作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 近年来，户外运动开始作为一种时尚符号，得到了年轻人的狂热追捧。 户外运动的细分场景非常多，桨板、飞盘、陆冲、露营，再有登山、钓鱼、攀岩、越野跑等等，社交媒体上关于户外打卡的帖子数不胜数。 当新茶饮、新潮玩这些倚靠满足年轻人差异化需求的网红品牌日进斗金，它们的股票市值不断突飞猛进时，户外品牌们也在摩拳擦掌寻求上 市。 专业户外服饰，又是如何破圈，走进年轻大众的日常生活的？ 01 年轻人的社交货币 自疫情过后，庞大的出行需求拉动了户外运动消费，户外装备采购热潮早在五一前已经开启。 唯品会最新发布的《 2025 五一户外时尚数据洞察》显示，截至 4 月 23 日， 平台户外健身服饰销量环比前一周激增 51% 。 抖音电商数据显示，防晒服、运动背包成交额分别同比增长 428% 和 108% 。 对于选择在城市周边游玩的人来说，徒步鞋、防晒衣、工装裤成为了购物车的 "热门选项"；而对于选择到川西、新疆等地带的人来说，途径地 形和昼夜温差变化较大，功能性服饰更加不可或缺。 近两年，年轻人群开始加入到徒步运动中，在城市周边或景区进行短线徒步运 ...

Core Viewpoint - The company, Toradex, has reported significant growth in both revenue and profit for 2024, driven by its dual business strategy focusing on outdoor products and chip technology, indicating a robust market position and operational efficiency [1][6]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.592 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 107 million yuan, up 48.50% [1]. - The outdoor business segment generated 1.369 billion yuan in revenue, reflecting an 8.91% growth compared to the previous year [2]. - The chip business reported an operating revenue of 222 million yuan, marking a 66.56% increase, with a net profit of 32.03 million yuan, up 183.30% [6]. Group 2: Business Strategy and Operations - The company has implemented a dual strategy of "outdoor + chip" to enhance its market presence and operational efficiency [1][8]. - A high-efficiency BOM system has been established to optimize inventory management and ensure stable supply chain operations [3]. - The company has adopted a flexible ordering model with four rolling R&D sessions annually, allowing for small-batch production and rapid response to market demands [3]. Group 3: Product Development and Innovation - The outdoor apparel segment remains a key revenue driver, contributing 70.39% to total revenue, while outdoor footwear and equipment also saw growth rates of 14.72% and 4.37%, respectively [4]. - The company has launched innovative outdoor smart equipment, including lower limb exoskeletons and smart skiing helmets, enhancing the outdoor experience through advanced technology [4][5]. - Continuous investment in R&D has led to the establishment of a technology platform with 138 patents in the outdoor segment and 259 in the chip segment, showcasing the company's commitment to innovation [8]. Group 4: Market Trends and Future Outlook - The outdoor sports industry is projected to exceed 3 trillion yuan by 2035, driven by increasing participation and policy support [2]. - The company aims to leverage its technological advancements to establish a new benchmark in the global outdoor industry by 2025 [8][9]. - Collaborations with institutions like Tsinghua University are set to enhance the company's capabilities in smart wearable technology and high-performance materials [9].

[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 业绩超市场预期，扣非净利率创同期新 高 [Table_Title2] 浙江自然(605080) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 605080 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 34.88/13.18 | | 目标价格： | | 总市值(亿) | 34.69 | | 最新收盘价： | 24.5 | 自由流通市值(亿) | 34.39 | | | | 自由流通股数(百万) | 140.35 | 2024 年公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 10.02/1.85/1.71/1.57 亿元、同比增长 21.75%/41.67%/25.04%/-34.59%。净利增长主要是公司积极拓展市场份额，优化产品结构，同时海外新产能加速 爬坡所致。经营性现金流净额低于净利主要由于经营性应收项目减少。24Q4 公司收入 ...

国金证券股份有限公司赵中平,杨欣,杨雨钦近期对扬州金泉（603307）进行研究并发布了研究报告《短期 业绩仍承压，期待经营逐步改善》，给予扬州金泉买入评级。 扬州金泉 公司于4月25日公布2024年年报&2025年一季报，2024全年营收8.31亿元，同降1.77%，归母净利润1.44亿 元，同降36.89%。2025Q1营收2.39亿元，同增8.85%，归母净利润0.31亿元，同降26.99%。公司年中加年 末预计派发现金分红6753万，分红率约52%，维持买入评级。 经营分析 2B订单边际改善，2C北极狐品牌稳健发展。24Q4与25Q1公司营收增速转正，经营逐步企稳，公司在持续 巩固户外装备制造领域优势地位的同时，同步加大新品类研发投入，成功将原有帐篷客户的合作深度延伸 至睡袋、防潮垫等配套产品领域。24年帐篷/睡袋/服装/背包营收为3.61/1.17/2.56/0.39亿元，同 比-22.33%/-2.29%/+41.73%/-4.61%，帐篷与睡袋受下游户外客户去库影响承压，期待后续弹性释放，服装 展现良好增长趋势，反映公司开拓第二成长曲线。在国际市场拓展方面，公司与澳大利亚、北美洲的新品 牌客户达成 ...