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【YKK拉鏈行業(yè)新聞】從2009年上市以來,探路者似乎歷來沒經(jīng)歷過現(xiàn)在這樣的窘境。

自2009年上市以來，探路者似乎從未經(jīng)歷過這樣的困境。

4月25日，中國戶外產(chǎn)品領(lǐng)先品牌探路者提交了2017年業(yè)績清單。在報告發(fā)布之前，很多人可能已經(jīng)意識到，公司去年的表現(xiàn)不太樂觀，中國戶外用品市場的增長也在逐年放緩。
然而，結(jié)果還是令人驚訝的，09上市的國內(nèi)戶外水龍頭品牌，體育產(chǎn)業(yè)表現(xiàn)一直是穩(wěn)定的明星公司，出乎意料的上市9年的虧損首次出現(xiàn)。
2017年，explorer實現(xiàn)收入303.4億元，比2016年同期略有增長5.41%，數(shù)據(jù)難以實現(xiàn)2015年38億美元的收入高峰，但仍處于歷年的一級水平;在營業(yè)收入仍處于高水平的同時,在過去的一年中,探路者的上市公司股東的凈利潤為- 8485.39萬元,2009年上市以來的首次虧損,數(shù)據(jù)比2016年同期利潤為1.66億元?？鄢墙?jīng)常性損益的凈利潤，2017年游客人數(shù)將高達(dá)1.85億元。
探路者17年當(dāng)?shù)刎攧?wù)數(shù)據(jù)。
中列出的9年,探險家從一家小公司的銷售不到三億元2009年,明星數(shù)十億年銷售額的快速增長的行業(yè),從一開始的15年,探路者收入從30億元開始,隱約覺得行業(yè)老板”。
但這一切創(chuàng)造了巨大的收益是假的:凈利潤,在2009年,探險家在收入只有2.94億元的情況下還可以獲得4403.4萬元的凈利潤,接下來的六年,探路者凈利潤隨著收入增長水平更高,2014至2.94億元的巔峰,和數(shù)據(jù)而不僅僅是09年的總收入。
在2015年之后，ie的營收達(dá)到30億美元，凈利潤開始下降，ykk拉鏈價格并迅速擴(kuò)大，年同比增長近3000萬，凈利潤同比下降了近16年，17年的直接虧損，凈收益，16年虧損約2.5美元。
這三年是對新業(yè)務(wù)的三年探索。
從探索者的表現(xiàn)來看，2015年是一個重要的時間節(jié)點，這可以讓人聯(lián)想到整個體育產(chǎn)業(yè)的振動。自2014年10月以來，沒有。46“為中國體育產(chǎn)業(yè)的快速發(fā)展打開了大門，對開拓者也是如此。
2015年，pathfinder為旅游服務(wù)、冰雪業(yè)務(wù)和體育投資增加了一些業(yè)務(wù)。但到目前為止，這些新進(jìn)入者都沒有成為新的利潤來源，這已經(jīng)拖累了該集團(tuán)的業(yè)績。
困在戶外旅行的泥潭里。
在探路者的旅游服務(wù)中，易旅游是主要的業(yè)務(wù)實體。2015年3月，探路者以2.3億元的價格收購了該公司74.56%的股份。在此之前，致力于戶外旅游的股市向資本市場的探路者投資于新加坡在線旅游平臺Asiatravel中國成立了戶外活動網(wǎng)站向?qū)Ш蜆O地旅行社“極致美”
交易價格高達(dá)2.3億次收購，雙方還約定未來三年業(yè)績的底線，寧波ykk拉鏈但只是作為一個探路者后續(xù)繼續(xù)購買易建聯(lián)的股票的所有業(yè)績指標(biāo):容易環(huán)游世界在2015年到2017年預(yù)期收入不少于15億元,40億元,60億元,稅后凈利潤不少于2500萬元,分別為0元,6000萬元,稅后凈利潤不低于3500萬元/三年。
顯然，在世界上容易游泳并沒有達(dá)到上述的性能指標(biāo)。2015年，易建聯(lián)收入19.58億元，凈虧損15.3.88億元，符合預(yù)期標(biāo)準(zhǔn)。但2016年，其收入僅為108.8億元，虧損203452萬元，雖未達(dá)到最終虧損，但虧損程度有所擴(kuò)大。第三年，其收入為15.29億元，虧損2145.65億元。
現(xiàn)在，三年的演出已經(jīng)結(jié)束了，探路者的旅行服務(wù)也沒有見光。對于企業(yè)來說，毛利潤率極低，探路者只收獲了“無法在資本狀況下進(jìn)行收入和合理控制的浮華”，探路者的戶外旅游故事很難得到一個圓滿的結(jié)局。
期望越大的失望越大的冰生意。
2015年，北京和張家口獲得主辦權(quán)。

Since it went public in 2009, pathfinder seems to have never experienced such a dilemma.

