以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One（dingjiaoone） 作者丨苏琦 编辑丨魏佳 进入夏季 ， 防晒衣市场迅速升温。不仅各大电商平台搜索量飙升，连资本市场也嗅到了"热浪"—— 主打防晒和户外服饰的伯希和近日向港交所递交招股书，准备叩响IPO大门。 两者 确实 有 不少 相似之处 ： 都通过线上DTC（直接面向消费者）渠道+ODM代工快速起量，实现 三位数的营收和利润增速，毛利率 也都维持在50%以上 ，业绩亮眼。 但 随着蕉下上市 折戟 ， 同样的质疑也正朝着 伯希和 袭来 ——重营销轻研发、产品质量不稳定、 品牌缺乏竞争力…… 与此 同时，过去三年， 以 蕉下与伯希和 为 代表的"户外生活" 赛道热度不减， 竞争也越来越激 烈。 一方面，"做衣服"的品牌 开始涌入 这个市场 ， 玩家已经从户外品牌、运动品牌延展至内衣品牌、 快时尚品牌。另一方面，这些玩家不光只做防晒衣， 还包括 秋季的冲锋衣、抓绒卫衣，冬季的羽绒 服、靴子，一年四季的产品线全部扩张。 创立于2012年的伯希和， 最初的核心产品 就是冲锋衣。招股书显示，2022年至2024年， ...

进入夏季，防晒衣市场迅速升温。不仅各大电商平台搜索量飙升，连资本市场也嗅到了"热浪"——主打防晒和户外服饰的伯希和近日向港交所递交招股 书，准备叩响IPO大门。 事实上，凭借着卖防晒衣冲击港股早有先例。2022年夏天，蕉下也曾申请上市，但两次都无功而返。 如今同样押注"户外生活第一股"的伯希和，难免被外界拿来和蕉下对比。 两者确实有不少相似之处：都通过线上DTC（直接面向消费者）渠道+ODM代工快速起量，实现三位数的营收和利润增速，毛利率也都维持在50%以上， 业绩亮眼。 但随着蕉下上市折戟，同样的质疑也正朝着伯希和袭来——重营销轻研发、产品质量不稳定、品牌缺乏竞争力…… 与此同时，过去三年，以蕉下与伯希和为代表的"户外生活"赛道热度不减，竞争也越来越激烈。 一方面，"做衣服"的品牌开始涌入这个市场，玩家已经从户外品牌、运动品牌延展至内衣品牌、快时尚品牌。另一方面，这些玩家不光只做防晒衣，还包 括秋季的冲锋衣、抓绒卫衣，冬季的羽绒服、靴子，一年四季的产品线全部扩张。 创立于2012年的伯希和，最初的核心产品就是冲锋衣。招股书显示，2022年至2024年，伯希和累计销售约380万件冲锋衣。同期，伯希和冲锋衣销量 ...

Core Viewpoint - The company is preparing for its annual shareholder meeting on May 19, 2025, where various proposals will be discussed, including the appointment of an auditing firm and the review of financial reports for 2024 and 2025 [1][3][4]. Group 1: Meeting Procedures - The meeting will include a registration process for shareholders and a structured agenda to ensure orderly proceedings [1][2]. - Shareholders wishing to speak must register in advance and adhere to time limits during their remarks [2][3]. - Voting will be conducted both in-person and online, with specific guidelines on how to cast votes [2][3]. Group 2: Financial Performance - In 2024, the company reported a revenue of approximately 2.14 billion yuan, a decrease of 13.25% compared to the previous year [8][27]. - The net profit attributable to shareholders was a loss of approximately 70.34 million yuan [8][27]. - The decline in revenue is attributed to changing consumer preferences and external economic conditions [27]. Group 3: Industry Trends - The footwear industry is experiencing a shift towards casual and comfortable styles, driven by consumer demand for functionality and fashion [6][7]. - The rise of direct-to-consumer (DTC) models is enabling brands to engage more effectively with consumers, enhancing brand loyalty and reducing costs [5][6]. - The company aims to leverage technology and cultural elements in product design to meet evolving consumer preferences [7][9]. Group 4: Future Plans - The company plans to implement a flexible supply chain model to adapt to rapid changes in consumer demand and preferences [12][13]. - A focus on enhancing online and offline retail strategies is essential for future growth, with an emphasis on integrating both channels [14][15]. - The company aims to expand its brand portfolio and enhance its market presence by targeting younger consumers and diversifying product offerings [15][16]. Group 5: Governance and Compliance - The board of directors has been actively overseeing company operations, ensuring compliance with relevant laws and regulations [18][19]. - The company has established a robust internal control system to safeguard shareholder interests and maintain operational integrity [24][25]. - The monitoring committee has conducted thorough reviews of financial practices and compliance with fundraising regulations [24][26].

