被担保人名称及是否为上市公司关联人： 被担保人衢州天野户外用品有限公司（以下简称"衢州天野"）为牧高笛户 外用品股份有限公司（以下简称"公司"）全资子公司。 本次担保金额及已实际为其提供的担保余额： 证券代码：603908 证券简称：牧高笛 公告编号：2025-004 牧高笛户外用品股份有限公司 关于为全资子公司提供担保的进展公告 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： 本次为全资子公司衢州天野新增担保金额为人民币 10,000 万元，公司已累 计为其提供担保总额为 70,400 万元，实际为其提供担保的余额 2,815.05 万元。 本次担保是否有提供反担保：无 对外担保逾期的累计数量为：0 特别风险提示：此次担保存在为资产负债率超过 70%的全资子公司提供担 保，担保风险可控，敬请投资者注意相关风险。 一、本次担保情况概述 （一）本次担保的基本情况 为满足子公司日常经营发展的资金需求，公司本次新增为子公司提供总计 10,000 万元的担保，具体情况如下： | 序号 | 担保方 | 被担保方 | ...

Core Viewpoint - The rise of the "camping economy" in China is reflected in increased consumer interest and stock performance of outdoor equipment companies, but challenges such as low repurchase rates and market saturation are emerging [1][4][7]. Group 1: Market Trends - The camping trend has gained significant traction, with 1.7 billion views and 1.44 million discussions on social media platforms like Xiaohongshu [1]. - Major cities such as Shanghai, Shenzhen, Chengdu, and Changsha are also experiencing a surge in camping-related activities [1]. - The outdoor equipment market is seeing increased sales, particularly for lightweight and high-cost-performance products [3]. Group 2: Stock Performance - Companies like Muguo (牧高笛) and others in the camping sector have seen notable stock price increases, with Muguo rising by 10.72% in March 2025 [6]. - Zhejiang Natural and Zhejiang Yongqiang also reported stock increases of 11.31% and 8.48%, respectively, during the same period [6]. Group 3: Consumer Demographics - The primary consumer demographic for camping includes urban populations, particularly women who make up 64% of decision-makers, and younger generations (90s and 00s) who value nature and trendy experiences [2]. Group 4: Challenges in the Industry - The camping market is facing a slowdown, with a projected market growth rate of 16.1% for 2025, down from 35.7% in 2024 [8]. - Muguo reported a revenue decline of 6.49% year-on-year for the first three quarters of 2024, contrasting sharply with previous years of high growth [9]. - Inventory issues are prevalent, with Muguo's inventory reaching 528 million yuan, accounting for 46.8% of total assets [13]. Group 5: Strategic Adjustments - Muguo is adjusting its product structure to include new categories such as "sleep systems" and "wearing systems" to diversify its offerings beyond traditional camping gear [10]. - Competitors like Tenzing (探路者) are also exploring new growth avenues, including a foray into the chip industry to enhance their outdoor business [10][11].

Group 1 - JD.com has officially launched its travel season, collaborating with brands like Adidas and MGG to offer a variety of popular products, including sportswear and outdoor gear, with discounts of 30 yuan for every 200 yuan spent [1][3] - The travel season will feature four themed weeks, including "Wild Awakening Camp" and "Lightweight Hiking Week," showcasing a range of high-quality outdoor products and ongoing discounts [3][5] - Daily "travel packages" will be introduced during the travel season, catering to various outdoor activities such as camping and picnicking, making it easier for consumers to enjoy their outings [5] Group 2 - The Yeezy brand has seen a resurgence in popularity following Adidas' announcement to clear its inventory, with prices dropping significantly, making it an attractive option for consumers during the travel season [7][8] - JD.com will host offline events, including a support event for Lin and sponsorship of the world's first humanoid robot half marathon, blending technology with sports [8]

证券代码：603908 证券简称：牧高笛 公告编号：2025-003 本次担保金额及已实际为其提供的担保余额： 本次为全资子公司衢州天野新增担保金额为人民币 5,000 万元，公司已累计 为其提供担保总额为 60,400 万元，实际为其提供担保的余额 3,636.76 万元。 牧高笛户外用品股份有限公司 关于为全资子公司提供担保的进展公告 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： 被担保人名称及是否为上市公司关联人： 被担保人衢州天野户外用品有限公司（以下简称"衢州天野"）为牧高笛户 外用品股份有限公司（以下简称"公司"）全资子公司。 本次担保是否有提供反担保：无 对外担保逾期的累计数量为：0 特别风险提示：此次担保存在为资产负债率超过 70%的全资子公司提供担 保，担保风险可控，敬请投资者注意相关风险。 一、本次担保情况概述 （一）本次担保的基本情况 为满足子公司日常经营发展的资金需求，公司本次新增为子公司向银行申请 综合授信提供了总计 5,000 万元的担保，具体情况如下： | 序号 | 担保方 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4][6]. Core Insights - The company has launched its first flagship store in Shanghai, aiming to establish a new urban outdoor lifestyle landmark and promote its brand philosophy of "Born to the Wild" [1]. - The "A Journey Beyond the Edge" initiative has been introduced to enhance the brand's image and promote outdoor culture in China, focusing on high-quality and high-performance outdoor products [2]. - The company is expanding its product line to cover all scenarios for hiking and camping, with a focus on high-performance outdoor gear designed for various altitudes and conditions [3]. Financial Projections - The company expects EPS for 2024, 2025, and 2026 to be 1.05 CNY, 1.21 CNY, and 1.44 CNY respectively, with corresponding P/E ratios of 22x, 20x, and 16x [4][10]. - Revenue projections for 2024, 2025, and 2026 are 1,426.75 million CNY, 1,599.39 million CNY, and 1,847.29 million CNY, reflecting growth rates of -2.00%, 12.10%, and 15.50% respectively [10][12].

