TOREAD(SZ:300005) Nan Fang Du Shi Bao·2025-09-25 04:17Core Viewpoint - The company, once a leader in the outdoor industry, is facing significant challenges as the founding family gradually exits and the business struggles with dual operations in outdoor products and chips [2][3][4]. Group 1: Shareholder Actions - The founder's family has been continuously cashing out, with a total of over 1.4 billion yuan since 2020, indicating a clear intention to exit the company they built [1][4]. - Recent share reductions by the founder's family, totaling 1,475,200 shares, represent only 0.17% of the total share capital, but reflect a broader trend of divestment [1]. Group 2: Company History and Performance - The company started in 1999 and became the first outdoor products company listed on the Growth Enterprise Market in 2009, experiencing rapid growth until 2015 [3]. - From 2009 to 2015, the number of stores increased from approximately 200 to over 1,300, with revenue soaring from 294 million yuan to 3.808 billion yuan, achieving a compound annual growth rate of 42% [3]. - However, since 2015, the company has faced a dramatic decline, with revenue plummeting by 76% to 912 million yuan in 2020, marking its largest loss since going public [3][4]. Group 3: Management Changes and Strategic Shifts - In 2021, a new controlling shareholder, Li Ming, acquired a significant stake in the company, leading to a shift in management and strategy [4]. - The company has attempted to diversify by entering the chip industry, acquiring stakes in various chip companies, but this has led to mixed results [6]. Group 4: Current Challenges - The company's performance in 2025 shows a decline in revenue by 7.82% to 653 million yuan, with a significant drop in net profit by 76.5% [6]. - The outdoor business revenue decreased by 10.51%, while the chip business showed only a modest growth of 7.4%, indicating struggles in both sectors [6][7]. - Competitors in the outdoor market are rapidly gaining ground, with brands like Arc'teryx and Kolossus outperforming the company, which has not adapted quickly enough to market changes [7]. Group 5: Future Outlook - The company is attempting to integrate chip technology into outdoor products, launching innovative items like smart ski helmets, but faces skepticism regarding the feasibility and market acceptance of these products [6][7]. - The dual business model presents ongoing challenges, with the need for the company to find a balance between its outdoor and chip operations to ensure future growth [7].