香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Boxihe Outdoor Sports Group Co., Ltd. 伯 希 和 戶 外 運 動 集 團 股 份 有 限 公 司 （「本公司」） （ 於中華人民共和國註冊成立的股份有限公司） (a) 本文件僅 為向香 港投資 者提供有 關本公 司的資 料，概 無任何其 他目的 ；投資 者不 應根據本文件中的資料作出任何投資決定； (b) 在聯交所 網站登 載本文 件或其補 充、修 訂或更 換附頁 ，並不引 起本公 司、本 公司 的任何聯 席保薦 人、整 體協調人 、聯席 全球協 調人、 顧問或承 銷團成 員在香 港或 任何其他 司法權 區必須 進行發售 活動的 責任。 本公司 最終會否 進行發 售仍屬 未知 之數； (c) 本文件或 其補充 、修訂 或更換附 頁的內 容可能 會亦可 能不會在 最後正 式的上 市文 件內全部或部分轉載； (d) 申請版本並非最終的上市文件，本公司可能不時根據《 ...

Core Viewpoint - The outdoor sports market has seen significant growth, with brands like PELLIOt (伯希和) capitalizing on this trend, achieving substantial sales increases and preparing for an IPO to become the first high-performance outdoor lifestyle brand in China [1][4][9]. Group 1: Company Overview - PELLIOt was founded in 2012 by Liu Zhen and Hua Jingling, focusing on the outdoor market from the beginning [2]. - The brand gained traction during the outdoor boom post-2022, particularly with its three-in-one jackets, achieving a compound annual growth rate of 144% in sales [4]. - PELLIOt's revenue for 2022, 2023, and 2024 is projected to be 379 million, 910 million, and 1.766 billion respectively, with net profits of 24.3 million, 152 million, and 283 million [4]. Group 2: Sales and Marketing Strategy - The company primarily utilizes a direct-to-consumer (DTC) sales model, with online DTC sales accounting for 87.5%, 82.8%, and 76.5% of total sales from 2022 to 2024 [5]. - PELLIOt has successfully attracted significant investment, including 700 million from local funds and 288 million from notable investors like Tencent, which now holds a 10.7% stake [7][8]. Group 3: Challenges and Risks - Despite rapid growth, PELLIOt faces challenges such as low R&D investment, with only 4.5% of its workforce dedicated to design and R&D, and a significant reliance on a single product category [10][11]. - The brand's positioning as a "value alternative" complicates its aspirations for high-end market penetration, as evidenced by limited success with premium product lines [11]. - PELLIOt is also dealing with a naming controversy linked to Paul Pelliot, which raises questions about its branding and cultural narrative [12]. Group 4: Future Outlook - To succeed in its IPO ambitions and establish a stronger market presence, PELLIOt must enhance its operational capabilities and redefine its brand identity beyond being a "value alternative" [13].