Core Viewpoint - The article discusses the competitive landscape of the outdoor apparel market, focusing on the upcoming IPO of the brand 伯希和 and its comparison with another brand, 蕉下, highlighting the challenges and opportunities in the sector. Group 1: Market Overview - The outdoor apparel market, particularly for sun-protective clothing, is experiencing rapid growth, with significant increases in search volume on e-commerce platforms and interest from capital markets [4][8]. - The market has seen a surge in competition, with various brands entering the space, including traditional outdoor brands, sports brands, and even fast fashion and underwear brands [7][26]. Group 2: Company Comparisons - Both 伯希和 and 蕉下 have adopted a direct-to-consumer (DTC) model and achieved impressive revenue growth, with 伯希和's revenue projected to grow from RMB 378 million in 2022 to RMB 1.766 billion in 2024, representing a compound annual growth rate (CAGR) of 140.21% [17][18]. - 伯希和's product line has expanded beyond its original focus on jackets to include a variety of outdoor apparel, while 蕉下 has similarly diversified its offerings [12][14]. Group 3: Financial Performance - 伯希和's revenue growth is accompanied by a significant increase in adjusted net profit, which is expected to rise from RMB 28 million in 2022 to RMB 304 million in 2024 [17]. - 蕉下 has also shown strong revenue growth, with its income increasing from RMB 385 million in 2019 to RMB 2.211 billion in 2022, despite facing challenges in the market [19]. Group 4: Competitive Challenges - Both companies face skepticism regarding their reliance on OEM manufacturing, which raises concerns about product differentiation and brand loyalty [35][36]. - The outdoor apparel market is characterized by low brand concentration, with 伯希和 holding only a 3.9% market share in the performance outdoor clothing segment as of 2024 [29][31]. Group 5: Strategic Positioning - 伯希和 aims to position itself as a high-performance outdoor lifestyle brand, while 蕉下 focuses on urban outdoor apparel, leading to different competitive strategies [10][40]. - The article emphasizes the need for both brands to establish long-term brand value beyond just sales growth, as they prepare for their respective IPOs [41].

Core Viewpoint - The article discusses the rising competition in the outdoor apparel market, particularly focusing on the upcoming IPO of the brand 伯希和 (Bershka) and its comparison with the previously unsuccessful IPO attempts of 蕉下 (Jiaoxia). Both brands are positioned in the outdoor lifestyle segment, with a focus on direct-to-consumer (DTC) sales and rapid product line expansion to capture market share in a growing industry. Group 1: Market Overview - The outdoor apparel market is experiencing significant growth, with brands like 伯希和 and 蕉下 aiming to capitalize on this trend through innovative product offerings and marketing strategies [3][6][27]. - The competition is intensifying as various brands, including traditional outdoor brands and fast fashion labels, enter the market, leading to a crowded landscape [5][19][21]. Group 2: Company Comparisons - Both 伯希和 and 蕉下 started with a single product focus and have since expanded their offerings to include a wider range of outdoor apparel, with 伯希和's sales of jackets showing a compound annual growth rate (CAGR) of 144% from 2022 to 2024 [4][9][13]. - 伯希和's revenue is projected to grow from 3.78 billion RMB in 2022 to 17.66 billion RMB in 2024, with adjusted net profit increasing from 0.28 billion RMB to 3.04 billion RMB in the same period [13][14]. Group 3: Financial Performance - 伯希和's revenue growth is supported by significant investments from well-known institutions, including Tencent, which holds a 10.7% stake [17]. - The company has maintained a gross margin above 50%, but its net profit margin is relatively low, averaging around 13% from 2022 to 2024, indicating high marketing and operational costs [30][31]. Group 4: Strategic Positioning - 伯希和 aims to position itself as a "high-performance outdoor lifestyle brand," which may attract a different consumer base compared to 蕉下's focus on urban outdoor apparel [32]. - The brand's strategy includes expanding its product lines to include seasonal items and leveraging DTC sales channels, which accounted for 87.5% of its revenue in 2022 [22][23]. Group 5: Market Challenges - The outdoor apparel market is characterized by low brand concentration, with 伯希和 holding only a 3.9% market share in the Chinese mainland for outdoor jackets as of 2024 [24]. - The reliance on OEM manufacturing raises concerns about brand differentiation and competitive advantage, as many brands share similar production sources [29][30].

