Data Analysis: In The First Half Of The Year, Outdoor Products Enterprises Were In A Bit Of A Bad Life.

Various factors have led to the slow development of the local outdoor goods market, and this market trend is obviously reflected in the performance of local outdoor products listed companies.


Pathfinder revenue 691 million yuan


In 2019, the 1~6 Pathfinder achieved 691 million yuan of revenue, down 21.16% from the same period last year, and realized a net profit of 81 million 855 thousand and 900 yuan attributable to the listed shareholders, an increase of 239.36% over the same period last year. Up to the end of the reporting period, the total number of shops under the TOREAD line was 1153, the total number of shops under the Discovery Expedition line was 161, and the total number of shops under the TOREADKIDS line for the Pathfinder children was 39.


Specifically, the main business of outdoor products is that the main business of outdoor products in the reporting period has achieved 537 million yuan, an increase of 8.02% over the same period. Among them, the Pathfinder brand realized income of 471 million 819 thousand and 100 yuan, an increase of 8.11% over the same period last year, and the DiscoveryExpedition brand realized 57 million 504 thousand and 600 yuan, an increase of 17.78% over the same period last year. For the first half of the performance, Pathfinder said in the report that revenue decline is mainly based on the future development strategy of the company to optimize the structure of the travel service business, while ensuring its mature, stable and relatively competitive business development, it actively adjusts the scale of the travel service business with a lower profit margin, resulting in a substantial reduction in travel service revenue. The net profit is 81 million 855 thousand and 900 yuan, of which the net profit from the disposal of private property is 36 million 252 thousand and 600 yuan, accounting for 44.29% of the total net profit.


327 million yuan in revenue


In the first half of 2019, Mu Gao Di achieved operating income of 327 million yuan, down 8.25% from the same period last year, and realized net profit of 37 million 200 thousand yuan attributable to shareholders of listed companies, down 4.24% from the same period last year. As of the end of June 2019, there were 364 stores in the country, including 35 Direct stores and 329 franchised stores.


The main business of OEM/ODM includes two major business segments, including tents, sleeping bags, self filling pads, outdoor clothing, shoes and accessories such as assault clothing, down garments, mountaineering shoes and sports backpacks. In the first half of the year, the company reported a 8.25% decrease in operating revenue over the same period last year, mainly due to the decline in sales of OEM/ODM business. In addition, the first half of the year was 14 million 245 thousand and 300 yuan, which was 1.08% lower than that of the first half of the year, and the sales revenue was 51 million 794 thousand and 400 yuan, down 7.07% from the same period.


Sanfo outdoor revenue 185 million yuan


2019 1~6 month, Sanfo outdoor business income of 185 million yuan, down 10.2% compared with the same period last year, the net profit attributable to shareholders of listed companies was 1 million 639 thousand and 400 yuan, down 36.17% compared to the same period last year. Among them, the company's own brand business income is 16 million 608 thousand and 400 yuan, accounting for 10.24% of the company's main business income. The revenue of the company's store business is 94 million 692 thousand and 900 yuan, accounting for 51.31% of the company's revenue. As of the end of the reporting period, the company has set up 39 outdoor chain stores. In addition, in the first half of, the revenue of Sanfo outdoor line business grew by 16.04% year-on-year.


During the reporting period, the company developed the international brand direct mining, has completed the PAC, MASTERS, MYSTERY RANCH and other multi brand direct mining business, and introduced the domestic and foreign high quality sports outdoor brands, including ON, HOSA, FALKE, LASPORTIVA, KLARUS, POWERMAX and so on, to meet the different consumer demand in the field of segmentation. The company's wholly-owned travel mouse has become the Greater China agent of X-BIONIC, a bionics science and technology sports brand in Switzerland. In May 2019, Sanfo signed a strategic cooperation contract with X-BIONIC AG. The two sides made a clear agreement on brand and patent technology sharing, resource input, related ownership and distribution of interests in product R & D, design, production and sales, and jointly designed R & D products to invest in domestic and international markets.


The development of outdoor products enterprises is slowing down.


For the local outdoor enterprises, these two years are rather difficult. From a macro perspective, many uncertainties continue to affect the development of the industry, resulting in a further slowdown in the overall industry growth. From the perspective of industry development, the annual growth rate of China's outdoor products market has continued to fall, and in 2018, the total retail sales of outdoor products in China reached 24 billion 980 million yuan, up 2.10% from the same period last year, and the total shipment volume was 14 billion 120 million yuan, up 2.38% from the same period last year, down 7 for the 7 consecutive year, reaching 200. In the past 2 years, the industry has been growing at a minimum speed; from the market environment, sports, leisure, fashion brands and even some luxury brands have been crossing the outdoor market one after another, continuously increasing outdoor sporting goods, squeezing market share and intensifying the intensity of market competition.


First half year performance of outdoor brand listed companies in 2019


Various factors have led to the slow development of the local outdoor goods market, and this slowing down market trend is obviously reflected in the performance of local outdoor products listed companies. In the first half of the year, the 3 enterprises of Pathfinder, Mu Gu Di and Sanfo outdoors all experienced negative growth in the same period. Among them, the Pathfinder increased by 21.16% during the same period. From the perspective of net profit, the 3 enterprises in China, Mu Gao Di and Sanfo outdoors all have net profit declines. Only the Pathfinder can achieve a positive increase in net profit, and the growth rate is 239.36% higher than that of three digits. But the Pathfinder said the net profit was 81 million 855 thousand and 900 yuan, of which the net profit from the disposal of private property was 36 million 252 thousand and 600 yuan, which accounted for 44.29% of the total net profit of the first half of the Pathfinder. That is to say, the net profit growth of Pathfinder in the first half of this year is largely due to selling houses rather than clothing sales profits.


Although the performance of the three outdoors listed companies is not satisfactory in the first half of the year, the growth is weak. But we can see from the overall development of China's outdoor products market, compared with the developed countries, China's outdoor industry still belongs to the stage of "just entering the period of introduction, beginning to grow into maturity, far from reaching maturity", and still has huge market potential to tap. With the rapid development of the economy and society and the popularity of the Internet and the rise of the new generation of consumer groups, the outdoor products industry will enter the stage of adjustment, transformation and upgrading. With the deepening of industry adjustment and enterprise transformation, the brand awareness, market share and comprehensive strength of local outdoor products enterprises are also constantly improving. The market coverage of the whole outdoor market tends to be rich, and the future industry competition will continue to develop in the direction of comprehensive strength competition along with the strengthening of local outdoor brands' internal strength.