Core Viewpoint - The report from Huaxi Securities indicates that Tanshan intends to grant 6.7268 million restricted stocks to 72 incentive targets, accounting for 0.76% of the company's total share capital, with a grant price of 7.08 yuan per share. This stock incentive plan marks the first incentive under the new chairman since his appointment in 2021 and is expected to boost market confidence [1] Group 1: Company Developments - The outdoor industry has been rapidly developing, becoming the next growth point in the apparel sector, succeeding previous sports trends [1] - Tanshan is focusing on enhancing product functionality, increasing marketing investment, and improving store efficiency, with expectations for improved terminal discount rates to enhance brand strength and profitability [1] - The acquisition of G2Touch has been successful, benefiting from technology development and expansion of downstream customers, with potential growth in the automotive sector [1] Group 2: Product Innovations - The company has launched four outdoor smart equipment products: lower limb exoskeleton, 5G smart outdoor watch, smart skiing helmet, and suspended mirror high-definition outdoor cinema, all showing improvements in assistive effects, battery life, adaptability, lightweight design, and smart interaction [1] Group 3: Financial Projections - The company maintains its profit forecast for 2025-2027, with revenue projections of 2.011 billion, 2.829 billion, and 3.342 billion yuan respectively; net profit forecasts of 237 million, 369 million, and 454 million yuan; and EPS forecasts of 0.26, 0.42, and 0.51 yuan [1] - As of February 13, 2026, the closing price of 13.72 yuan corresponds to PE ratios of 52, 33, and 27 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

Core Viewpoint - The report from Huaxi Securities indicates that the recent acquisitions of chip companies by the company are expected to enhance profit margins, capitalizing on the rapid growth of the outdoor industry, which is becoming a new growth point in the apparel sector [1] Company Summary - The company is focusing on improving product functionality, increasing marketing investments, and enhancing store efficiency to boost brand strength and profitability [1] - The successful acquisition of G2Touch is primarily benefiting from technology development and expansion into downstream customers, with potential growth opportunities in the automotive sector [1] - The company is leveraging its ONCELL technology advantages and aims to develop INCELL technology, with new acquisitions expected to create complementary advantages and contribute to performance growth [1] Product Development - The company has launched four new outdoor smart products: lower limb exoskeleton, 5G smart outdoor watch, smart skiing helmet, and suspended mirror high-definition outdoor cinema, all of which show improvements in assistive effects, battery life, adaptability, lightweight design, and smart interaction [1] Financial Outlook - The company maintains its profit forecast for 2025 and raises the profit estimates for 2026-2027, with the closing price on December 1, 2025, at 11.85 yuan corresponding to PE ratios of 44, 33, and 28 for 2025, 2026, and 2027 respectively [1]