Core Viewpoint - The article discusses the competitive landscape of the outdoor apparel market, focusing on the upcoming IPO of the brand 伯希和 and its comparison with another brand, 蕉下, highlighting the challenges and opportunities in the sector. Group 1: Market Overview - The outdoor apparel market, particularly for sun-protective clothing, is experiencing rapid growth, with significant increases in search volume on e-commerce platforms and interest from capital markets [4][8]. - The market has seen a surge in competition, with various brands entering the space, including traditional outdoor brands, sports brands, and even fast fashion and underwear brands [7][26]. Group 2: Company Comparisons - Both 伯希和 and 蕉下 have adopted a direct-to-consumer (DTC) model and achieved impressive revenue growth, with 伯希和's revenue projected to grow from RMB 378 million in 2022 to RMB 1.766 billion in 2024, representing a compound annual growth rate (CAGR) of 140.21% [17][18]. - 伯希和's product line has expanded beyond its original focus on jackets to include a variety of outdoor apparel, while 蕉下 has similarly diversified its offerings [12][14]. Group 3: Financial Performance - 伯希和's revenue growth is accompanied by a significant increase in adjusted net profit, which is expected to rise from RMB 28 million in 2022 to RMB 304 million in 2024 [17]. - 蕉下 has also shown strong revenue growth, with its income increasing from RMB 385 million in 2019 to RMB 2.211 billion in 2022, despite facing challenges in the market [19]. Group 4: Competitive Challenges - Both companies face skepticism regarding their reliance on OEM manufacturing, which raises concerns about product differentiation and brand loyalty [35][36]. - The outdoor apparel market is characterized by low brand concentration, with 伯希和 holding only a 3.9% market share in the performance outdoor clothing segment as of 2024 [29][31]. Group 5: Strategic Positioning - 伯希和 aims to position itself as a high-performance outdoor lifestyle brand, while 蕉下 focuses on urban outdoor apparel, leading to different competitive strategies [10][40]. - The article emphasizes the need for both brands to establish long-term brand value beyond just sales growth, as they prepare for their respective IPOs [41].

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 ...