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Half A Year'S 18 Suspension Of Listing, Warning Outdoor Giant Pathfinder "Difficult To See The Road"

2020/1/6 11:18:00 6

Pathfinder

A few days ago, the Limited by Share Ltd (300005.SZ), a pathfinder holding group, released the risk warning notice that stocks may be suspended. This is the 18 time since August last year that the company has issued a risk warning notice that shares may be suspended from listing.

The announcement shows that because of the continuous increase in the amount of goodwill, investment and asset impairment that has not been achieved in the earlier period, the Pathfinder has made a continuous loss in 2017 and 2018. If the company continues to lose money in the 2019 year, the Shenzhen stock exchange may suspend the listing of the company's stock. Pathfinder said that the company's net profit of attributable to shareholders of listed companies reached 99 million 489 thousand and 500 yuan in the first three quarters of 2019, and it is estimated that the net profit will not be less than 100 million yuan in 2019.

Although the performance of this year is very optimistic, the Pathfinder who tries to save himself by selling assets is still seeking a way out. Not long ago, the company's introduction of new shareholders with state-owned assets has aroused renewed concern. It is thought that the continuous loss makers are to protect the shell and sell stocks, so as to introduce new strategic investors to ease financial pressure.

   Introduction of state-owned assets background 310 million battle to rescue

In December 23rd, the Pathfinder announced that the controlling shareholder and the real controller Sheng Faqiang and Wang Jing intended to transfer the shares of the company's unlimited tradable shares to the Beijing high tech equity investment center (hereinafter referred to as the "universal fund") by the way of agreement transfer, representing 68 million 921 thousand and 700 shares, representing 7.733% of the total share capital of the company (excluding the number of shares in the repurchase account, accounting for 7.80% of the total share capital of the Explorer).

The notice shows that the transfer price of the transaction is 4.5 yuan per share, involving about 310 million of the transfer amount. After the completion of the transaction, the controlling shareholder and the actual controller will not be changed. The mutual fund has the right to nominate a qualified candidate for the director to the Pathfinder.

It is disclosed that the transferee's mutual funds registered in July 16th this year is a private equity investment fund managed by the Beijing Tonghe Cci Capital Ltd (hereinafter referred to as "Tonghe profit investment") as the partner in execution. The initial fund-raising is 3 billion yuan (the amount of capital invested before it has been paid 802 million yuan), and the total scale is expected to raise 10 billion yuan.

The reporter learned from the eyes of the sky that the executive partners of Tongyuan fund have a background of local state-owned assets, and Beijing Tongzhou District real estate development company owns 40% of Tongyuan surplus investment, while the former is controlled by Beijing Tongzhou District SASAC. In addition, the Tongzhou District SASAC has held 38.37% of the equity fund of the Beijing integrated circuit chip Investment Limited (limited partnership) in the same way.

A senior investment partner believes that strategic shareholders are actually introducing state capital relief, mainly to alleviate the financial pressure of major shareholders, which only has indirect effects on listed companies. The reduction of the pressure of large shareholders' funds can weaken the risk of "real control changes" of listed companies.

According to the Tongji fund, the shares of the transferee are mainly interested in the long-term development potential of Pathfinder. Through the strategic investment of the company, they can help them enhance their comprehensive competitiveness in corporate governance and share long-term value investment returns. At the same time, Tongji fund does not rule out the possibility of increasing or reducing its stake in Listed Companies in the next 12 months.

   Continuous loss of "not doing business"

In fact, in the past two years, the Pathfinder has accelerated the return to the main business and vigorously stripped off the main business. In addition, the company also eased the operating pressure by selling real estate. Efforts have shown that the company is struggling to survive. But in the increasingly fierce market competition, can the Pathfinder of the local outdoor brand get out of the predicament and seek a bright path of development?

From the perspective of the Pathfinder's development process, the rise of the company benefits from the growth of China's outdoor market. In October 30, 2009, Pathfinder successfully landed on the gem, becoming the first outdoor product in China. From listing to 2013, Pathfinder's performance has maintained rapid growth. Wind data show that between 2009 and 2013, the company's revenue growth exceeded 30%, and net profit growth averaged over 55%. Among them, 2011 was the period of outburst of performance, with revenue growth exceeding 7, and net profit increased by 98.81%.

