Pathfinder, Sanfu outdoor, high animal husbandry flute, "niche" outdoor future is better?

The three outdoor products companies have their own characteristics and business models are different, and are at different stages of development.

In the garment segment of the capital market, outdoor products appear to be a relatively "niche" segment.

First, the number of listed companies is relatively small. At present, there are only three outdoor supplies listed companies in the A-share market, namely, the above-mentioned Pathfinder, Sanfu Outdoor and Mobigarden. The second is that the scale and size of the company are still small.

Pathfinder’s revenue in 2017 reached 3 billion yuan, but its non-outdoor business revenue has exceeded outdoor business revenue. The main brand TOREAD (pathfinder) achieved sales revenue of 1.522 billion yuan in 2016; Sanfu Outdoor 2017 The scale of revenue has not yet exceeded 500 million yuan. In 2017, Mu Gaodi's revenue in 2017 will reach 500 million yuan.

These three outdoor products companies have their own characteristics, business models are different, at different stages of development.

As two outdoor products listed companies with a loss in 2017, Pathfinder wanted to return to the main business, but the transformation effect was not obvious. Sanfu Outdoors, which chose to continue diversified expansion, ushered in a good start, and to create a strong animal husbandry. The high turret revenue and net income doubled.

What kind of layout does the company have behind this?

Pathfinder: Adjustment has not been effective, and net profit fell sharply in the first quarter

On April 10th, Pathfinder Holdings Group Co., Ltd. released the forecast for the first quarter of 2018. It is estimated that the net profit will be 20 million yuan to 22.6 million yuan, and the profit for the same period last year will be 50.21 million, a drop of 55% to 60%.

The report shows that Pathfinder’s first-quarter results are expected to be 20 million yuan to 22.6 million yuan in net profit attributable to shareholders of listed companies from January to March of 2018, compared with 50.21 million yuan in the same period of last year, a decrease of 55% to 60% year-on-year.

As for the reasons for the change in performance, Pathfinder said that in the first quarter of 2018, it mainly focused on the main business of outdoor products, further clarifying the positioning of products and brands, carefully scrutinizing the status quo of various operations and management links, and improving and improving problems and shortcomings in operations. , Strengthen the control of product retail price system, promote the increase of retail terminal regular price, and at the same time, the effect of relevant store stores after the offline upgrade of store pilots was significantly improved compared with the same period of last year. However, the company’s board of directors completed the election at the end of November 2017. The new management concept and operation strategy of the new management will take time to complete. It has not produced any effect on the overall improvement of the company’s performance in the first quarter, plus the relative cost investment. Rigidity makes the company's net profit still show a downward trend in the first quarter.

In the second quarter, Pathfinder will accelerate the upgrading of offline storefront image, promote online strategic cooperation with Tmall platform's new retail business, strengthen content marketing in multiple ways, and use information technology to promote online and offline retail business Open up, interact, and coordinate, strengthen consumer communication and member operations, and then promote the healthy development of the main business of outdoor products.

Earlier, Pathfinder's 2017 performance report showed that the overall operating performance did not reach the target of the beginning of the year. The total annual operating income achieved total revenue of RMB 3,359.982 million, an increase of 5.5% over the same period of last year. The net profit attributable to shareholders of the listed company was RMB 85,719,400. Compared with the same period of last year, it decreased by approximately 151.45%.

In 2017, Pathfinder experienced two turnovers of management, and the strategic level has been adjusted accordingly. However, from the predicted results, these adjustments have not yet brought about a qualitative improvement in the company's revenue.

Sanfu outdoor: innovative marketing model, usher in a good start

On March 30, Sanfu Outdoor announced the performance of the first quarter of 2018:

It is expected that the net profit attributable to the shareholders of the listed company from January to March of 2018 will be 650,000 to 200 million, a change of 121.98% year-on-year to 167.62%, and the average net profit growth of the apparel and textile industry will be 21.48%.

As for the reasons for the turnaround in the first quarter, Sanfu Outdoor Company expressed its innovative marketing model, upgraded its membership service system, and increased its efforts to integrate online and offline resources, effectively stimulating passenger flow growth. It is expected that the company's stores, large customers, and online shopping Sales revenue increased compared to the same period of last year, resulting in a year-on-year increase in net profit attributable to shareholders of the listed company, achieving profitability.

On the next day after the financial report was announced, Sanfu outdoor exposed new investment measures: The company used its own funds of 34 million yuan to acquire a 31.1927% stake in Shanghai Shile Culture Development Co., Ltd. in a capital increase manner.

The capital increase will be used for the design, planning and construction of outdoor parent-child parks in Wuhan and Chongqing outside Chengdu. It is expected that there will be 3 outdoor parent-child parks operating maturely in 2019 and achieving mega-level off-line passenger flow every year. . In the future, Shanghai Xile will achieve full coverage of the major cities in outdoor parent-child parks.

In its previous performance report released in 2017, the outdoor revenue of Sanfu in 2017 was 350 million yuan, a year-on-year decrease of 0.86%, and the net profit attributable to the shareholders of the listed company was 12.18 million yuan, a decrease of 134% year-on-year.

Mudi Gao Di: Outstanding manufacturing ability of single product, steady growth in profitability

Gao Didi landed in A-shares in March 2017. He is the most night-time company among the three outdoor-listed companies. His financial report for the first quarter of 2018 has not yet been released. From its 2017 performance report, revenue capacity is steadily increasing. increase.

On April 2, Mobicom released the 2017 Express Newsletter:

Revenue in 2017 was 516 million, a year-on-year increase of 19.91%, and net profit attributable to shareholders of listed companies was 53.838 million, an increase of 13.38% year-on-year, which achieved double-income growth in revenue and net profit.

The company's main products are camping tents. There are two main business models. The first is the OEM/ODM model, which is based on the company's own production of camping tent products; the second is the independent brand retail business including outdoor apparel, shoes and equipment, in addition to camping tent products. In addition, other products are outsourced for production. From 2014 to 2016, the revenue of OEM/ODM business and self-owned brand business accounted for approximately 6 to 4, so this is a manufacturing-oriented outdoor product company with outstanding single-products and OEM business.

However, Moody Gaodi intends to use the capital market to strengthen his own brand retail business. The company’s IPO fundraising includes three projects, namely, the “one-stop” marketing channel for Mudi Dipper, the O2O management system and information construction project for Mudi Flute, the Mudi Storage Center and the Product Showroom Project. Brand retail business related. In particular, Mobicom's "one-stop" marketing channel construction project plans to build 16 "one-stop" outdoor experience stores in 13 cities.

Mu Gaodi said that the “one-stop” outdoor experience store can provide consumers with a full range of product selection and matching services in an experience store. It has now become a mature self-operated retail model for the foreign outdoor product industry, the largest in the world. One of the sporting goods retailer Decathlon used this retail model.