"Cutting Meat To Survive", Pathfinder 7 Million 410 Thousand Transferable 29% Of The World'S Equity

As an important player in the diversified layout of the Pathfinder, it is easy to travel around the world, and because of poor management, it leads to the decision of "Pathfinder".


Recently, the Pathfinder announced that in November 13th he signed a share transfer agreement with Beijing Chun Guang Guang Jin management consulting service center, Yi You world, Yi You world shareholder Zhen Hao, and Yi You world shareholder Yi You Jiahe, transferring 29% of the shares held by Yi You under the price of 7 million 406 thousand and 600 yuan.


With the completion of the transaction, the proportion of easy to travel world equity held by Pathfinder will drop to 46.5257%.


Reporters noted that in recent years, the revenue of the travel service sector accounts for about 50% of the total revenue of the Pathfinder. However, the travel services which had been placed high hopes did not only result in the performance gains of the thickened Pathfinder, but the decline of the Pathfinder performance due to the easy loss of the world's annual losses. If the Pathfinder lost a third consecutive year's performance in 2019, he would face the risk of delisting. As a result, since the 2019 semi annual report was published in August 27th, the risk warning notice that the Pathfinder may be suspended has been issued up to 11 times so far.


From the semi annual report in 2019, the Pathfinder achieved a profit of 691 million 100 thousand yuan in the first half of this year, down 21.16% compared to the same period last year, and realized net profit of 8 thousand and 186 yuan, an increase of 239.36% over the same period last year. From the three quarterly report in 2019, the Pathfinder achieved 986 million 600 thousand yuan in the first three quarters of this year, down 20.55% compared to the same period last year, and realized net profit of 99 million 490 thousand yuan, an increase of 293.22% over the same period last year.


According to the information disclosed in the earnings report, the Pathfinder revenue since 2019 is still declining, mainly because of its continuous optimization and adjustment of business structure, and significantly reducing the low profitability of business segments such as the travel service sector, resulting in an obvious reduction in operating income and operating costs over the same period. However, the lower cost of the tourism sector has resulted in a reduction in cost than the decrease in revenue.


In terms of revenue growth, in addition to the increase of 11.11% to 795 million yuan for outdoor products in the first three quarters of this year, the Pathfinder in the first three quarters of this year received a government subsidy of 18 million 725 thousand and 900 yuan; the income of assets brought about by the disposal of private property increased by 42 million 663 thousand yuan compared with the previous year.


According to the Pathfinder's forecast, the annual performance in 2019 is expected to turn into profit and losses, and the net profit attributable to shareholders of listed companies is no less than 100 million yuan.


In fact, as a "outdoor goods first share", the Pathfinder has maintained a high performance growth for many years since its listing. Until 2014 and 2015, Pathfinder began planning the establishment of three major business segments, namely outdoor products, travel services and sports, and participated in Asiatravel, green field and extreme beauty, and invested 230 million yuan to invest in the world. At that time, Sheng Faqiang, the chairman of the Pathfinder, was determined to "make the Pathfinder become the most integrated platform for the development of Chinese enterprises, not just to create a first-class outdoor brand". According to its concept, Pathfinder will become the cornerstone of the world's 1600 service providers, and will make it the largest tourism O2O service provider in the country.


Unfortunately, though the ideal is beautiful, the reality is very skinny. Since the acquisition, poor performance of the easy travel world continued bad management, in 2015, 2016, 2017, respectively, the loss of 28 million yuan, 21 million yuan, 13 million yuan, not only failed to boost the downturn in 2015 after the performance of the Pathfinder, but dragged the Pathfinder in 2017, 86 million 750 thousand yuan of goodwill impairment.


It is also in this year that the Pathfinder performance lost its first time since it was listed, and its net profit loss in 2017 was 84 million 853 thousand and 900 yuan, a sharp decrease of 151.24% compared to the same period last year, and the net loss was 185 million yuan. Affected by this, the Pathfinder stores, layoffs, and reduce R & D costs to reduce costs. In the same year, the chairman of the Pathfinder changed hands and was held by Sheng Fa Qiang wife Wang Jing.


Since then, Pathfinder has put forward "focusing on resources to promote long-term and healthy development of the main industries of outdoor products, optimizing the relevant business structure of non outdoor main industries, and gradually withdrawing from the development strategy of restructuring business related to outdoor main business", and gradually stripping away less business and investment projects in areas such as travel, sports and other main businesses. It is reported that the transfer of easy to travel the world's 29% stake, is also one of them.


From the point of view, Yi Hao, the founder of easy travel world, will once again hold the world. After the completion of the transfer of shares, Zhen Hao and its unanimous action people are directly holding the 48.7385% stake in Yi you world, holding 51.1064% equity directly and indirectly.