证券研究报告 | 行业周报 gszqdatemark 2025 08 03 年 月 日 公司核心品牌为伯希和，致力于提供高性能的户外服饰及装备。公司核心品牌伯 希和创立于 2012 年，透过伯希和品牌，公司提供广泛的产品系列，涵盖服饰、鞋 类以及装备及配饰，适用于各种户外活动、运动健身以及都市通勤，2024 年公司 实现营收 17.7 亿元，同比增长 94%（ 2022~2024 年 CAGR 为 116%），实现净利 润 2.8 亿元，同比增长 86% 2022~2024 年 CAGR 为 243%），其中伯希和品牌 2024 年实现营收为 17.33 亿元，占公司营收比重为 98%，除伯希和品牌之外，公 司于 2020 年获得授权在中国市场运营 Excelsior 品牌，2024 年 Excelsior 的营收 为 0.33 亿元。 伯希和定位高性能户外服饰，目前行业正处于快速扩张阶段。根据公司招股书显 示，中国内地高性能户外服饰市场 2019 年市场规模为亿元，5392024 年增长至 1027 亿元，2019~2024 年 CAGR 为 13.8%，2029 年预计达到 2158 亿元， 2024~2 ...

Investment Rating - The report indicates a positive investment outlook for the outdoor apparel industry, particularly highlighting the rapid growth of domestic brands like 伯希和 [3][30]. Core Insights - The outdoor apparel industry is experiencing robust growth, with domestic brands increasing their market presence and capitalizing on the outdoor trend [3][30]. - 伯希和 has demonstrated strong financial performance, with significant revenue and profit growth, indicating improved profitability [3][30]. - The company has effectively positioned itself in the mid-range market, offering high-quality products at competitive prices, appealing to a broader consumer base [53][56]. Summary by Sections Company Overview - 伯希和 was founded in 2012, focusing on high-performance outdoor apparel and equipment, and has rapidly gained market recognition [7][8]. - The company achieved a revenue of 17.7 billion yuan in 2024, a 94.5% increase year-on-year, with a net profit of 2.8 billion yuan, reflecting an 86.3% growth [8][10]. Financial Performance - From 2022 to 2024, the company's revenue and net profit exhibited a compound annual growth rate (CAGR) of 116% and 242%, respectively [8][9]. - The gross margin improved from 54.3% in 2022 to 59.6% in 2024, driven by enhanced pricing power and effective cost control [13][14]. Market Dynamics - The high-performance outdoor apparel market in China is projected to reach 1,027 billion yuan in 2024, growing at a rate of 17% [36][41]. - The market remains fragmented, with the top ten brands accounting for only 27.2% of total retail sales, indicating significant growth potential for emerging brands [44][51]. Product and Sales Channels - Apparel dominates the product mix, accounting for 91% of revenue in 2024, with significant growth in categories like jackets and quick-dry clothing [26][41]. - Online direct-to-consumer (DTC) sales have become the primary revenue channel, growing from 3.3 billion yuan in 2022 to 13.5 billion yuan in 2024, with a CAGR of 102% [21][37]. Brand Strategy - 伯希和's marketing strategy leverages social media and partnerships with outdoor KOLs to enhance brand visibility and credibility [66][70]. - The company has established a strong presence in both online and offline channels, with 146 physical stores by the end of 2024, primarily in first and second-tier cities [26][82].

Investment Rating - The report assigns an "Outperform" rating to several companies in the high-performance outdoor apparel sector, including Anta Sports, Shenzhou International, Li Ning, Samsonite, Xtep International, and 361 Degrees, with target prices set for each [1]. Core Insights - The high-performance outdoor apparel industry in China is entering a trillion-yuan era, with significant growth potential. The market size increased from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 13.8%. It is projected to reach 215.8 billion yuan by 2029, with a CAGR of 16% from 2024 to 2029 [3]. - The report highlights Pelliot as a leading brand in high-performance outdoor apparel, which has established a broad product matrix and a direct-to-consumer (DTC) sales channel. The company reported a revenue of 1.766 billion yuan in 2024, a 94.5% year-on-year increase [2][17]. - Pelliot's product matrix includes four main series: Peak Series, Professional Performance Series, Mountain Series, and Classic Series, with the Classic Series contributing over 80% of sales revenue [34]. Summary by Sections Company Overview - Pelliot has been a key player in the high-performance outdoor apparel market since its establishment in 2012, focusing on a wide range of products suitable for outdoor activities, fitness, and urban commuting [2][10]. - The company has developed a multi-channel sales and distribution network, with online sales accounting for 76.5% of total revenue in 2024, while offline sales grew by 257.1% [2][19]. Financial Performance - Pelliot's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, with a remarkable growth rate of 139.9% in 2023 and 94.5% in 2024 [17][18]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, driven by business scale expansion, enhanced pricing power, and effective cost control [7]. Market Position - The high-performance outdoor apparel market in China is relatively fragmented, with the top ten brands holding a combined market share of 27.3% in 2024. Pelliot's market share was 1.7% [3]. - Pelliot ranked third in online retail sales among high-performance outdoor apparel brands in mainland China, with a market share of 3.7% [3]. Product Development - The company employs a dual-track technology system of "internal innovation + external procurement," focusing on proprietary technologies such as Storm Breath and Storm Shield [6]. - Pelliot's core products demonstrate its technological capabilities and market positioning, contributing significantly to revenue and brand strength [39].

