复盘伯希和发展，看中国户外服饰成长机会：户外潮起，伯希和正当浪头

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The outdoor apparel market is experiencing rapid growth, with the company "伯希和" (Pelliot) positioned as a leading player in the high-performance outdoor lifestyle segment, achieving significant revenue and profit growth [2][54] - The outdoor sports industry in China is transitioning from a niche to a mainstream lifestyle, with a growing number of participants and increasing demand for high-performance outdoor apparel [28][27] - The report highlights the strong growth potential for domestic brands in the outdoor apparel market, driven by increasing consumer engagement and favorable market conditions [9][10] Summary by Sections 1. Outdoor Sports Market Evolution - The outdoor sports market in China is evolving from "niche exploration" to "mainstream daily life," with a significant increase in participation rates [18][20] - As of April 2025, the number of outdoor sports participants in China has surpassed 400 million, indicating a participation rate of approximately 30% [28] - The high-performance outdoor apparel market is the fastest-growing segment, with a projected CAGR of 15.5% from 2025 to 2029, reaching an estimated market size of 215.8 billion yuan by 2029 [36][37] 2. Company Overview: 伯希和 (Pelliot) - Founded in 2012, 伯希和 has rapidly expanded its business, achieving revenues of 1.77 billion yuan in 2024, a year-on-year increase of 94.5% [54] - The company has a strong focus on product development, marketing strategies, and channel distribution, which have contributed to its growth [2][54] - 伯希和 is positioned as the second-largest brand in the Chinese market for outdoor jackets and pants, with a market share of 3.9% [39][45] 3. Market Dynamics and Consumer Trends - The report indicates that the outdoor apparel market is benefiting from a shift towards lifestyle-oriented outdoor activities, with increasing consumer loyalty and purchasing power [31][28] - The demand for outdoor apparel is expected to continue growing, supported by favorable policies and a rising interest in outdoor activities among the population [9][10] - The report emphasizes the importance of product innovation and brand positioning in capturing market share within the competitive landscape [10][54] 4. Investment Recommendations - The report suggests focusing on diversified brands and companies that are likely to gain market share, particularly in the outdoor segment [10] - It highlights the potential for 伯希和 to become a leading player in the high-performance outdoor lifestyle market, especially with its upcoming IPO [10][54]