Core Viewpoint - The outdoor market is experiencing significant growth, with various international and domestic brands competing for market share, particularly in the value-for-money segment [1][3]. Company Overview - The domestic brand BERSHIHE is making waves in the capital market with its upcoming IPO, positioning itself similarly to the well-known brand CAMEL [3]. - Founded in 2012, BERSHIHE initially focused on jackets and has achieved a remarkable compound annual growth rate of 144% over three years, selling 3.8 million jackets [5]. - In 2024, BERSHIHE is projected to achieve a net profit margin exceeding 17%, outperforming high-end brands like ARC'TERYX [5]. Product Strategy - BERSHIHE aims to expand its product line beyond jackets to include outdoor sun protection clothing, hiking shoes, and mountaineering gear, targeting a younger demographic with modern designs [8]. - The brand's positioning as "the first stock of high-performance outdoor lifestyle in China" reflects its ambition to resonate with consumer lifestyles rather than just product features [8][10]. Sales Channels - BERSHIHE's sales strategy includes a direct-to-consumer (DTC) model, with online sales accounting for 87.5% of total sales in 2022, projected to decrease to 76.5% by 2024 [11]. - The company has established partnerships with over 250 external manufacturers, relying heavily on OEM production, which raises concerns about supply chain control [12]. Market Challenges - BERSHIHE faces structural challenges, including over-reliance on OEM models and potential marketing versus R&D imbalances, which could hinder long-term growth [11][12]. - The brand's target market consists mainly of price-sensitive consumers, leading to concerns about customer retention and the need for continuous marketing investment [15].

Core Insights - The Chinese sports retail market is experiencing significant growth, with a market size of 4,926 billion yuan in 2023, projected to reach 5,989 billion yuan by 2025 [4] - Tmall and Xiaohongshu are becoming key online platforms for new brands entering the Chinese market, as seen with the brand norda™ [2][3] - The trend of consumers favoring specialized and functional sports brands is driving the entry of international brands into China [5] Company Developments - Tabo has recently partnered with two niche sports brands, Norrøna and soar, to expand its portfolio in the Chinese market [1][2] - The company is also focusing on diversifying its brand partnerships to reduce reliance on major brands like Nike and Adidas, which have been volatile in performance [2] - Tabo's strategy includes opening physical stores for Norrøna in major cities like Beijing and Shanghai, while also exploring collective store formats for norda™ and soar [3] Market Trends - There is a growing consumer preference for sportswear, with nearly 30% of consumers favoring sports apparel in daily scenarios and over 60% prioritizing comfort when purchasing [4] - The influx of international niche brands is reshaping the competitive landscape, as these brands emphasize functionality and cater to specific sports [5] - Retail operators are increasingly seeking to attract these new brands to their shopping centers, recognizing their potential to drive foot traffic and enhance brand positioning [5] Retail Strategy - Tabo is adopting a cautious approach to store expansion, focusing on the development stage and positioning of different brands [5] - The company is shifting its retail strategy from merely increasing store numbers to creating a balanced and efficient omnichannel network [6] - The evolving consumer demand for unique and differentiated products presents opportunities for companies in the sports retail sector [6]

北京时间5月5日，F1迈阿密大奖赛落下帷幕， 皮亚斯特里延续着本赛季的强势表现，拿下赛季三连冠的同时，也让迈凯伦车队六站五胜继续领跑积分 榜。 在任何一个体育商业联盟里，这样的表现都足以让包括赞助商在内的一切利益相关者为之振奋，但迈凯伦的运动服装赞助商Castore却笑不出来了——据 SportsBusiness报道，迈凯伦车队已决定提前终止与Castore的合作，下赛季将大概率重回PUMA怀抱。 截至发稿，Castore官网上迈凯伦车队服装仍在售卖 从2021年携手迈凯伦车队闯入F1赛道，到后来合作红牛车队开启王朝周期，再到近期签下Alpine车队扩大赞助规模，Castore大有横扫围场之势。但这一切 构想，在品牌失去迈凯伦之后，都将被按下暂停键。 回看2023年双方续约合作之时，迈凯伦车队还表示，「 Castore 高质量 的 服装能够让运动员在任何条件下发挥出最佳水准。」短短两年就转变态度，背 后必然有着复杂的关系。 图源：footballkitarchive.com 2022-23赛季，Castore以300万英镑一年的价格，与维拉达成长期合作协议。只是到了赛季中，多位队员反馈的球衣排汗问题，导致这份 ...

