Outdoor Products Listed Companies To Increase Pformation And Adjustment Efforts To Ease The "Pressure" Road.

In the past two years, the growth of the outdoor goods market has slowed down. In this situation, the performance of outdoor products enterprises in 2018 is "poor". Enterprises have increased the intensity of restructuring and pformation, and their pformation directions are different.

Pathfinder return to main business

In April 26th, the Pathfinder released the 2018 annual report. The annual report shows that the company achieved 1 billion 992 million yuan in 2018, down 34.34% compared with the same period last year, and the net profit attributable to shareholders of the listed company was 182 million yuan, down 114.40% compared to the same period last year.

The main business of outdoor products reached 1 billion 337 million yuan in 2018, a decrease of 5.85% compared with the same period last year.

Pathfinder said that the reason for the decline in revenue in 2018 was mainly due to the reduction in the scale of international flights such as low profit margins, resulting in a significant reduction in travel service revenue. The main reason for the loss was the goodwill, investment and asset impairment accumulated in the company in 2018 and 268 million yuan and other business losses of the main outdoor businesses.

Pathfinder said, in 2018, the company subdivided the product line and divided its product line into four main product lines: outdoor Explorer (outdoor product line of Pathfinder brand), outdoor traveler (brand name travel product series), outdoor artist (DiscoveryExpedition brand), small Explorer (Toreadkids, Pathfinder brand children's wear), the main product line, and the company closed down the inefficient shops with poor profitability, and promoted the proportion of shoppingmall and outlets under the online channels. By the end of 2018, the total number of shops under the TOREAD line was 1210, the total number of shops under Discovery Expedition line was 171, and the total number of shop outlets under the TOREADKIDS line of children's wear shops was 32.

In addition, the company tries to promote the integration of offline stores, online platforms, green fields, six legged community systems, and expand the channels of social e-commerce.

For the future business plan, the Pathfinder plans to gradually peel off and withdraw from the main business of outdoor business, and will continue to peel off and withdraw business and investment projects related to outdoor main business in travel, sports and other fields. In addition, it intends to introduce or create new outdoor brands with complementary complementary relationship with the existing brand system, so as to form a focus on outdoor international multi brand operation strategy.

The company plans to expand the expansion of shopping centers, and plans to strengthen the operation of members, through the Pathfinder is now offline shop, online platform, green field, six foot community system membership system.

Pathfinder also released a quarterly report in 2019. The company achieved a revenue of 320 million yuan in the first quarter of 2019, a decrease of 27.06% compared with the same period last year. The Pathfinder said that the main reason was still reducing the scale of the travel service business, resulting in a substantial reduction in the income of travel service. In addition, the main business of outdoor products realized a revenue of 233 million yuan, an increase of 16.05% over the same period last year. It mainly benefited from the implementation of the relevant strategic measures of the company focusing on outdoor products. The company controlled various expenses, while the current non recurring gains and losses increased over the same period last year, making the net profit of the Company attributable to shareholders of Listed Companies in the first quarter of 2019 was 40 million 477 thousand and 900 yuan, an increase of 82.45% over the same period last year.

The private brand of the code

In April 30th, Mu Gao Di released the annual report in 2018. The annual report shows that the company achieved operating income of 551 million yuan in 2018, an increase of 6.85% over the same period last year, and realized a net profit of 41 million 191 thousand and 900 yuan attributable to the listed shareholders, down 17.69% from the same period last year.

The growth of business revenue is mainly OEM/ODM business orders growth over the same period last year, sales growth, operating profit and net profit decline were mainly due to the decline in gross margin of OEM/ODM business in 2018, and two because of the optimization channel of independent brand operation, outdoor professional stores, group buying channels and channel revenues decreased, while self channel investment and product research and development input increased year by year.

The annual report shows that the company's main business includes two business segments, OEM/ODM business and self brand business, including outdoor equipment such as tents, sleeping bags, self filling pads, outdoor clothing, shoes and accessories such as assault clothing, down garments, mountaineering shoes and sports backpacks.

OEM/ODM business provides global customers with development, design and manufacturing services for tents, and products are sold to international markets such as Europe, Australia, New Zealand, Asia and the United States.

The independent brand business is to sell and sell its own brand "outdoors dress and equipment products".

In 2018, the company completed the expansion of Bangladesh and Vietnam's new factory buildings. By the end of 2018, the company's overseas capacity reached 16 million US dollars, up 63.33% from the same period last year.

In 2018, sales in the European region increased by 29.3% over the same period last year. The company also strengthened its development in new markets such as Oceania, Africa and Asia.

Private brand business, in the first half of 2018, the company shut down some stores with poor location or low operating performance and low efficiency. In the second half of the year, the company increased its scale of direct sales, and in 2019, it would accelerate the expansion of its own stores under self owned brand lines.

In addition, the company subdivides its own brand into big brand (Mountain Standard) brand and small animal husbandry (deer label) brand.

The big livestock brand is for outdoor professionals. It mainly covers outdoor activities such as adventure camping, hiking, professional sports and so on. The brand of small animal is for outdoor outdoors, which mainly includes family camping, Park leisure, travel and daily commuting.

At the same time, the company issued a quarterly report in 2019. The report showed that the company's operating income in the first quarter of 2019 was 141 million yuan, down 8.19% from the same period last year, and the net profit attributable to the listed shareholders was 126 billion 728 million yuan, down 36.03% compared to the same period last year.

The company said that the reason for the decline in net profit was that the decrease in operating income resulted in a decrease in gross profit. Two, the related costs of self brand businesses, new self operated stores, franchised stores and online channel construction increased. The three is the provision of self brand business, and the increase in inventory prices.

