Company Overview - 伯希和户外运动集团, founded in 2012, is positioned as a high-performance outdoor lifestyle brand in China, advocating the "奔赴自然" (Embrace Nature) philosophy [2] - The company has seen a nearly fourfold increase in revenue over the past three years, with a gross margin of 59.6% [1][3] Financial Performance - From 2022 to 2024, the company's net sales grew at a compound annual growth rate (CAGR) of 122.2%, increasing from 351 million yuan to 1.733 billion yuan [3] - Revenue rose from 378 million yuan to 1.766 billion yuan during the same period, with a CAGR of 115.86% [3] - Net profit increased from 24.3 million yuan to 283 million yuan, achieving a CAGR of 232% [3] - The adjusted net profit margin improved from 7.3% to 17.2% over the three years [3] Product Offering - 伯希和's product lines include four main series: Peak, Professional Performance, Mountain Series, and Classic, catering to a wide range of outdoor scenarios [2] - The company has 572 standard product units in its clothing and footwear categories as of the end of 2024 [2] Market Position - By 2024, 伯希和 is projected to be one of the top three high-performance outdoor apparel brands in China, with a market share of 5.2% [2] - The brand has gained popularity for its "affordable outdoor jackets," selling approximately 3.8 million jackets during the reporting period [3] Sales Channels - Online sales are the primary revenue driver, with direct-to-consumer (DTC) sales increasing from 331 million yuan in 2022 to 1.351 billion yuan in 2024 [5] - Offline retail sales also grew significantly, from 7.3 million yuan in 2022 to 169 million yuan in 2024 [5] - As of the end of 2024, the company operates 146 offline retail stores, primarily in first- and second-tier cities in China [6] Investment and Valuation - The company has attracted significant investment from notable firms, including Tencent, which holds approximately 10.7% of the shares [9] - Following its B-round financing, the company's valuation reached 2.8 billion yuan [10] Industry Outlook - The retail sales of the high-performance outdoor apparel industry in China are expected to grow from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, with a CAGR of 13.8% [10] - The segment is projected to be one of the fastest-growing in the functional apparel market, with an expected CAGR of 16% from 2024 to 2029 [10] Future Plans - The company aims to raise funds through its IPO to enhance R&D capabilities, improve product design, and strengthen brand positioning [11] - Plans include expanding digital capabilities and upgrading operational software and systems [11]

Company Overview - Pelliot, officially known as 伯希和, is a high-performance outdoor lifestyle brand established in 2012, promoting a new outdoor lifestyle concept of "奔赴自然" [5] - The company aims to provide high-performance outdoor apparel and gear, with a product range that includes clothing, footwear, and accessories for various outdoor activities and urban commuting [5] Financial Performance - From 2022 to 2024, Pelliot's net sales are projected to grow at a compound annual growth rate (CAGR) of 122.2%, increasing from 351 million RMB to 1.733 billion RMB [7] - Revenue is expected to rise from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with a CAGR of 115.86% [7] - Gross margin is anticipated to improve from 54.3% in 2022 to 59.6% in 2024, while adjusted net profit is expected to grow at a CAGR of 232% [7] Market Position - By 2024, Pelliot is projected to be one of the top three high-performance outdoor apparel brands in China, capturing a market share of 5.2% [7] - The outdoor apparel market in mainland China is expected to grow from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, with a CAGR of 13.8% [14] Product and Sales Strategy - Pelliot's flagship product is the rain jacket, which has seen cumulative sales of approximately 3.8 million units from 2022 to 2024, with a CAGR of 144% [10] - The company employs a direct-to-consumer (DTC) multi-channel sales model, with online DTC sales revenue increasing from 331 million RMB in 2022 to 1.351 billion RMB in 2024 [10] - As of the end of 2024, Pelliot has established over 100 stores in mainland China, with offline DTC sales revenue growing from 7.3 million RMB in 2022 to 169 million RMB in 2024 [10] Investment and Shareholding - Pelliot has completed two rounds of financing, with notable investors including Tencent, which invested 300 million RMB in March 2025, holding a 10.7% stake [9] - The company's valuation reached approximately 2.8 billion RMB following the last financing round [9] Research and Development - Pelliot has a dedicated technology platform, PT-China, established in 2013, focusing on innovation in outdoor apparel [12] - R&D expenditures are projected to increase from 13.6 million RMB in 2022 to 31.5 million RMB in 2024 [12]

2024年成为中国内地发展最快的高性能户外服饰品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 伯希和户外运动集团股份有限公司 （以下简称 " 伯希和 "）于2025年4月28日 正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和中信证券担任联席保荐人。 这意味着， 伯希和 或将成为 "中国高性能户外生活方式第一股" 。 2012年，「 伯希和 」品牌诞生。 2022年至2024年，「 伯希和 」品牌的净销售额从 3.51亿元以 122.2%的复合年增长率增至17.33亿元。 成立至今， 伯希和 总计完成两轮融资，投资方包括腾讯、启明创投、创新工场、金沙江创投、国元 证券等知名机构以及安徽、青岛两地国资。其中，腾讯于今年 3月完成了对伯希和3亿元的投资。 IPO前，腾讯持有 伯希和 10.70%的股份，为最大机构投资方；启明创投为另一持股超5%的主要机构 投资方，启明创投合伙人王世雨担任 伯希和 非执行董事。 在完成 IPO前最后一轮融资后， 伯希和 的估值为 28亿元人民币。 伯希和 在招股书中表示， IPO募集所得资金净额将主要用 ...