On April 25, Chinese outdoor product leading brand pathfinder handed in the list of results for 2017. Before the report, many people may have realized that the company's performance last year was not too bright, and the growth of China's outdoor goods market has been slowing down year after year.
The results, however, still surprising, the 09 listed domestic outdoor faucet brand, sports industry performance has always been stable star company, unexpectedly presented listing 9 years of losses for the first time.
In 2017, explorer to achieve revenue of 3.034 billion yuan, was slightly increased 5.41% over the same period in 2016 from the performance in recent years, the data is difficult to achieve $2015 in 3.8 billion revenue peak, but it is still in the calendar year first-class level; In operating income is still in the high level at the same time, in the past year, the pathfinder net profit attributable to shareholders of listed companies is RMB - 84.8539 million, its first loss since going public in 2009, and data for the profit of 166 million yuan over the same period in 2016. In terms of net profit excluding non-recurring gains and losses, the number of visitors in 2017 will be as high as 185 million yuan.
Pathfinder 17 years local financial data.
Listed in the nine years, explorer from a small company sales of less than three hundred million yuan in 2009, the rapid growth of star billion in annual sales level of the industry, and from the beginning of the 15 years, the pathfinder revenue start at 3 billion yuan, faintly feel industry bosses ".
But this all created huge revenue is false: to net profit, in 2009, explorer in situations where revenue is only 294 million yuan still can obtain the net profits of 44.034 million yuan, the next six years, pathfinder level of net profit as revenue growth all the way higher, 2014 reach 294 million yuan by the end of the peak, and the data rather than just 09 total revenue.
And after 2015, explorer level of revenue to reach 3 billion, net profit begin to decline and rapidly expanded year by year, nearly 30 million, net profit year-on-year) (15 years to reduce nearly a $16 years, 17 years of direct losses, net income, compared with 16 years lost about $2.5.
These three years are the three years of exploration of new business.
From the perspective of the performance of pathfinder, 2015 was an important time node, this can let a person think of the vibration of the whole sports industry no. 46 "since October 2014, no. 46" opened the door to the rapid growth of China's sports industry, the same about the pathfinder.
In 2015, pathfinder added a number of businesses to travel services, snow and ice operations and sports investment. But so far, none of the new entrants has become a new source of profit, which has been a drag on the group's performance.
Get stuck in the quagmire of outdoor travel.
In the travel service of pathfinder, easy travel is the main business entity. In March 2015, the pathfinder bought 74.56 per cent of the company with a price of 230 million yuan. Before that, is committed to about outdoor travel the pathfinder of the stock market to capital market has been invested in Singapore online travel platform Asiatravel China established outdoor activity site wizard and polar travel agency "extreme beauty"
The transaction price is as high as 230 million acquisition, the two sides also agreed for the next three years the performance of the bottom line, but only as a pathfinder follow-up to continue to buy the shares of yi swam all performance indicators: easy to travel the world in 2015 to 2017 expected revenue of not less than 1.5 billion yuan respectively, 4 billion yuan and 6 billion yuan, the after-tax net profit no less than 25 million yuan, respectively 0 yuan and 60 million yuan, the after-tax net income is not lower than 35 million yuan over three years.
Obviously, easy to swim in the world did not meet the above performance specifications. In 2015, yi was able to contribute 1.958 billion yuan in revenue, and the net loss was 15.388 million yuan, which was in line with the expected standard. However, in 2016, its revenue was only 10.88 billion yuan, and the loss was 2034.52 million yuan, which did not achieve the end loss, but the loss level was expanded. In the third year, its revenue contribution amounted to 1.529 billion yuan, and the loss amounted to 214.565 million yuan.