Core Viewpoint - The article discusses the rapid evolution and competitive landscape of the Chinese outdoor sports market, highlighting the rise of domestic brands like PELLIOT amidst challenges faced by international brands. It emphasizes PELLIOT's unique positioning and growth strategy, which leverages e-commerce and direct-to-consumer (DTC) models to capture market share in the affordable outdoor apparel segment. Group 1: Market Dynamics - The Chinese outdoor sports market is undergoing a significant transformation, with international brands like Skechers exiting the market while domestic brands are gaining prominence [4] - Anta's acquisition of the German outdoor brand Jack Wolfskin for $290 million signifies a strategic move towards high-end positioning in the market [4] - PELLIOT, a domestic brand, has submitted its IPO application, attracting attention as a notable player in the outdoor apparel sector [4] Group 2: PELLIOT's Growth Strategy - PELLIOT was founded in 2012 as a "taobao brand," focusing on a light asset online direct sales model, primarily targeting the sub-1000 RMB market with high-performance products [9][10] - The brand's revenue skyrocketed from 379 million RMB in 2022 to 1.766 billion RMB in 2024, with a compound annual growth rate (CAGR) of 115.86% [7][17] - PELLIOT's net profit increased from 28 million RMB to 304 million RMB during the same period, showcasing a CAGR of 232% [7] Group 3: Product Strategy and Market Positioning - PELLIOT's pricing strategy is based on offering "90% performance at 10% of the price" compared to high-end brands, effectively positioning itself as a value alternative [10] - The brand's focus on a single product category, specifically jackets, has led to significant sales, with 3.8 million units sold from 2022 to 2024, contributing over 80% of its revenue [11][21] - The company has successfully utilized DTC and social media marketing, particularly through platforms like Douyin, to drive sales and brand awareness [14][15] Group 4: Financial Performance and Market Share - PELLIOT's gross margin improved from 54.3% in 2022 to 59.6% in 2024, indicating effective cost control [19] - Approximately 80% of PELLIOT's revenue comes from online DTC sales, with significant contributions from both online and offline channels [19][20] - The apparel segment accounted for 91.1% of PELLIOT's revenue by 2024, highlighting its dominance in this category [21] Group 5: Challenges and Future Outlook - Despite rapid growth, PELLIOT faces challenges in diversifying its product range beyond apparel, as its current focus may expose it to market volatility [21][24] - The brand's reliance on OEM/ODM suppliers raises concerns about quality control and product consistency [24] - The article suggests that PELLIOT's future success will depend on its ability to innovate and build a unique brand identity beyond being a cost-effective alternative [27][28]

Core Viewpoint - The outdoor apparel market is experiencing rapid growth, with companies like BERSHIHE preparing for IPOs, following the trend set by previous attempts from brands like JIAOXIA. The competition is intensifying as more players enter the market, focusing on outdoor and sun-protective clothing [1][4][25]. Company Comparison - BERSHIHE and JIAOXIA share similarities in their business models, both utilizing direct-to-consumer (DTC) channels and ODM manufacturing to achieve significant revenue and profit growth, maintaining gross margins above 50% [2][12]. - BERSHIHE's sales of jackets have seen a compound annual growth rate (CAGR) of 144.0% from 2022 to 2024, with total sales reaching approximately 3.78 billion RMB in 2022 and projected to grow to 17.66 billion RMB by 2024 [3][12][13]. Market Dynamics - The outdoor apparel sector has become increasingly competitive, with brands from various segments, including outdoor, sports, and fast fashion, entering the market. This has led to a broader product range beyond just sun-protective clothing [3][20]. - The market for outdoor apparel is projected to grow significantly, with retail sales expected to increase from 539 billion RMB in 2019 to 1,027 billion RMB by 2024, indicating substantial growth potential for leading companies [24]. Financial Performance - BERSHIHE's revenue is expected to grow from 3.78 billion RMB in 2022 to 9.08 billion RMB in 2023, and further to 17.66 billion RMB in 2024, with adjusted net profit increasing from 0.28 billion RMB to 1.56 billion RMB during the same period [12][13]. - JIAOXIA has also shown impressive growth, with revenues increasing from 3.85 billion RMB in 2019 to 24.07 billion RMB in 2021, and maintaining strong performance even during market downturns [14][12]. Brand Positioning - BERSHIHE aims to position itself as a "high-performance outdoor lifestyle brand," while JIAOXIA focuses on "urban outdoor" branding. Both companies are attempting to differentiate themselves in a crowded market [4][28]. - The competitive landscape is characterized by low brand concentration, with BERSHIHE holding only a 3.9% market share in the domestic jacket market as of 2024, indicating room for growth [22][24]. Challenges and Strategies - Both companies face challenges related to marketing versus product development, with concerns about over-reliance on marketing and lack of technological barriers due to their reliance on OEM manufacturing [26][27]. - BERSHIHE's strategy includes expanding its product line to include seasonal items and enhancing brand value through differentiation, while also navigating the balance between maintaining a broad appeal and developing specialized products [8][29].

