户外行业深度报告（三）：深耕户外细分赛道、强化产品功能性是提升品牌力的核心

Investment Rating - The report maintains a recommendation for the outdoor industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The outdoor industry emphasizes the importance of deepening niche markets and enhancing product functionality to strengthen brand power. The Chinese market is experiencing a gradual segmentation of outdoor demand, making it crucial for brands to select quality niches, enhance product functionality, and expand categories [1][2]. Summary by Sections Functionality as Core Element - Outdoor apparel focuses on moisture-wicking, three-proofing (waterproof, windproof, and breathable), and thermal insulation. Footwear emphasizes waterproofing, slip resistance, and stability. The three-layer layering system is central to apparel: base layer (e.g., Coolmax, Powerdry), insulation layer (e.g., Polartec fleece, Primaloft), and protective layer (e.g., Gore-Tex Pro, eVent) [1][14][16]. Competitive Analysis of Amer Sports - Product-wise, continuous iteration of functional technology and precise coverage of niche scenarios are key. Amer Sports' Arc'teryx utilizes Gore-Tex technology and proprietary materials to create a professional barrier, while Salomon focuses on trail running shoes with innovative sole technology [2][48]. - Channel-wise, Amer Sports adopts differentiated strategies based on regional consumption habits, with a significant increase in direct-to-consumer (DTC) sales in Asia, rising from 22% to 44% from 2020 to 2024 [2][48]. - Marketing strategies involve deepening niche markets and community engagement through event sponsorships and social media activities, enhancing brand influence [2][3]. Development of Domestic Market by Kailas - Kailas focuses on product functionality through core technologies like Gore-Tex and self-developed FILTERTEC, continuously enhancing product performance. The company has diversified its channels with offline flagship stores and rapid online growth exceeding 50% [3][48]. Industry Performance Metrics - The outdoor industry comprises 296 listed companies with a total market capitalization of 1,837.6 billion. The industry has shown a 25.4% absolute performance over the past 12 months [5][7].