范雨露 制图 ■"十四五"以来，我国户外运动场地设施不断扩容、服务保障持续完善、市场潜力有效释放 ■ 以运动鞋服为代表的户外装备产业乘风而上，今年上半年，安踏体育、361度集团、特步国际等运动 鞋服企业取得了亮眼业绩 ■ 运动鞋服领域并购动作频频，主要是企业为了弥补自身在某个领域的品牌空白，加强对客户的覆盖， 如特步国际收购索康尼，安踏集团收购亚玛芬体育、国产瑜伽服品牌MAIA ACTIVE（玛伊娅）、德国 户外品牌Jack Wolfskin（狼爪）等 ◎记者 曾庆怡 "每一次登顶都可以感受到大自然磅礴的生命力！"经常参加登山运动的白领小卷近期在社交媒体平台上 写道。 近年来，越来越多像小卷这样的人找到了热爱的运动。 "从飞盘、垂钓到滑雪、潜水、陆地冲浪，新兴运动项目持续火热，户外运动产业稳步发展，用户版图 不断扩张，户外赛事持续增加，户外运动消费逐渐成为人民追求健康和生活品质的重要领域。"国家体 育总局体育经济司司长杨雪鸫在近日举行的国新办发布会上表示，"十四五"以来，我国户外运动场地设 施不断扩容、服务保障持续完善、市场潜力有效释放。 "户外穿搭"提升运动鞋服企业业绩 "我喜欢骑行、登山、网球等运动，对于 ...

Core Insights - The sports industry in China has shown a steady growth with an average annual growth rate exceeding 10% over the past five years, reaching a total scale of 3.67 trillion yuan in 2023, with a value added of 1.49 trillion yuan [1][2] - The contribution of the sports industry to the GDP has increased, with a value added growth rate of 11.6% annually, accounting for 1.15% of GDP in 2023, moving closer to becoming a pillar industry [1][2] - The ice and snow industry has experienced significant growth, expanding from 381.1 billion yuan in 2020 to 970 billion yuan by 2024, with an average annual growth rate of 26.3% [1] Industry Structure and Quality - The structure of the sports industry is improving, with the sports service sector, led by competition and performance industries, increasing its share of the industry's value added from 68.7% in 2020 to 72.7% in 2023 [2] - The number of national-level specialized and innovative "little giant" enterprises in the sports sector is expected to reach 146 by the end of 2024, more than doubling since 2022 [2] - The application of advanced materials and technologies in sports is enhancing product innovation and competitiveness, with high-tech products like carbon fiber bicycles and smart fitness equipment becoming more common [2] Outdoor Sports Development - The outdoor sports industry is projected to see approximately 200 million online consumers and a total consumption exceeding 300 billion yuan by 2024 [2] - As of 2024, there are 171,800 fitness trails totaling 407,500 kilometers, and 2,055 flying and automotive camps across the country, indicating a growing infrastructure for outdoor activities [3] - The participation in water sports is expected to surpass 120 million people, with the industry scale reaching 438.6 billion yuan, reflecting an 18.7% year-on-year growth [3] Event-Driven Economic Impact - In the first half of this year, key sporting events in seven provinces generated over 16 billion yuan in sports and related consumption, averaging over 30 million yuan per event, highlighting the role of sports in boosting domestic demand [4] - The government plans to develop policies to promote event economics, enhance event supply, and strengthen the coordination between events and the industry to further stimulate consumption and economic growth [4]

