This article**: Times Weekly Author: Ouyang Qianqian.
When the post-00s promote military coats in pursuit of cost-effectiveness, how long can the "spring" of the pathfinder last?
Recently, the State Administration for Market Regulation organized and carried out national supervision and spot checks on the quality of 36 kinds of products such as toys. A total of 6,348 batches of products from 6,095 production units and 1,480 sales units were randomly inspected, and 522 batches of unqualified products were found, including 26 batches of unqualified down jackets. The above-mentioned unqualified down jackets came from 185 batches of products randomly inspected by 178 sales units on 15 platforms by the State Administration for Market Regulation, involving well-known down jacket brands such as Pathfinder and Ashton. The reasons for disqualification are mostly duck feather (down) content, fiber content, and down content. Among them, the pathfinder is still unqualified in the second retest.
The Times reporter combed through the Black Cat complaint platform and found that there were 126 related complaints involving Pathfinder. Its jackets have been criticized by consumers many times, and the reasons for complaints mostly involve product quality, fakes, and non-refunds from the platform. Regarding the unqualified quality inspection and complaints, the Times reporter called the pathfinder, but as of press time**, it was not connected.
Xu Yanxuan, a lawyer at Beijing Jingshi Law Firm, said that the Product Quality Law clearly stipulates that if the quality of the random inspection product is not up to standard, the market supervision and management department that conducts the supervision and inspection shall order the producer and seller to make corrections within a time limit. If the correction is not made within the time limit, the people's market supervision and management department at or above the provincial level shall make an announcement;If it is still unqualified after the announcement after the review, it shall be ordered to suspend business and rectify within a time limit;After the expiration of the rectification period, if the quality of the product is still unqualified after review, the business license shall be revoked.
Xu Yanxuan further said that the failure of the second sampling inspection has different consequences in specific circumstances. If it is not corrected within the time limit, the provincial market supervision department will make an announcement, and if it is found to be unqualified during the review during the announcement period, it will be ordered to suspend business for rectification within a time limit.
Regarding product quality problems, Xu Yanxuan told the Times Weekly reporter that if there is a quality problem with the purchased product, consumers should not only keep the traditional purchase voucher and consumption records, but also keep the labels, instructions, publicity and other materials related to the product. "Once a quality problem is found, it can be entrusted to a nationally recognized authoritative testing agency for testing, and the test results are quite different from the actual labeled ingredients of the product, or the test results do not meet the national standards, which can become ironclad evidence for rights protection. He said.
*: Picture Worm Creative
The main business stamina is insufficient, and it is difficult to take on major responsibilities in cross-border business.
According to the financial report, since its establishment in January 1999, Pathfinder has been deeply engaged in the outdoor products market, specializing in the research and development, design, operation and sales of outdoor products. The company currently has Pathfinder (toread, the main brand of Pathfinder), toreadkids (Pathfinder brand children's clothing), toreadx (Pathfinder sub-brand, Trend Outdoor) and other brands.
The company's main business covers two businesses, outdoor products business and chip business, which belong to the outdoor products industry and the semiconductor industry respectively, of which the outdoor products industry includes outdoor clothing, outdoor shoes, outdoor equipment and other business services. In the first half of this year, the revenue of the above four categories of products was 40 billion yuan, 09.8 billion yuan, 03.5 billion yuan, 00.7 billion yuan, the entire outdoor products business achieved a revenue of 54 billion yuan, accounting for the total revenue of Pathfinder in the current period (5.).5.6 billion yuan) of 9722%。
Among them, outdoor clothing is the main business, accounting for 7196%。However, the profitability of Pathfinder's outdoor apparel business is not stable. From 2019 to 2022, the revenue of Pathfinder's outdoor apparel business was 102.1 billion yuan, 68.1 billion yuan, 90.8 billion yuan, 87.3 billion yuan, in the first half of this year, the business revenue of 40 billion yuan.
It is worth noting that as early as 2021, Pathfinder began to explore the second growth curve outside of the outdoor goods business. In September 2021, Pathfinder acquired 60% of the equity of Beijing Xineng Electronic Technology, and since then, Pathfinder has begun to get involved in the semiconductor business, specifically new businesses in the fields of display driver chip design, research and development, and chip packaging products.
From the clothing industry to cross-border semiconductors, such a large span, the market was not optimistic at that time. Since the announcement on September 21, 2021, the stock price in the secondary market has been falling, with a cumulative decline of more than 29% in a week. Some industry insiders have analyzed that if you have not been involved in the semiconductor field before and have no relevant technology and personnel reserves, it is not easy to transform in this direction now, because the semiconductor business has very high requirements for professionalism.
In March 2023, Pathfinder acquired G2 Touch, a chip design company. Founded in 2009, the latter is a chip design company that provides customers with a full range of touch solutions (touch laptops, smartphones, tablets, etc.) based on its own patents. In this regard, the company's dual main business development strategy of "outdoor business + chip business" has been gradually improved.
