What Causes These Three Outdoor Products Listed Companies To Have Different Development Directions?

As an outdoor goods listed company in 2017, it was also in a loss situation.

I want to return to my main business.

But choose to continue to diversify. What are the two seemingly different actions that reflect the development of enterprises? And what kind of pformation and expansion plan are there for another outdoor enterprise that has a net profit and a double profit growth? We focus on the three outdoor products listed companies in the capital market.

Pathfinder: plan to return to main business

According to the world clothing and shoe net, 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 that the decline in revenue was mainly affected by the market environment factors such as the overall retail consumption downturn and the sustained competition in the industry, and the online retail sales declined significantly due to the adjustment of the company's operational policies; Discovery Expedition

The combined level realized business income of 64 million 910 thousand yuan, an increase of 15.56% over the same period last year, and the Pathfinder said that it mainly benefited from the implementation of the new brand strategy. The main business revenue of the travel business sector was 723 million yuan, an increase of 81.31% over the same period last year, mainly due to the expansion of the international air ticket service by the travel service sector, resulting in an obvious increase in revenue.

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 the green field network, map Road, easy to travel world, knowledge and exploration company, and has invested in the key areas such as ice and snow sports, sports operations, sports media, sports training, intelligent fitness management, sports community and other key areas through group direct investment and merger and acquisition fund. However, investment projects will also bring the risk of investment project integration not up to expectations and goodwill impairment. From the 2017 annual performance, the Pathfinder seems to be focusing on the main business to release the risk.

Sanfo outdoor: continue multiple expansion

Also in February 27th, another outdoor product company, Sanfo outdoor, released its 2017 performance bulletin.

The report shows that the company achieved operating income of 350 million yuan in 2017, down 0.86% from the same period last year.

Net profit attributable to shareholders of listed companies -1281.15 million yuan, down 134.44%.

Like the Pathfinder, Sanfo outdoor also fell into a loss in 2017.

Sanfo outdoor said that the main reason for the loss was the year-on-year decline in income, resulting in an increase in wages, rent and inventory losses.

However, Sanfo outdoors announced its 1 quarter earnings forecast in March 30th, predicting that the company's profit in the 1 quarter was 650 thousand yuan to 2 million yuan, compared with a loss of 2 million 957 thousand and 800 yuan in the same period last year.

Sanfo outdoor said that the company's passenger flow increased in the first quarter of 2018. It is estimated that the revenue of company stores, major customers and online shopping sales has increased over the same period last year, resulting in a year-on-year increase in net profit attributable to shareholders of listed companies, resulting in a turnaround.

On the same day, Sanfo announced the outbound investment announcement. The company used its own capital of 34 million yuan to acquire 31.1927% of the equity interest in Shanghai's Culture Development Co., Ltd.

Information shows that Shanghai Culture Development Co., Ltd. is a outdoor park operation and camp education and training company specializing in outdoor parent-child parks. It is a "outdoor and entertainment product development" and "youth outdoor camp education".

Sanfo outdoor said that the company gradually established "outdoor products research and development agency sales, outdoor activities events organization and operation, design, construction and operation of outdoor sports camps and youth outdoor experience education" as the three major business directions.

After this investment, the company will become the second largest shareholder in Shanghai, and the two sides will jointly layout outdoor parks and Youth Camp education business nationwide.

Data introduction, Sanfo outdoor was founded in the outdoor products retail industry starting period, the first direct store is the first professional outdoor store in the industry, now has 36 professional outdoor supplies outlets.

Therefore, Sanfo outdoor core business is outdoor products retail.

Sanfo outdoor said that the new business of its own brand research and development and youth outdoor camps is still in its investment period, and the company will face the risk of short-term performance decline.

Nevertheless, in 2017, Sanfo outdoor did not stop the pace of diversified business development.

In addition to investing in Shanghai, in September 2017, Sanfo outdoors announcements of cash increase to invest in Shenzhen goodwill Cci Capital Ltd, the investment amount is RMB 22 million yuan. After the completion of the investment, Sanfo investment will hold 4% of the shares.

Statistics show that goodluck is a company that offers fitness clubs and fitness services.

Sanfo outdoor said that this investment is conducive to the combination of outdoor products sales, outdoor sports activities and fitness industry.

Mu Gao Di: intending to strengthen retail sales

In April 2nd, Mu Gao Di released the 2017 performance bulletin.

According to the report, the revenue of Mu Gao Di in 2017 was 516 million yuan, an increase of 19.91% over the same period last year.

Net profit attributable to shareholders of listed companies was 53 million 838 thousand and 300 yuan, an increase of 13.38% over the same period last year, and achieved double growth in revenue and net profit.

