来源：猎云精选，文/韩文静 从山林间的徒步探险，到城市公园的精致露营，再到大街小巷的骑行风尚，户外运动的热潮席卷而来的同时，也捧出了一家上市公司。 据港交所，4月28日，伯希和户外运动集团股份有限公司（简称"伯希和"）向港交所提交了上市申请书，中金公司、中信证券香港为联席保荐人。 伯希和（PELLIOT）创立于2012年，专注于户外运动及装备的创新设计与研发，其身后集结着一众知名投资机构——腾讯、启明创投、创新工场等纷纷加 注，其最新估值达到28亿。 近几年来，IPO竞赛在户外运动江湖里不停上演，但前路挑战重重：蕉下二度递表，迟迟未能"上岸"；威邦运动冲击上交所主板，但于今年2月IPO 宣告终 止……伯希和能否在资本市场收获更多认可，仍需要时间的验证。 盯上户外运动生意，一年卖出17.6亿 伯希和的历史可追溯至2012年，在户外运动还未像如今这般火爆之时，创始人刘振就敏锐地察觉到了其中的商机。 "中国户外运动产业经历了不同发展阶段,如今正逐步从'征服大自然挑战自我'的小众运动，发展为'贴近大自然享受闲暇'的大众生活方式。"伯希和创始人刘 振直言，希望通过高性能、高价值的产品为户外爱好者带来优质的产品体验。 2 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and business performance [1][2]. Core Insights - The company achieved a revenue of 425 million yuan in 2024, representing a year-over-year increase of 24.57%, with a net profit of 102 million yuan, up 13.10% year-over-year [1][2]. - The reproductive rehabilitation segment showed exceptional growth, with revenue reaching 110 million yuan in 2024, a significant increase of 126.56% year-over-year, driven by product upgrades and market expansion [2]. - The company is focusing on new product promotions, which may temporarily pressure gross margins, but the diverse product pipeline is expected to drive future growth [2]. Financial Summary - Total revenue for 2024 was 425 million yuan, with a projected growth rate of 17.0% for 2025, reaching 497 million yuan [3]. - The gross margin for the main business in 2024 was 72.25%, a decrease of 2.40 percentage points year-over-year [2]. - The company forecasts net profits of 136 million yuan in 2025, reflecting a year-over-year growth of 33.4% [3]. Business Performance - The company has strengthened its competitive position in the pelvic rehabilitation field, achieving revenue of 167 million yuan in this segment, a year-over-year increase of 3.02% [2]. - The sports rehabilitation segment saw a revenue increase of 40.76%, reaching 18.06 million yuan in 2024, supported by the sales growth of magnetic series products [2]. - The company is investing in R&D to develop innovative products, including a new generation of ultrasound diagnostic systems and radar magnetic stimulators, which are expected to enhance its market position [2].

Investment Rating - The report assigns a "Buy" rating for the company 麦澜德 (688273) based on its strong performance and growth potential [1]. Core Views - The company achieved a revenue of 425 million yuan in 2024, representing a year-over-year growth of 24.57%, with a net profit of 102 million yuan, up 13.10% year-over-year [1][2]. - The reproductive rehabilitation segment showed exceptional growth, with revenue reaching 110 million yuan in 2024, a significant increase of 126.56% year-over-year, driven by product upgrades and market expansion [2]. - The company is focusing on new product promotion, which has temporarily pressured gross margins, but a strong pipeline of innovative products is expected to drive future growth [2]. Financial Summary - The company’s total revenue is projected to grow from 497 million yuan in 2025 to 693 million yuan in 2027, with year-over-year growth rates of 17.0%, 17.7%, and 18.5% respectively [3]. - The net profit attributable to the parent company is expected to increase from 136 million yuan in 2025 to 201 million yuan in 2027, with growth rates of 33.4%, 22.0%, and 21.4% [3]. - The gross margin for the main business in 2024 was 72.25%, slightly down by 2.40 percentage points year-over-year, primarily due to new product promotions [2][3].