Form Kitchens成立于2021年，主打高性价比的DTC橱柜模式，旨在以更低价格提供设计感强的厨房产品。近年来，类似Semihandmade、Reform等DTC家 居品牌也瞄准了这一市场空白。 此次停运的具体原因尚不明确，但可能与后疫情时代房地产市场降温、线上获客成本上升等因素有关。 日前据美媒报道，总部位于旧金山的DTC橱柜品牌Form Kitchens目前已暂停运营。公司官网停止接受新订单，其纽约设计展厅也已关闭。 本月初，Form Kitchens曾向客户发送通知，表示正在与德国合作制造商Nobilia重新协商条款，并暂停运营。随后，公司进行了大规模裁员，多位员工证 实，3月底已有大批设计师和客服人员被解雇，预计四月全体解雇。 公司回应 Form Kitchens在声明中承认，由于"运营和财务挑战"，公司已暂停新订单并解雇员工，但强调"首要任务是确保现有客户订单得到履行"，并表示已将项目 转交制造商处理。Nobilia方面则拒绝对此事置评。 关于Form Form Kitchens表示已与Nobilia达成协议，确保未交付订单的完成，但多位客户反映，他们的订单状态仍不明确。一位不愿透露姓名的客 ...

2025年4月28日，中国高性能户外服饰品牌伯希和（Pelliot）正式向港交所递交招股书，拟主板挂牌上 市，联席保荐人为中金公司和中信证券。若成功上市，伯希和或成为"中国高性能户外生活方式第一 股"。 与此同时，伯希和的增长引擎高度依赖爆款产品。2022-2024年累计售出380万件冲锋衣，贡献超80%收 入的经典系列成为品牌基石。其核心竞争力在于，其一，技术壁垒。自主研发的STORM BREATH防水 透湿科技、与Polartec等国际面料供应商合作，确保产品性能对标国际品牌。其二，场景适配。"三合 一"设计兼顾户外专业性与城市通勤需求，轻量化技术拓展跑步、骑行等细分场景。其三，成本优化。 规模效应下，75D涤纶丝采购成本下降5.2%，销售成本占比从45.7%降至40.4%。 港股IPO复苏与户外赛道结构性红利 2025年的香港资本市场呈现出显著的复苏态势。一季度新增51家上市申请，融资规模同比增长287%， 蜜雪冰城、古茗等消费企业的火爆认购进一步点燃市场信心。这一现象的背后，是多重因素的叠加：其 一，政策驱动。港交所通过缩短审批周期（从61天降至28天）、降低特专科技企业上市门槛等措施，提 升了市场效 ...

Group 1: Internationalization Stages - Anta Group's internationalization consists of three stages, starting with acquiring the trademark rights for the international brand FILA in 2009, demonstrating its capability to operate international brands in the domestic market [1] - The second stage involved acquiring brands like Descente and Kolon, culminating in the successful acquisition and operation of the Finnish sports group Amer Sports, showcasing Anta's diversified management, global resource allocation, and brand operation capabilities [1][2] Group 2: Brand Management and Empowerment - Anta adjusts management teams of acquired brands and empowers them with its foundational capabilities, including channels, logistics, production, marketing, and digitalization, particularly through the Direct-to-Consumer (DTC) model [2] - The core of brand operation is finding brand positioning, where Anta evaluates the role of the brand within its multi-brand strategy before and after acquisition, ensuring alignment with the group's overall brand positioning [3] Group 3: Brand Value and Scarcity - The process of acquiring and operating brands reflects Anta's deep understanding of brand value, which is built on long-term connections between products and consumers, emphasizing the importance of brand memory [5] - The essence of overseas mergers and acquisitions for Chinese companies is to acquire scarcity, whether in qualifications, channels, markets, technologies, or brands, requiring a profound understanding of the market [6] Group 4: Globalization Challenges and Strategies - The third step in Anta's globalization is the internationalization of its main brand, which involves a lengthy investment period without immediate revenue increases, testing its ability to establish brand recognition from scratch in international markets [7][8] - Entering overseas markets requires building local teams to understand market ecosystems and consumer habits, which is a complex task beyond merely finding agents to sell products [10] Group 5: Long-term Investment and Learning - The journey from "0 to 1" in globalization involves a long trial-and-error process that may last several years, often resulting in initial losses but potentially leading to significant revenue growth as experience and model validation accumulate [12] - The Middle East market is identified as a potential second foothold for Anta's globalization efforts [13] Group 6: Organizational Structure and Entrepreneurial Spirit - Anta employs a brand responsibility system for globalization, balancing the roles of headquarters and regional companies while addressing the challenges of management structure adjustments during the initial phase of globalization [15][16] - The entrepreneurial spirit is crucial in the globalization process, with successful global companies treating globalization as a new venture, driven by a culture of risk-taking and a deep-rooted global mindset [16]