The company's first quarter business data bulletin showed that by the end of the first quarter of 2019, there were 358 stores, including 32 Direct stores and 367 franchised stores.

Sanfo outdoor layout diversification

In March 18th, Sanfo released its annual report in 2018, which showed that in 2018, Sanfo achieved 420 million yuan in operating income, an increase of 19.62% over the same period last year, and realized a net profit of 5 million 28 thousand and 700 yuan attributable to shareholders of listed companies, an increase of 138.96% over the same period last year.

The annual report shows that the company currently has three business segments, one is the sale of outdoor sporting goods, the company agency, distribution of more than 400 domestic and foreign high-end professional outdoor sports brand.

At the same time, the company has launched ANEMAQEN, SANFO, KIDSANFO, SANFOPLUS, LYSO and other private brands for China's outdoor segment market.

SANFOPLUS was launched in April 2018 and is located in high-end quality and mid price functional outdoor sports products.

In addition, the company is the general agent of a number of international outdoor brands in China, including the Swiss Movement innovation brand X-BIONIC, the Italy sports security brand DAINESE, the French 100 year brand JULBO, the Swedish fashion outdoor clothing brand KLATTERMUSEN, the Swedish sports kit brand POC, the German professional gloves REUSCH and so on.

The second business segment is to organize outdoor events, events and group building.

The company has long distance cross-country running, long distance cross-country race, Sanfo International Triathlon, fluorescent night running and other series of events IP.

Three is the operation of parent-child outdoor paradise.

The company's strategic investment in Shanghai Sun Music Culture Development Co., Ltd., Shanghai is a parent child outdoor park operation management company, under the "squirrel tribe" parent-child outdoor park brand.

Sanfo outdoor said that the company has set up 40 professional outdoor products chain stores, including flagship stores, standard shops, boutiques and ski shops.

In 2018, the company stepped up its brand management, subdivided the products and brands of high contribution, pferred part of the distribution mode to consignment mode, and introduced nearly 20 fashionable, scientific and lightweight domestic and foreign brands such as SPEEDO, CRUMPLER, JBL, PACKALL, DANYFIT, ice and snow brand HEAD, FISCHER, ATOMIC and SALOMON.

In the first half of 2018, the company invested strategic investment in Shanghai Culture Development Co., Ltd. in January 2019. In January 2019, it invested 54.78% stake in its capital increase, and completed the layout of the "outdoor sports supplies - event group building - parent-child outdoor paradise".

Regarding the future business plan, Sanfo outdoor plan promotes the sales ratio of private brand, extends to the upstream of the industrial chain, acts as an agent for more outdoor sports brands, adds ice and snow products agents, sets up quality ski shops, selects shopping centers and commercial streets with large traffic volume, and sets up a comprehensive flagship store which is fashionable, professional and young, and plans to open new businesses not less than 2 "squirrel tribes" parent-child outdoor parks.

A quarterly report released in April 26th by Sanfo outdoor showed that the company achieved 80 million 119 thousand and 500 yuan in the first quarter of 2019, down 18.72% from the same period last year, and realized net profit of 1 million 32 thousand and 700 yuan attributable to shareholders of listed companies, down 32.64% compared to the same period last year.

Hua Shang observation: outdoor products listed companies performance "pressure", the direction of pformation and adjustment are different.

Over the past two years, the development trend of outdoor products industry has slowed down.

Statistics show that the total retail sales of China's outdoor market in 2018 were 24 billion 980 million, an increase of 2.10% over the same period in 2018, and the total shipment volume was 14 billion 120 million yuan, an increase of 2.38% over the same period last year. The growth rate slowed down compared with the previous year, and the growth rate was slower than before, and the lowest growth rate since 2002, according to the data provided by COCA.

This market trend is reflected in the latest performance of three outdoor products listed companies in 2018 and the first quarter of this year.

Pathfinder performance loss for two consecutive years, due to the introduction of goodwill deficit expansion, due to the stripping of non outdoor products business revenue fell sharply, but in the first quarter of this year, although revenue continued to decline, outdoor products main business revenue has increased, the net profit of the company started to grow as a result of lower base last year, but has not yet returned to the level of 2017. Sanfo outdoor 2018 performance loss, profit and net profit growth, but in the first quarter of this year, both revenue and net profit have declined; in 2017, the revenue and net profit growth of Mu Gao Di slowed down compared with 2017, while the first quarter of 2019, the net profit and profit decreased compared with the same period.

In the face of the current market situation, the outdoor enterprises listed in the annual report believe that the outdoor industry in 2018 is still in the development stage of continuous deepening adjustment. At the same time, the competition in the industry is further aggravated by various factors, such as the economic downturn, the slowdown in the retail industry, and the increasing number of outdoor products.

In addition, sports, leisure and fashion brands have gradually crossed the outdoor market, which has further intensified the intensity of market competition.

Faced with this market situation, outdoor goods listed companies continue to intensify their restructuring efforts, but their direction of development is different.

The Pathfinder program continues to strip off non outdoor products business and return to the main business, while Sanfo outdoor plans to diversify its efforts. As a OEM/ODM source, the company is intending to increase investment in its own brand business.

On the other hand, although the pformation of enterprises is different, business actions are similar, for example, enterprises are more subdivision of their brand and product line to face more personalized needs; in the expansion of channels, they are more cautious and more pfer to shopping centers; at the same time, there are plans to buy more outdoor brand to expand business scale, and so on.

In the longer term, the outdoor goods market still has great room for development, and the market competition is more intense. At the same time, we believe that there will also be more competitive outdoor outdoor enterprises and brands.