Pathfinder Two Years Loss 260 Million Revenue Cuts, Pformation Frustrated Frustrated To Return To The Main Business

Following the first loss since it was listed in 2017, the Pathfinder, the first outdoor product, is in a dilemma.

Its 2018 report card is still disappointing.

Recently, Pathfinder disclosed the performance bulletin. In the 2018 fiscal year, the company's revenue fell 33.91% to 2 billion 5 million yuan, and the loss expanded to 182 million yuan.

This is the Pathfinder who has been in deficit for second consecutive years, and the loss was 84 million 850 thousand yuan last year.

In fact, in 2015, Pathfinder opened the road of diversification. This year, Pathfinder set foot in tourism services and sports, but diversification dragged down the performance of the Pathfinder. After the first net profit decline in the third quarter of 2015, the third quarter of the 2018, the Pathfinder has been declining for 13 consecutive quarters.

It is worth noting that the growth rate of domestic outdoor products market is also slowing down. In the situation of internal and external troubles, the growth of performance in 2019 is weak or will continue to perplex the Pathfinder.

In March 1st, the reporter contacted the Pathfinder to interview the related questions, but as of press release, the other side still did not reply.

Net profit fell for 13 consecutive quarters

In February 20th, the Pathfinder released the 2018 results express. During the period, the Pathfinder revenue fell 33.91% to 2 billion 5 million yuan, operating profit fell 39.66% to 211 million yuan, total profit fell 116.26% to 217 million yuan, net profit fell 114.05% to 182 million yuan.

For revenue decline, the Pathfinder said it was mainly due to a sharp decrease in travel service revenues.

In addition, the Pathfinder indicated that the loss of other business operations of the non outdoor main business, and the cumulative amount of goodwill, investment and asset impairment in 2018 will be over 200 million yuan (the specific impairment amount is based on the official impairment test evaluation report issued by the evaluation institution), which led to the loss of the 2018 Pathfinder performance.

In fact, it is the Pathfinder who has been in a deficit for second consecutive years.

In the evening of April 24, 2018, Pathfinder released the 2017 performance report.

Announcements show that the company achieved revenue of 3 billion 33 million yuan in 2017, an increase of 5.41% over the same period last year.

The net profit attributable to shareholders of listed companies is -8485.39 yuan, and the net loss of non net profit is 185 million yuan.

It is understood that at that time, the Pathfinder had lost the first time since it was listed in 2009.

And in this way, the loss of the Pathfinder in 2017 to 2018 has been as high as 260 million in two years.

In fact, as early as 2014, Pathfinder has begun to signal a slowdown in performance.

As the first domestic outdoor products listed companies, the Pathfinder has been listed since 2009, and its performance has maintained rapid growth before 2014.

Data show that the average net profit growth of the Pathfinder is more than 55% over the past 2009-2013 years.

According to statistics from the Yangtze daily, the net profit fell for the 13 quarter after the first net profit decline in the third quarter of 2015, up to the third quarter of 2018.

In addition, in 2015, Pathfinder's operating income reached a record high of 3 billion 808 million yuan.

Now, after three years, the revenue is almost cut to 2 billion 5 million yuan.

Cheng Weixiong, an independent analyst in shoe and garment industry, said that the Pathfinder initially made outdoor sports subdivision, which is in line with the current market demand for consumer upgrading and consumer quality improvement.

But in recent years, Pathfinder has been making other capital layout, and business has begun to extend to the outdoors. There are few efforts in brand positioning and product development.

This has given the domestic similar brands and foreign high-end brands an opportunity to slow down the market share of the Pathfinder, resulting in a decline in performance.

Diversified business is a drag on the sequelae of mergers and acquisitions

In fact, the decline of the Pathfinder's performance is inseparable from its diversified pformation.

In 2013, the Pathfinder opened the first merger, which was then unacceptable and reached its peak in 2015.

It has invested strategic investments in green field network, map Road, easy to travel world, and knowledge discovery company, and has set up three major business groups, outdoor products, travel services and big sports.

However, the above business did not bring improvement to the performance, but made the Pathfinder go astray.

Data show that in 2016, the Pathfinder outdoor products sector realized net profit of 276 million yuan, net loss of travel service sector business loss of 34 million 100 thousand yuan, sports sector net profit loss of 9 million 900 thousand yuan; in 2017, the travel service sector net profit loss of 27 million 580 thousand yuan.

In addition, the company's revenue from the acquisition of the Pathfinder has not reached the expected level, but there has been a continuous loss.

Yi world lost 27 million 200 thousand yuan in 2015 and lost 6 million 980 thousand yuan in the first half of 2016.

By the end of 2016, Zhong Hui, vice president of the travel business group of Yi you world and vice president of tour group of explorer group, chose to leave, and cast a shadow over the outdoor travel sector of the Pathfinder.

In addition, the "extreme beauty" before the Pathfinder lost 918 thousand and 300 yuan in 2015.

It is worth noting that shop closes and layoffs go hand in hand.

Data show that the first half of 2017 has closed 17 stores, and the number of stores has been increased through newly opened stores and children's clothing stores in the second half of the year. However, in the first half of 2018, the number of outlets under the Pathfinder decreased by 86 compared with the end of 2017.

Although in 2017, when the company's performance changed from profit to loss, Pathfinder founder Sheng Faqiang proposed the idea of stripping off the sideline industry and focused on the main business of outdoor products.

However, in the first half of 2018, the Pathfinder's earnings report said that the Explorer had launched the divestiture plan for the less relevant travel and sports businesses, but it would take some time to quit completely.

In addition, the future development of Pathfinder is also worth worrying. At present, the outdoor products industry is in a downturn.

According to the data of China Outdoor Market Research Report in 2017, the total retail sales of outdoor market in 2017 were 24 billion 460 million, 5.07%, 13 billion 790 million yuan and 5.19% year-on-year.

The growth rate of domestic outdoor products market continued to slow down, and the growth rate of the whole industry was the lowest in nearly 15 years.

In Cheng Weixiong's view, the market space of outdoor products has not slowed down, but the outdoor products market has more diversified differentiation. On the basis of the original outdoor, there are major changes in personalization, middle and high grade, life, specialization and scene. This is both a challenge and a new opportunity.

As domestic and foreign outdoor brands have gained a lot, the Pathfinder must have a better breakthrough in brands, products, stores and services.