“始终鸟平替”伯希和IPO：业绩大涨依赖单一产品线，轻研发重营销明显

Core Viewpoint - The outdoor brand "Bershka," known as the "alternative to Arc'teryx," is entering the capital market amid a surge in demand for outdoor apparel as it transitions from a functional garment to a daily wear item. The company has shown impressive revenue growth but faces challenges that may hinder its ability to maintain this momentum in the capital market [1]. Financial Performance - Bershka's revenue has seen significant growth, achieving annual revenues of 378 million yuan, 908 million yuan, and 1.766 billion yuan from 2022 to 2024, marking a three-year consecutive increase. Net profits also rose from approximately 24.31 million yuan in 2022 to 283 million yuan in 2024 [2]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, outperforming competitors such as Amer Sports and Toread [2]. - The net profit margin increased from 6.4% in 2022 to 16% in 2024, significantly higher than Amer Sports' 4.5% [2]. Revenue Drivers - The increase in profitability is attributed to a pricing strategy that enhanced gross margins and effective cost control. The gross margins for clothing, footwear, and accessories have all shown improvement during the reporting period [3]. - Online sales channels contributed significantly to revenue, accounting for approximately 80% of total income, with online sales reaching 331 million yuan, 752 million yuan, and 1.351 billion yuan from 2022 to 2024 [4]. Market Position and Challenges - Despite strong online growth, the company has only opened about 14 direct-operated stores, falling short of its goal of 500 stores within three years. The majority of its physical presence relies on franchise stores concentrated in first- and second-tier cities [4]. - Bershka's product portfolio is heavily reliant on its classic series, which generated 1.461 billion yuan in revenue in 2024, accounting for 82.7% of total revenue. Other product lines have not performed as well, with the Excelsior brand contributing only 1.9% of revenue [6]. R&D and Production Issues - The company has low R&D investment relative to its competitors, with R&D expenses growing from 13.6 million yuan to 31.5 million yuan from 2022 to 2024, but still below 10% of revenue compared to competitors like Anta [7]. - Bershka relies heavily on OEM manufacturers for production, with 81.2% of its apparel produced by third-party factories. This reliance has led to quality control issues, as evidenced by a high return rate of 8.7% in 2024, exceeding the industry average of 5% [8]. Future Outlook - The company aims to use funds from its IPO to enhance R&D capabilities, strengthen brand positioning, and improve sales channels. However, it has not indicated plans to establish its own manufacturing facilities [8]. - The involvement of major investors like Tencent, which acquired a 10.7% stake, may provide additional support, but the company must balance short-term sales growth with long-term brand value and innovation to succeed in the competitive outdoor apparel market [9].