机构：东方证券 研究员：施红梅/李雪君 公司中报营收增长符合预期，盈利增长略超出之前市场预计。公司上半年收入实现稳健增长，符合预 期，但盈利在去年同期时尚运动业务亏损、今年上半年管理费用控制得力、政府补助同比增加等因素综 合作用下，同比实现21.5%的增长，略超出之前市场的估计。 报告期公司综合毛利率同比有所下降，但我们预计中长期有望呈现向上态势。我们判断中期毛利率的小 幅下降主要是可选消费整体低迷之下带来的线上折扣有所加深，同时公司相对低毛利率的儿童业务收入 比重增加以及索康尼新品类服装等拓展带来的品类结构调整所致。未来随着儿童业务的持续拓展成熟以 及索康尼品牌收入占比的持续提升，公司中长期综合毛利率有望呈现向上态势。 建议关注户外热潮下未来迈乐品牌的发展机会。在主品牌稳健发展、索康尼进入良性快增的情况下，面 对国内户外行业发展的热潮，我们预计公司后续将着手强化户外品牌迈乐的发展。我们预计26 年底左 右公司将强化对迈乐的投入，结合在索康尼培育整合中的经验，后续建议重点关注迈乐的发展机会，有 可能成为公司中期潜在的增长点。 盈利预测与投资建议 我们维持对公司的盈利预测，考虑到股本的变动，预计公司2025-2 ...

Core Viewpoint - The outdoor sports market has seen significant growth, with brands like PELLIOt (伯希和) capitalizing on this trend, achieving substantial sales increases and preparing for an IPO to become the first high-performance outdoor lifestyle brand in China [1][4][9]. Group 1: Company Overview - PELLIOt was founded in 2012 by Liu Zhen and Hua Jingling, focusing on the outdoor market from the beginning [2]. - The brand gained traction during the outdoor boom post-2022, particularly with its three-in-one jackets, achieving a compound annual growth rate of 144% in sales [4]. - PELLIOt's revenue for 2022, 2023, and 2024 is projected to be 379 million, 910 million, and 1.766 billion respectively, with net profits of 24.3 million, 152 million, and 283 million [4]. Group 2: Sales and Marketing Strategy - The company primarily utilizes a direct-to-consumer (DTC) sales model, with online DTC sales accounting for 87.5%, 82.8%, and 76.5% of total sales from 2022 to 2024 [5]. - PELLIOt has successfully attracted significant investment, including 700 million from local funds and 288 million from notable investors like Tencent, which now holds a 10.7% stake [7][8]. Group 3: Challenges and Risks - Despite rapid growth, PELLIOt faces challenges such as low R&D investment, with only 4.5% of its workforce dedicated to design and R&D, and a significant reliance on a single product category [10][11]. - The brand's positioning as a "value alternative" complicates its aspirations for high-end market penetration, as evidenced by limited success with premium product lines [11]. - PELLIOt is also dealing with a naming controversy linked to Paul Pelliot, which raises questions about its branding and cultural narrative [12]. Group 4: Future Outlook - To succeed in its IPO ambitions and establish a stronger market presence, PELLIOt must enhance its operational capabilities and redefine its brand identity beyond being a "value alternative" [13].