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Wang Jing: "Men Have To Do Something Adventurous All Their Lives, And I Think Women Can Do That."

2020/3/24 19:30:00 155

Pathfinder

"Men have to do something adventurous all their lives, and I think women can do that." This is a sentence of Wang Jing's mountaineering documentary "cover the road with clouds".

In 2017, she ended her life of "idle clouds and wild crane" and returned to the company. The Pathfinder at this time is extremely dangerous.

Can you lead the company back to its main business? Can we lead the Pathfinder to rise again? For her, it is not an adventure.

After the disclosure of the 2019 annual report, the warning of the Pathfinder's suspension of listing was finally lifted.

Hard shell protection

After two years of loss, Wang Jing, the new chairman of the Pathfinder, finally turned the tide and pulled the company back from the edge of the delisting.

The recently disclosed annual report shows that the company's operating income is 1 billion 510 million yuan, down 24.12% compared to the same period last year, and the net profit to the parent is 113 million yuan, and the net profit is 18 million 950 thousand yuan. In 2017 and 2018, the net profit of the company was 84 million 850 thousand yuan and 182 million yuan respectively.

In 1999, Sheng Fa Qiang, Wang Jing and his wife founded the Pathfinder, and in 2009, as the first batch of enterprises listed on the gem. With the help of capital, the company has developed into a leading enterprise in China's outdoor products industry.

300005.SZ has made a great progress, with its revenue from less than 300 million yuan in 2009 and 3 billion 800 million yuan in 2015.

The capital market is a double-edged sword. The support of capital can make the past imagination become reality. At this time, the test of the firm's helmsman's strength and the direction of the future of the enterprise can not be firm, and it will go to the end of the world.

The Pathfinder has always been strong and strong at the helm of the husband and served as chairman of the board of directors and general manager. Wang Jing has exercised shareholder rights as a director. He has also been an outdoor sports professional as a technical guidance for product development.

The Pathfinder will enter the fast track after listing. In 2012, Wang Jing no longer served as a technical guidance for the company's product development.

She put more energy on her hobbies, constantly conquering the world's peak, writing and filming documentaries.

As an eminent figure in mountaineering and adventure, she has successfully reached the top 8000 meters of snow mountain ten times (4 times on Mount Qomolangma). Especially in 2014, she completed the earth's nine polar (7 continents peak and hiking north and south pole) exploration project in 142 consecutive days, and became the fastest person in the world to complete the expedition.

Strategic imbalance

In 2011, it was the year when the Pathfinder surged straight, and it was also a turning and dormant year.

This year, according to the development trend of domestic outdoor products industry, the company planned the future development strategy with the assistance of external consulting agencies.

The company's main outdoor products market business is divided into three parts: more professional outdoor sports market, outdoor leisure products market, outdoor goods e-commerce market.

Over the next few years, the company rapidly pushed ahead with its established strategy, and investment and acquisition became the fastest way to advance strategy.

But in the specific implementation process, the company is no longer satisfied with selling outdoor products, but gradually build up the three major parts of outdoor products, travel services and big sports, forming the so-called "ecological circle".

In the past few years, the company has invested in strategic investments in green field, map Road, easy to travel world, and know how to explore and invest directly or indirectly in areas such as ice and snow sports, sports operations, sports media and sports training.

The development of battalion style has made the company's revenue scale grow rapidly, but its profitability has not improved significantly.

In 2015, the company's revenue reached 3 billion 800 million yuan, mainly due to the 230 million yuan acquisition of easy to travel world, and strong cut into the travel service industry.

The balance of development has begun to become unbalanced.

As an outdoor product company, the travel service industry has more than half of the revenue. The synergy effect of the two businesses has not been clearly manifested, and the income of outdoor products has not been significantly improved.

Travel service and the development of big sports industry are more difficult than the company's expectations. The continued loss of these two plates is a drain on the company's profits.

In 2015, the outdoor business group's net profit was 287 million yuan, and the travel business group lost 23 million yuan.

In 2016, the company achieved operating income of 2 billion 880 million yuan, far from 4 billion 500 million yuan at the beginning of the year. It is expected that the profitability of the outdoor sector will decline, and the loss of travel and sports sector will accelerate.

In 2017, the income and profits of the outdoor sector continued to decline, and the travel sector continued to lose money, plus the impact of goodwill, investment and asset impairment on profits, the Pathfinder's first loss year was born.

Overthrow again

At the end of 2017, Wang Jing returned from her husband's strong hand to take the lead baton baton as president and CEO.

In those days, the company began to adjust the pace of strategic development and put forward the "focus of business to return to the main business of outdoor products". Shrink the front line, integrate travel and sports investment projects, and gradually disintegrate and withdraw the business which is inconsistent with the main business of outdoor products.

In 2018, Wang Jing first started from the outdoor products sector, transferred the company's holdings of arkeno shares, and established the brand development strategy of the two main brands, the main Pathfinder and Discovery Expedition. Arkeno is a brand founded by the Pathfinder in 2012. Its original intention is to fight the outdoor electronics business with the brand, but with the strategic expansion of the company, the brand has never developed.

Returning to the company, faced with the complicated business system, Wang Jing used one year to familiarize and sort out the problems brought about by the "ecosphere" strategy. The company's losses further expanded to 182 million yuan in 2018.

The time left for Wang Jing is only one year.

Since 2018, Wang Jing has started major operations on Pathfinder.

In December, the company signed an agreement with the original shareholder of the company to buy back the company's stake.

After consulting with relevant shareholders of Yi hang world, in November 2019, the company transferred 29% stake in the company and no longer owned the company's control.

The green country brigade did not meet the performance appraisal requirements. The original shareholders agreed to buy back 43% of the company's shares, and their share holdings fell to 19.5%.

After reorganizing and reorganizing related businesses such as green field network and six legged feet, the Pathfinder is still an important shareholder and will continue to strengthen cooperation with all parties in outdoor sales.

Qixin Bao shows that the transfer of shares of the above companies has completed the registration of industrial and commercial changes.

After a series of adjustments, the company gradually withdrew from the travel service industry. In 2019, the proportion of outdoor products industry rose to 84.34%, and returned to the main business.

Returning to the main industry of outdoor products, as a research and development technology guide, Wang Jing paid more attention to product research and development investment. At that time, more than 46 million yuan of R & D investment, accounting for 3.08% of business income, was the most for many years.

At the same time, the company accelerated the adjustment of stores, 188 new stores, 428 stores, and a total of 1173 chain stores at the end of the year.

In the whole year, the main business of outdoor products reached 1 billion 275 million yuan, down 4.67% compared with the same period last year, but the operation efficiency of stores increased. The average store efficiency increased by about 4%.

Zebra consumption noted that in 2019, sales of outdoor clothing, outdoor footwear and outdoor equipment decreased by 3.56%, 56.04% and 50.74% respectively over the same period last year.

The outbreak began in 2020, and the opening was bad. A loss of 5 million -1000 yuan in the first quarter, a profit of 40 million 480 thousand yuan in the same period last year.

Source: Zebra consumer writer: Fan Jian

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