户外爆火，一哥探路者却“消失”了

Core Viewpoint - The outdoor brand "探路者" (Trekking) has significantly lost its market presence and relevance in the outdoor industry, despite being a pioneer in introducing outdoor concepts to Chinese consumers. The brand's shift towards technology and diversification has led to a decline in its core outdoor business, resulting in a drastic drop in revenue and market share. Group 1: Historical Context and Market Position - "探路者" was once a leading brand in the Chinese outdoor market, achieving a market share of 14.5% in 2012, surpassing international brands like The North Face and Columbia [6] - The brand's peak revenue reached 38.08 billion yuan in 2015, with a net profit of 2.63 billion yuan, and a market capitalization of approximately 250 billion yuan [12] - In contrast, its outdoor revenue has plummeted to less than 40% of its former glory, with a current market capitalization of about 77 billion yuan, reflecting a 70% decline from its peak [13] Group 2: Business Strategy and Diversification - After 2015, "探路者" shifted its focus from outdoor products to a broader "outdoor + travel + sports" strategy, which included significant investments in travel services and tourism projects [15][16] - This diversification led to a lack of focus on its core outdoor business, resulting in a decline in product quality and brand strength [18][20] - The company's venture into the travel sector proved unprofitable, with losses exceeding 20 million yuan from its travel service company [17] Group 3: Financial Performance and Market Trends - The company's revenue fell by 24% in 2016, and it reported its first loss in 2017, amounting to 1.15 billion yuan, with losses continuing to grow in subsequent years [22] - The COVID-19 pandemic further exacerbated its financial troubles, leading to a 39.64% drop in revenue in 2020 [25] - In 2024, "探路者" reported outdoor revenue of 6.53 billion yuan, down nearly 8%, while its net profit plummeted over 76% to approximately 20 million yuan [3] Group 4: Shift in Management and Future Direction - The management underwent a significant change when the company was acquired by a new investor, leading to a focus on technology and chip development, which has become a growing revenue stream [30] - In 2024, the outdoor business accounted for 86% of revenue, but it is in decline, while the chip business, although only 14% of revenue, has seen a growth rate of 66.56% [30] - Analysts express skepticism about the company's ability to succeed in both outdoor and technology sectors simultaneously, as they lack synergy and require focused investment [30]