谈到就任主席后的施政方向，巴达玛表示她将致力于发展和推广羽毛球运动，使其触达全球社 区。"首先要创造明星。明星就像磁铁，吸引更多人关注羽毛球。同时我们要关注运动员的福祉，为他 们合理设计赛事，不断延伸羽毛球的触角。"她说，第二要增强羽毛球运动的包容性和多样性，让更多 人拥有羽毛球拍，让各个年龄段的人都爱上羽毛球运动，计划与学校加强合作，将羽毛球纳入课程体 系；第三是拥抱新技术，"我们会专注于包括电子竞技在内的技术创新，帮助羽毛球运动被更多人看 到"。 世界羽联此前宣布，将自5月7日起在部分世界羽联三级赛事、国家级锦标赛等比赛中试行"3局15分 制"的计分规则，并基于各方反馈，决定是否提议正式启用新的计分规则。 谈到对"3局15分制"的看法，巴达玛表示她个人是完全支持这一计分改革的，但这是一项需要长久 且认真考虑的事。 世界羽联秘书长托马斯·伦德补充说："我们基于30年来的比赛数据进行了统计分析，较短的比赛会 产生更多的关键分，从而让运动员更加专注。此外，更短的比赛有利于运动员的健康，减少运动员伤 病，从而延长他们的运动寿命。当然这些优势都是基于理论上的，具体效果怎样，还要看各方反馈评 估。"（记者田光雨、付敏 ...

Core Viewpoint - The development of all-age friendly sports spaces in urban renewal projects has received positive feedback from citizens, despite sacrificing some land sale revenue, as it yields multiple comprehensive benefits [1] Group 1: Urban Renewal and Public Sports Spaces - Cities are addressing the growing demand for sports and fitness by creating integrated spaces for exercise, leisure, and ecology, improving residents' quality of life and supporting the construction of a sports-oriented nation [1] - The presence of all-age friendly sports spaces can enhance property values in surrounding residential areas, as proximity to such facilities is a significant factor in evaluating neighborhoods [1] Group 2: Cost and Management of Public Spaces - The construction and maintenance costs of these public spaces are relatively low compared to large sports venues, and they cater to a wider age demographic, leading to higher usage rates [2] - To alleviate financial pressure on local governments, it is suggested to attract social capital through institutional design and market-oriented operations for the funding of these public sports spaces [2] Group 3: Design and Community Considerations - The design of these spaces should integrate sports and landscape elements, emphasizing humanistic aspects to create an engaging and relaxing experience for users [2] - Different age groups' needs must be considered in the planning of these spaces, including designated areas for children, youth, adults, and seniors, while also minimizing noise impact on nearby residents and businesses [3]

有 没 有 发 现 ， 出 现 在 大 众 视 野 的 户 外 活 动 越 来 越 多 ， 无 论 是 各 大 媒 体 平 台 还 是 自 己 的 朋 友 圈 ， 户 外 的 趋 势 都 在 逐 步 的 上 升 。 为了获得更好的户外体验，一双质量过关、舒适合脚的鞋必不可少。 然而如何挑选一双适宜的户外鞋，困扰着许多初入户外的朋友。 鞋子没选对，磨脚、打滑、破损都还是小事，不合适的鞋子不仅会伤脚、伤膝盖，还会增加户外的安全 风险。 据新闻报道发布的一些户外摔伤事故，不难发现受伤者几乎都是穿着旅游鞋、板鞋等去爬山。 要知道坡度稍微陡的地方旅游鞋是很不好站稳的。如果遇到下雨湿滑的路段，滑倒在所难免。 徒步靠得是脚下功夫，鞋子选不对大概率都要遭罪。 就像跑步要穿跑鞋，篮球羽毛球网球等都需要专门的运动鞋。 而想要在户外安全的行走，还是要靠 户外鞋 来保障。 对于许多都市打工人而言，户外不仅是身体的锻炼场所，更是心灵的栖息地。 他们通过户外活动寻找精神寄托，缓解工作压力和生活焦虑。 打工人们热衷于在大自然中释放情绪、疗愈自我。 他们通过 抱树、徒步摆烂大赛、骑行显眼包 等方式表达自己的情感状态和生活态度。 面对这股热潮 ...