Investment Rating - The report maintains a "Buy" rating for the company [4][6][18] Core Views - The company has launched its first flagship store in Shanghai, aiming to establish a new urban outdoor lifestyle landmark and promote its brand philosophy of "Born to the Wild" [1][2] - The "A Journey Beyond the Edge" initiative is introduced to enhance the brand's outdoor identity, focusing on high-quality, high-performance outdoor products while promoting environmental sustainability [2][3] - The product line has been upgraded to cover all scenarios from low to high altitude hiking, with a focus on lightweight and multifunctional designs for extreme environments [3] Financial Summary - The company expects EPS for 2024, 2025, and 2026 to be 1.05 CNY, 1.21 CNY, and 1.44 CNY respectively, with corresponding PE ratios of 22x, 20x, and 16x [4][10] - Projected revenue for 2024 is 1,426.75 million CNY, with a growth rate of -2.00%, followed by 12.10% growth in 2025 and 15.50% in 2026 [10][12] - The company's net profit for 2024 is projected to be 97.83 million CNY, with a decline of 8.40% from the previous year, but expected to recover to 112.75 million CNY in 2025 and 134.01 million CNY in 2026 [10][12]

证券代码：603908 证券简称：牧高笛 公告编号：2025-002 牧高笛户外用品股份有限公司 关于高级管理人员辞职的公告 牧高笛户外用品股份有限公司（以下简称"公司"）董事会近日收到首席人 力资源官佘亮先生的辞职报告，佘亮先生因个人原因辞去公司首席人力资源官职 务。辞职后，佘亮先生将不再担任公司任何职务。根据《公司法》、《公司章程》 等相关规定，佘亮先生的辞职报告自送达董事会之日起生效。佘亮先生所负责的 相关工作已进行良好交接，其辞职不会影响公司相关工作的正常运行。公司及董 事会对佘亮先生在公司任职期间为公司所做出的贡献表示衷心的感谢！ 为优化公司组织架构，提升运营效率，公司拟取消首席人力资源官岗位并同 步修订公司章程，该事项尚需董事会、股东大会审议通过。 特此公告。 牧高笛户外用品股份有限公司董事会 2025 年 2 月 18 日 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。 ...

财联社1月3日电，牧高笛公告，公司控股股东名称由原"宁波大牧企业管理咨询有限公司"变更为"宁波 大牧投资有限公司"，并已完成工商变更登记手续，取得新换发的营业执照。 控股股东名称变更事项不涉及公司控股股东及实际控制人的持股变动，对公司经营活动不构成影响，公 司控股股东和实际控制人未发生变化。 ...

证券代码：603908 证券简称：牧高笛 公告编号：2024-067 牧高笛户外用品股份有限公司董事会 2024 年 12 月 27 日 1 根据全国高新技术企业认定管理工作领导小组办公室近日发布的《对浙江省 认定机构 2024 年认定报备的高新技术企业进行备案的公告》，牧高笛户外用品 股份有限公司全资子公司衢州天野户外用品有限公司（以下简称"衢州天野"） 通过高新技术企业认定，证书编号：GR202433008599，发证日期为 2024 年 12 月 6 日，有效期为三年。 本次系衢州天野原高新技术企业证书有效期满后进行的重新认定。根据国家 对高新技术企业税收优惠政策的相关规定，衢州天野自企业认定当年起三年内 （即 2024 年、2025 年、2026 年），将享受国家关于高新技术企业的相关优惠 政策，即按 15%的税率计缴企业所得税。 特此公告。 牧高笛户外用品股份有限公司 关于全资子公司通过高新技术企业认定的公告 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。 ...

证券代码：603908 证券简称：牧高笛 公告编号：2024-066 近日,公司已完成章程修订备案手续，经浙江省市场监督管理局核准备案的 公司章程详见同日在上海证券交易所网站披露的《牧高笛户外用品股份有限公司 章程》。 特此公告。 牧高笛户外用品股份有限公司董事会 2024 年 12 月 17 日 牧高笛户外用品股份有限公司 关于完成《公司章程》备案的公告 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 2024 年 9 月 23 日召 开第六届董事会第十八次会议，并于 2024 年 10 月 14 日召开第二次临时股东大 会，审议通过了《关于修订公司章程的议案》（详见编号为 2024-054，2024-056 的公告），同意对《公司章程》的相关条款进行修订，并授权相关人员办理工商 备案手续。 ...