"一季度扩产后，我们月产智能望远镜匹配上了暴增的需求。"6月9日，在位于光谷 的"慧谷时空"孵化器，小光子（武汉）科技有限公司（以下简称"小光子"）CEO黄凯正带着 团队研发下一代智能望远镜。他们研发的三代产品DWARF3售价不到3000元。产品热销70多 个国家，供不应求，今年还首登美国消费电子展。 小光子由3名毕业于华中科技大学武汉光电国家研究中心的大学生联手创建，他们分别 是"90后"硕士黄凯、"90后"博士李宁和"85后"博士胡庆磊。故事要从2019年的"爆款"产品说 起。当时，光学"三剑客"带着自主研发的手机外接显微镜，多次登陆光谷创新创业标杆品牌 活动"光谷青桐汇"，这款售价不足200元、能放大400倍的"口袋实验室"，意外在教育、科普 领域走红。 "由于缺乏资本支持，我们这支创业团队选择以众筹平台为起点，开展'定制化'开发项 目，也因此直接触达消费者需求。"黄凯介绍，在日均上百封客户邮件中，他们捕捉到新的 市场："有用户反馈，用显微镜看完细胞后，更想看看月亮上的'细胞'——这给了我们跨界 的灵感。" "'拍特写'是成像光学专业学生的'看家本领'。"黄凯介绍，历经多次迭代，DWARF3这 款智能天 ...

Core Viewpoint - The company BERSHIHE is preparing for its IPO on the Hong Kong Stock Exchange, aiming to become the leading domestic high-performance outdoor lifestyle brand in China, challenging established international brands like Arc'teryx [1][5]. Company Overview - Founded in 2012 by Liu Zhen and Hua Jingling, BERSHIHE has focused on the outdoor apparel market, leveraging a self-developed technology system called PT-China to enhance its product offerings [2][3]. - The brand has achieved a net profit margin of 17.2% in 2024, significantly higher than the 4.5% margin of its competitor Amer Sports, the parent company of Arc'teryx [1][5]. Market Positioning - BERSHIHE offers products at approximately one-third the price of Arc'teryx while maintaining over 90% performance overlap, effectively breaking the technical monopoly of international brands in the outdoor jacket sector [1][3]. - The average price of BERSHIHE's products is around 500 yuan, compared to thousands for Arc'teryx, making it an attractive option for consumers [3][5]. Growth and Performance - From 2022 to 2024, BERSHIHE's adjusted net profit surged from 27.6 million yuan to over 300 million yuan, with a compound annual growth rate in sales of 127.4%, marking it as the fastest-growing high-performance outdoor apparel brand in mainland China [5][6]. - The brand's successful marketing strategy has allowed it to capitalize on the post-pandemic outdoor sports boom, significantly increasing its visibility and sales [5][6]. Challenges and Controversies - BERSHIHE faces criticism regarding its brand name, which is associated with a historical figure known for looting cultural artifacts, leading to negative public perception [7][9]. - The company has a high marketing expenditure, with marketing costs significantly outpacing research and development expenses, raising questions about its long-term sustainability [10][12]. - Despite its current success, BERSHIHE must navigate intense competition in the outdoor apparel market, where many brands offer similar products, making differentiation challenging [16][18]. Future Outlook - The company needs to diversify its product offerings beyond jackets to sustain growth, as its revenue is heavily reliant on its classic jacket line [20][21]. - BERSHIHE's ability to maintain its growth trajectory amid potential market saturation and increased competition will be critical as it approaches its IPO [18][22].