Pathfinder Pformation Pains, How Can We Get A "Miserable Talk"?

Recently, Pathfinder disclosed the first half of 2018, which can be described as "gloomy".

The results show that:

The company's revenue in the first half of this year was 877 million yuan, down 31.38% from the same period last year, and its net profit was 24 million 120 thousand and 800 yuan, a decrease of 69.47% over the same period last year, and net profit of 89.02%.

This is another performance loss that has occurred since the Pathfinder lost for the first time in 2017.

Since 2017, Pathfinder has been suffering from all kinds of troubles. After the stock resumption at the beginning of the year, there were two changes in the management level and the adjustment of the company strategy in one year.

Despite the big adjustments made by members of the board of directors at the end of the year, Wang Jing, founder of the company, has returned to full scale. However, for six months, Wang Jing has not taken the Pathfinder out of the haze.

Acquisition business dragging main business

For the first half of the year, both revenue and net profit declined. The interpretation of the Securities Department of the Pathfinder group told reporters that the main business of outdoor products achieved 497 million yuan of business revenue, and basically reached the goal set by the beginning of the year.

However, due to the sharp reduction of international air ticket service in travel service, the shrinkage of this business has dragged down the overall performance of the Pathfinder.

This business is March 2014.

The easy to travel world was acquired, and the Pathfinder took 74.56% stake in Yi you world with 230 million yuan. Yi you world became a national 5A travel agency.

However, this acquisition has become a great burden on the Pathfinder. In 2015, it lost 27 million 200 thousand yuan in the world, lost 20 million 340 thousand yuan in 2016, and lost 2145 yuan in 2017. In the first half of 2018, the performance of Yi you world continued to deteriorate.

As for the sharp drop in profits, the Pathfinder said that the new management of the board of directors has adjusted the original radical sales plan based on the sustainable development plan, which has slowed down the year-on-year slowdown in the new management level, resulting in a substantial increase of the 65 million 335 thousand and 800 yuan in the reporting period compared with the same period last year (the company's net stock price drop in the reporting period was 38 million 2 thousand and 700 yuan, while the stock price decline in the same period last year was 27 million 333 thousand and 200 yuan), making the net profit decrease considerably compared with the same period last year. This has led to a sharp increase in the price of goods over the same period of November 2017.

At the end of last year, Wang Jing, who had been climbing all over the world for many years, returned to CEO as a Pathfinder.

Wang Jing has taken some measures to reverse the unfavorable situation, including enhancing user awareness of product label, consolidating the foundation of multi brand business development, creating and introducing the ultimate single product, further enhancing the competitiveness of products, upgrading the company's information level, upgrading the operation and management capability comprehensively, focusing on the improvement of online and offline operational efficiency, enhancing the management of members, and promoting the upgrading of retail mode.

However, judging from the performance of the first half of this year, the reform measures launched by Wang Jing have not yet played a substantial role in the external sales and performance of the Pathfinder.

"The relevant strategies adopted by the company have reached a phased effect at the management level, such as the further improvement of product quality, the continuous upgrading of operation and management quality, such as membership management and information management.

However, the improvement of financial data will generally lag behind the improvement of business level. Therefore, it is still a long time for the implementation of landing strategy to fully display financial data.

The Pathfinder said in reply to reporters.

Blind expansion and embarrassment return to main business

After 2011, the Pathfinder began to diversify after living in the first brand of outdoor products in China.

In the outdoor products section, the Pathfinder has acquired DiscoveryExpedi-tion, arkeno and other outdoor brands, forming a multi brand pattern of outdoor market. In addition, it also actively layout the tourism sector, hoping that the travel sector will become an entry to user traffic and an important contributor to sales revenue.

However, the easy travel world that the Pathfinder bought has become the most failed project. The three years from 2015 to 2017 continued to lose money, while the "extreme beauty" of the Pathfinder in 2014 also lost 918 thousand and 300 yuan in 2015.

Many of the companies that have made the acquisition of the Pathfinder fail to meet the expectations of the acquisition, but continue to lose money.

Li Wengang, general manager of Wo Sheng brand management (Beijing) Co., Ltd. believes that light outdoor products have been one of the key elements and long-term advantages of the Pathfinder's success.

However, the decision of diversification strategy may come from.

With the pressure of strong competition, takeover does not always seem to be the best choice.

The essence of expansion is to export advantages rather than to do things that are not good at them.

Pathfinder emphasized that investment targets were carefully assessed before investment, and effective evaluation of the target was completed and the investment and acquisition agreement was improved.

However, there is a certain degree of difference in the management style, corporate culture and management style between the relevant investment companies and the Pathfinder.

In this regard, Pathfinder has begun planning for the gradual stripping and exit of business and investment projects which are relatively less related to outdoor main business in travel, sports and other fields.

While stripping the acquisition business, how to return to the main business and strengthen the outdoor business of Pathfinder is also a thorny problem.

Since the layout of outdoor travel business in 2014, there has been no obvious development in outdoor business due to resource and strategic tilt. Revenue in 2014, 2015 and 2016 was 1 billion 712 million yuan, 1 billion 799 million yuan and 1 billion 705 million yuan respectively, and there was a sharp decline in 2017.

In the years of diversification expansion, the main business of the Pathfinder has not been strengthened, and the high-end brand and

The performance is not good, even in the main industry, there is no focus, excessive energy is dispersed, the main industry advantages are no longer.

"If we return to the main business, we must focus on product development and innovation, channel development, marketing specialization and talent pool, so that we can get the advantage of our main business."

Li Wengang emphasized.