Industry Overview - Camping has evolved from a survival activity to a refined leisure experience, becoming a normalized lifestyle choice for many consumers in China [1][3] - The camping industry is expected to extend its value chain through the "camping +" model, integrating outdoor equipment, themed services, and cultural experiences [1] Consumer Trends - Camping consumption is characterized by an "equipment upgrade" trend, moving from basic tents and sleeping bags to modular systems that include features like outdoor cinemas and smart tents [3] - The frequency of camping has become more normalized, with many consumers engaging in camping activities every one to three months, aligning with fragmented holiday demands [4] Market Potential - The core market size of China's camping economy is projected to reach 2139.7 billion yuan in 2024, reflecting a year-on-year growth of 60.4%, while the overall market size is expected to reach 11554.5 billion yuan, growing by 46.8% [4] - By 2030, the core market size is anticipated to rise to 4879.8 billion yuan, with the overall market reaching 23998.5 billion yuan, indicating significant growth potential in the camping sector [4] Company Strategies - Companies like MGH and Decathlon are actively expanding their product offerings to meet the rising demand for camping gear, focusing on family-oriented products and convenience [2][3] - MGH aims to enhance its product line by introducing high-performance outdoor products that cater to both camping and hiking, emphasizing functionality, lightweight design, and sustainability [3] - The competitive landscape is becoming increasingly diverse, with both domestic and international brands entering the market, leveraging quality products and services to attract consumers [5]

A 股每股现金红利0.65元 证券代码：603908 证券简称：牧高笛 公告编号：2025-026 牧高笛户外用品股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本93,366,000股为基数，每股派发现金红利0.65 元（含税），共计派发现金红利60 ...

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法律责任。 证券代码：603908 证券简称：牧高笛 公告编号：2025-024 牧高笛户外用品股份有限公司 关于2024年股票期权激励计划股票期权注销完成的公告 牧高笛户外用品股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召 开 2024 年年度股东大会，审议通过《关于终止实施 2024 年股票期权激励计划并 注销股票期权的议案》，同意终止实施 2024 年股票期权激励计划并注销激励计划 已授予但尚未行权的股票期权 88.444 万份。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 88.444 万份股票期权注销事宜已于 2025 年 5 月 23 日办理完毕。本次股票期权注 销不会对公司股本造成影响。 特此公告。 牧高笛户外用品股份有限公司董事会 2025 年 5 月 27 日 ...

牧高笛户外用品股份有限公司 证券代码：603908 证券简称：牧高笛 公告编号：2025-025 特此公告。 关于变更持续督导保荐代表人的公告 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法律责任。 牧高笛户外用品股份有限公司（以下简称"公司"）于近日收到国泰海通 证券股份有限公司（以下简称"国泰海通"）出具的《关于变更牧高笛户外用 品股份有限公司持续督导保荐代表人的函》。作为公司首次公开发行 A 股股票 项目的保荐人，国泰海通原委派施韬先生、梁昌红先生为公司持续督导保荐代 表人，法定持续督导期至 2019 年 12 月 31 日止，因募集资金尚未使用完毕，国 泰海通需要继续履行持续督导义务。 公司原持续督导保荐代表人梁昌红先生因国泰海通内部工作调整，不再担 任公司持续督导的保荐代表人。为保证持续督导工作的有序进行，国泰海通委 派杨昀凡先生接替梁昌红先生继续履行持续督导责任。杨昀凡先生简历详见附 件。 本次保荐代表人变更不影响国泰海通对公司的持续督导工作。本次变更后， 国泰海通负责牧高笛首次公开发行 A 股股票项目的持续督导保荐代表人 ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 27.1 CNY per share [2][9]. Core Insights - In 2024, the company reported revenues of 1.3 billion CNY, a decline of 10.4% year-on-year, with a net profit attributable to shareholders of 84 million CNY, down 21.6% [2][5]. - For Q1 2025, the company achieved revenues of 330 million CNY, a decrease of 6.1% year-on-year, with a net profit of 30 million CNY, down 2.7% [2][5]. - The company plans to distribute a cash dividend of 6.5 CNY per 10 shares, resulting in a dividend payout ratio of 72% [2]. Financial Performance Summary - **2024 Financials**: - Total revenue: 1,304 million CNY - Net profit: 84 million CNY - Earnings per share: 0.90 CNY - Gross margin: 28.48% [5][10] - **2025-2027 Projections**: - Expected revenue growth: 3.1% in 2025, 7.8% in 2026, and 10.7% in 2027 - Projected net profit: 93 million CNY in 2025, 106 million CNY in 2026, and 124 million CNY in 2027 [5][10]. Business Segment Analysis - **Self-owned Brand Performance**: - In 2024, self-owned brands generated 774 million CNY in revenue, down 16.43% year-on-year, with a gross margin of 29.82% [2][9]. - **OEM/ODM Business**: - The OEM/ODM segment reported revenues of 529 million CNY in 2024, a slight decline of 0.03% [2][9]. Market Position and Outlook - The company is positioned as a leader in the camping equipment sector and is expected to benefit from the increasing demand in the outdoor industry [2][9]. - The global production capacity is well-established, allowing the company to capture opportunities from customer order relocations [2][9].

