Zheng Quan Shi Bao Wang·2025-11-10 00:22Company Overview - The company, 伯希和, has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities acting as joint sponsors [1] - 伯希和 has become one of the top three domestic high-performance outdoor apparel brands in mainland China, with a market share of 5.2% projected for 2024 [1] - The company primarily operates on a Direct-to-Consumer (DTC) model, with online DTC sales channels such as Tmall and Douyin contributing significantly to its revenue [1] - As of September 30, 2025, the number of offline retail stores is expected to exceed 200 [1] - 伯希和 is recognized as the pioneer of single-unit down jackets in China and possesses a proprietary PT-China technology platform [1] - The product matrix includes various lines catering to diverse needs, from professional exploration to urban commuting [1] - The company has established a loyal customer base among outdoor enthusiasts through deep collaborations with professional athletes and outdoor communities, along with comprehensive online and offline marketing [1] Industry Insights - The high-performance outdoor apparel industry in China is experiencing rapid growth, with a projected CAGR of 15.5% from 2025 to 2029 [2] - 伯希和 plans to use the funds raised from the listing to enhance R&D capabilities, improve product design and innovation, strengthen brand positioning, expand multi-channel sales networks, and enhance digital capabilities and operational efficiency [2]