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the sportswear sector, particularly focusing on companies like Li Ning and manufacturers such as Shenzhou and Taobo. The context is set within the Hong Kong consumer market. Core Points and Arguments - The sportswear sector is showing signs of recovery, with a noticeable inflow of capital from both domestic and international investors, particularly from the U.S. consumer market after a volatile first quarter [1][2] - Taobo's early performance in this recovery phase is attributed to its offline retail business model, which suffered significant profit losses last year [2] - A neutral scenario suggests that if the consumption environment remains stable without substantial improvement, the profit for the next fiscal year could return to approximately 1.5 to 1.8 billion [3] - In a more optimistic scenario, the recovery of major brands like Adidas and Nike is expected to positively impact sales, with Nike likely to clear its inventory by the second half of the year [4][5] - The potential market capitalization could reach 30 billion under neutral assumptions, indicating a 20% upside from current levels [4] - If the profit margin improves, projections could rise to 40 billion, suggesting significant growth potential [6] - The decision to invest depends on the overall assessment of the consumption environment; if it is perceived as stabilizing, there may be room for growth [6] Other Important but Possibly Overlooked Content - Current inventory levels for Nike show significant improvement, with a notable reduction in discounts, indicating a positive trend in inventory management [8] - The call concluded with an invitation for further discussions on various companies, including Shenzhou and Taobo, and an announcement for a future session on the garment industry [9]

以下文章来源于霞光社 ，作者李小天 洋紫 唐飞 霞光社 . 赋能企业全球化 作者 | 李小天 洋紫 唐飞 根据德意志银行调查，美国人购物车中中国商品占比高达65%，美国老百姓的钱包正在逐渐干瘪。 《华尔街日报》描述了一位50岁的纽约市民，在跑了多家商店并向店员致电争取后，终于抢购到那 家商店最后一台中国品牌的电视机。 来源 | 霞光社 导 语 ：关税释放了地壳深层的岩浆原力，搅动了产能的乾坤大挪移。 靴子终于落地了。 美东时间4月9日凌晨（即北京时间中午12点），美国对中国再征收的50%额外关税正式生效。而在 几天前的4月2日，特朗普政府向全球主要贸易伙伴宣布"对等关税"方案，其中对中国在现行税率基 础上，再加34%的关税。 时至今日，特朗普第二任期内对中国所有商品累计加征的新关税税率将达到104%，中美贸易战全面 爆发。 关税大棒，持续冲击着中国各行业产业链，同时也扰动着全球经贸格局。 正如桥水基金创始人达利欧4月7日在领英发布的文章所说："我们正在目睹全球主要货币秩序、政 治秩序和地缘政治秩序的典型崩溃。美国主导的多边合作世界秩序正在被单边的强权统治模式所取 代。这种崩溃一生中只发生一次，但在历史上，类似 ...

Investment Rating - The report maintains a strong buy rating for the company [4] Core Insights - The company is expected to achieve a revenue growth of 15% and a net profit growth of 37% in 2024, driven by improved capacity utilization and efficiency in overseas factories [1][9] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 6.61 billion, 7.25 billion, and 7.98 billion respectively, with corresponding price-to-earnings ratios of 13X and 12X for 2025 and 2026 [1][9] Summary by Sections Customer Segmentation - Revenue from the top four customers in 2024 shows significant growth: Uniqlo +33% (28% share), Nike -3% (26% share), Adidas +35% (17% share), and Puma +11% (10% share) [2] Product Category - Revenue growth by category in 2024: Sports category +9.8% (69.1% share), Leisure category +27.1% (25.1% share), and Underwear category +34.6% (5.0% share) [2] Regional Performance - Revenue growth by region in 2024: Europe +3.2%, Japan +31.5%, USA +18.9%, and China +13.2% [2] Financial Data and Valuation - Total revenue for 2024 is projected at 28.663 billion, with a year-on-year growth of 15% [3] - Net profit for 2024 is expected to reach 6.241 billion, reflecting a 37% increase [3] - The company’s gross margin improved by 3.8 percentage points to 28.1% in 2024 [9] - The company’s return on equity (ROE) is projected to be 17.4% in 2024, with a decrease in the debt-to-asset ratio to 32.5% [4][11] Dividend Information - The company plans to distribute a total dividend of 2.53 HKD per share for 2024, with a payout ratio of 55.8% [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance in its financial results, with a projected revenue growth of 19% year-on-year for 2024, reaching 24,016 million yuan, and a net profit growth of 20% to 3,841 million yuan [4][2]. - The company is expected to benefit from the ramp-up of new production capacities, with four new factories launched in 2024, which will alleviate previous capacity constraints [4]. - The collaboration with major clients like Adidas is deepening, providing a robust growth driver as production ramps up [4]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 20,114 million yuan in 2023 to 32,153 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [2]. - **Net Profit Forecast**: The net profit is expected to increase from 3,200 million yuan in 2023 to 5,031 million yuan in 2026, with a CAGR of about 13% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 2.74 yuan in 2023 to 4.31 yuan in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 24.1 in 2023 to 15.4 in 2026, indicating improving valuation as earnings grow [2]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares, amounting to a total payout of approximately 23.34 billion yuan, which represents 60.8% of the net profit [4].