Core Insights - The sports industry in China has shown a steady growth with an average annual growth rate exceeding 10% over the past five years, reaching a total scale of 3.67 trillion yuan in 2023, with a value added of 1.49 trillion yuan [1][2] Industry Growth - The value added of the national sports industry has grown at an average annual rate of 11.6%, accounting for 1.15% of GDP in 2023, moving closer to becoming a pillar industry [1][2] - The ice and snow industry has expanded from 381.1 billion yuan in 2020 to 970 billion yuan in 2024, with an average growth rate of 26.3% [1] Sports Consumption - In 40 pilot cities for sports consumption, the total sports consumption of residents increased by over 100 billion yuan from 2020 to 2023, indicating a continuous release of sports consumption potential [1] - The outdoor sports industry is projected to have approximately 200 million online consumers and a total consumption exceeding 300 billion yuan in 2024 [2] Structural Quality Improvement - The structure of the sports industry is improving, with the sports service industry, led by competition performance and fitness leisure, increasing its share of the industry's value added from 68.7% in 2020 to 72.7% in 2023 [2] - By the end of 2024, the number of national-level specialized and innovative "little giant" enterprises in the sports sector is expected to reach 146, more than doubling since the end of 2022 [2] Outdoor Sports Development - As of 2024, there are 171,800 fitness trails totaling 407,500 kilometers, and 2,055 flying and automotive camps across the country [3] - The water sports participation is expected to exceed 120 million people, with an industry scale reaching 438.6 billion yuan, reflecting an 18.7% year-on-year growth [3] Event-Driven Economic Impact - In the first half of this year, key events in seven provinces, including Hebei, Zhejiang, and Fujian, generated over 16 billion yuan in sports and related consumption, averaging over 30 million yuan per event [4] - The National Sports Administration plans to develop policies to promote event economics, enhance event supply, and strengthen the coordination between events and the industry [4]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in building a sports power in China, with the sports industry growing at an average annual rate of over 10% in the past five years, contributing to national economic growth and local economic transformation [1][3]. Group 1: Sports Infrastructure and Participation - The total area of sports facilities in China has exceeded 4.23 billion square meters, an increase of 1.131 billion square meters compared to the end of the "13th Five-Year Plan" [2]. - The number of social sports instructors has reached 3.71 million, with over 38.5% of the population regularly participating in physical exercise [2]. - The initiative "Three Hundred Million People Participate in Ice and Snow Sports" has spurred new developments in ice and snow culture and industry [2]. Group 2: Competitive Sports Achievements - By the end of 2024, China has achieved a total of 519 world championships and set 68 world records during the "14th Five-Year Plan" period [3]. - The Beijing Winter Olympics and the Paris Olympics have marked historical achievements for China in international competitions, establishing the country as a strong Olympic nation [3]. Group 3: Sports Industry Development - The sports industry has seen an average annual growth rate of over 10% in the past five years, with policies promoting the development of ice and snow economies and outdoor sports [3][5]. - The outdoor sports market is expanding, with online consumption expected to reach over 300 billion yuan in 2024, driven by an increase in outdoor facilities and events [5]. Group 4: Sports Culture and International Relations - The promotion of Chinese sports culture is integrated with cultural confidence, with various activities enhancing the international sports "circle of friends" [3]. - Traditional Chinese sports, such as martial arts, are gaining recognition on international platforms, contributing to China's diplomatic efforts [3]. Group 5: Sports Reform and Regulation - Revisions to sports laws and the establishment of a sports arbitration center mark a new phase in sports legal development [4]. - Efforts to reform and revitalize football, along with measures to combat issues like gambling and match-fixing, are progressing positively [4]. Group 6: Water Sports Industry - The water sports industry is projected to reach a scale of 438.6 billion yuan in 2024, with a year-on-year growth of 18.7% [6]. - Participation in water sports has surpassed 120 million, indicating a growing interest and market potential in this sector [6].

Core Insights - The outdoor sports industry in Shandong is experiencing significant growth, driven by increasing consumer demand and a higher quality of life expectation [2][3] - The first Outdoor Sports Industry Conference in Shandong aims to explore development models and promote high-quality growth in the outdoor sports sector [1][3] Group 1: Event Highlights - The 2025 Shandong Outdoor Sports Carnival featured various activities, including off-road motorcycle experiences and fishing, attracting significant public interest [1] - Nearly 300 participants took part in the "Good Luck Shandong" hiking competition, enhancing the local tourism and fitness culture [1] Group 2: Industry Development - As of April 2025, Shandong has over 10,000 registered outdoor sports-related enterprises and more than 3,600 outdoor sports associations and clubs, with over 30 million participants in outdoor activities [2] - The establishment of the first outdoor sports station in Shandong aims to provide comprehensive services and promote local outdoor sports development through a fusion of events and consumer engagement [3] Group 3: Strategic Initiatives - Shandong's sports authorities plan to create high-quality outdoor sports destinations, leveraging local natural resources and cultural heritage for sustainable development [3] - The "Sports+" strategy will deepen the integration of sports with tourism, health, and education sectors, enhancing the multifaceted value of sports [3]

Core Insights - JD Sports has formed a strategic partnership with the Beijing International Bicycle Sports and Equipment Exhibition (Bike China) to enhance the cycling industry through a comprehensive event that integrates commerce, culture, and technology [1][3] - The event will take place from August 29 to 31 at the China International Exhibition Center, featuring JD Sports' "JD Cycling Eco Pavilion" showcasing various cycling products and offering seamless shopping experiences [1][2] - A significant increase in cycling-related equipment consumption is anticipated, with a projected over 50% year-on-year growth in categories such as folding bikes and electric bicycles by 2025 [2] Group 1 - JD Sports will leverage its supply chain advantages and quality cycling products to support the healthy development of the cycling industry [1] - The exhibition will include a live streaming area where cycling experts will share purchasing tips and experiences, enhancing audience engagement [1][2] - JD Sports plans to release the "2025 China Cycling Consumption White Paper" during the exhibition, focusing on consumer trends and providing strategic insights for brand partners [2] Group 2 - The partnership aims to facilitate resource sharing and innovative scenarios to help cycling brands achieve new growth [3] - JD Sports has been actively involved in the cycling sector through various events and competitions, enhancing the experience for cycling enthusiasts [2][3] - Future initiatives will include a variety of cycling events and promotional activities to encourage outdoor activities and foster a love for cycling [3]

