platform project and so on.

"Returning to the main business" is the primary task for the Pathfinder at this stage.

In the first half of this year, Wang Jing put forward professional, scientific and technological approaches to Pathfinder.

The new positioning of the group's multi brand strategy includes TOREAD, Discovery and the reopening of only a few months' Pathfinder children's clothing TOREADKIDS.

As of June 30, 2018, the total number of shops under the TOREAD line was 1253, the total number of shops under the Discovery Expedition line was 171, and the total number of shops under the TOREADKIDS line of the Pathfinder children's wear shop was 15. The company resumed the right to manage children's clothing business at the end of 2017, and during the reporting period, the children's clothing shop channel of the original system was upgraded and upgraded.

Wang Jing disclosed that in outdoor brands, the main brand revenue of Pathfinder accounted for 90%, and Discovery accounted for nearly 10%.

Through nearly three years of data, outdoor business sales decline year by year, among them, Pathfinder TOREAD brand revenue also showed a downward trend, of which TOREAD electricity providers, in 2015 and 2016, contributed 453 million and 445 million, revenue was relatively stable, 2017 data report did not show.

Revenue has been on the rise in the past three years, of which 151 million yuan in 2016 has contributed 110 million yuan to the electricity supplier channel, which shows that Discovery's revenue comes mainly from the electricity supplier.

"Discovery has achieved 2 billion 500 million yuan in Korea last year, and China is much bigger than Korea. So I think Discovery is a very good brand in China.

In the next 3-5 years, Discovery should be the main growth point for Pathfinder.

Wang Jing said to lazy bear sports.

For online and offline sales, Wang Jing believes that in recent years, in order to write off the sales volume, the electricity supplier discount is large, largely affecting the integrity of the Pathfinder brand.

After taking over the company, she emphasized that the brand must convey the same image to consumers from offline stores, online official website and electric power flagship store, not because of online discount to the brand reputation, the image conveyed by the two channels should be the same and enhance the brand image again.

In order to cooperate with the Pathfinder brand, Pathfinder is targeted at children aged 5-13, who are outdoor activities under the guidance of their parents. Children's material selection, theme promotion and comfort are all taken into account with the integration of big suit (Pathfinder brand), and recently a general manager in charge of children's wear is introduced.

In addition to the single store, children's wear and shop in store form.

In Wang Jing's view, although the company's profits have declined, sales have not declined, and they are proceeding in accordance with the predetermined direction at the beginning of the year. She stressed: "from the order meeting situation, the dealer's quantitative growth is showing that there is no problem in the main business of the Pathfinder, and it is in the process of rising."

According to the earnings figures of Pathfinder in recent years, since 2015, the company's monetary funds have increased year by year, accounts receivable in the first half of 2018 has been higher than that in 2017, and the net cash flow generated by operating activities is only the highest value of 284 million yuan in 2016. In 2017 and 2018, this data is divided into -1.49 billion yuan and -2.12 billion yuan; cash and cash equivalent net increase is only 430 million in 2016; the rest years are negative; in the first half of 2018, the figure is more than -3.20 billion yuan.

This also means that in terms of cash flow, Pathfinder is also facing difficulties.

In June this year, the Pathfinder also released a report on the share repurchase company. The company will share repurchase with its own funds (hereinafter referred to as the "buy back"). The total amount of the repurchase fund will not exceed RMB 50 million yuan (including 50 million yuan) and not less than 30 million yuan (including 30 million yuan), and the price of the repurchase stock will not exceed RMB 6 yuan / share.

As of August 31, 2018, the company has repurchased 4295979 shares of the company's shares through a centralized stock repurchase account, with a total amount of RMB 17 million 329 thousand and 800 yuan (no formalities), and the share of the total share of the company is 0.4820%, with a maximum paction price of 4.65 yuan per share and a minimum paction price of 3.31 yuan / share.

"Pathfinder in 2018 must be a healthy system. There should be no big fluctuation. We must grasp this degree and get through it smoothly.

The Pathfinder in 2019 will be a year of ascension.

Wang Jing finally said firmly.