无人机特技飞行曾是人类飞 手 的专属领域， 而现在， 一台普通四旋翼无人机连穿 6道窄门， 人类顶 尖飞手成功率 只有 12.5%，而一套创新算法系统却豪取100%完美通关！ 这不是 科技概念 视频，而是 最近 霸榜机器人领域国际顶刊的 中国黑科技 。 这项颠覆性研究来自浙江大学控制科学与工程学院高飞教授团队，他们 放 出 "算法增强" 大招，彻底打 破 "硬件决定天花板" 的传统认知。 普通硬件在智能系统加持下，瞬间化身特技飞行高手，完成复杂动作的精准度远超人类专业飞手。 高难度特技飞行通常是专业飞手和高端装备的专利，需要价格不菲的设备和数千小时训练。 有网友直呼： "这简直是无人机界的'降维打击'！ 用智能算法弥补硬件短板，突破了传统飞行极限！ " 这项名为 《 Unlocking aerobatic potential of quadcopters: Autonomous freestyle flight generation and execution》 的研究成果，于近日正式发表在 机器人领域国际顶级期刊 《 Science Robotics》 上。 ▍ 向自然取经：猎鹰和蝙蝠的飞行智慧成就算法突破 ...

Group 1 - The core viewpoint of the article highlights that Nexperia is a trusted partner in the safety-critical motion control sector, both in China and globally, as stated by Robin Milavec, the company's President, CTO, and Chief Strategy Officer [2] - Nexperia is recognized as a leading company in motion control technology, providing innovative products and solutions for challenges in electrification, advanced driver-assistance systems (ADAS), autonomous driving, and shared mobility [2] - During the 21st Shanghai International Auto Show, Nexperia showcased its latest innovations in motion control, allowing visitors to experience next-generation breakthroughs in safety, comfort, and performance through simulated driving [2] Group 2 - The company collaborates closely with leading automotive manufacturers in China and globally, helping them to quickly respond to market trends and changes with high-quality, value-driven technologies [3] - The choice of Nexperia by automotive manufacturers is attributed to its foresight, speed, and value, which are crucial for success in a highly competitive and rapidly changing market [3]

温馨提示 ： 点击下方图片，查看运营团队2025年最新原创报告（共210页） 说明： 欢迎约稿、刊例合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ） 微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 作为国内主流人形机器人产品们首次集体公开户外练兵， 央视 现场直播，话题更是冲上 微博热搜， 被认为将是 一场科技狂欢，结果则是人形机器人们集体"失速"，"窘态"百出，人形机器人产品迎来大众"祛魅"时刻，应了一 句俗语" 理想很美好，现实很残酷，"人形机器人真正能进入现实场景，道阻、路长。 —— 精选网友评论： 4月19日报道，备受瞩目的全球首场人形机器人半程马拉松（ 21.0975公里）在北京亦庄鸣枪开跑，20 支 由全国 多家企业、高校和科研机构组成的人形机器人队伍参赛。 最终，来自北京人形机器人创新中心的 全尺寸人形机器人— 天工Ultra以2时40分42秒的成绩冲线，夺得冠军， 这或许是本次半马唯一值得肯定的全尺寸人形机器人。 然而，随着本次人形机器人马拉松举办，没有参赛 [宇树科技]却无故"躺枪"，或许将迎来真 ...

大家好,我们开始今天的录演,今天的录演主题是运动鞋服行业的趋势以及公司的业绩前瞻主题是本土与国际品牌相抗衡,气氛垂泪崛起那么两会开始以来整个消费板块的布置都得到有效的修复那今天我们就来分享一下关于运动行业的见解还有公司的一个业绩的前瞻那么我们首先简要的快速看一下运动行业整个行业的概览 我们预期是未来三年能够保持一个中单位数左右的行业的负荷增速那么主要的驱动力就是来源于全民健身的理念带来的运动参与率提升然后居民对舒适度以及功能性的要求提升以及运动协服的渗透率上行目前的话中国的整个运动参与率是远低于成熟市场包括美国、日本以及韩国的美国是79%然后日本是56%韩国是62% 在这个时间段,对于美国本土而言,它的本土品牌耐克也是借着这一波运动慢跑的风潮来抵占了阿迪的市占率,完成了对它市占率的超越。 然后我们简单的看一下竞争格局,整个运动鞋服行业竞争的格局是维持高集中度,但是整个格局是持续变化的,并不是说强者就一直很强,中小品牌没有出头的机会。相反而言中小品牌其实是可以借助每一波运动风潮的这个改换的机会来来 从细分的品类切入然后逐渐破比类成为一个规模大的运动品牌那么中国的整个运动鞋服行业我们看到近几年的这个行业趋势而言可 ...