Which Direction Is The Domestic Outdoor Products Industry Heading In?

Outdoor products in China

In the turning point, where are the main players in the industry heading?

According to the world clothing and shoe net, at present, 3 outdoor companies of A shares have adjusted the purpose of raising funds, or strengthened the main business, or continue to strengthen diversification.

Pathfinder, Sanfo outdoors, and herd, who believe that the industry has undergone 6 years of consolidation and adjustment, or ushered in a new round of growth.

Compared with market expansion, Sanfo outdoor (002780.SZ) is still most concerned about how to maintain profitability.

At the end of 2015, Sanfo outdoor listing, which was the main outdoor product sales, was slowing down in the industry and its performance fell into a downturn. It first recorded a loss in 2017.

During this period, the company obviously lowered its pace of expansion.

In 2015, Sanfo launched an initial public offering of 132 million yuan to complete the marketing network construction.

According to the original plan, the company will use these funds to build 29 Direct stores within two years.

In fact, as of the end of 11 in 2018, 11 shops were opened, and the initial fund-raising fund was 48 million 840 thousand yuan.

The company said that as the industry slowed down, the cost of physical stores rose, and the 11 stores that had previously opened up did not meet the project's expected revenue.

In 2015 and 2017, the company raised funds totaling 387 million yuan for the two time. As of the end of 2018 6, the total amount of funds raised was 56 million 440 thousand yuan.

Recently, the company announced that it intends to change the use of the first raised fund, and the remaining 39 million 950 thousand yuan in the remaining 86 million 680 thousand yuan (including interest, etc.) will be used for the acquisition and capital increase of Shanghai's stock market. All the remaining funds will be used to supplement the working capital.

After the completion of the paction, together with the Shanghai stock trading company, which has already obtained its own funds, Sanfo outdoor will hold 54.78% stake in Shanghai's stock and realize its holding.

Shanghai is the operator of the squirrel tribe.

Sanfo outdoor believes that there is a huge demand market in the parent-child outdoor paradise industry. The squirrel tribes have landed in Chengdu and Wuhan.

In October of 2018, Shanghai learned music business income 18 million 529 thousand yuan, net profit 5 million 93 thousand yuan.

The other side promised that in 2019 -2021, a total net profit of 15 million yuan, 4 new parks, so that the total number of parks reached 6.

Sanfo outdoor said that this investment is an important measure of the core business mode of the company's "product retail competition event camp experience".

Zebra consumption noted that although Sanfo has been involved in many outdoor businesses such as retail, sporting events, outdoor group construction and parent-child outdoor camps, the sale of outdoor products is still the main source of company revenue.

In the first half of 2018, outdoor products sales revenue was 201 million yuan, accounting for 97.98% of the company's revenue, and outdoor services revenue was only 4 million 150 thousand yuan, accounting for only 2.02%.

However, during the reporting period, 9 of the 13 main controlling shareholding subsidiaries were losing money, especially those responsible for the sales of outdoor products.

As of the first half of 2018, Sanfo outdoor has opened 39 direct outlets in 16 cities nationwide, which are the main force of the company's revenue.

Since November 2017, Wang Jing has succeeded in leading the company back to the outdoor products industry after taking over Sheng Faqiang, the husband of 300005.SZ.

Sheng Faqiang and Wang Jing co founded the Pathfinder. After the company went public in 2009, she gradually faded away from company management and spent more time climbing, exploring, writing and doing public welfare.

In 2017, the Pathfinder lost the first time since it was listed. At this point, Wang Jing returned to the company, the first task is to enable the company to reinvigorate its performance.

Prior to that, especially in 2013 -2016, the company built three major business communities, namely outdoor products, travel services and big sports, and increased strategic business investment in mergers and acquisitions.

It has invested strategic investments in green field network, map Road, easy to travel world, and knowledge discovery company.

It also made direct and indirect investment layout in the fields of ice and snow sports, sports operations, sports media and sports training.

The booth is very large, but some of the investment companies do not understand the operation status, which directly affects the performance of the Pathfinder.

In 2016 and 2017, due to the failure of the M & A enterprises, the large amount of goodwill was impaired.

In 2015, the company spent 230 million yuan on the investment control of Yi you world. It should be the largest single acquisition since the listing of the company.

At that time, Yi you was still in a state of loss.

The other side promised that in 2015 -2017, the world could gradually reduce its losses and achieve a profit and loss balance in 2016, and eventually realized a total net profit of 35 million yuan in three years.

However, easy to travel the world far from achieving the goal, 3 consecutive years of losses are more than 20 million yuan.

Not only that, Yi can lead the lawsuit to the ministry because of the contract fraud of Fu Fu Branch.

The company has been trying to unload the burden of easy travel, but it seems that it has not gone smoothly.

The company is also in a dilemma. In order to maintain the normal operation of Yi you, in October 2018, the Pathfinder still reluctantly decided to increase the capital to Yi Yuan by 15 million 579 thousand yuan, only hoping that the company could run normally and legally, and could break even after 2019.

The lack of money is not only easy to travel the world, the company holding the great grandson company green field international also lacks money, and the Pathfinder also has to provide more than 10 million yuan of financial support.

There is good news too.

At the end of 2018, the explorers realized the stripping of the map through the stock repurchase by the end of the year.

150 million yuan invested 5 years, and the Pathfinder received 5 million yuan interest.

The adjustment of the company strategy also drives the change in the use of the company's raised funds.

In 2016, the Pathfinder completed a fixed increase, raising 1 billion 257 million yuan for green field outdoor travel O2O and several other major projects.

In the three quarter of 2018, the company halted some investment projects, adjusted the use of raised funds, and decided to invest 250 million yuan for the DISCOVERY EXPEDITION brand marketing network construction project. It plans to build 536 Direct stores and franchise stores for the brand in 3 years.

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Animal husbandry: radical expansion

The main business of the company is different from Sanfo outdoor and Pathfinder. Its advantage lies in its production. Until now, the main business of the company is still an international brand.

In the first three quarters of this year, 603908SH earned 460 million yuan in revenue, although its revenue scale was only 1/3 of the Pathfinder of the same period, but the net profit attributable to 42 million 550 thousand yuan was the best among 3 peers.

While doing international brand OEM, we do the operation and sale of our own brand, and we sell them in two different channels: "mountain" and "Elk".

As of the first three quarters of 2018, the company has 21 Direct stores, 326 franchises, and 347 total.

Data show that the first three quarters of 2018, the company's own brand revenue of 112 million yuan, accounting for 24.3% of the company's total revenue during the same period.

Recently, it also changed the use of funds raised in the initial public offering in 2017, and invested 164 million yuan into the whole channel marketing network construction project, accounting for 71.83% of the net proceeds from the initial fund-raising.

The company believes that the domestic outdoor industry has just passed the introduction period, and there is great potential to tap.

We plan to build 362 independent brand stores in 3 years to double the number of offline stores.

In the previous independent brand operation, the company played an important role.

In 2018 1-9, the company's revenue accounted for 50.83% of its own brand revenue.

This time, in the construction of marketing network, Mu Gao Di has also been aggressive, especially relying on franchisees. Through the form of subsidies, it plans to stimulate the expansion of franchise channels and stimulate the growth of franchise revenues.

The company plans to invest 15 million yuan in the decoration, rent, props, join training and other aspects of the implementation of subsidies to franchisees.

More interesting reports, please pay attention to the world clothing shoes and hats net.