Wang Jing, The Chairman Of The Pathfinder, Climbed Four Degrees To The Top Of Mount Everest.

As the recent temperature rise, the world's highest peak Mount Qomolangma has ushered in the peak season for mountaineering. In May 24th, the listed company Pathfinder (300005) official released "Congratulations!" Wang Jing, chairman and President of the Pathfinder group, successfully reached the Mount Everest. In the article, it was mentioned that Wang Jing succeeded in reaching Mount Everest. She climbed the Mount Everest fourth times at 8:31 in May 23rd, and withdrew to the base camp safely at 15 o'clock on 24 th.

On the other hand, it is full of celebration blessings, and on the other side of the eastern fortune stock bar, many investors say that the Pathfinder shares have fallen to the bottom world.

Four degrees to the top of Mount Everest, the stock price plunged into the abyss.

It is understood that in addition to the identity of the chairman and President of the Pathfinder group, she is also a well-known figure in mountaineering and adventure circles. Wang Jing is already a KOL with her own traffic in the outdoor circle.

Wang Jing has successfully reached the top 8000 meters above the snow mountain (3 successful climb to Mount Qomolangma) for the 9 time, and completed the earth's nine polar 7+2 exploration project for 143 consecutive days, becoming the fastest person in the world to complete this exploration project, and was awarded the "international mountaineering" title by the Nepalese government.

Ironically, the chairman of the board has repeatedly hit the top while the Pathfinder's share price has plummeted. By the end of 27, the Pathfinder reported 4.01 yuan, down nearly 9 percentage points compared with the 29.26 highest point of 15 years. Using mountain climbing as an analogy, when the Pathfinder reaches the top, the downhill path still can not be seen.

Poor investment, drag on performance, return to main business remains to be tested.

In 1999, Sheng Fa Qiang and Wang Jing and his wife founded the Pathfinder. The company landed on the gem in 2009 and became the "first stock of outdoor products" of A shares. Since then, Wang Jing has resigned from the post of "technical guidance for R & D products", and has faded away from the management of enterprises. He has concentrated on mountaineering, writing books and making documentaries.

Pathfinder began to explore diversified development since 2015. A series of investment and acquisition activities have been carried out successively, and the business has been extended to tourism and sports. The Pathfinder has developed an Ecosphere development strategy around three major business segments: outdoor, travel and sports, and has built three major outdoor, travel and sports groups.

The company has invested in Singapore online travel platform Asiatravel, China's old outdoor activities website, green field, polar travel agency "extremely beautiful", map Road, easy to travel the world, travel knowledge and other companies. However, data show that in 2016, the loss of net profit of the travel service sector was 34 million 100 thousand yuan, and the net profit of the sports sector was 9 million 900 thousand yuan; in 2017, the net loss of the travel service sector was 27 million 580 thousand yuan.

However, Wang Jing chose to return to business when the company was in danger.

In November 2017, the Pathfinder group held a news conference on the Fourth Board of directors of the "new departure". Wang Jing returned to power and was elected chairman and CEO of the new board of directors. Her return emphasized that the strategy of Pathfinder is to return to the main business and establish a strategic direction of "focusing on external industries and integrating and distributing resources around the main industry".

Since its rotation, huge investment has had a huge impact on the company's performance, and losses are not related to the diversification of the territory. From the 18 annual report, the accumulated value of goodwill, investment and assets impairment in the year 2018 was 268 million yuan and other business losses of the main outdoor business. The investment and business did not maintain a stable profitability, but became the "culprit" that the Explorer continued to plan to reduce the value of goodwill.

From the point of view of revenue composition, the proportion of tourism sector has been cut by 6, but this also directly affects the overall revenue decline in 18 years. Although the Explorer has launched the divestiture plan for the less related travel and sports business with the outdoor main business, it still takes a while to complete the exit. The total number of two plates in 18 years still has close to 33% contribution.

Performance temporarily warmer, 19 years will be delisting again losses

The performance corresponding to stock price performance is the company's performance in recent years. Wang Jing's first year's earnings report showed that the Pathfinder's revenue in 2018 was 2 billion 5 million yuan, down 33.91% compared to the same period last year, and the loss expanded to 182 million yuan.

Although the company was losing money, executives paid a high salary. In 2018, the annual salary of 8 executives was 11 million 370 thousand yuan, and Wang Jing's annual salary was 4 million 300 thousand.

Compared with the high salaries of executives, Pathfinder has repeatedly said that it will increase R & D efforts. In real data, the company's R & D costs are decreasing year by year. The company said 2018 R & D cost of 48 million 778 thousand yuan, further consolidate the competitiveness of R & D technology. The investment ratio was 64 million 285 thousand yuan and 53 million 274 thousand yuan in 2016 and 2017 respectively.

It is worth noting that according to the gem trading rules, net profit losses for three consecutive years were suspended. And the Pathfinder's net profit loss for two consecutive years is crucial in 2019.

But there are signs that the Pathfinder's performance is getting warmer. According to a quarterly report, the company realized a net profit of 40 million 480 thousand yuan attributable to shareholders of listed companies, a substantial increase of 82.45% over the same period last year, but it contained 11 million 870 thousand yuan of government subsidies. In addition, the company achieved operating income of 320 million 703 thousand yuan during the reporting period, representing a decrease of 27.06% compared with the same period last year. However, the main business of outdoor products achieved 233 million yuan, an increase of 16.05% over the same period last year.

In addition, Pathfinder also prompts the whole industry to face operational problems in a quarterly report. During the reporting period, the outdoor industry is still in the development stage of continuous deepening adjustment, and it is also affected by such factors as economic downturn, retail slowdown, and outdoor brand clothing.

It is reported that the main business line of the Pathfinder company includes outdoor brand Pathfinder, Pathfinder children's clothing, outdoor brand DiscoveryExpedition and outdoor sports community green field network. The Pathfinder positioned its products in "professional, technology and fashion", and gave its four new product lines a new soul: outdoor explorers, outdoor travelers, outdoor artists and small Pathfinder.

Although the Pathfinder in the 2018 annual report and a quarterly report in 2019 did not mention the operation of the specific business sector, there is no doubt that the main business of the Pathfinder is the main contributor to the overall business revenue.

At present, Pathfinder has made a good start in 2019, but for outdoor products, the growth rate of the whole market is slowing down. Whether it is stock price or performance, it is not easy to say whether Wang Jing's return will help save the Pathfinder from the abyss. If the Pathfinder goes downhill again, it will eventually have no way out. Author: Jin Lei