Now, three years of performance have expired, and pathfinder's travel service has not seen light. For business the gross margin is extremely low, pathfinder harvest only the puffiness "unable to scale on the revenue and reasonable control under the condition of capital, the pathfinder outdoor travel story is hard to get a happy ending.
Expect the bigger the disappointment the bigger the ice business.
In 2015, as Beijing and zhangjiakou won the bid to host the 2022 winter Olympics, they also dabbled in ice and snow. To tell the truth, the pathfinder chose this time node very cleverly, but failed to get a piece of the hot snow industry.
In August 2015, the pathfinder jointly established the Beijing pathfinder ice and snow holding development co., LTD with the joint natural person sun bo, and built the first ski resort in the north slope of songshan, gongyi city, zhengzhou city, henan province. The songding ski resort, located in central plains, opened on Jan. 23, 2016, and marks the official opening of the operator's ice and snow business. But in the past year of 2017, the much-anticipated ice and snow business has become a major cause of the pathfinder's first loss.
In 2016, due to the short business hours, the company's revenue of snow & ice holding company was net loss of 758.18 million yuan. And last year, the song top ski resort has spent a whole year, revenue is only 2.1582 million yuan, a net loss of 62.498 million yuan, has become an important subsidiary pathfinder group's loss of the highest.
In 2016, songding ski resort is open, and pathfinder initiates a strong demonstration of skiing.
Started into ice and snow as pathfinder has just arrived plans to the technology advantage into radical resort beyond the reach of the south snow market, but the failure of song top ski resorts to a painful lesson. The recent return of the focus of the pathfinder shows that the pathfinder will be phased out of the ice.
The overburdened sports investment business.
In 2015, when the sports industry was hot, the pathfinder also entered another new business, sports investment. From 2015 to 2015, three years, the sports investment fund is one of the most active plate in the sports industry, many listed companies are involved, set up the sports industry investment fund, the pathfinder, ying explorer and the sports industry investment center is one of the early sports investment funds.
In January 2016, the sports fund of the exploration rover completed the fund-raising of 110 million yuan in the first period, and completed the investment in key projects such as music world, Fittim ogilvy health and ice world. But in the 2016 and 2017 financial statements, the investment fund lost 475.75 million yuan and 2.20.75 million yuan respectively.
For this awkward situation, the pioneer has said that some of the company's value that is still in the storage period has not been played and released, and the value will be clearly reflected in a few years.
Though valuable, but the pathfinder decided to abandon sports investment business the 2017 annual report, pathfinder, said due to the speech of group's strategic direction adjustment, focusing on resources reinforce outdoor equipment business, has been phased out of sports in the field of foreign investment, focus on investment projects have been established for management, resource integration, and the follow-up after exit plan step by step.
For these businesses, the already overburdened pathfinder opted for integration and exit. For the first time since the ipo, pathmakers said that the main business of the company's outdoor business was influenced by the change of management of the company.
On June 1, 2017, former Letv sports chief marketing officer wei wei became the President of path-group, but chose to leave at the end of November 2017. Although management change could indeed cause certain influence to group business, but for pathfinder, bottom is lack of business management to change, or change cause lack of business management, the root cause is worth exploring.
For pathfinder, these three businesses are established with the development of the sports industry, although not all of them follow suit, but it is hard to say that it is not a decision error. Driven by policies, investors tend to underestimate the risk of investment and overestimate the return on investment. The practice is the only criterion to test whether an investment project is reasonable or not. In the past three years, the pathfinder has lost a lot of money.
Second half of 2017, the pathfinder determines the future development strategy, will be to focus on outdoor products business, gradually integrate other businesses and stripping, this also herald the pathfinder on a certain level for three years of exploration and transformation of the failure.
After the industry has failed to harvest the fireworks, it will be tougher for the explorer to succeed in the slow-growing Chinese outdoor market. But it is good that the dividends of the sports industry are still returning to the main business, and it is a good thing to be back in the first place.