Looking For The Pathfinder From 2017'S Performance: Plan To Return To Main Business

In February 27th, Pathfinder released the 2017 performance bulletin.

The report shows that the company achieved a total revenue of 3 billion 36 million yuan in 2017, an increase of 5.5% over the same period last year.

The total profit and profit of the company decreased substantially compared with the same period last year. The net profit attributable to shareholders of the listed company is expected to be 85 million 197 thousand and 400 yuan, a decrease of about 151.45% over the same period last year.

Pathfinder said that the increase in business revenue was mainly due to the increase in the number of international airline tickets in the travel service sector, which led to an obvious increase in travel service revenue.

As for the reasons for the loss, the company said that the main business of the outdoor sector of the company was affected by the management changes of the reporting period and other factors. The overall business performance did not reach the goal of the beginning of the year (2017 annual outdoor sector expected to achieve net profit of about 140 million).

In addition, the company said that the board and management after the change clearly defined the company's operation and further focused on the outdoor business. Based on the past business results, it revised the expected implementation of the impairment test on the basis of past operating results. According to the preliminary test results, the total amount of goodwill, investment and asset impairment was estimated to have an impact on net profit of about 200 million yuan.

Pathfinder 2017 semi annual report shows that the company achieved operating income of 1 billion 278 million yuan in the first half of 2017, an increase of 17.48% over the same period last year, of which 543 million yuan was realized for outdoor business, and 19.83% yuan, compared with the same period last year. The TOREAD (Pathfinder) brand realized 486 million yuan, down 21.01% from the same period last year.

Pathfinder said the decline in revenue was mainly due to the overall downturn in retail consumption.

Competition continues

Environmental factors, and due to the adjustment of the company's operational policies, led to a significant decline in online retail; the Discovery Expedition brand merger level achieved a business income of 64 million 910 thousand yuan, an increase of 15.56% over the same period last year. The Pathfinder said that it mainly benefited from the implementation of the new brand strategy; the travel business block realized the main business income of 723 million yuan, an increase of 81.31% over the same period last year, mainly because the travel service sector expanded the international air ticket business, making the revenue growth obvious.

It can be seen that in 2017, the revenue of outdoor products sector of the Pathfinder declined year by year, and the decline of the main brand TOREAD (Pathfinder) was particularly obvious, which offset the growth of Discovery Expedition.

Revenue from the travel sector has become a major revenue component, outperforming the outdoor goods sector, supporting the scale and growth of total revenue.

Pathfinder said that the company has invested in green field, map Road, easy to travel world, knowledge and exploration company, and through group ice direct investment and merger and acquisition in key areas such as ice and snow sports, sports operations, sports media, sports training, intelligent fitness management, sports community and other key areas.

The project investment layout has been carried out in a comprehensive way, but investment projects will also bring risks to the integration of investment projects which are not up to expectations and goodwill impairment. From the 2017 annual performance, the Pathfinder seems to be releasing the risk by focusing on the main business.