In the first half of 2018, outdoor products listed companies were mixed

In the first half of 2018, the performance of outdoor products listed companies varied, the performance increased and decreased, and the growth rate of the industry slowed down.

Pathfinder’s revenue was 877 million yuan

In the first half of 2018, Pathfinder achieved operating income of 877 million yuan, down 31.38% year-on-year; The net profit attributable to listed shareholders was 24.1208 million yuan, down 69.47% from the same period last year.

Pathfinder has 4 main product lines, namely Outdoor Explorer (Pathfinder brand outdoor product line), Outdoor Traveler (Pathfinder brand travel product line), outdoor artist (DiscoveryExpedition brand), Little Pathfinder (Pathfinder brand children’s clothing product line). From the perspective of business, the revenue of Pathfinder outdoor products was 497 million yuan, down 9.35% year-on-year; Travel service revenue was RMB379 million, down 48.06% year-on-year; Sports service revenue was 758,400 yuan, down 42.85% year-on-year. As of the end of the reporting period, the total number of TOREAD offline stores was 1253, the total number of DiscoveryExpedition offline stores was 171, and the total number of offline stores of Pathfinder children’s clothing store TOREADKIDS was 15.

For the decline in performance, Pathfinder said in the report that the decline in operating income was mainly due to the significant reduction in international air ticket business in travel services, and the decrease in net profit was due to the completion of the change of the company’s board of directors at the end of November 2017, and the new management adjusted the original overly aggressive sales plan based on sustainable development planning, and the clean-up of out-of-season goods slowed down compared with the same period of the previous year, resulting in a significant increase in the net inventory price decline provision in the reporting period compared with the same period of the previous year, resulting in a large year-on-year decline in net profit. Pathfinder said that it will gradually divest and withdraw from businesses unrelated to the main outdoor business in an orderly manner, continue to integrate related travel business and sports investment projects, enhance outdoor ecological synergy, and enhance the company’s competitiveness in the outdoor products industry.

Mu Gaodi’s revenue was 357 million yuan

In the first half of 2018, Mu Gaodi achieved an operating income of 357 million yuan, a year-on-year increase of 12.18%; The net profit attributable to listed shareholders was 38.8491 million yuan, down 14.1% from the same period last year.

Founded in 2006, Mu Gaodi’s main business includes camping tents, outdoor clothing and other outdoor products research and development, design, production and sales, the main products include tents, sleeping bags, self-filling mats and other outdoor equipment, as well as storm jackets, down jackets, hiking shoes, sports backpacks and other outdoor clothing, shoes and accessories. At present, the company’s main business mode is OEM/ODM business and independent brand business. In terms of sales channels, in the first half of the year, Mu Gaodi’s online sales were 149 million yuan, a year-on-year increase of 5.38%, and offline sales were 558 million yuan, a year-on-year decrease of 15.21%.

Mu Gaodi said that the strategic plan for 2018 will essentially change the company’s operating model, from wholesale multi-channel investment promotion to focus on store retail and specialty store operation. In the first half of the year, the company sorted out and adjusted the franchisees nationwide, closed stores with poor operating performance and low operational efficiency, and upgraded the image standards of self-operated stores. As of June 30, Mu Gaodi had a total of 348 stores, including 21 directly operated stores and 327 franchised stores, a net decrease of 41 from 389 at the end of 2017.

Sanfo’s outdoor revenue was 205 million yuan

Sanfo Outdoor achieved operating income of 205 million yuan in the first half of the year, a year-on-year increase of 25.5%; The net profit attributable to listed shareholders was 2.5684 million yuan, a year-on-year increase of 452.36%. As of June 30, Sanfo Outdoor has opened 39 professional outdoor products chain stores in 16 cities across the country, with an area of 17,000 square meters.

Sanfo outdoor sales products are mainly divided into outdoor clothing, outdoor shoes and socks and outdoor equipment three categories, covering outdoor sports various scenes, in the agent, distribution of more than 400 international outdoor sports goods brands at the same time, Sanfo outdoor also launched anemaqen, SANFO, KIDSANFO, SANFOPLUS, LYSO and other own brands, of which SANFOPLUS was officially listed in April this year.