Investment Rating - The report assigns a positive investment rating to PELLIOT, highlighting its rapid growth and market position as a leading high-performance outdoor apparel brand in China [2][9]. Core Insights - PELLIOT has experienced significant revenue growth, with revenue increasing from 378 million RMB in 2022 to 1.766 billion RMB in 2024, representing a CAGR of 116%. Net profit surged from 24 million RMB to 283 million RMB during the same period, with a CAGR of 243% [2][9]. - The company holds a market share of 5.2% in the high-performance outdoor apparel sector, ranking among the top three domestic brands in China as of 2024 [2][9]. - The Chinese functional apparel market is projected to grow from 484.3 billion RMB in 2024 to over 823.1 billion RMB by 2029, with a CAGR of 11.2% [2][23]. - The high-performance outdoor apparel segment is expected to grow from 102.7 billion RMB in 2024 to 215.8 billion RMB by 2029, with a CAGR of 16.0% [2][24]. Company Overview - PELLIOT, established in 2012, focuses on technological innovation and has developed a multi-tiered product matrix that includes four main lines: Peak Series, Professional Performance Series, Mountain Series, and Classic Series [2][8]. - The Classic Series contributed 82.7% of the revenue in 2024, indicating a strong market presence [9]. Market Dynamics - The high-performance outdoor apparel market in China is characterized by a fragmented landscape, with the top ten brands holding only 27.3% of the market share, indicating substantial growth opportunities for domestic brands like PELLIOT [2][24]. - The core category of jackets and pants is experiencing rapid growth, with the market size expected to increase from 30 billion RMB in 2024 to 75.4 billion RMB by 2029, reflecting a CAGR of 20.2% [2][34]. Competitive Advantages - PELLIOT adopts a high cost-performance strategy, with its Classic Series priced between 169-970 RMB, making it more competitive compared to international brands priced above 1,000 RMB [2][42]. - The company has successfully launched several best-selling products, including the "three-in-one down jacket," which has sold over ten million units [2][43]. - PELLIOT's direct-to-consumer (DTC) model has significantly contributed to its revenue, with online channels accounting for 76.5% of total revenue in 2024 [2][52]. Financial Performance - The company's gross margin has improved from 54.3% in 2022 to 59.6% in 2024, driven by enhanced pricing power and effective cost control [2][61]. - PELLIOT's sales and distribution expenses have been substantial, reflecting its reliance on online DTC channels, with sales expenses exceeding 30% of total revenue [2][62].

