Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Views - The company has experienced a decline in revenue and net profit in Q1 2025, with revenue at 330 million, down 6% year-on-year, and net profit at 30 million, down 3% year-on-year [1]. - The company is focusing on upgrading its "Cold Mountain" product line, aiming to cover a full range of high-performance outdoor products from camping to hiking [4]. - The OEM/ODM business showed resilience with a revenue increase of 2.46% year-on-year, while the self-owned brand business saw a decline of 19.42% [2]. Financial Performance Summary - Q1 2025: Revenue of 330 million, net profit of 30 million, and a non-recurring net profit of 30 million, reflecting declines of 6%, 3%, and 14% respectively year-on-year [1]. - Q4 2024: Revenue of 220 million, net profit of -8.66 million, and a non-recurring net profit of -11.10 million, showing declines of 26%, 169%, and 220% year-on-year [1]. - For the full year 2024, revenue was 1.3 billion, down 10%, with a net profit of 84 million, down 22%, and a non-recurring net profit of 60 million, down 43% [1]. Business Segment Performance - In Q1 2025, the OEM/ODM segment generated revenue of 220.3 million, up 2.46% year-on-year, while the self-owned brand segment generated 113.5 million, down 19.42% [2]. - The online revenue for the "Big Shepherd" brand was 44.48 million, up 2% year-on-year, while offline revenue was 50.83 million, down 35% [2]. - The "Little Shepherd" direct store revenue was 2.34 million, down 45%, while franchise store revenue was 15 million, up 1% [2]. Cost and Expense Analysis - Sales expenses were 120 million, down 4% year-on-year, attributed to reduced costs from targeted electronic platform advertising [3]. - Management expenses were 120 million, up 24% year-on-year, primarily due to increased labor costs and depreciation from investments in smart warehousing and SAP systems [3]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 96 million, 115 million, and 143 million respectively, and EPS of 1.03, 1.23, and 1.53 [9].

Core Insights - The Chinese outdoor market is undergoing significant changes, with major players like Ternua, Sanfu Outdoor, and Migo Dede releasing their 2024 financial reports, indicating a new competitive landscape [1] - The potential listing of Berghaus on the Hong Kong Stock Exchange could position it as the largest outdoor brand in China by revenue, highlighting the ongoing reshuffling in the 270 billion RMB outdoor goods market [1] Group 1: Financial Performance of Listed Companies - Ternua reported a revenue of 1.592 billion RMB for 2024, with its core outdoor business generating 1.369 billion RMB, marking an 8.91% year-on-year growth. The net profit reached 106.6 million RMB, a nearly 50% increase, attributed to the launch of mid-to-high-end product lines and effective marketing strategies [2][3] - Sanfu Outdoor achieved a revenue of 800 million RMB in 2024, a decline of 5.5%. However, in Q1 2025, it rebounded with a revenue of 190 million RMB, a 14.5% increase, and a net profit of 12.67 million RMB, indicating improved operational efficiency despite challenges [2][3] - Migo Dede's revenue for 2024 was 1.304 billion RMB, down 10.42%, with a net profit of 83.76 million RMB, a 21.57% decrease. The brand is focusing on its proprietary clothing line to tap into higher-margin markets [4] Group 2: Market Dynamics and Competitors - Berghaus has seen its revenue triple from 462 million RMB in 2021 to 1.733 billion RMB in 2023, making it the largest outdoor brand in China by revenue, despite ranking seventh in market share [5][6] - The outdoor market in China is projected to grow from 215 billion RMB in 2024 to 270 billion RMB by 2026, but lacks a dominant player comparable to Anta or Li Ning in the broader sports market [8] - The competition is intensifying as traditional sports brands like Nike and Adidas expand into the outdoor segment, while lifestyle brands like Lululemon and Uniqlo are targeting the "urban outdoor" demographic [8][10] Group 3: Future Outlook - The year 2025 is anticipated to be pivotal for the Chinese outdoor market, with increased IPO activity and a widening gap between brands. Success will likely depend on technological innovation and brand storytelling rather than just scale [11]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.304 billion yuan and a net profit attributable to shareholders of 83.76 million yuan [1] - The company's dividend plan for 2024 is to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) [1] Group 2: Core Business and Market Strategy - The company focuses on two main pillars: proprietary brand business and OEM/ODM manufacturing, leveraging global production capabilities in Bangladesh, Vietnam, and China [1] - The proprietary brand business generated 773 million yuan in revenue, while the OEM/ODM business contributed 528 million yuan [1] - The company aims to enhance its brand presence and market share through integrated marketing strategies, including co-branding, content marketing, and community engagement [2] Group 3: Brand Development and Product Innovation - The company launched a new brand image "向野而生" (Towards the Wild) in 2024, promoting high-quality outdoor products and encouraging exploration [3][5] - The "冷山山地系列" (Cold Mountain Series) was developed specifically for high-altitude trekking, featuring advanced materials and designs tailored to challenging environments [6][8] - The company emphasizes a three-core product system: sleep products, carrying products, and clothing products, ensuring comprehensive coverage for outdoor activities [8] Group 4: Retail Expansion and Community Engagement - The company's first flagship store opened in Shanghai in March 2025, marking a new phase in its retail strategy [10] - The company collaborates with various events and platforms, such as the 小红书 (Xiaohongshu) music festival and 阿那亚戏剧节 (Anaya Drama Festival), to promote outdoor lifestyles and engage with younger audiences [10][12]