Core Viewpoint - The company BERSHIHE is preparing for its IPO on the Hong Kong Stock Exchange, aiming to become the leading domestic high-performance outdoor lifestyle brand in China, challenging established international brands like Arc'teryx [1][5]. Company Overview - Founded in 2012 by Liu Zhen and Hua Jingling, BERSHIHE has focused on the outdoor apparel market, leveraging a self-developed technology system called PT-China to enhance its product offerings [2][3]. - The brand has achieved a net profit margin of 17.2% in 2024, significantly higher than the 4.5% margin of its competitor Amer Sports, the parent company of Arc'teryx [1][5]. Market Positioning - BERSHIHE offers products at approximately one-third the price of Arc'teryx while maintaining over 90% performance overlap, effectively breaking the technical monopoly of international brands in the outdoor jacket sector [1][3]. - The average price of BERSHIHE's products is around 500 yuan, compared to thousands for Arc'teryx, making it an attractive option for consumers [3][5]. Growth and Performance - From 2022 to 2024, BERSHIHE's adjusted net profit surged from 27.6 million yuan to over 300 million yuan, with a compound annual growth rate in sales of 127.4%, marking it as the fastest-growing high-performance outdoor apparel brand in mainland China [5][6]. - The brand's successful marketing strategy has allowed it to capitalize on the post-pandemic outdoor sports boom, significantly increasing its visibility and sales [5][6]. Challenges and Controversies - BERSHIHE faces criticism regarding its brand name, which is associated with a historical figure known for looting cultural artifacts, leading to negative public perception [7][9]. - The company has a high marketing expenditure, with marketing costs significantly outpacing research and development expenses, raising questions about its long-term sustainability [10][12]. - Despite its current success, BERSHIHE must navigate intense competition in the outdoor apparel market, where many brands offer similar products, making differentiation challenging [16][18]. Future Outlook - The company needs to diversify its product offerings beyond jackets to sustain growth, as its revenue is heavily reliant on its classic jacket line [20][21]. - BERSHIHE's ability to maintain its growth trajectory amid potential market saturation and increased competition will be critical as it approaches its IPO [18][22].

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]

行 华福证券 纺织服饰 2025 年 05 月 18 日 业 研 究 行 业 纺织服饰 户外专题（二）：从专业到破圈，解析伯希和高 投资要点： 户外专题（二）：从专业到破圈，解析伯希和高性能户外增长密码 定 期 报 告 伯希和以"科技堆料"构建差异化优势，依托 PT-China 平台自主 研发 STORM BREATH 防水透湿等核心技术，并引入全球顶尖供应链 资源，形成"自主+外采"双轨技术体系。产品矩阵覆盖四大梯度系列 （巅峰、专业性能、山系列、经典系列），2024 年 SPU 达 572 个。渠 道策略上，线上 DTC 为核心（2024 年营收占比 77%），线下 DTC 通 过联营模式快速扩张，三年收入 CAGR 达 383%，一二线城市门店占 比提升至 62%，实现高效市场渗透。 行情数据 本周家电板块涨跌幅+0.3%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+0.4%/-2.9%/+1.0%/+0.6%。原材料价格方面，LME 铜、LME 铝环比上周分别+1.32%、+4.95%。 本周纺织服装板块涨跌幅+1.01%，其中纺织制造涨跌幅+0.94%， 服装家纺涨跌幅+0.60%。本周 328 ...