Core Viewpoint - The outdoor sports brand Pelliot from Anhui Lixin is on its way to an IPO in Hong Kong, aiming to expand its capital and market presence, with CICC and CITIC Securities as joint sponsors [1][3]. Financial Performance - Pelliot's financial data shows significant growth, with revenue projected to increase from 379 million RMB in 2022 to 1.766 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 115.86%. Adjusted net profit is expected to rise from 28 million RMB to 304 million RMB, with a CAGR of 232% [4]. - The gross margin improved from 54.3% to 59.6%, attributed to economies of scale and supply chain optimization [4]. - Operating cash flow is projected to be negative in 2024 due to increased inventory and accounts receivable, while sales expenses remain high at over 30% [4]. Product and Market Position - Pelliot's core product is focused on jackets, particularly the "冲锋衣" (tactical jackets), which accounted for over 80% of revenue with a sales volume CAGR of 144% from 2022 to 2024 [4]. - The brand's market share is 5.2% among domestic high-performance outdoor brands, indicating a competitive but still developing position in a fragmented market [5][7]. Industry Growth Potential - The outdoor apparel market in China is experiencing rapid growth, with retail sales expected to rise from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, reflecting a CAGR of 13.8% [7]. - The overall outdoor sports industry is projected to exceed 3 trillion RMB by 2025, driven by a shift in consumer behavior towards outdoor activities [7]. Brand Controversy - Pelliot's brand name has faced criticism for its association with Paul Pelliot, a figure linked to cultural relics looting, leading to public backlash and concerns over brand image [8][9]. - The company has attempted to reframe its narrative by associating its name with Chinese cultural elements, but this has been met with skepticism from consumers [10][11]. Founders and Company Background - Founded in 2012 by Liu Zhen and Hua Jingling, Pelliot capitalized on the growing demand for functional outdoor apparel, initially benefiting from e-commerce and celebrity endorsements [16][17]. - The company has contributed significantly to the local economy in Lixin County, providing employment and promoting the transformation of the local textile industry [17][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in Q1 2025, with revenue reaching 190 million yuan, a year-on-year increase of 14.5%, and a net profit of 13 million yuan, a remarkable increase of 2806.3% compared to the previous year [5] - The decline in 2024's performance was primarily due to the termination of partnerships with key distributors, the transition of the climbing mouse business to joint ventures, and substantial asset impairment provisions [5] - The report anticipates a positive impact from the company's brand transformation strategy and core brand growth momentum, leading to revised profit forecasts for 2025-2027 [5] Financial Summary - Revenue for 2024 is projected at 800 million yuan, a decrease of 5.5% year-on-year, while 2025 revenue is expected to rise to 1,009 million yuan, reflecting a growth of 26.1% [9][10] - The net profit for 2025 is estimated at 48 million yuan, a significant recovery from a loss of 21 million yuan in 2024, with further growth expected in subsequent years [9][10] - The gross margin is expected to stabilize around 56.7% in 2025, with net margins improving to 4.8% [11] - The company's P/E ratio is projected to decrease from 40.3 in 2025 to 24.0 by 2027, indicating a more attractive valuation over time [11] Brand Strategy and Market Outlook - The company is committed to deepening its brand operation strategy, having established four major business units to enhance the growth of both proprietary and exclusive agency brands [6] - The introduction of innovative products and the establishment of flagship stores for exclusive brands are expected to drive sales and improve customer retention rates [6] - The outdoor sports industry is anticipated to continue benefiting from policy support and increasing public health awareness, with the market expected to expand further [7]

Core Insights - The outdoor sports industry in China is projected to exceed 3 trillion yuan by 2025, with over 400 million participants as of the end of 2021, indicating rapid growth in the market, particularly in hiking as a core activity [1][4] - There is a significant increase in demand for outdoor activities among young people, with a notable rise in participation and community engagement, as evidenced by the popularity of hiking clubs and social media discussions [4][6] Industry Trends - The consumption of outdoor sports tourism products in Jiangsu, Beijing, and Guangdong provinces has seen year-on-year growth rates of over 170%, 252%, and 40% respectively, highlighting a strong trend in outdoor activity participation [4] - Young people are increasingly seeking companionship and community through outdoor activities, leading to a rise in organized hiking events and clubs that cater to this need for social interaction [6][7] Business Model - The establishment of structured outdoor clubs has improved efficiency and safety in organizing hiking events, with a significant increase in participation from newcomers, indicating a successful business model that leverages community and shared interests [5][6] - The focus on emotional value and community engagement has become a key differentiator for outdoor clubs, with activities extending beyond hiking to include social gatherings and themed events [7][8] Market Competition - The outdoor hiking sector is becoming increasingly competitive, with new entrants from established outdoor product brands like Decathlon, which are leveraging their existing customer base to create community-driven outdoor experiences [9][11] - The market is experiencing a cooling period after a surge in interest, with reports of declining participation and sales in outdoor equipment, suggesting a potential market correction [9][10] Challenges - The outdoor industry faces challenges related to safety and quality standards, with a need for professional talent to enhance the quality of outdoor tourism products and services [11]