Core Viewpoint - Camping has emerged as a popular lifestyle choice in China, driven by a desire to connect with nature and escape urban environments, leading to significant growth in the camping economy and related industries [1][10]. Industry Overview - Camping is defined as a temporary outdoor living arrangement, originally for military and surveying purposes, which has evolved into a leisure activity enjoyed by many [3]. - The camping market in China reached a core market size of 149.4 billion yuan in 2017, projected to grow to 2,139.7 billion yuan by 2024, with a compound annual growth rate of 46.3% [1][10]. - However, in 2023, the growth rate of the core market decreased from 52% in 2022 to 18%, influenced by the diversion of consumers to other emerging leisure activities post-pandemic [1][10]. Policy Support - The Chinese government has introduced several policies to promote the camping industry, including the establishment of camping zones in tourist areas and support for camping equipment development [5][7]. - Key policies include the 2022 guidance on promoting camping tourism and the 2023 measures to release tourism consumption potential, which encourage the creation of camping leisure areas in urban parks and open spaces [5][7]. Industry Chain - The camping industry chain consists of upstream (scenic areas, campsite construction), midstream (production of camping equipment), and downstream (sales channels such as malls and e-commerce) [8][10]. Market Growth - The camping economy is expected to drive significant growth in related sectors, including food, accommodation, and transportation, with the overall camping market projected to exceed 1,000 billion yuan, reaching 1,155.45 billion yuan by 2024, a year-on-year increase of 47% [12]. - The campsite market is also expanding, growing from 13.4 billion yuan in 2018 to an estimated 48.6 billion yuan by 2024 [14]. Competitive Landscape - The camping market is characterized by diverse and intense competition, with both international and domestic brands vying for market share. Domestic brands are gaining recognition in the mid-to-high-end market due to their cost-effectiveness and understanding of local consumer preferences [16][17]. Future Trends - The camping experience is expected to diversify, becoming a more integrated part of daily life, with new forms of camping emerging, such as outdoor music festival camping and stargazing camping [21]. - The industry is also anticipated to undergo digital transformation, incorporating technology to enhance the camping experience, such as smart tents and drone usage [22]. - The camping economy will continue to foster collaboration with cultural, sports, and educational sectors, creating a rich ecosystem of activities and experiences [23].

证券代码：603908 证券简称：牧高笛 公告编号：2025-020 一、本次激励计划已履行的决策程序和信息披露情况 1、2024 年 5 月 15 日，公司召开第六届董事会第十四次会议，会议审议通 过了《关于<公司 2024 年股票期权激励计划（草案）及其摘要>的议案》、《关于 <公司 2024 年股票期权激励计划实施考核管理办法>的议案》及《关于提请公司 股东大会授权董事会办理公司 2024 年股票期权激励计划相关事宜的议案》等议 案。 2、2024 年 5 月 15 日，公司召开第六届监事会第十三次会议，会议审议通 过了《关于<公司 2024 年股票期权激励计划（草案）及其摘要>的议案》、《关于 <公司 2024 年股票期权激励计划实施考核管理办法>的议案》及《关于核查公司 <2024 年股票期权激励计划首次授予激励对象名单>的议案》等议案。 牧高笛户外用品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 关于终止实施2024年股票期权激励计划并注销股票期权 的公告 牧高笛户外用品股份有限公司（以下简称 ...

