销售费用高企、研发费用率走低，伯希和再次冲刺IPO

Core Viewpoint - The company, 伯希和, has refiled for an IPO on the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors, aiming to expand its presence in the outdoor sports and fitness market through a diverse range of products [1][2] Financial Performance - In terms of revenue, 伯希和 reported figures of 378 million yuan, 908 million yuan, 1.766 billion yuan, and 914 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [1] - The adjusted net profit for the same periods was 27.606 million yuan, 156 million yuan, 304 million yuan, and 116 million yuan [1] - Sales and distribution expenses increased from 120 million yuan in 2022 to 379 million yuan in the first half of 2025, representing 31.8%, 30.5%, 33.2%, and 41.5% of total revenue respectively [1] - Research and development expenditures were 14 million yuan, 20 million yuan, 32 million yuan, and 23 million yuan for the same periods, accounting for 11.67%, 7.22%, 5.45%, and 6.07% of sales and distribution expenses respectively [1] Use of IPO Proceeds - The company plans to utilize the funds raised from the IPO for five main purposes: enhancing research and development capabilities, expanding multi-channel sales networks, strategic brand incubation and investment, improving digital capabilities, and supplementing working capital [2]