In March 2017, A was listed as the last publicly listed company of three outdoor products listed companies.

The main products of the company are camping tent. There are two main business modes, one is the OEM/ODM mode, the other two is the independent brand retail business.

According to the company's introduction, OEM/ODM business products are mainly camping tent products produced by the company itself. The company's own brand business includes outdoor clothing, shoes and equipment. Besides camping tent products, other products are outsourced for production.

From 2014 to 2016, OEM/ODM business and self brand business account for about 6 to 4, so this is a manufacturing outdoors enterprise with outstanding products and OEM business.

In the mid-term report of 2017, the company mentioned that the company's net profit in the first half of 2017 also had two digit year-on-year growth, mainly due to the sales growth of the company's OEM/ODM business. Therefore, OEM/ODM business is still the pillar business of the company.

But he wants to make use of capital market to strengthen his own brand retail business.

The company's IPO fundraising has three projects, namely, the "one-stop" marketing channel construction project, the O2O management system and the information construction project, the warehouse center and the product exhibition hall project, all related to the retail business of the independent brand.

In particular, the "one-stop" marketing channel construction project of Mu Gao Di has planned to build 16 "one stop" outdoor experience stores in 13 cities.

The "one-stop" outdoor experience store enables consumers to obtain comprehensive merchandise selection and collocation services in an experiential store. Now it has become a mature self retailing mode in overseas outdoor products industry. Decathlon, one of the largest sporting goods retailers in the world, adopts this retail mode.

The other two fund-raising projects are also related to retail business.

Regarding the O2O management system and information construction project, the company said that the construction of the information system is conducive to the realization of a series of services such as customer online, offline, parity, offline experience, online shopping and so on.

And the storage center and the product exhibition hall project, the company said that the new offline and online marketing network construction needs the support of the warehouse center.

In the 2017 semi annual report, Mu Gu Di said that the company has developed hiking expedition, hiking, outdoor children's clothing and adventure camping products. At the same time, it has layouts the professional field of outdoor sports, plans professional subdivision product lines, and has perfected two popular product lines of "hiking" and "camping".

In view of this, in 2017, the company focused on expanding the product line in its own brand retail.

After all, if you want to open the "one-stop" outdoor experience shop, you will need more product categories to support it.

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Different business models, different pformation options, and different development directions.

In the clothing sector of the capital market, outdoor products seem to be a "niche" sector.

First of all, the number of listed companies is relatively small. At present, there are only three outdoor products listed companies in A shares, that is, the above Pathfinder, Sanfo outdoor and animal husbandry.

Secondly, the size and volume of enterprises are still relatively small.

Pathfinder revenue in 2017 reached 3 billion yuan, but its non outdoor business revenue has outperformed the outdoor business revenue. The main brand TOREAD (Pathfinder) achieved sales income of 1 billion 522 million yuan in 2016, and Sanfo outdoor revenue in 2017 has not exceeded 500 million yuan, while in 2016, the size of Mu Gao Di reached 500 million yuan in 2017.

Although the number of outdoor products listed companies is small and the scale is small, these three outdoor products enterprises have their own characteristics, different business models, and are at different stages of development.

探路者规模较大，上市较早，是一家以自主品牌零售起家的企业，所以也更早地通过资本市场进行并购投资开展多元化扩张，如今它面临主业下滑的问题，所以打算把更多的注意力放回到主业身上，需要重新把主业、主品牌的根基打牢，让主业重拾发展势头，这是多元化业务发展的基础，毕竟它的转型的方向是“户外大生态圈”;三夫户外则是一家户外用品零售企业，业务重点其实在于“零售渠道”，目前它的扩张转型方向是往“服务”和“产品”走，其中又以“服务”为重点，比如说户外活动赛事组织运营、设计建设运营户外运动营地和开展青少年户外体验教育，都可以归结到“服务”的大范畴;牧高笛则是以户外帐篷为核心产品，以OEM/ODM为主业的制造型企业，它正往内销和品牌零售方面投入更多的资源，利用资本市场来扩充产品线，开更多的直营店铺，占领更多

Channel resources.

On the whole, although the scale of outdoor products in the capital market is still expanding, the market space of outdoor products market is worth looking forward to. Especially under the trend of consumption upgrading, this space allows for the emergence and emergence of larger volume of enterprises, stronger brand value and higher market value of household goods enterprises.

Pathfinder, Sanfo outdoor and animal husbandry, these three outdoor products listed companies have different business models. They also have different pformation and development priorities. If we can grasp the consumption segmentation demand on the basis of strengthening their own advantages, we can expect each to go out of their own development space.

More interesting reports, please pay attention to the world clothing shoes and hats net.