近期，骆驼获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research(艾媒咨询)授予的"全 球女性修身冲锋衣开创者""全球户外冲锋软壳开创者"双项市场地位确认。 iiMedia Research(艾媒咨询)是全球领先的新经济产业数据挖掘与分析机构，以自主研发的CMDAS大数 据监测系统(省部级重大科技专项，项目编号：2016B010110001)和AI智能分析引擎为核心，构建了覆盖 135个国家和地区、10000+行业细分领域的全球实时数据网络，监测3000余项核心商业指标，打造新经 济产业的"数据气象局"。 艾媒咨询深度洞察行业前沿领域，以"全球产业数据库+AI算法"双轮驱动，为企业提供精准市场洞察与 战略支持，赋能全球化增长。旗下iiMedia Ranking(艾媒金榜)通过iiMeval大数据评价模型，为新消费品 牌提供权威评估与消费指南，引领行业标准。 骆驼：把"修身"写进技术参数，用"软壳"打开第二增长曲线 从边缘到中心，户外服饰的"双修"浪潮 过去五年，冲锋衣从登山包走向通勤地铁，从男性标配转向女性"OOTD"；社交平台每天新增上万 条"轻户外"笔记，核心关键词却不再是"海拔" ...

Group 1 - The UK Embassy in China organized a dialogue with several well-known outdoor apparel and equipment brands to discuss trends in the Chinese sports consumption market and brand collaboration strategies [1] - Tmall International's Vice President Ding Chao shared insights on the Chinese sports retail market trends, consumer demographics, channel ecology, and operational logic, highlighting Tmall's advantages such as a diverse brand matrix and a nationwide channel network [1] - British brands expressed strong interest in entering the Chinese sports consumption market, viewing it as a new growth opportunity, and aimed to leverage local partnerships for successful market entry [1] Group 2 - Tmall announced a partnership with the UK-based running brand Soar, becoming its exclusive operating partner in China, responsible for the brand's development in the market [2] - Tmall plans to continue focusing on high-potential global sports brands and aims to provide a one-stop operational partnership for these brands to effectively reach Chinese consumers [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The outdoor trend is driving high growth for the company's other brands, while the main brand's efficiency improvements are being monitored [5] - The company has shown stable performance from its main brand and FILA, with all other brands experiencing rapid growth [7] - The company is expected to maintain a strong growth trajectory due to its multi-brand strategy and overseas expansion potential [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 62,356 million RMB - 2024: 70,826 million RMB (growth of 16.23%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit projections for the same period are: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,567.18 million RMB (growth of 15.31%) - 2027E: 17,163.18 million RMB (growth of 10.25%) [6] - Earnings per share (EPS) are projected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.55 RMB - 2027E: 6.11 RMB [6] Brand Performance Summary - In Q2 2025, the main brand recorded low single-digit growth, while FILA achieved mid-single-digit growth, and all other brands saw growth of 50-55% [7] - The main brand's growth is expected to improve in the second half of the year due to operational efficiency initiatives [7] - The outdoor segment remains strong, with high demand for premium outdoor brands like Descente and Kolon [7]

Core Viewpoint - The outdoor sports trend is gaining momentum, leading to the emergence of PELLIOT, a company focused on outdoor sports and equipment innovation, which has recently filed for an IPO in Hong Kong with a valuation of 28 billion RMB [3][9]. Company Overview - PELLIOT was founded in 2012 and has attracted significant investment from notable institutions such as Tencent and Qiming Venture Partners [3][9]. - The company has developed a diverse product matrix, primarily focusing on high-performance outdoor apparel and footwear, which constitutes a major portion of its sales [5][6]. Financial Performance - PELLIOT's revenue has shown substantial growth, with figures of 378 million RMB in 2022, 908 million RMB in 2023, and projected 1.766 billion RMB in 2024, reflecting a significant increase [5][6]. - The gross profit margins have improved from 54.3% in 2022 to 59.6% in 2024, indicating enhanced operational efficiency [5][6]. - Net profits have also increased, with figures of 24.3 million RMB in 2022, 151.9 million RMB in 2023, and projected 283.1 million RMB in 2024 [5][6]. Market Position - PELLIOT ranks among the top three high-performance outdoor apparel brands in China, holding a market share of 5.2% as of 2024 [5]. - The company has established a strong online presence, with direct-to-consumer (DTC) sales contributing significantly to its revenue, accounting for 87.5% in 2022, 82.8% in 2023, and 76.5% in 2024 [7][8]. Investment and Growth Strategy - The company has undergone multiple funding rounds, with a B round led by Qiming Venture Partners, raising several hundred million RMB and achieving a valuation of 28 billion RMB [9][10]. - PELLIOT plans to utilize the funds raised from its IPO to enhance R&D capabilities, strengthen brand positioning, and expand its multi-channel sales network [8]. Industry Outlook - The functional apparel industry in China is experiencing rapid growth, with the market size projected to increase from 297 billion RMB in 2019 to 484 billion RMB in 2024, and further to 823 billion RMB by 2029, reflecting a CAGR of 11.2% from 2024 to 2029 [13].

有 没 有 发 现 ， 出 现 在 大 众 视 野 的 户 外 活 动 越 来 越 多 ， 无 论 是 各 大 媒 体 平 台 还 是 自 己 的 朋 友 圈 ， 户 外 的 趋 势 都 在 逐 步 的 上 升 。 为了获得更好的户外体验，一双质量过关、舒适合脚的鞋必不可少。 然而如何挑选一双适宜的户外鞋，困扰着许多初入户外的朋友。 鞋子没选对，磨脚、打滑、破损都还是小事，不合适的鞋子不仅会伤脚、伤膝盖，还会增加户外的安全 风险。 据新闻报道发布的一些户外摔伤事故，不难发现受伤者几乎都是穿着旅游鞋、板鞋等去爬山。 要知道坡度稍微陡的地方旅游鞋是很不好站稳的。如果遇到下雨湿滑的路段，滑倒在所难免。 徒步靠得是脚下功夫，鞋子选不对大概率都要遭罪。 就像跑步要穿跑鞋，篮球羽毛球网球等都需要专门的运动鞋。 而想要在户外安全的行走，还是要靠 户外鞋 来保障。 对于许多都市打工人而言，户外不仅是身体的锻炼场所，更是心灵的栖息地。 他们通过户外活动寻找精神寄托，缓解工作压力和生活焦虑。 打工人们热衷于在大自然中释放情绪、疗愈自我。 他们通过 抱树、徒步摆烂大赛、骑行显眼包 等方式表达自己的情感状态和生活态度。 面对这股热潮 ...