靠冲锋衣年入18亿，户外生意有多疯？

Core Viewpoint - The outdoor apparel market is experiencing rapid growth, with companies like BERSHIHE preparing for IPOs, following the trend set by previous attempts from brands like JIAOXIA. The competition is intensifying as more players enter the market, focusing on outdoor and sun-protective clothing [1][4][25]. Company Comparison - BERSHIHE and JIAOXIA share similarities in their business models, both utilizing direct-to-consumer (DTC) channels and ODM manufacturing to achieve significant revenue and profit growth, maintaining gross margins above 50% [2][12]. - BERSHIHE's sales of jackets have seen a compound annual growth rate (CAGR) of 144.0% from 2022 to 2024, with total sales reaching approximately 3.78 billion RMB in 2022 and projected to grow to 17.66 billion RMB by 2024 [3][12][13]. Market Dynamics - The outdoor apparel sector has become increasingly competitive, with brands from various segments, including outdoor, sports, and fast fashion, entering the market. This has led to a broader product range beyond just sun-protective clothing [3][20]. - The market for outdoor apparel is projected to grow significantly, with retail sales expected to increase from 539 billion RMB in 2019 to 1,027 billion RMB by 2024, indicating substantial growth potential for leading companies [24]. Financial Performance - BERSHIHE's revenue is expected to grow from 3.78 billion RMB in 2022 to 9.08 billion RMB in 2023, and further to 17.66 billion RMB in 2024, with adjusted net profit increasing from 0.28 billion RMB to 1.56 billion RMB during the same period [12][13]. - JIAOXIA has also shown impressive growth, with revenues increasing from 3.85 billion RMB in 2019 to 24.07 billion RMB in 2021, and maintaining strong performance even during market downturns [14][12]. Brand Positioning - BERSHIHE aims to position itself as a "high-performance outdoor lifestyle brand," while JIAOXIA focuses on "urban outdoor" branding. Both companies are attempting to differentiate themselves in a crowded market [4][28]. - The competitive landscape is characterized by low brand concentration, with BERSHIHE holding only a 3.9% market share in the domestic jacket market as of 2024, indicating room for growth [22][24]. Challenges and Strategies - Both companies face challenges related to marketing versus product development, with concerns about over-reliance on marketing and lack of technological barriers due to their reliance on OEM manufacturing [26][27]. - BERSHIHE's strategy includes expanding its product line to include seasonal items and enhancing brand value through differentiation, while also navigating the balance between maintaining a broad appeal and developing specialized products [8][29].