After two years of exploration, although Pathfinder's semiconductor business has made some achievements, it is still difficult to make up for the lack of stamina of its main business. According to the financial report, the revenue of Pathfinder's chip business in 2022 will be 842720,000 yuan, accounting for 074%。In the third quarter of 2023, the revenue of this business increased rapidly to 14.6 billion yuan, but the proportion of revenue is only 965%。
The violation ** was questioned by the regulator, and the actual controller ** wanted to leave the scene
While the Pathfinder business is in transition, the actual controller is quietly **, and in September this year, the Shenzhen Stock Exchange issued a regulatory letter for violating the rules. According to the regulatory letter, according to the "Pre-disclosure Announcement on the Shares of One of the Company's Controlling Shareholders" disclosed by Pathfinder Holding Group Co., Ltd. on June 21, 2023, Ningbo Baiyi Zhushun Management Consulting Partnership (Limited Partnership) (hereinafter referred to as "Baiyi Zhushun"), as the concerted action person of the controlling shareholder of Pathfinder, intends to conduct centralized bidding transactions within 3 months after 15 trading days from the date of disclosure of the pre-disclosure announcement**Pathfinder shares shall not exceed 876930,000 shares, accounting for no more than 09999%。
The regulatory letter further shows that Baiyi Zhushun has accumulated a total of 908 from July 21 to August 11510,000 shares, ** ratio 1036%, which exceeds the pre-disclosed **number, and the total number of Pathfinder shares through centralized bidding transactions for 90 consecutive natural days exceeds 1% of the total share capital of Pathfinder, which is a violation**.
As of the end of September 2023, Baiyi Zhushun holds 17.6 million shares of Pathfinder, accounting for 199%。At the same time, Baiyi Zhushun and the top two shareholders of Pathfinder, Beijing Tongyu Zhonghe Technology Development Center (Limited Partnership) (hereinafter referred to as "Tongyu Zhonghe") and Beijing Tongyu High-tech Equity Investment Center (Limited Partnership) are acting in concert, and as of the end of September 2023, the three parties hold a total of 1564%。
Tianyan check shows that the ultimate actual controller of Tongyu Zhonghe is Li Ming, the ultimate actual controller of Beijing Tongyu High-tech Equity Investment Center (Limited Partnership) is the People's ** State-owned Assets Supervision and Administration Commission of Tongzhou District, Beijing (hereinafter referred to as "Tongzhou State-owned Assets Supervision and Administration Commission"), and the actual controller of Baiyi Zhushun is Feng Yuchen. In September 2021, the three parties signed the "Concerted Action Agreement", under which the voting rights of Beijing Tongyu High-tech Equity Investment Center (Limited Partnership) and Baiyi Zhushun were entrusted to Tongyu Zhonghe.
The Times reporter found that since the first half of this year, Baiyi Zhushun has begun to hold the shares of Pathfinder. The 2023 semi-annual report shows that the shareholding ratio of Baiyi Zhushun has increased from 500% down to 302%, and then fell to 1 in the third quarter99%, and the total shareholding ratio of the actual controller has also increased from 1865 down to 1564%。
It is worth noting that on November 14, Pathfinder issued an announcement saying that the actual controller was 1564% of the shares have been fully pledged, of which the pledge of 17.6 million shares of the company held by Baiyi Zhushun has expired on November 13, but the pledge has not yet been released. At the same time, the announcement also pointed out that Baiyi Zhushun's "repayment funds** are mainly investment dividends, asset disposal, etc., and have solvency. ”
The founder's family has accelerated.
The founder of Pathfinder is not a reality controller, but the first.
3. The fourth shareholder Sheng Faqiang and Wang Jing are husband and wife. The two founded Pathfinder in 1999 and launched it on GEM in 2009.
After the listing, the performance of Pathfinder has soared, and from 2009 to 2014, Pathfinder achieved revenue of 29.4 billion yuan, 43.4 billion yuan, 75.4 billion yuan, 110.6 billion yuan, 144.5 billion yuan, 171.5 billion yuan, net profit was 4403400,000 yuan, 5389540,000 yuan, 10.7 billion yuan, 16.9 billion yuan, 24.9 billion yuan, 29.4 billion yuan.
Since 2015, in order to expand its business territory, Pathfinder has embarked on the road of mergers and acquisitions, and has successively acquired "Singapore Ctrip"**travel platform asiatr**el, outdoor platform Lvye.com, Yiyou World, Beijing Xingzhi Exploration Travel Agency, Tutu (Xiamen) Outdoor Products***, etc. Since then, the company's performance has been greatly affected.
In 2016, Pathfinder only achieved revenue of 287.8 billion yuan, down 2442% and a net profit of 16.6 billion yuan, a year-on-year decrease of 3713%。After returning to the main business in 2018, it has not been able to reverse the decline of Pathfinder, and in 2020, Pathfinder's revenue has fallen to 91.2 billion yuan, down 39 percent year-on-year64%；Net profit attributable to shareholders of the listed company was -27.5 billion yuan, from profit to loss.
At the beginning of 2021, in order to revitalize the company, Sheng Faqiang and Wang Jing will hold a total of part of the unrestricted tradable shares of Pathfinder (accounting for 585%)The ** of 5 yuan shares was transferred to Tongyu Zhonghe, and the transaction ** was 33.6 billion yuan. After the transfer, the actual controller of the company became Tongyu Zhonghe.
After this transfer, Sheng Faqiang, Wang Jing and other family members began to accelerate cash-out. According to the 2020 financial report, as of the end of 2020, Sheng Faqiang and Wang Jing held shares of the company respectively. 83% out of a total of 2340%, Wang Jing's brother-in-law Jiang Zhongfu holds 270%, Sheng Faqiang's nephew Li Runbo holds 099%。
In 2021, the shareholding ratio of Sheng Faqiang and Wang Jing will be further reduced. According to the financial report, the shareholding ratio of the two has dropped to. 12%。In 2022, Shengfa Qiang will continue to **, and the shareholding ratio will drop to 543%, Jiang Zhongfu and Li Runbo's holdings are also declining, respectively. 96%。
In the third quarter of this year, the family members continued to **, and Wang Jing's shareholding fell to 495%, Jiang Zhongfu dropped to 244%, and Li Runbo is no longer among the top ten shareholders.