Core Viewpoint - Uniqlo has achieved its best performance in history, with strong growth in regions like Southeast Asia, India, Australia, North America, and Europe, while the Chinese market is experiencing a slowdown [3][4]. Financial Performance - Fast Retailing, Uniqlo's parent company, reported a total revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the first half of the 2024-2025 fiscal year, a year-on-year increase of 12%. Net profit reached 233.5 billion yen (approximately 11.9 billion RMB), up 19.2% [3][4]. - Revenue in the Greater China region declined by approximately 3% to 361.7 billion yen, with profits down about 9%. Specifically, revenue in mainland China fell by 4%, and profits decreased by 11% [4][10]. Market Strategy and Consumer Behavior - Uniqlo has ended its decade-long "honeymoon" period in China, shifting focus from market expansion to market penetration as consumer preferences evolve towards affordable alternatives [4][8]. - The younger generation in China is increasingly opting for cheaper substitutes, leading to a shift in brand loyalty. Uniqlo faces competition from lower-priced brands that directly market themselves as alternatives to Uniqlo [4][7]. Competitive Positioning - Despite the challenges, Uniqlo's brand fundamentals remain intact, as it continues to offer high-quality, basic apparel that meets market demands. The brand's relative competitiveness is reportedly increasing as consumer sentiment shifts [7][8]. - Uniqlo has maintained its position as one of the top five brands in the women's clothing market in mainland China from 2018 to 2022 [7]. Store Strategy - Uniqlo is adjusting its store strategy by closing smaller, underperforming stores and focusing on larger flagship locations to enhance profitability [9][16]. - The company has increased its store count in Greater China to 1,031, surpassing Japan's 787 stores, but revenue per store in China remains lower than in Japan [10][12]. E-commerce Integration - Uniqlo's e-commerce strategy is performing well, with online sales accounting for 20% of its revenue in China, higher than Japan's 15%. The "store-warehouse integration" strategy is enhancing overall performance [21][22]. - The company has seen significant success during major sales events, ranking first in clothing sales on platforms like Tmall during events like 618 and Double 11 [26]. Supply Chain and Production - Uniqlo relies heavily on Chinese factories, with 269 suppliers in China compared to only 75 in Vietnam and 32 in Bangladesh. The efficiency of Chinese manufacturing remains crucial for Uniqlo's operations [29][30]. Future Outlook - Uniqlo aims to achieve a sales target of 1 trillion yen by 2028, with the Chinese market being a core battleground despite current challenges [30].

Core Viewpoint - Adidas has successfully turned around its performance in the Chinese market, achieving double-digit growth in revenue for 2024, driven by a localized strategy and increased consumer engagement [1][2]. Group 1: Financial Performance - In 2024, Adidas reported global revenue of €23.68 billion, with the Greater China region contributing €3.46 billion, reflecting a 10.3% year-over-year increase [1]. - The fourth quarter of 2024 saw Greater China revenue reach €794 million, marking a 16.1% increase compared to the previous year [1]. - Adidas expects operating profit to rise to between €1.7 billion and €1.8 billion by 2025, excluding any revenue from the YEEZY line [1]. Group 2: Market Challenges and Recovery - From 2022, Adidas faced significant challenges, including a decline in revenue due to competition from local brands like Anta and a failure to adapt to changing consumer demands [1][2]. - The company experienced a severe inventory backlog and disruptions in sales channels, particularly after ending its collaboration with the YEEZY brand [2][6]. Group 3: Product Strategy and Innovation - In 2024, footwear accounted for over half of Adidas's revenue, with a 17% year-over-year increase when excluding currency effects [5]. - The Samba shoe line saw a remarkable 300% increase in sales, becoming a new revenue driver, while the YEEZY line's sales were significantly reduced [5][6]. - Adidas launched the "Adidas Essentials" line, which became one of the fastest-growing product lines, and increased the proportion of locally designed products in China to over 80% [6]. Group 4: Strategic Changes and Future Outlook - The new CEO, Bjørn Gulden, has emphasized the importance of direct-to-consumer (DTC) strategies while also strengthening relationships with wholesale partners, resulting in a 14% growth in wholesale channels and an 11% growth in DTC channels in 2024 [8][9]. - Adidas is focusing on expanding its presence in traditional sports like football and athletics while also investing in emerging sports and niche markets [10]. - The company aims to enhance brand visibility and health through innovative product lines and localized strategies, despite potential challenges in 2025 due to a lack of major sports events [10].