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The Market Value Of The Pathfinder Shrinks, Selling Poly, Or Losing Or Delisting This Year.

2019/10/12 16:24:00 2


October 8th, "outdoor products" first Stock " Pathfinder (300005.SZ) again issued a risk warning notice, saying that if the company continues to lose money in 2019, the company's stock will face the risk of being suspended from listing. In 2017 and 2018, Pathfinder fell into losses for two consecutive years, with a loss of 85 million yuan and 182 million yuan respectively. According to the reporter, since September 3rd, this is the fifth time that the Pathfinder has issued a risk warning notice.

Public information shows that the pathfinder was founded in 1999 by the company's current chairman Wang Jing and Mr. Sheng Fa Qiang, and was listed on the gem in 2009. After the listing, the growth rate of Pathfinder's revenue has been over 30% for several consecutive years. In 2015, it was as high as 121.99%, and at the same time, it also set a record of 3 billion 808 million yuan.

However, there was an inflection point in the net profit growth of Pathfinder in 2015. In 2016, the company's revenue fell by 24.42% over the same period last year, and its net profit fell to 37.13% year-on-year. After that, the Pathfinder lost its first loss in 2017. In 2018, the deficit expanded further. A brokerage analyst Liu Bin told reporters that although three years ago from the fixed increase to get 1 billion 200 million yuan of money burning layout, but in the tourism and sports transformation almost little improvement, the deteriorating Pathfinder Road, once again reached the crossroads.

Do Pathfinder sell profits?

This year, due to the limited financing of real estate, the main business that caused housing enterprises headache has suddenly become the life-saving straw for Pathfinder. In 2019, after a diversified business transformation, and the company executives were questioned about the "bad business", the Pathfinder released the first half of 2019. The semi annual report showed that the main business of outdoor products in the first half of 2019 was 537 million yuan, an increase of 8.02% over the same period last year. The company achieved a net profit of 81 million 855 thousand and 900 yuan attributable to shareholders of listed companies, an increase of 239.36% over the same period last year.

Liu Bin told reporters that if a detailed analysis of the net profit structure of the Pathfinder has been made, it is not difficult to find that it is not from the main industry, but from the sale of real estate. In June 5, 2019, Pathfinder has issued a notice that the company is planning to sell its own property located on the 21 floor of block A, Jin Qiu International Building, 6, Zhichun Road, Haidian District, Beijing, based on the planning of company headquarters personnel centralized office planning and the effective revitalization of the company's stock assets.

The announcement shows that the Pathfinder has been used as an office since the purchase of 21 floors of real estate in November 2008. The original value of the property is 32 million 818 thousand and 200 yuan, and the net book value as of December 2018 is 25 million 321 thousand and 400 yuan.

From the price point of view, the final price of the above housing is 78 million 849 thousand and 525 yuan for the people.

For the Pathfinder to sell their own property, the reporter sent an interview letter to the Pathfinder securities department. Pathfinder stakeholders told reporters that with the company's meticulous management and the improvement of operation and supply chain reaction, the separate office of the relevant departments of headquarters has affected the efficiency of communication and cooperation among employees to a certain extent. In view of this, the company has built a more outdoor experience and modern office environment in the Hongfu park. The main employees will gradually move to the site for centralized operation. The office area of the A block of Jin Qiu International Building is expected to be largely idle.

Based on the above plan of centralized office work of the company headquarters, and in order to effectively revitalize the stock assets of the company and obtain more funds to support the development of the business, the company intends to sell its own property located on the 21 floor of the international A block 6, Zhichun Road, Haidian District, Beijing. After consultation by both sides, the transaction price of the house is RMB 78 million 849 thousand and 525 yuan, and the net income after tax is about 36 million 252 thousand and 600 yuan.

In addition, with the gradual implementation of the strategic measures focusing on outdoor products, the company's product competitiveness continues to improve, and the influence of brand culture and brand spirit on users will be further enhanced. The upgrading of the offline shops will be further promoted in a more concrete sense, and the fine management of terminal sales terminals and the continuous improvement of the channel structure will be achieved. In the first half of this year, the results of outdoor main business income, company net profit and so on have also been initially shown.

Pathfinder said that in the first half of 2019, the company realized a net profit of 81 million 855 thousand and 900 yuan attributable to shareholders of listed companies, including 36 million 252 thousand and 600 yuan of net income after the company disposed of some of its own properties. At the same time, after deducting the non recurring items such as the sale of real estate, the net profit from the non recurring gains and losses attributable to shareholders of the listed companies in the first half of 2019 was 386.43% higher than that of the same period last year.

