On the evening of January 17, Pathfinder Holdings Group Co., Ltd. (hereinafter referred to as “Pathfinderâ€) released the 2016 annual performance report. During the reporting period, Pathfinders realized a total operating revenue of 2.907 billion yuan, which is approximately the same period of last year. 24% (mainly due to the exploration and transformation of the travel section, Yiyou has greatly reduced the scale of the platform business with lower profitability); the net profit attributable to shareholders of listed companies was RMB 202 million, which was approximately 23% lower than the same period of last year (including the planned The proposed goodwill of Greenfield was impaired by 22 million yuan.) During the same period, the basic earnings per share was 0.3604 yuan, a decrease of 29.68% from the same period of last year; the weighted average return on net assets was 8.98%, a decrease of 10.92 percentage points from the same period of last year.
The Pathfinder explained that the main reasons for the decrease in performance were: On the one hand, the company’s net profit decreased by a certain percentage year-on-year in the same period of the previous year; on the other hand, the company non-publicly issued 80 million shares in the report period, raising 1.27 billion of funds. As a result, the company’s share capital and net assets have increased significantly compared to the beginning of the year, which has led to a larger decline in basic earnings per share and net asset return year-on-year.
China Everbright Securities researcher Li Wei had previously stated that the Pathfinder proposed in its 2015 annual report that the 2016 target is to achieve an operating income of not less than RMB 4.5 billion and a year-on-year growth rate of approximately 18.17% (wherein the outdoor multi-brand business target revenue is not lower than RMB 1.8 billion, target income of travel service business is not less than RMB 2.7 billion), net profit target is RMB 200 million (including outdoor stocks continue to be de-stocked, structure-based, net profit is expected to be approximately RMB 230 million, travel service segment is expected to lose Not exceeding 0.1 billion yuan, the cost is expected to increase by 30 million yuan). In the first three quarters of 2016, affected by the slowdown in domestic macroeconomic growth and the downturn in the end-user consumption environment, the company’s outdoor multi-brand business realized revenue of 962 million yuan and net profit of 130 million yuan from the mother, respectively achieving 53.44% and 56.52 of the annual plan targets. %; Travel service business realized operating income of 738 million yuan and net profit attributable to parent company of -25 billion yuan. As Yiyou Tianxia, ​​the core subsidiary of the company's travel service segment, vigorously promoted the business transformation in 2016, it is expected that the actual operating income of the annual travel service business in 2016 will be somewhat different from the annual plan target.
Li Yu judged that the Pathfinder’s performance was under pressure in the short term, but he was optimistic about the company’s community ecological circle strategy for a long time. The layout of the public sports industry was huge. At the same time, the national policy dividend was expected to continue to catalyze, and the ice and snow industry development planning and venue construction plan. The introduction of further policies to provide strong support for the ice and snow industry. Pathfinders benefit from policies for the distribution of products, ski resorts, and sports industries to benefit the ice and snow industry. Pathfinder’s acquisition of Yi You Tianshi promised that Yi You’s annual business revenue from 2015 to 2017 was not less than RMB 1.5 billion, RMB 4 billion, and RMB 6 billion, respectively, and the net profit targets were not more than RMB 25 million. Profit, not less than 60 million yuan. Taking into account the larger income of Yiyou Tianxia due to business transformation, the original income target is expected to be difficult to achieve, but at the same time as Yiyou world product structure optimization, the overall gross margin increases, it is expected that the net profit will be the focus of development goals.
Reproduced from: China Clothing Talent Network
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