Toread'S Net Profit Of 99 Million In The First Three Quarters Is Over 40% From The Sale Of Its Own Property.

300005.SZ, despite losing profits this year, is still having a hard time. Over 4 net profit comes from the disposal of assets.

On the evening of October 23rd, the Pathfinder issued the first three quarter results announcement that the net profit of the first three quarters was 994 billion 895 million yuan, an increase of 293.22% over the previous three quarter, but over 4 of the net profit came from the sale of its own property.

The gross profit margin of tourism service sector is only 1%.

The Yangtze River Commercial Daily reporter found that the Pathfinder from profit to loss, mainly acquired in 2015, Yi You World International Travel Service (Beijing) Co., Ltd. (hereinafter referred to as "easy to travel the world"), the company began to create experiential tourism, since then, the gross profit margin of the travel service industry sector has been maintained at all figures annually, up to 2018, its gross profit margin is only 1%. However, at the same time, the revenue of travel services accounted for only 50% of the total revenue in the same period of the year, which led to the company's performance not as good as one year in a year, and even the early warning of delisting after continuous losses in 2017 and 2018.

Therefore, the Pathfinder will optimize the structure of the travel service sector and refocus on the development of the main outdoor products. This year, the performance of the company will finally turn into a profit.

In addition, reporters also found that Pathfinder R & D investment has been reduced for 3 consecutive years.

Data show that in 2016 -2018, the Pathfinder's travel service business achieved revenues of 1 billion 173 million yuan, 1 billion 611 million yuan and 653 million yuan respectively, accounting for 40.75%, 53.12% and 32.77% respectively in the total revenue of the same period.

Despite the overall decline in revenue, travel services remain an important part of the company's revenue. However, the reporter found that the gross profit margin of travel service is very low, and it has been declining for years. In 2016-2018, the gross profit margin of travel services in that year was 5.57%, 3.07% and 1.30% respectively. In this case, the original performance commitment of Yiyou Tianxia cannot be completed smoothly.

As of 2018, Yi traveled 4 years and lost 117 million yuan. In 2017 and 2018, the Pathfinder lost money for two consecutive years, and the company had a delisting warning.

Therefore, the Pathfinder decided to focus on resources, consolidate the development of the main business of outdoor products, optimize the adjustment of low profit travel services, and divestiture and restructure business that is not related to the main business of outdoor products, so that the company's performance will be warmer.

On the evening of October 23rd, the Pathfinder disclosed that the three quarter results showed that the company achieved a revenue of about 987 million yuan in the first three quarters, a decrease of 20.55% over the same period last year, a net profit of 99 million 489 thousand and 500 yuan, an increase of 293.22% over the same period last year, and a 795 million yuan increase in the main business of outdoor products, an increase of 11.11% over the same period last year.

However, in the first half of the year, Pathfinder benefited 42 million 643 thousand and 600 yuan from disposal of free property, accounting for 42.86% of net profit in the first three quarters.

R & D investment has decreased for three consecutive years.

Changjiang Daily reporter found that in recent 3 years, the company's R & D investment continued to decline. From 2016 to the first half of 2019, R & D investment was 64.285 million yuan, 53.274 million yuan, 48.778 million yuan and 14.1382 million yuan, respectively, down 13.79%, 17.13%, 8.44% and 18.63% year on year.

In the third quarter of this year, the Pathfinder seemed to have a real sense of product development and increased investment in R & D costs. In the first half of the year, the R & D expenses decreased year on year. In the third quarter, the R & D expenses were 13.4588 million yuan, an increase of 3.7438 million yuan over the same period last year.

However, the third quarter's business situation was not good, net profit realized 17 million 633 thousand and 600 yuan, only accounted for 17.72% in the first three quarters, while the net profit was only 326 thousand and 500 yuan, accounting for 1% of the total net profit in the first three quarters.