证券代码：603908 证券简称：牧高笛 公告编号：2025-017 牧高笛户外用品股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次会计政策变更系根据财政部修订的相关会计准则作出的相应调整， 不会对公司财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及 全体股东利益的情形。 一、本次会计政策变更概述 2、变更日期 根据上述文件的要求，公司对会计政策予以相应的变更，自 2024 年 1 月 1 日起开始执行。 3、变更前采用的会计政策本次会计政策变更前，公司执行财政部发布的《企 业会计准则—基本准则》和各项具体会计准则、企业会计准则应用指南、企业会 计准则解释公告以及其他相关规定。 4、变更后采用的会计政策本次会计政策变更后，公司将按照财政部发布的 《暂行规定》、《准则解释第 17 号》和《准则解释第 18 号》的要求执行。除上 述政策变更外，其他未变更部分，仍按照财政部前期颁布的《企业会计准则—基 本准则》和各项具体会计准则、企业会计准则应用指南、企业会 ...

牧高笛户外用品股份有限公司 2024 年度董事会工作报告 2024 年度，公司董事会严格按照《公司法》、《证券法》、《上海证券交易所 股票上市规则》、《公司章程》及《董事会议事规则》等法律法规的要求，勤勉尽 职、诚实守信、忠实履行股东会决议，自觉参与各项重大事项的决策，努力维护 公司及全体股东的合法权益。在此，董事会向一年来支持公司发展的各位股东代 表、各位董事、监事，致以最诚挚的感谢！ 一、2024 年主要经营情况 报告期内，公司实现营业收入 13.04 亿元，同比下降 10.42%，实现净利润 8,376.16 万元，同比下降 21.57%。其中：自主品牌业务实现主营业务收入 77,383.88 万元，同比下降 16.43%；OEM/ODM 业务实现主营业务收入 52,895.24 万元，同比下降 0.03%。 二、2024 年董事会日常工作情况 （一）董事会会议召开及执行情况 公司董事会 2024 年共召开了 8 次会议，历次董事会均按照《公司法》、《公 司章程》、《董事会议事规则》的要求规范运作，会议通过的事项，均由董事会组 织有效实施。具体情况如下： | 序 | 召开时间 | 会议届次 | 会议议案 ...

牧高笛户外用品股份有限公司 未来三年（2025 年—2027 年）股东回报规划 为进一步健全和完善牧高笛户外用品股份有限公司（以下简称"公司"）利 润分配政策，建立科学、持续、稳定的分红决策和监督机制，便于投资者形成稳 定的投资回报预期，保护投资者的合法权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司监管指引第 3 号——上市公司现金分红》及《公 司章程》等有关规定，公司制订了《牧高笛户外用品股份有限公司未来三年（2025 年—2027 年）股东回报规划》（以下简称"本规划"）。具体内容如下： 一、公司制定本规划考虑的因素 基于公司的长远和可持续发展，在综合分析公司的发展战略、盈利能力、经 营环境、股东要求和意愿、社会资金成本、外部融资环境和监管政策等因素的基 础上，公司将充分考虑目前及未来的资本金、业务发展、盈利规模、所处发展阶 段、投资资金需求和自身流动性状况等情况，平衡业务持续发展与股东综合回报 二者间的关系，建立对投资者持续、稳定、科学的回报机制，保持利润分配政策 的连续性和稳定性。 二、本规划的制定原则 根据公司战略目标及未来可持续发展的需要，综合考虑公司经营发展实际情 况、股 ...

公司代码：603908 公司简称：牧高笛 牧高笛户外用品股份有限公司 2024年度内部控制评价报告 牧高笛户外用品股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能 ...

证券代码：603908 证券简称：牧高笛 公告编号：2025-014 牧高笛户外用品股份有限公司 关于调整高级管理人员范围并修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 牧高笛户外用品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第七届董事会第三次会议，审议通过了《关于调整高级管理人员范围并修订< 公司章程>的议案》。 | 1、交易涉及的资产总额（同时存 | 1、交易涉及的资产总额（同时存 | | --- | --- | | 在账面值和评估值的，以高者为 | 在账面值和评估值的，以高者为 | | 准）占公司最近一期经审计的总资 | 准）占公司最近一期经审计的总资 | | 产10%以下的对外投资、购买出售 | 产10%以下的对外投资、购买出售 | | 重大资产、资产抵押、委托理财等 | 重大资产、资产抵押、委托理财等 | | 交易事项； | 交易事项； | | 2、交易的成交金额（包括承担的 | 2、交易的成交金额（包括承担的 | | 债务和费用）占公司最近一期经审 | ...