Core Insights - The article highlights the rapid growth of the domestic outdoor brand, Berghaus, which is capitalizing on the outdoor sports trend in China, with a significant increase in revenue and net profit forecasted from 2022 to 2024 [1][6] Company Performance - Berghaus's revenue is projected to soar from 379 million yuan to 1.766 billion yuan between 2022 and 2024, with an adjusted net profit CAGR of 232%, making it one of the fastest-growing brands in the industry [1] - The company has been recognized as the "King of Material" in the domestic outdoor apparel market due to its focus on high-quality materials and technology [1] Market Context - The high-performance outdoor apparel market in China is expected to reach 102.7 billion yuan in 2024, with a CAGR of 13.8%, and is projected to exceed 215.8 billion yuan by 2029 [1] - Berghaus's IPO is seen as a strategic move to become the first stock representing high-performance outdoor lifestyles in China [1] R&D and Innovation - Berghaus has established a proprietary technology platform, PT-China, to enhance product performance and has registered 45 patents by the end of 2024 [2][4] - The company has developed the Storm Breath technology for jackets, achieving high waterproof standards while maintaining breathability, positioning its products competitively against international brands [2] Collaborations and Partnerships - Berghaus has formed partnerships with universities and leading material suppliers to foster innovation and enhance product development [3] - Collaborations include establishing a functional technology innovation application base with Donghua University and a research lab with Beijing Institute of Fashion Technology [3] Investment and Funding - The company has significantly increased its R&D expenditure from 13.56 million yuan in 2022 to 31.46 million yuan in 2024, with a R&D expense ratio of 3.6% in 2022 [4] - Berghaus has attracted investments from notable firms, including Tencent, which invested 300 million yuan in 2025, indicating strong market confidence [5][6] Recognition and Awards - Berghaus has received multiple international design awards, including the Asia Outdoor Equipment Award, and has been recognized as a pioneer in down jackets in China [5] - The brand's innovative capabilities have garnered attention from domestic investment institutions, further solidifying its market position [5][6]

Core Viewpoint - The company "Berkhi" is preparing for an IPO on the Hong Kong Stock Exchange, having sold 3.8 million jackets in three years, and is positioned as a "substitute" for high-end outdoor brands like Arc'teryx [2][11]. Company Overview - Berkhi Outdoor Sports Group submitted its prospectus for a main board listing on April 28, with CICC and CITIC Securities as joint sponsors [2]. - The company has experienced rapid revenue growth, with revenues of 378 million RMB, 908 million RMB, and 1.766 billion RMB from 2022 to 2024, representing a compound annual growth rate (CAGR) of 115.86% [5][16]. - Berkhi's net profit for the same period was 27.6 million RMB, 156 million RMB, and 304 million RMB [5]. Market Position - Berkhi ranked third in total GMV among outdoor brands during the 2024 Tmall Double Eleven shopping festival [2]. - The high-performance outdoor apparel market in mainland China is expected to grow at a CAGR of 13.8% from 2019 to 2024, reaching 215.8 billion RMB by 2029 [6]. - Berkhi holds a 3.9% market share in the top ten outdoor jacket brands in mainland China, ranking seventh [12]. Sales and Distribution - The company relies heavily on online sales, with nearly 80% of revenue coming from e-commerce platforms like Tmall and Douyin [7]. - In 2024, Berkhi's online direct-to-consumer (DTC) sales reached 1.351 billion RMB, with Tmall contributing 518 million RMB and Douyin 323 million RMB [7]. - The company has only 146 retail stores in mainland China, with only 14 being directly operated [7]. Financials and Marketing - Berkhi's marketing expenses have been significant, with sales and distribution costs rising from 120 million RMB in 2022 to 587 million RMB in 2024, accounting for 31.8% to 33.2% of total revenue [8]. - The company's R&D expenses were low, at less than 2% of total revenue, with 2024 R&D expenses at 31.5 million RMB [10]. Product Strategy - Berkhi's main product line is the classic series, which accounts for over 80% of its revenue, with a total of approximately 3.8 million jackets sold [14]. - The company introduced the street-style footwear brand Excelsior in 2020, but it has not significantly contributed to revenue, accounting for only 1.9% in 2024 [14]. Brand Controversies - The brand name "Berkhi" has faced controversy due to its association with a historical figure accused of stealing cultural artifacts, which could pose a risk to its brand image [17][18]. - There are consumer concerns regarding product quality based on production location, with some preferring products made in Anhui over those made in Beijing [20].

Core Viewpoint - The company, 伯希和, is planning an IPO on the Hong Kong Stock Exchange to raise funds for enhancing R&D capabilities, product design, brand positioning, multi-channel sales network, digital capabilities, and working capital [1] Group 1: Financial Performance - The company reported revenues of 379 million, 908 million, and 1.766 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of 27.6 million, 156 million, and 304 million yuan, resulting in a net profit CAGR of 232% [1] - R&D expenditures are projected to increase from 13.6 million yuan in 2022 to 31.5 million yuan in 2024 [1] Group 2: Product Strategy - The company has successfully positioned its jackets as a cornerstone of its brand, selling approximately 3.8 million jackets from 2022 to 2024, with a sales CAGR of 144% [1][2] - The product matrix has expanded to 572 SKUs across four major series, catering to diverse outdoor scenarios [2] Group 3: Sales Channels - The company has established a multi-channel sales network centered on DTC, with online DTC sales revenue growing from 331 million yuan in 2022 to 1.351 billion yuan in 2024, achieving a CAGR of 102% [2] - Offline DTC sales revenue increased from 7.3 million yuan in 2022 to 169 million yuan in 2024, with over 100 stores established in mainland China by the end of 2024 [3] Group 4: Market Outlook - The high-performance outdoor apparel market in China is one of the fastest-growing segments, expected to reach a market size of 215.8 billion yuan by 2029 [3] - Analysts believe the company is well-positioned for long-term growth due to its innovative products, differentiated brand positioning, and excellent operations [3]