At the same time, the scale of domestic outdoor market is growing rapidly. In 2009, the domestic core outdoor market reached 4 billion 900 million yuan, an increase of 43% in 2010, a scale of 7 billion yuan, and a 57% increase in 2011. But since 2015, the growth rate has dropped from the previous two digits to single digits.

The Pathfinder has also seen a sharp slowdown in revenue growth since 2014, with net profit plummeting from 47.48% in 2013 to 18.28%. In 2015, the company fell for the first time and its net profit fell to 260 million. In 2016, the company's revenue declined from 3 billion 808 million yuan at the peak to 2 billion 878 million yuan, while net profit dropped to 166 million yuan. Over the next two years, Pathfinder continued to lose money.

One investor told reporters that the decline of the Pathfinder's performance should not be simply attributed to the downturn in the clothing market. From the perspective of market performance, after the rapid growth, the company failed to dig deep in the outdoor area, but instead tilted a lot of resources in tourism services and sports industry, leading to the company's subsequent difficulties. This is an important factor in the decline of the Pathfinder's performance.

In 2013, Pathfinder put forward the strategic conception of building "outdoor travel integrated service platform". After that, he launched strategic investment in Singapore online travel platform Asiatravel, extreme beauty, Lu Ye network, Xiamen Tu Tu, Yi you world and other enterprises, and set up three major business groups, outdoor products, travel service and sports.

   Selling assets and selling houses

However, the assets that had been invested before gradually deteriorated with the operation of the company and then were sold by the Pathfinder. Since 2018, Pathfinder has begun to divest tourism, sports and other sideline assets, and has released shares in Xiamen, Tu Tu and Midorino Kuni. In November of this year, the Pathfinder issued a notice that he gave up the 29% stake of Yi you world in the form of consideration transfer to Beijing spring Guang Jin management consulting service center (limited partnership).

In addition, Pathfinder also relieves pressure by selling real estate. 2019 semi annual report shows that the company intends to sell in Haidian District, Beijing, Zhichun Road 6 Jin Qiu international A block 21 floors of 1659.99 square meters of the company's own commercial property, the transaction price of 78 million 849 thousand and 500 yuan, the sale of assets for the listed company's contribution to net profit accounted for 44.29% of the total net profit.

Pathfinder has said before that Future Ltd will continue to focus on the development of outdoor products, and will consolidate the competitiveness of products. It is revealed that the company will also gradually introduce or create a new outdoor brand with strong synergy and complementary relationship with the existing brand system, strengthen brand spirit, and form an outdoor international multi brand operation strategy.

The first three quarters of the performance and the introduction of 310 million strategic investment, to a certain extent, let the Pathfinder boost investor confidence. But has the Pathfinder returning to the main business explored the path of development?

COCA, the China Textile Business Association, believes that under the wave of national sports, the domestic outdoor products market has been in a downturn for many years. The reason is that sports apparel brands, some leisure brands, fast fashion brands such as UNIQLO and H M, and outdoor products will be integrated into their own product lines, which will further squeeze the market share of traditional outdoor brands.

Data show that in 2018, the total retail sales of outdoor products in China amounted to 24 billion 980 million yuan, up 2.1% from the same period last year, and the total shipment volume was 14 billion 120 million yuan, up 2.38% from the same period last year. It has been declining for 7 consecutive years, the lowest growth rate since 2002. Against this background, Sanfo outdoor, another outdoor goods company, has been losing money for two consecutive years.

Guang Fa securities analyst told reporters that with the gradual shrinking of market share, the domestic outdoor brands represented by Pathfinder failed to set up trade barriers, and it is difficult to open up the market through product leisure. In the context of global competition for professional brands in the domestic market, Pathfinder will face major challenges.

Zhang Qing, founder and President of Beijing key road sports consulting company, believes that Pathfinder has done a lot of homework in recent years in terms of brand, but from its own products, no matter whether it is R & D or design elements, it has not yet established the professional word-of-mouth that consumers expect.

So, in the market downturn, the strength of the enemy around, and because of blind diversification of the time to build barriers to trade, the Pathfinder to rely on the introduction of state assets to return to the peak is probably not enough. Facing the thorny road ahead, whether the Pathfinder can find a clear road is worrying.

Source: blue whale producer: Jiang Jiao

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