Core Viewpoint - The outdoor sports brand Berghaus has officially submitted its IPO application to the Hong Kong Stock Exchange, backed by Tencent and Qiming Venture Partners, marking a significant milestone in its growth journey since its establishment in 2012 [4][10]. Group 1: Company Background and Growth - Berghaus was founded in 2012 by Liu Zhen and Hua Jingling, who identified a market opportunity in outdoor apparel, particularly in the category of jackets [6][7]. - The brand quickly gained popularity, achieving sales of 1.7 billion RMB in a year, leveraging the rise of e-commerce and outdoor activities [4][10]. - Berghaus has positioned itself as one of the fastest-growing high-performance outdoor apparel brands in China, with a projected CAGR of 127.4% from 2022 to 2024 [11]. Group 2: Financial Performance - Berghaus's revenue increased from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with net profit rising from 27.6 million RMB to 304 million RMB during the same period [11][12]. - The brand's flagship product, the jacket, has seen a compound annual growth rate of 144% in sales from 2022 to 2024, with approximately 3.8 million units sold [12]. Group 3: Market Position and Strategy - Berghaus has been recognized as one of the top three domestic high-performance outdoor apparel brands in China by 2024 [11]. - The brand's online direct-to-consumer (DTC) sales accounted for 87.5% of its revenue in 2022, indicating a strong e-commerce presence [13]. - Berghaus aims to shed its "alternative to Arc'teryx" label by investing in high-end product lines and expanding its offline retail presence, with over 100 stores established in mainland China [14]. Group 4: Competitive Landscape - The outdoor apparel market in China is increasingly competitive, with brands like Anta and Lululemon targeting the growing middle-class consumer base [15][17]. - The middle-class demographic, comprising over 30 million households, is becoming a key driver of growth in the outdoor sports sector, with a willingness to pay premium prices for high-quality products [17][18].