According to Wind statistics, 33 listed companies sold their houses in 2018. From the point of view, the purpose of the sale of real estate by a listed company is to whitewash the ugly financial statements, and some even to protect the shell. However, Liu Bin said that although the sale of property to help enterprises temporarily tide over the difficulties, the performance of these enterprises has not improved significantly. The performance of frequent non recurring gains and losses through the sale of real estate is not reliable.

Market capitalization shrank by nearly 90% in 4 years.

Public information shows that the Pathfinder holding group Limited by Share Ltd was established in 1999 and traded on GEM in Shenzhen in 2009, with a total market value of 3 billion 500 million yuan. Reporters combing Wind data found that in 2009 -2013, Pathfinder annual revenue growth rate is over 30%, in 2015 it was as high as 121.99%, but also set a record of 3 billion 808 million yuan revenue.

Liu Bin said that the pathfinder was the turning point in the growth of net profit in 2015. Pathfinder reported that in 2015, the Pathfinder company achieved annual operating income of 3 billion 808 million yuan, an increase of 121.99% over the same period, and a net profit of 263 million yuan, down 10.5 percentage points from the same period last year.

Compared with its earnings report, it is not difficult to find that this is the first time negative growth has occurred in the net profit since Pathfinder landed on the gem in 2009. Since then, the Pathfinder has continued this decline in 2016, 2017 and 2018, and the deficit in 2018 expanded to 182 million yuan.

According to the rules of the Shenzhen Stock Exchange listing, if the company's 2019 annual audit report is ultimately identified as a loss, the company's shares will be suspended from the date of the company's disclosure of the 2019 annual report. The Shenzhen stock exchange will decide whether to suspend the listing of the company's stock within 15 trading days after the suspension.

It is worth mentioning that after experiencing a decline in performance and losses, the price of the Pathfinder has been much lower than before. In June 8, 2015, the Pathfinder share price reached the highest level in history, with 28.86 yuan in the disk and the total market value was 25 billion 718 million yuan, which was close to 26 billion yuan. This is the high light time of Pathfinder. By the end of October 9th, the Pathfinder reported 3.82 yuan / share, with a market value of only 3 billion 400 million yuan. In the past four years, the market value of the Pathfinder has shrunk by 86%.

Pathfinder told the "China Times" reporter that losses in 2017 and 2018 continued for two consecutive years, but the main business of outdoor products in these two years has been developing steadily and achieving continuous profits. The main reason for the loss is due to the impairment of goodwill, investment and assets caused by a larger amount of investment projects that have not been anticipated in advance. At the same time, according to the relevant accounting policies of the company, the impairment is calculated at the end of each year, resulting in a larger quarterly loss in the fourth quarter of the 2017-2018 year. After 2016-2018 consecutive years of three years, the space and risk of further impairment of the company's previous related investment projects in 2019 and subsequent years are very small.

In addition, the company's semi annual report in 2019 has predicted the performance of the 1-9 menstrual period in 2019. "The estimated net profit from the beginning of 2019 to the end of the three quarter is 96 million 860 thousand -10186 yuan, and the growth rate is about 282.82%-302.58%". At the same time, according to article 13.1.1 of the Listing Rules of the Shenzhen stock exchange's gem, "the listed companies have a continuous loss in the last three years (based on the audited net profit in the latest three years' annual financial accounting report)" rather than "net profit after deducting non recurring gains and losses".

It is understood that in August 26th, the Pathfinder released the first half of 2019 earnings report, 1-6 months of this year, the company achieved a net profit of 81 million 860 thousand yuan, an increase of 239.4% over the same period last year. However, revenue was only 691 million yuan, down 21.2% from a year ago. Mr. Liang, a market investor, said that on the face of it, unless a similar amount of goodwill / asset impairment happened in the previous two years, it is not a big problem for the Pathfinder to turn around this year.

Continuous loss, delisting risk increased sharply

Since September 3rd, Pathfinder has issued five risk warning announcements in succession. In fact, in addition to the vast number of investors and friends who are concerned about the Pathfinder brand, few people can link the Pathfinder with the "first shares of outdoor products". From the peak to the bottom, the Pathfinder took only four years.