Core Viewpoint - The outdoor brand "Pelliot" (full name: Pelliot Outdoor Sports Group Co., Ltd.) has submitted its prospectus to the Hong Kong Stock Exchange, officially starting its IPO process, following explosive growth from 2022 to 2024, with net sales increasing from 351 million to 1.733 billion yuan, marking a compound annual growth rate of 122.2% [1][2]. Group 1: Company Background and Growth - Founded in 2012 by a couple, Liu Zhen and Hua Jingling, Pelliot initially focused on affordable outdoor apparel, primarily through online sales, and saw modest performance until the "outdoor boom" during the pandemic in 2022 [3][4]. - The launch of the "Classic Series" three-in-one jacket in 2022, priced at 499 yuan, filled a market gap between high-end international brands and low-cost products, leading to significant revenue growth [3][4]. - Revenue figures for 2022 to 2024 are projected at 379 million, 908 million, and 1.766 billion yuan, respectively, with a compound annual growth rate of 115.86% [3]. Group 2: Ownership and Governance Structure - Liu Zhen and Hua Jingling collectively hold 63.17% of the company, granting them absolute control [4]. - The "couple-run" governance structure can lead to efficient decision-making but poses risks such as potential "one-man rule" and conflicts arising from personal disagreements [4]. Group 3: Financial Performance and Profitability - Pelliot's gross margin is reported to be 59.6% in 2024, higher than competitors like Arc'teryx (55.4%) and Sanfo Outdoor (56.67%) [5]. - The main revenue source is apparel, accounting for over 90% of total income in 2024, with an average selling price of approximately 732 yuan per item [5]. Group 4: Quality Control Issues - Despite high gross margins, consumer feedback indicates quality control issues, with complaints about inconsistent product quality and inadequate waterproofing [6][8]. - The company has faced criticism for not providing quality inspection reports, raising concerns about transparency [14][15]. Group 5: Marketing and Sales Strategy - Pelliot has effectively utilized social media and influencer marketing to drive sales, with online direct-to-consumer (DTC) revenue reaching 1.351 billion yuan in 2024, accounting for 76.5% of total revenue [18]. - However, the company has incurred high sales and distribution costs, with advertising expenses totaling 598 million yuan over the past three years [18]. Group 6: Research and Development Concerns - Pelliot's R&D expenses have been significantly lower than sales expenses, with a decreasing trend in R&D investment over the past three years [19]. - The company holds only 54 patents, with a limited number of high-value invention patents, indicating a lack of innovation [19]. Group 7: Market Challenges - Pelliot faces challenges from increased competition as international brands localize and domestic brands enhance their marketing strategies [20]. - The company has experienced rising inventory levels, with finished goods inventory increasing by 180% from 2023 to 2024, indicating potential overstock issues [20]. Group 8: Brand Image and Controversies - A controversy arose regarding the brand name "Pelliot," which some linked to a historical figure associated with looting cultural artifacts, leading to public backlash [21][23]. - The company has struggled with high-end product positioning, with new product lines facing challenges in market acceptance and sales performance [24].

Core Viewpoint - The article highlights the rapid growth of the Chinese outdoor brand, Berghaus, which has seen its revenue increase nearly fivefold over three years, positioning itself among the top three outdoor apparel brands in China, backed by significant investments from Tencent and Qiming Venture Partners. The company is preparing for an IPO. Group 1: Financial Performance - Revenue surged from 378 million yuan in 2022 to 1.766 billion yuan in 2024, indicating a substantial growth trajectory [1] - Net profit margin improved from 7.3% to 17.2% during the same period, showcasing enhanced profitability [1] - The compound annual growth rate (CAGR) of retail sales reached 127.4%, marking it as the fastest-growing high-performance outdoor brand in the domestic market [1]

长江商报记者注意到，目前，伯希和以冲锋衣为核心产品，场景适配是其优势，但也面临品类单一、估 值回调及竞争加剧等风险。 伯希和存在重营销轻研发的问题。2022年—2024年，公司累计投入9.87亿元销售及分销开支，其中广告 及推广费用达5.98亿元，而同期，公司研发费用合计仅为6477.1万元。 高度依赖线上渠道 长江商报消息●长江商报记者 张璐 三年卖出380万件冲锋衣，这家"始祖鸟平替"要上市了。 近日，伯希和户外运动集团股份有限公司（以下简称"伯希和"）正式向港交所递交招股说明书，拟在主 板挂牌上市，中金公司、中信证券为其联席保荐人。 伯希和成立于2012年，是一家户外运动服饰及装备品牌公司。随着过去几年户外运动的兴起，主打性价 比的伯希和业绩爆发式增长。招股书显示，2022年—2024年其营收从3.78亿元跃升至17.66亿元，三年时 间增加近4倍；市场占有率也一路攀升至5.2%，跻身中国内地三大本土高性能户外服饰品牌之列。 但从实际数据来看，离2020年规划的500家门店仍有一定差距。截至2024年底，伯希和在中国内地只开 出了146家零售店，其中直营门店只有14家，绝大部分是联营门店。在业内人士看来 ...