Core Tip: From the perspective of the performance of each segment, 2016 revenue of outdoor products segment was 1.705 billion yuan, and travel service segment business revenue was 1.173 billion yuan, all failing to achieve the expected growth, especially in the travel service sector, which only achieved half of the target value. Not to.
Pathfinders who are clinging to the layout of outdoor ecosystems have begun to re-emphasize outdoor furniture as a starting point and call it an important measure to promote the company's further take-off. The outdoor supplies section not only contributed to the majority of Pathfinder’s revenue for the whole year, but also supported the net profit alone. Although the Pathfinder is laying out two sections of tourism services and sports in the ecosystem, it is still a negative profit drag. However, the Pathfinder did not give up. After the 2016 forecast was not met, it still gave a high growth 2017 forecast.
Performance is much lower than expected
Pathfinder disclosed in its 2015 annual report that the 2016 business plan targets: In 2016, the company strives to achieve an operating income of not less than RMB 4.5 billion, an increase of approximately 18.17% over the company's 2015 operating revenue of RMB 3.808 billion. Among them, the multi-brand business strives to achieve an operating income of not less than RMB 1.8 billion, net profit is expected to decline to RMB 230 million year-on-year, and the travel service business strives to achieve operating revenue of not less than RMB 2.7 billion, and the overall travel segment loss does not exceed RMB 0.1 billion; In 2016, the company strives to achieve a net profit of 200 million yuan.
However, in the just-announced 2016 financial report, Pathfinder realized operating revenue of 2.878 billion yuan, which was approximately 24.42% lower than the same period of last year. The net profit attributable to shareholders of listed companies was 166 million yuan, which was approximately 37.13% lower than the same period of last year. Net profit after deducting non-recurring gains and losses was RMB 131 million, down 47.22% year-on-year.
From the perspective of the performance of each segment, revenue from the outdoor products segment in 2016 was 1.705 billion yuan, and revenue from the travel service segment was 1.173 billion yuan, both of which did not reach the expected growth. In particular, the travel service sector only achieved half of the target value.
Pathfinder said that the overall net profit was lower than planned, mainly due to the overall sluggish domestic retail consumption, continued intensification of outdoor industry competition, declining sales of the company’s inventory, resulting in lower sales discounts, increased investment in customer service functions by the company, and travel services business. The impact of many factors, such as the upgrading of transformation, the initial construction of sports business and provision for impairment of assets, etc.
Return to outdoor role
In terms of performance expectations before the Pathfinder and the newly released results, the outdoor supplies segment is the smallest business difference, and is expected to be no less than 1.8 billion yuan, and actual revenue is 1.705 billion yuan, which is 5.23% lower than the same period of last year. Pathfinder made it clear that it will seize the favorable opportunity and adjust the pace of strategic development. The focus of the group's business will return to the main business of outdoor products, increase capital and manpower investment, and focus on the development and deepening of outdoor multi-brand business.
In the Outdoors section, Pathfinder’s two major brands are the TOREAD (Pathfinder) brand and the Discovery Expedition brand. TOREAD (Pathfinder) achieved sales revenue of 1.522 billion yuan, a decrease of 8.32% from the same period of last year, TOREAD (Pathfinder) brand e-commerce channel revenue reached 445 million yuan; Discovery Expedition brand realized sales revenue of 151 million yuan, compared with last year. In the same period, it increased by 41.14%, of which revenue from e-commerce channels reached 110 million yuan.
Discovery Expedition has grown significantly. This has also given Pathfinder a firm confidence in the development of multi-brands. Pathfinders claim that the outdoor products business is the company's cornerstone business, and the multi-brand development strategy is an important measure to promote its rapid growth again in the future. With the potential for good development space, and existing brands have not yet been able to cover outdoor sports such as skiing, cycling, sports underwear, and other outdoor sports, efforts have been made to introduce new premium brands through brand licensing and investment.
Travel, sports or mystery
Regaining its focus on outdoor products, on the one hand, it came from improved inventory in the outdoor products industry and improved operations. At the end of 2016, the carrying amount of inventory was 293 million yuan, a decrease of 46.24% compared to the end of 2015, which exceeded the stock of 2016 off-season products. Degradation goals, new brands show a lasting effect on sales.
On the other hand, there are uncertainties from other businesses in the ecosystem. Pathfinders started in 2014 and attempted to complete the transition from a single outdoor product brand to an eco-friendly development through the layout of sports, outdoor, and tourism industries. In early 2015, the development of the ecosystem around the outdoor, travel, and sports three business segments began. Strategy, building outdoor, travel, sports three business groups, conducted a series of acquisitions and mergers and acquisitions. However, these actions so far have not contributed to Pathfinder profit.
According to the 2016 financial report, the outdoor product segment realized operating income of 1.705 billion yuan and net profit of 275.5 million yuan; travel service segment realized operating income of 1.173 billion yuan, net profit of -0.341 billion yuan; sports segment business realized net profit of -0.099 yuan. 100 million yuan. In 2015, outdoor products and travel services accounted for 47.26% and 52.74% of operating revenue, respectively; in 2016, outdoor products and travel services accounted for 59.25% and 40.75% of operating revenue, respectively; At first glance, the travel service industry also dropped, from 67.51% in 2015 to 54.39% in 2016.
According to Pathfinder's plan, in 2017, the company strived to achieve operating income of not less than 3.62 billion yuan, an increase of approximately 26% over the company's 2016 operating revenue of 2.878 billion yuan. Among the two major business segments, the outdoor products business strives to achieve an operating income of not less than 1.75 billion yuan; the travel service business strives to achieve an operating income of not less than 1.8 billion yuan; in 2017, the company strives to achieve a net profit of 170 million yuan. Compared with the 2016 results, although the outdoor product industry was re-identified as the company's main business, the development plan is expected to be limited, not less than 1.75 billion yuan in 2016 and 1.705 billion yuan in 2016 is almost the same. In contrast, tourism service industry is from 1.173 billion yuan to no less than 1.8 billion yuan. Obviously, pathfinders still have hope for the latter.
This article is reproduced from: Beijing Commercial Daily
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