Pathfinder Made A Net Profit Of 80 Million In The First Half Of The Year, And Wang Jing, Chairman Of Mount Everest Three Times, Paid 4 Million 300 Thousand Last Year.

The Pathfinder holding group Limited by Share Ltd (hereinafter referred to as "Pathfinder") disclosed its performance forecast in the evening of July 11th. It expects net profit of 79 million 600 thousand yuan to 84 million 500 thousand yuan in the first half, an increase of 230% to 250% over the same period last year.

Pathfinder explained that the company's performance during the reporting period increased substantially over the same period last year, mainly due to:

1. During the reporting period, the Pathfinder will continue to focus on resources to consolidate the steady development of the main industries of outdoor products, continuously enhance the competitiveness of products, strengthen the promotion of brand building, follow up the indicators of sales terminals quantitatively, and plan for the sale of off-season goods in a timely manner. The main income of outdoor products is expected to increase slightly compared with the same period last year.

2. During the reporting period, the Pathfinder optimizes the organizational structure, further improves operational management efficiency and per capita benefits, and strictly controls budget management.

3. It is estimated that the impact of non recurring gains and losses on net profit of the company is about 51 million yuan. The main reason is that during the reporting period, the Pathfinder disposal of private property is expected to achieve net income of about 36 million yuan after tax, while the impact of non recurring gains and losses on company net profit in the same period last year is 17 million 770 thousand yuan. It is estimated that the net profit attributable to shareholders of listed companies after deducting non recurring gains and losses will be increased by 22 million 250 thousand yuan to 27 million 150 thousand yuan over the same period last year.

Public information shows that the pathfinder was founded in 1999 by Wang Jing and Sheng Fa Qiang, and was listed in 2009. The company is China's largest outdoor product company, ranking first in market sales and market share for many years. Its main business includes outdoor products and tourist sectors, of which outdoor products are mainly outdoor clothing and outdoor equipment; travel business is mainly carried out by its subsidiaries, and provides travel related services such as tourism products and air tickets booking.

At the end of 2017, the management of the pathfinder was replaced. Wang Jing, founder of the company, returned to the company as chairman and CEO. The new management has made clear the strategic focus of the company to return to the main business of outdoor products, and gradually peel off less business related to outdoor products, integrate relevant resources, and play a leading edge. After more than a year of transformation and adjustment, the company's performance has gradually improved.

Wang Jing, chairman of the outdoor sports industry, has great influence in the industry. She has successfully reached 8000 meters above the snow mountain 9 times, including 3 successful Mount Qomolangma climbing, 143 days in 2014 to complete the earth's nine polar 7+2 (the highest peak of seven continents and the north and south two poles) adventure project, and has become the fastest person in the world to complete this exploration project. In addition, she wrote two books, "quiet mountain" and "quiet to the extreme", producing a documentary film "the road in the clouds".

According to the financial report, the main business income of the Pathfinder in 2018 was basically stable, and the net profit loss attributable to the parent company was mainly due to the divesting of the non main industries. The main income of the outdoor products in 2018 was 1 billion 337 million yuan, down 5.85% from the same period last year, and the gross profit margin was 42.74% (44.34% in the same period last year). The travel service was 653 million yuan, down 59.50% compared with the same period last year, and the gross profit margin was 1.30% (3.07% over the same period last year). Among them, the main income of outdoor products decreased by 9.35% in the first half year, down 3.65% from the same period in the second half of this year, and the decline narrowed.

During the reporting period, the remuneration of the directors, supervisors and senior management of the Pathfinder totaled 13 million 691 thousand and 800 yuan. Among them, the chairman and CEO Wang Jing paid 4 million 304 thousand and 600 yuan, the chief financial officer Dong Meibing paid 681 thousand and 300 yuan, and the Secretary of the board of directors and chief investment officer Tao Xu paid 491 thousand and 800 yuan.

From the division of business segments,

1) the outdoor products board, the company has a well-known brand "Pathfinder TOREAD" and "DiscoveryExpedition", production of assault clothing, mountaineering shoes, sunscreen clothes and other sports apparel and outdoor equipment. The Pathfinder TOREAD is mainly oriented to professional outdoor sports groups, and has gradually entered the field of outdoor recreation and children's wear. DiscoveryExpedition is based on the discovery channel and is oriented to high-end outdoor leisure consumption groups.

2) as for the travel sector, the company's travel business is mainly run by its subsidiaries. It is a O2O integrated service provider located on the tour. It integrates the upstream and downstream retail end resources to carry out business based on the ETS system platform. The travel products offered include various types of "individual customer service", "team customization", "air tickets, hotels, visas, insurance and so on."

By the end of 2018, the inventor inventory was 333 million yuan, which was significantly improved compared with the three quarterly report of 557 million yuan. Goodwill and available for sale financial assets were 2 million 170 thousand yuan and 45 million 540 thousand yuan (85 million 550 thousand yuan and 296 million yuan in the same period last year), and the risk of non main business was released.

In the first quarter of 2019, the growth rate of the main business income growth of the Pathfinder rose upward, and the net profit of the mother made a substantial increase. During the reporting period, the main business income of the explorer outdoor products was 233 million yuan, an increase of 16.05% over the same period, and the positive growth was achieved. This is mainly due to the gradual implementation of the relevant measures focusing on the main industry, the continuous improvement of product competitiveness, the further enhancement of brand culture and brand spirit, the orderly upgrading of shops under the line, the meticulous management of sales terminals and the continuous improvement of the channel structure. In addition to benefiting from the growth of the main business income, the net profit of the net profit has increased significantly, thanks to the continued management and efficiency of the management of the company, and the reasonable and effective control of various expenses. Meanwhile, the current non recurring gains and losses have also increased over the same period last year.

Pathfinder planning, the main business of outdoor products in 2019 achieved operating income of 1 billion 400 million yuan, an increase of 4.71%, to achieve net profit of more than 100 million yuan.

Everbright Securities analyst Li Jie believes that in terms of revenue, the channel adjustment of the Pathfinder brand line in 2018 is basically in place. In the future, it is expected to gradually restore the net shop. The number of DE shops is growing steadily. The company will continue to invest more in outdoor products in brand, channel and R & D in the future, and enhance the technological content and brand image of the products, so as to enhance the store efficiency. On-line company optimizes the marketing mode, transfers from discount marketing to content marketing, strengthens member management, and expects revenue to return to growth on the mobile line. The company's focus on outdoor main business gradually appears. In the first quarter of 2019, the outdoor income of the company resumed growth in the same period last year, while the tourism sector company will continue to reduce its international business with low gross margin, focusing on mature business, and the revenue is expected to continue to decline.

From the perspective of profit, Pathfinder strengthens the retail price control of outdoor products, flexibly supply chain, increases the rate of selling products, controls sales discounts, promotes the gross profit margin of main industries of outdoor sectors, strengthens the ability of cost control and control, and gradually improves the profitability of the outdoor main business. The agreement is signed between the tour board company and the core management team of Yi you world, which is responsible for the loss and debt burden of each year after 2019, so that management can improve the profitability of tourism business.

Li Jie judged that along with the rising trend of the profitability of Pathfinder in the first quarter of 2019, the company took the first place in many years of deep market competition, and the brand influence was stronger. The effect of focusing on outdoor main business gradually appeared, and the income of outdoor main industry resumed growth.