In addition, Mr. Wu, an analyst who has long been engaged in Internet research, said that the Pathfinder began to transform to the Internet business in 2014. However, the transformation of outdoor websites, tourism and sports business is the dominant business or strategic difficulty of other companies, which may also be the real problem.

Let's take the easy to swim world as the example. In the past three years, tengbang International (5.370, -0.09, -1.65%) has a great advantage in the industry. The business mode of the easy to travel world has a large coincidence with the Teng Bang international controlled Xinxing tourism, octopus and Teng Bang tourism, all of which value B2B business, store business and personal tourism consulting business. This leads to fierce competition, and no company can be very moist, even though tengbang international has deteriorated due to capital problems.

In view of Yi You's investment losses in the world, Pathfinder stakeholders told the "China Times" reporter that the cumulative initial investment amount (including the transferee old stock and capital increase) by the company was about 240 million yuan for the Yi You world. As a result, the company has already made sufficient credit impairment for the investment of Yi You world, and the space and risk of further large impairment in the future will be very small.

At the same time, Yi you will continue to optimize its business structure in 2019. In order to ensure its mature, stable and relatively competitive travel business, it will take the initiative to adjust and reduce the scale of the low profit travel service business and enhance its profitability. In the first half of 2019, the net profit of easy to visit world -46.88 million yuan, a substantial reduction in losses compared with the same period last year. Following the coordinated supervision and management of the world's management to strengthen its business operation, the company is also planning to integrate more resources for it, and introduce strategic investors to help its future development.

However, Mr Wu said that in fact, it is not easy for the Pathfinder to achieve profitability. In the future, in addition to achieving the strategic goal of returning to the main business, perhaps it will also face competition from its rivals. At present, the major sports brands are in the market of overweight outdoor products. Among them, not only did Lining have a layout in related industries, but also in March this year, Anta successfully acquired amamin sports, which has many internationally renowned sports outdoor sports brands.

Chairman of the four summit Mount Everest pay surge 350%

In May 24th, WeChat, an official of Pathfinder, published an article: Congratulations! Wang Jing, chairman and President of Pathfinder group, has successfully reached the top of the Mount Everest. It was mentioned that Wang Jing, chairman and President of the Pathfinder group, successfully reached the Mount Everest in May 23rd and was safely evacuated to Mount Everest base camp on the 24 day. This is the fourth time that she has climbed Mount Everest.

As the head of an outdoor product manufacturer, Wang Jing takes an active part in outdoor sports, which is beyond doubt. It is surprising that in her introduction, more than 90% of the content is about her participation in extreme activities. Outdoor sports have become her main business.

At the same time, under the guidance of Wang Jing, the path of the Pathfinder contrasted sharply with that of the chairman. In recent years, it has been on the verge of delisting. Because the Pathfinder has not been very optimistic and sustained losses in recent years, the company's share price has also been downhill. Investors may even be honest in the stock market. Can the chairman do something serious?

In response to this objection, Wang Jingceng replied that the mountaineering is the relevant content of the strategic cooperation signed by the Pathfinder and the Chinese mountaineering team (Tibet), and there is no mountain climbing plan in the coming year. Wang Jing said, I am a more than 10 year climber and have professional climbing experience. My physical, technical and psychological qualities are very good, and my energy is very strong. Besides climbing, I did not fall behind the management of the company.

In addition, the executive pay of the Pathfinder is also very impressive. It disclosed in April 2019 that the total annual salary of executives in 2018 reached 11 million 369 thousand and 300 yuan, of which Wang Jing monopolized 4 million 304 thousand and 500 yuan. Some investors questioned whether the pay of senior executives was compliant, and the performance of the pathfinder was poor for a long time. Wang Jing's salary was rising sharply. Even in the background of a net loss of 182 million yuan in 2018, the remuneration of the chairman rose by 353% from 950 thousand yuan to 4 million 304 thousand and 600 yuan.

In this regard, Pathfinder related personnel to the "China Times" reporter said that Wang Jing served as chairman and President of the company, on the one hand to receive the company's chairman allowance, on the other hand, the president of the company's remuneration. The executive compensation of the company is determined according to the relevant principles of the annual salary and salary plan for senior executives, and has been approved by the board nomination and Remuneration Committee and submitted to the board for deliberation and approval. Executive compensation is mainly based on the actual situation of the company's operation and management, and based on the level of the industry's remuneration, according to the position of the senior management, the number of years of work and the results of the performance appraisal, etc.

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