Core Viewpoint - The company, 伯希和, is planning an IPO on the Hong Kong Stock Exchange to raise funds for enhancing R&D capabilities, product design, brand positioning, multi-channel sales network, digital capabilities, and working capital [1] Group 1: Financial Performance - The company reported revenues of 379 million, 908 million, and 1.766 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of 27.6 million, 156 million, and 304 million yuan, resulting in a net profit CAGR of 232% [1] - R&D expenditures are projected to increase from 13.6 million yuan in 2022 to 31.5 million yuan in 2024 [1] Group 2: Product Strategy - The company has successfully positioned its jackets as a cornerstone of its brand, selling approximately 3.8 million jackets from 2022 to 2024, with a sales CAGR of 144% [1][2] - The product matrix has expanded to 572 SKUs across four major series, catering to diverse outdoor scenarios [2] Group 3: Sales Channels - The company has established a multi-channel sales network centered on DTC, with online DTC sales revenue growing from 331 million yuan in 2022 to 1.351 billion yuan in 2024, achieving a CAGR of 102% [2] - Offline DTC sales revenue increased from 7.3 million yuan in 2022 to 169 million yuan in 2024, with over 100 stores established in mainland China by the end of 2024 [3] Group 4: Market Outlook - The high-performance outdoor apparel market in China is one of the fastest-growing segments, expected to reach a market size of 215.8 billion yuan by 2029 [3] - Analysts believe the company is well-positioned for long-term growth due to its innovative products, differentiated brand positioning, and excellent operations [3]
伯希和递交港股招股书 近三年经调整净利年复合增长率达232%
Zheng Quan Ri Bao Wang·2025-04-28 10:46