The Pathfinder Returns To The Main Business And Tests The Assets Of The Tourism Sector.

The Pathfinder is being tested. In October 12th, the Pathfinder issued a notice to increase the capital of the company's easy to travel world, and plans to increase its capital by 15 million 579 thousand yuan with its own funds. Previously, the Pathfinder announced that he would return to the main business and gradually peel off the tourism sector assets such as easy to travel.

At present, because of the problems of litigation cases, poor management and tight cash flow, the Pathfinder can not smoothly disconnect them, or even have to continue to increase their capital.

In the first half of this year, the Pathfinder faced the dilemma of both net profit and net profit falling. It was a great challenge to return to the main business and how to drag the "broken" tourism sector forward. In the face of difficulties in its own business, Pathfinder should also face many challenges such as slow growth of outdoor goods market and continuous entry of big brands. From the recent actions of brands, high-end brands seem to be the main force of outdoor brands.

　　 Stripping can not turn into "anti capital increase".

October 12th, outdoor Sports brand Pathfinder Issued a notice of capital increase to the subsidiary company. According to the announcement, the company intends to increase its capital to Yi you by a total of 20 million yuan in accordance with its proportion of direct and indirect holders of the world's equity in the world, with a total investment of 15 million 579 thousand yuan for Yi you world. The capital increase is 4 million 421 thousand yuan to Yi you world.

However, the capital increase of this Pathfinder seems to be more like a "strong twisting melon". Pathfinder said in the announcement that the company has further strengthened post investment management since 2018, has launched a gradual stripping and exit plan for Yi You world and other travel business subsidiaries. However, affected by many factors such as the tight capital market and the situation of Yi You's operation in the world this year, it still takes a reasonable time to effectively achieve its divestiture and exit.

The blue whale producer found that in the first half of 2018, the net loss was 4 million 367 thousand and 100. In the past 2015-2017 years, the total revenue of the easy travel company was 11 billion 500 million yuan, but it only finished 2 billion 790 million yuan. The total profit was 35 million yuan, but the total performance was 54 million 939 thousand and 200 yuan.

In addition, due to the early impact of many litigation cases leading to the large amount of funds being frozen and the first generation of compensation, the cash flow of Yi you world is facing great difficulties. In the past 2015-2016 years, the world has speeded up its business expansion. However, its management failed to implement effective management and control to the foreign branch companies. Some foreign Fu Branch managers signed the travel contract in the name of the subsidiary / branch company to sign the travel contract, and they did not perform the contract after the deposit, and similar litigation cases were gradually traced back to the Ministry of international tourism. As a result of the end of 7 2018, Yi you world had accumulated a total of 25 million yuan in advance on behalf of the litigation cases, and the fund was about 9 million 550 thousand yuan due to the freezing of the lawsuit.

At the same time, in the execution of similar litigation cases, because of the irrational feelings of the tourists involved, the judges and bailiffs of the Executive Office of the Xicheng District court promoted the tough measures in the middle of June 2018 to the office area of Yi you world. Although the visit to the world has sequester the money involved to the designated court accounts, this process has misled the partners and suppliers who are in the process of business and spread the bad spread, resulting in the risk of breaking the cash flow of Yi you world.

The blue whale producer interviewed the relevant staff of the explorer and went to interview the outline. The other side refused the interview on the grounds that he did not accept any interviews recently.

　　 Garment industry Ma Gang, an analyst, told the blue whale producer, the main business of the Pathfinder and the tourism sector are not performing well. The lack of money from the subsidiary can give short-term blood spanfusion, but it is not easy to say whether or not to save their fate. The Pathfinder should also put more high-quality resources into the main business.

Return to the "stumbling block" in the main industry

This reluctantly increased capital has become a stumbling block for the Pathfinder to return to the main business. In fact, Yi you world is the product of explorer diversification exploration. In 2015, Pathfinder invested and held the two companies of Yi you world and Beijing green field. The two companies comprise another main business of the company, the travel service business.

However, the tourism service sector composed of Yi hang and other subsidiary companies has become a "trailing bottle" of the Pathfinder's performance. A few days ago, the three quarter performance report released by Pathfinder showed that in the first three quarters of 2018, the company's net profit was 25 million 300 thousand yuan, down 69% from the same period last year. For the reasons for the decline in performance, the Pathfinder in addition to mentioning too aggressive procurement plan and sales plan, also said subordinate travel business and other related subsidiaries continue to lose, to the company's combined caliber net profit has a negative impact.