Core Viewpoint - The company, Pelliot, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, brand positioning, multi-channel sales networks, and digital capabilities [1] Company Overview - Founded in 2012, Pelliot is a leading brand in high-performance outdoor lifestyle products in China, focusing on outdoor apparel and equipment [1] - The company has experienced rapid growth due to its unique brand positioning, product innovation, and a direct-to-consumer (DTC) multi-channel model [1] Financial Performance - Revenue from 2022 to 2024 showed significant growth: RMB 379 million, RMB 908 million, and RMB 1.766 billion respectively [1] - Adjusted net profit for the same period was RMB 27.6 million, RMB 156 million, and RMB 304 million, with a CAGR of 232% [1] R&D and Product Development - R&D expenditure doubled from RMB 13.6 million in 2022 to RMB 31.5 million in 2024, reflecting a strong commitment to innovation [2] - The company has established a leading design and R&D team with over 10 years of industry experience, focusing on advanced materials and manufacturing technologies [2] - Pelliot has developed proprietary technologies such as STORM BREATH and STORM SHIELD, and has received multiple awards for product innovation [3] Product Strategy - Pelliot initially focused on jackets, which are representative of high-performance outdoor apparel, achieving a CAGR of 144% in sales with approximately 3.8 million jackets sold [4] - The company has expanded its product matrix, with 26 apparel SKUs generating over RMB 10 million in annual sales during 2022-2024 [4][5] Sales Channels - The DTC sales strategy has been pivotal, with online DTC sales growing from RMB 331 million in 2022 to RMB 1.351 billion in 2024, achieving a CAGR of 102% [6] - Offline DTC sales also increased significantly, from RMB 7.3 million in 2022 to RMB 169 million in 2024 [7] Market Position and Recognition - Pelliot is recognized as the fastest-growing high-performance outdoor apparel brand in China, with a CAGR of 127.4% from 2022 to 2024 [8] - The company has attracted significant investment, including a recent RMB 300 million investment from Tencent, making it the fourth-largest shareholder [9] Industry Outlook - The high-performance outdoor apparel market in China is projected to reach RMB 215.8 billion by 2029, indicating strong growth potential for Pelliot [10]

Core Viewpoint - The company, established in 2012, is rapidly growing in the high-performance outdoor apparel market, with significant sales growth projected through 2024, positioning itself among the top local brands in China [3][4]. Company Overview - The company offers a wide range of outdoor apparel and equipment through its flagship brand, focusing on high-performance products for various outdoor activities and urban commuting [3]. - The brand is expected to achieve net sales of RMB 1,733.1 million by 2024, reflecting a compound annual growth rate (CAGR) of 122.2% from RMB 350.9 million in 2022 [3][5]. - The company operates a direct-to-consumer (DTC) multi-channel sales model and has established a loyal customer base among professional athletes and outdoor enthusiasts [3][4]. Product Range - The product portfolio includes clothing and footwear suitable for a diverse customer base, with 572 standard product units (SPUs) as of December 31, 2024 [4]. - The company has developed four product lines under the brand, including Peak Series, Professional Performance Series, Mountain Series, and Classic Series [4]. Industry Growth - The high-performance outdoor apparel market in mainland China is experiencing rapid growth, with retail sales expected to rise from RMB 539 billion in 2019 to RMB 1,027 billion by 2024, representing a CAGR of 13.8% [4]. - The market is projected to reach RMB 2,158 billion by 2029, with a CAGR of 16.0% from 2024 to 2029, making it one of the fastest-growing segments in functional apparel [4]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 378 million, RMB 908 million, and RMB 1,766 million, respectively [5][6]. - Net profit for the same periods is expected to be around RMB 24.3 million, RMB 151.9 million, and RMB 283.1 million, indicating strong profitability growth [5][6].