Pathfinder Usher In The First Half Of The Year Net Profit Growth Of 239.36%

After two consecutive years of loss, the 300005.SZ has ushered in the first light. In the evening of August 26th, the Pathfinder released the first half of 2019 annual report, showing that the company's net profit in the first half of this year was 82 million yuan, an increase of 239.36% over the previous year, and net profit of 31 million yuan, an increase of 386.43% over the same period last year. In addition, the company also released the first three quarter earnings forecast, expected in the first three quarters of this year net profit from 96 million 860 thousand yuan to 102 million yuan, the growth rate is 2.83 times to 3.03 times. However, the company's operating income continued to decline. In the first half of 2019, the company's revenue was 691 million yuan, down 21.16% compared with the same period last year. The net cash flow of the company was -0.85 billion yuan, and the cash flow was improved compared with the same period last year. The company said its performance was good, leading the company to focus on its main business and optimize its related business structure.

Pathfinder is one of the most famous outdoor sports brands in China, formerly known as Beijing Pathfinder Products Co., Ltd. In 2008, the company changed to Limited by Share Ltd and completed the growth enterprise market listing. In 2015, the company began to use the extension strategy, and the company changed into a pathfinder holding company. Thereafter, the company carried out large-scale external investment. It has invested in Xiamen Tu Tu, Yi you world, green field international travel agency and so on. However, a series of foreign investment did not produce synergy, but dragged down the company's performance. In December 2018, Xiamen's three consecutive year's performance failed to reach the assessment standard, and the original shareholders had to buy a 15.7% stake in the company's shares in accordance with 155 million yuan. In June of this year, the green field international travel agency also repurchased the company's 43% stake in the green country brigade because its performance failed to meet the target. And easy to travel the world by the first half of this year is still a loss of 468 thousand and 800 yuan, a loss of 4 million 367 thousand and 200 yuan in the same period last year.

According to the semi annual report of 2019, there are 14 main stakeholders in the Pathfinder, of which only four are profitable, with the highest net profit being Liaoning North Fuyuan Trading Company, with a profit of 1 million 934 thousand and 600 yuan in the first half of the year. Its subsidiaries have varying degrees of losses, of which the extraordinary exploration (Tianjin) outdoor products Co., Ltd. has a deficit of up to 14 million 812 thousand and 500 yuan, and Tianjin's new starting point Cci Capital Ltd loses -995.96 million yuan. The negative effect of the extensive development of the company is obvious. Since 2015, the company's performance has started to decline sharply, and the net profit in 2017 has lost 84 million 853 thousand and 900 yuan. In 2018, the figure expanded to 182 million yuan. At the same time, the company's business income also declined from 3 billion 808 million yuan in 2015 to 1 billion 992 million yuan in 2018.

In the face of unprecedented crisis, the Pathfinder began to shrink the front line in 2018, and the business focus returned to the outdoor products industry. From now on, the company's strategy of focusing on the main industry has achieved some success. In the first half of 2019, the main business of outdoor products achieved 537 million yuan, an increase of 8.02% over the same period last year, and the loss of non outdoor main businesses decreased compared with the same period last year. However, in the case of declining revenues, there is still a lot of uncertainty about the future.