During the reporting period, the operating income of the company’s own brand was 29.6963 million yuan, accounting for 14.45% of the company’s operating income. The company’s store business revenue was 102 million yuan, accounting for 49.94% of the company’s operating income. The transaction volume of the company’s self-built platform and third-party sales platform was 51.3951 million yuan, and the operating income was 41.1347 million yuan. From the perspective of business, Sanfo Outdoor Outdoor Outdoor Accessories revenue in the first half of the year was 201 million yuan, a year-on-year increase of 28.21%; Outdoor service revenue was 4.1496 million yuan, down 38% year-on-year.

Outdoor products enterprises have increased and decreased

Last week, we sorted out the first-half results of locally listed women’s wear groups, and it is clear that compared with the vibrant and rapid growth of the women’s wear industry, the outdoor goods industry looks flat and sluggish, and the overall situation is not optimistic. In the outdoor products market, Pathfinder, Mu Gaodi, Sanfu Outdoor is undoubtedly a local representative brand enterprise, from the development data of these three enterprises, we may be able to peek at the leopard, find the development scale and trend of the domestic outdoor products industry.

In the first half of this year, the performance of the three listed outdoor products companies was different, and the net profit of Pathfinder both fell sharply; Mu Gaodi does not increase profits; Sanfo’s outdoor revenue and net profit both soared. From the perspective of operating income, Mu Gaodi and Sanfo Outdoor achieved positive revenue growth in the same period, of which Sanfo Outdoor increased the highest in the same period, reaching 25.5%. From the perspective of net profit, only Sanfo Outdoor achieved positive growth in net profit among the three companies, and the growth rate was strong, reaching 452.36%, while Pathfinder and Mu Gaodi both had a decline in net profit. Among the three companies, Pathfinder was the only one that experienced a single-digit decline in revenue and net profit.

For the poor performance in the first half of the year, Pathfinder said that the decline in operating income was mainly due to the significant reduction in the international air ticket business in travel services, and the decline in net profit was mainly due to the completion of the change of the company’s board of directors at the end of November 2017, and the new management adjusted the original overly aggressive sales plan based on the sustainable development plan, and the clean-up of out-of-season goods slowed down compared with the same period of the previous year, resulting in a significant increase in the net inventory price decline provision in the reporting period compared with the same period of the previous year. Pathfinder said that it will gradually withdraw from businesses unrelated to the main outdoor business and continue to integrate projects with deep synergy with the main business. In the three outdoor products companies, the net profit of revenue has achieved positive growth, and Sanfo Outdoor, which has a relatively bright performance, explained the reason for the growth of performance as the company opened new stores in the first half of the year, optimized product structure, increased marketing efforts for key customers, sports management and skill training business continued to expand, and at the same time, the company used idle raised funds for financial management, and investment income increased year-on-year.

The growth rate of the outdoor products industry has slowed down

Since 2001, China’s outdoor products market has experienced a period of rapid development. In 2001, the size of China’s outdoor products market was only 180 million yuan, the growth value in 2016 was 25.13 billion yuan, and by 2017, the scale of China’s outdoor products market reached nearly 30 billion yuan. After experiencing the golden development period of 2008~2012, the growth rate of China’s outdoor products market has slowed down and contracted year by year since 2013, and 2017 has become the lowest growth rate in 16 years. According to the “2017 China Outdoor Products Market Research Report”, the total retail sales of outdoor products in China in 2017 were about 24.46 billion yuan, and the annual growth rate of the total retail and wholesale market was the lowest level since 2002.

However, despite the slowdown in the growth rate of the industry, from the perspective of the development of China’s outdoor products market, it is still a period of growth and change, with huge and potential market space. Under the joint promotion of multiple factors such as national fitness, e-commerce and capital intervention, the extension of the outdoor products industry continues to expand, and many sports, fashion and leisure brands are scrambling to get involved in or increase the new field of outdoor products that still has huge room for development, such as the recent news that ANTA Sports will acquire the parent company of the internationally renowned outdoor brand Archaeopteryx Amer Sports. There are more and more new entrants and players, and the competition in the outdoor products industry is becoming increasingly intense.

In this process of intensified competition, with the deepening of industry adjustment and transformation, the continuous improvement of the retail environment, the brand awareness, market share and comprehensive strength of local outdoor products enterprises are also constantly improving, the overall market coverage of the field tends to be rich, and industrial expansion and upgrading have become the industry consensus. It is believed that in the next few years, the local outdoor products industry may enter a healthier and more balanced period of sustained growth, and the future industry competition will continue to develop in depth with the continuous strengthening of the internal strength of local outdoor brands.