The blue whale producer has found that the travel service plate has not tasted sweetness since its inception, and its net profit has lost three consecutive years. In 2015 -2017, it lost 22 million 860 thousand yuan, 34 million 100 thousand yuan and 27 million 580 thousand yuan respectively. And this seriously weighed down the performance of the Pathfinder itself. In 2015, the first decline in the performance of the Pathfinder resulted in a net profit of 263 million yuan, down 10.5% from the same period last year. Net profit in the 2016 fiscal year was 166 million yuan, down 37.13% from the same period last year, and its performance continued to decline. In 2017, the performance crisis intensified, the first loss since 2009, and the loss was 84 million 853 thousand and 900 yuan.

The continuous decline of performance makes the Pathfinder feel "crisis". In the 2016 annual report, the Pathfinder has made it clear that the company adjusted the pace of strategic development in 2017 and returned to the main business of outdoor products. Since then, the Pathfinder has publicly stated that it will strip off the bad assets other than the main business. However, at present, the way of stripping off bad assets is not smooth.

　　 Footwear industry Cheng Weixiong, an independent analyst and general manager of Shanghai Liang Qi brand, told a blue whale producer that at present, there are many tourism investment projects on the market. It is very difficult for the Pathfinder who has no differentiated operation to attempt to withdraw profits. In the current path of returning to the main business, Pathfinder will also need to pump bad assets, which will certainly bring pressure on his own business.

"If the peeling off is not done, the losses generated by non-performing assets should continue. The investment in the tourism industry is a long-term investment project. If there is no continuous investment and operation, it is very difficult for the tourism project to succeed." Cheng Weixiong said that the information from the capital increase can actually see that the road users are unwilling to invest in cross-border investment and attempt to turn over the original version. If you really return to the main business, for the tourism project such bad assets, Pathfinder can actually save the wrist. However, Pathfinder still has the luck of stepping on two boats, but the fish and bear's paws can not be shared. The difficulty of Pathfinder returning to the main business is obvious.

　　 Middle and high-end brand new battleground

Returning to the main business is a long journey, and the way ahead of the Pathfinder is the dual test of the market environment and its own business. In January this year, the China Textile Business Association outdoor products branch (COCA) released the 2017 annual market survey report on China outdoor products, showing that in 2017, the total retail sales of outdoor products reached 24 billion 460 million yuan, the growth rate was 3.22%, the total shipment volume was 13 billion 790 million yuan, and the growth rate was 2.61%. In 2011, the growth rate of these two items was as high as 59.2% and 50.9%, and then declined for 6 consecutive years. Finally, the lowest growth rate was achieved in 2017 for the past 15 years.

In this industry environment, A outdoor company, another outdoor product listed on Sanfo outdoor, also performed poorly last year. Sanfo outdoor annual report shows that the company lost 12 million 908 thousand and 700 yuan net profit in 2017, down 136.49% compared to the same period last year. This is the first time that the company has been losing money since its listing in 2015.

The scale of outdoor products is shrinking and competition is becoming more and more intense. Apart from the market share of foreign brands in the industry, domestic sports brands have also stepped up the yard. At present, companies seem to aim at the high-end market. A few days ago, Anta sports announced that it would buy a total of all the shares of the high-end outdoor brand of the first ewe parent company, amamin sports, at a price of 40 euros per share.

Pathfinder is also taking measures to raise the high-end. In the evening of September 12th, the Pathfinder issued a notice on changing the use of some fund-raising funds, disclosing the 250 million yuan that the company intends to invest in the previous fundraising, and setting up new outlets and franchised stores of its high-end high-end outdoor brand Discovery Expedition across the country, and simultaneously putting an end to the investment and construction of the green field outdoor travel O2O project, outdoor appliances vertical electricity supplier project, and outdoor safety assurance service platform project three.

Cheng Weixiong believed that Outdoor market In fact, there are still many blank spaces that haven't been excavated, including mountaineering, skiing and so on. At present, domestic brands do not satisfy this market. With the development of sports and health industry and the upgrading of consumption, Outdoor products industry In fact, it is a huge market space worthy of expectation. The emergence of various sports forms brings value to sports brands. The foundation of the survival of enterprises lies in whether they have done a good job in brand positioning and consumer demand research. Enterprises can choose to market segments between professionals and the public, or subdivide in a single category, hatch their own brands, and tap the depth of products.