Meeting Details - The shareholders' meeting was held on May 19, 2025, at the company's conference room in Ningbo [1] - The attendance rate of shareholders was 61.4159% [1] - The voting method combined on-site and online voting, presided over by the chairman [1] Voting Results - All proposed resolutions were passed with significant majority votes, with A-shareholders voting as follows: - Resolution 1: 99.6047% in favor [1] - Resolution 2: 99.6053% in favor [1] - Resolution 3: 99.5956% in favor [1] - Resolution 4: 99.6053% in favor [1] - The voting results indicate strong shareholder support for the resolutions presented [2][3] Special Resolutions - Special resolution 13 was passed with over two-thirds of the voting rights held by attending shareholders [4] - Resolutions 6-16 were counted separately for minority investors [4] Legal Compliance - The meeting and voting procedures complied with relevant laws and regulations, ensuring the validity of the resolutions passed [4]

牧高笛 2024 年年度股东大会法律意见书 国浩律师(杭州)事务所 国浩律师(杭州) 事务所 关于 牧高笛户外用品股份有限公司 2024 年年度股东大会的 法律意见书 本法律意见书仅用于为公司本次股东大会见证之目的,不得用于其他任何目 的或用途。本所同意，公司将本法律意见书作为公司本次股东大会的公告材料, 随其他需公告的信息一起向公众披露,并依法对本所在其中发表的法律意见承担 法律责任。 国浩律师(杭州)事务所〈以下简称"本所"）接受牧高笛户外用品股份有 限公司（以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大会 （以下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股东会 规则》(以下简称"《股东会规则》"）、《上市公司治理准则》( 以下简称"《治 理准则》"）和上海证券交易所发布的《上海证券交易所上市公司自律监管指引 第 1 号―规范运作》（以下简称"《规范运作指引》")等法律、行政法规、规 范性文件及现行有效的《牧高笛户外用品股份有限 ...

证券代码：603908 证券简称：牧高笛 公告编号：2025-023 牧高笛户外用品股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 19 日 (二)股东大会召开的地点：宁波市江东北路 475 号和丰创意广场意庭楼 14 楼公 司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 90 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 57,341,594 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.4159 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《2024 年度董事会工作报告》 审议结果：通过 本次股东大会所 ...

Core Viewpoint - The analysis focuses on the inventory changes and turnover efficiency of 19 representative A-share listed companies in the apparel industry for the fiscal year 2024, highlighting significant inventory pressures faced by companies like Sanfu Outdoor and Mukao Di [1][2]. Inventory Scale & Proportion - In 2024, the highest inventory scale was reported by Hailan Home at 11.987 billion, followed by Semir Fashion at 3.481 billion and Taiping Bird at 1.736 billion [2]. - Notable year-on-year inventory growth was observed in companies such as Biyin Lefen (34.33%), Hailan Home (28.38%), and Semir Fashion (26.75%) [3]. - Mukao Di's inventory accounted for 54.21% of total assets, while Sanfu Outdoor's inventory proportion was 43.12%, and Hailan Home's was 35.86% [4][5]. Inventory Turnover Efficiency - Companies like Xinhe Shares and Sanfu Outdoor reported inventory turnover days exceeding 400 days, indicating low turnover efficiency [7][11]. - The inventory turnover days for Xinhe Shares increased from 519.26 days in 2023 to 553.59 days in 2024, reflecting a decline in efficiency [11]. - Overall, many companies in the apparel sector experienced a decrease in inventory turnover efficiency, leading to longer turnover days [10].

Core Insights - The apparel industry in China is experiencing a slowdown in growth, with retail sales of clothing reaching 1,071.62 billion yuan in 2024, reflecting a mere 0.1% increase year-on-year, a significant decline of 15.3% compared to 2023 [1] - Among 25 selected publicly listed companies in the apparel sector, only 7 reported increases in both revenue and net profit, while 10 companies experienced declines in both metrics [1][2] Revenue and Profit Overview - In 2024, 15 companies reported a decline in net profit, and 13 saw a decrease in revenue. Notably, 10 companies experienced declines in both revenue and net profit [2] - Companies with declining performance include: - Baoxini: Revenue of 5.153 billion yuan, down 1.91%; net profit of 495 million yuan, down 29.07% [2][3] - Hailan Home: Revenue of 20.957 billion yuan, down 2.65%; net profit of 2.159 billion yuan, down 26.88% [2][3] - Sanfu Outdoor: Revenue of 800 million yuan, down 5.45%; net profit loss of 21 million yuan, down 158.83% [2][3] - Anzheng Fashion: Revenue of 2.034 billion yuan, down 6.23%; net profit loss of 124 million yuan, down 365.03% [2][3] - Aimer: Revenue of 3.163 billion yuan, down 7.71%; net profit of 163 million yuan, down 46.56% [2][3] Losses and Underperformance - Six companies reported losses, including: - Ge Li Si: Loss of 310 million yuan [4][5] - Sanfu Outdoor: Loss of 21 million yuan [4][5] - Anzheng Fashion: Loss of 124 million yuan [4][5] - Xinhe Shares: Loss of 67 million yuan [4][5] - Meibang Clothing: Loss of 195 million yuan [4][5] - Annai: Loss of 115 million yuan [4][5] Performance Rankings - The top three companies in revenue growth are: - 361 Degrees: 19.6% growth [7] - Tanshan: 14.44% growth [7] - Anta Sports: 13.6% growth [7] - The bottom three in revenue growth are: - Meibang Clothing: -49.79% [7] - Annai: -20.7% [7] - Xinhe Shares: -20.1% [7] Net Profit Growth Rankings - The top three companies in net profit growth are: - Urban Beauty: 197% growth [9] - Anta Sports: 52.4% growth [9] - Tanshan: 48.5% growth [9] - The bottom three in net profit growth are: - Meibang Clothing: -715.45% [9] - Ge Li Si: -392.99% [9] - Anzheng Fashion: -365.03% [9]