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Recently, the Pathfinder announced 2016 semi-annual performance forecast. The company expects to achieve operating income of approximately RMB 1.087 billion in 2016, representing a year-on-year increase of approximately 61%, and a net profit attributable to shareholders of listed companies of approximately RMB 94 million, a decrease of approximately 24% year-on-year. . Among them, the greater impact on the company's first-half results is the outdoor supplies segment and travel service segment.
Zhongtai Securities analysts believe that the company’s net profit reduction under the background of rapid income growth is the result of active adjustment, which will lay a good foundation for the future takeoff again.
Travel sector revenue contribution steadily increased
The reporter noticed that Yi You’s contribution to the company's revenue continued to increase. In the first half of the year, the revenue from the travel service segment accounted for 37% of the total revenue. In the first quarter, this figure was only 30%. It initially showed travel services and outdoor supplies. Synergies.
For the reduction of net profit, on the one hand due to the active adjustment of the outdoor supplies section, on the other hand the travel service sector has not contributed to the net profit. According to the announcement, in the first half of the year, the company’s outdoor products segment significantly reduced procurement, enhanced inventory clearing, operating revenue increased by 1% year-on-year, and gross profit margin declined, together with the impact of the reporting of four franchisees in December 2015. Terminal expenses rose sharply, which led to a year-on-year drop in outdoor product segment net profit in the first half of the year. In the travel sector, Yi You’s business operations are still in a transitional period, and Greenland China’s plans are also in a significant expansion phase. Therefore, they have shown a planned loss in terms of their contribution to the company’s net profit. In addition, with the further improvement of the organizational functions of the company group and the establishment of the community ecological service center, the company’s headquarters has increased its management expenses, and it has also formed a certain negative impact on the net profit in the first half of the year.
Zhongtai Securities analysts believe that 2016 is a year of adjustment. The company actively destocks its business in the context of rapid income growth, significantly expands its travel business, and supports the Green China plan. It is in fact laying a good foundation for future growth. In response, the company also stated that it is confident that it will achieve the target of a 25% reduction in inventory at the end of the year. At the same time, it is expected that the travel segment will achieve a break-even in 2016 and achieve profitability in 2017.
Continuous improvement of outdoor community ecological layout
According to statistics, since the company’s listing in 2009, its operating income has grown from less than 300 million yuan to more than 3.8 billion yuan, and has continued to grow for seven consecutive years. This provides a solid foundation for Pathfinder’s ongoing transformation.
In order to comply with the government's general direction of encouraging the development of the sports industry, the company has changed from a single outdoor brand enterprise to an outdoor comprehensive solution provider. In terms of travel, strategic investment carried a 3 billion business volume of Yiyou Tianxia, ​​300 million revitalized China’s largest oldest outdoor community Greenfield Network, and capital increase bank to explore 21% equity, and laid out quality outdoor IP. In terms of sports, the Pathfinder and the Sports Industry M&A Fund was established to carry out projects in key areas such as snow sports, event operations, cultural media, sports training, and intelligent fitness management. The first phase of the fund has been invested in a large number of projects and has invested in 6 projects. The 200 million second-phase fund is also being raised.
After initially completing the strategic layout of outdoor supplies, travel services, and sports, the company went deep into the outdoor community ecology, achieved eco-cooperation through data drive, and became a community eco-organization that leads a healthy lifestyle in the future. The ultimate service of outdoor activities and experiential travel promotes the development and popularization of a healthy lifestyle.
It is understood that in this month's regular investor exchanges, Pathfinder said that the company will rely on the advantages of products, customers, and traffic to generate power around the masses. Hong Kong Qunyi Securities analysts believe that the company, as the brand of A-share scarce sports outdoor brands, will continue to benefit from the promotion of the national sports strategy.
According to industry sources, Pathfinder currently has the three major industrial ecosystems of outdoor, travel and sports. It will use 2016 as the first year of evolution to build a platform and improve the operational team to lay a solid foundation for the outbreak of outdoor industries, providing personalized and experience for consumers. The outdoor, sports, and travel services are based on the community ecology to create a service platform to adapt to changes in the preferences of future consumers and play an irreplaceable role in the shaping of domestic outdoor activities and the upgrading of consumption.
Pathfinder’s revenue increase by 61% in the first half of the year, continuing to improve the ecological layout of outdoor communities
Pathfinder's revenue for the first half of the year increased by 61%, continuing to improve the ecological layout of outdoor communities. Date:2016-07-25 16:07