探路者 20250603 自 2021 年 2 月公司控制权变更以来，探路者在 9 月切入芯片赛道，并逐步夯 实双主业战略。根据 2024 年的年报，芯片收入占比约 15%，利润占比达 30%。自新管理层接手以来，公司业绩逐年向上：从 2020 年的亏损 2.74 亿 元，到 21 年的盈利约 5,500 万元，再到 22 年的六七千万元、23 年的 7,200 万元，以及 24 年的 1.06 亿元。这表明我们的双主业战略正在稳步推进并取得 显著成效。 探路者在产品结构调整及市场定位上的具体措施有哪些？ 在产品结构调整方面，我们聚焦户外专业线，推出黑麦系列和极地系列，以满 足高端市场需求。同时，通过加强价格体系管理、提升产品折扣等措施，提高 整体毛利率。在市场定位上，我们重新梳理品牌定位，坚持走高端路线，并通 过严格选址与投入确保线下门店扩展的成功率。此外，在儿童装领域加大培育 力度，看好其未来增长潜力。 摘要 探路者自 2021 年控制权变更后，确立"户外用品+芯片"双主业战略， 2024 年芯片业务收入占比约 15%，利润占比达 30%，公司整体业绩逐 年提升，2024 年净利润达 1.06 亿元。 公 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 结构亮点：传统民俗 & "新"消费并举 端午假期，消费结构呈现两大亮点：一是传统民俗体验；二是多个领域"新"消费实现较高增速 。 传统 民俗方面 ，龙舟赛事、民俗表演带动地区旅游热，粽子等民俗消费也实现较高增速。 "新"消费方面， 宠物经济、运动户外、演艺巡游、悦己消费维持高热度。如宠物经济方领域，携宠出行成新趋势，宠 物酒店呈"量价双升"。如运动户外领域，" 618 "开门红阶段，电商平台上，运动服饰及器材、户外装 备销售额实现 2-3 倍增长。 每周经济观察： （一）景气向上 核心观点 端午假期，整体出行增速偏低，不及预期。结构呈现两大亮点：一是传统民俗消费；二是"新"消费， 以演艺经济、运动户外、宠物经济、悦己消费为代表。 报告摘要 整体出行：不及预期，或受南方降雨影响 端午假期出行数据增速偏低，不及预期。 据央视新闻报道，端午假期三天，预计全社会跨区域人员流 动量同比增长 3.0% ，低于此前交通运输部预期的 7.7% 。出行数据或受 ...

Core Insights - The outdoor sports industry in Shandong is experiencing significant growth, driven by increasing consumer demand and a higher quality of life expectation, leading to innovative sports consumption scenarios [2] - The first Outdoor Sports Industry Conference in Shandong aims to explore transformation paths for industry development and promote high-quality growth in the outdoor sports sector [1][3] Industry Overview - As of April 2025, Shandong has over 10,000 registered outdoor sports-related enterprises and more than 3,600 outdoor sports associations and clubs, with participation exceeding 30 million people [2] - The outdoor sports industry is becoming a key driver for upgrading national fitness, transforming the sports industry, and fostering innovative economic growth in the region [2] Event Highlights - The Outdoor Sports Carnival and the "Good Luck Shandong" hiking competition showcased the vibrant atmosphere of public fitness in Weihai, enhancing the area's tourism appeal [1] - The establishment of Shandong's first outdoor sports station in Weihai aims to provide comprehensive services and promote local outdoor sports industry development through a fusion operation model [3] Strategic Initiatives - Shandong's sports authorities plan to build high-quality outdoor sports destinations, leveraging local natural resources and cultural heritage to create sustainable green development models [3] - The "Sports+" strategy will be deepened to integrate sports with tourism, health, and education sectors, maximizing the multifaceted value of sports [3]

出品 | 电商头条 作者 |木易 天猫618开门红，大批品牌首小时成交破亿 又是一年618大促。 5月17日晚8点，天猫618正式开售。天猫618刚刚开始，不少品牌商家打一场漂亮的仗，据悉，开卖首小时，超13000个品牌成交翻倍； 苹果、美的、海尔、小米、华为、耐克、格力、小天鹅等43个品牌快速破亿，"亿元俱乐部"品牌数量较去年618同期增长超50%。 图源：天猫官方 各大类目销量都十分亮眼，美妆品牌方面，珀莱雅、兰蔻、欧莱雅、修丽可、雅诗兰黛、CPB等品牌接连在开卖1小时之内破亿。 另外，开卖30分钟，可复美胶原棒2.0、SK-II神仙水、修丽可AGE面霜、海蓝之谜精萃水、珀莱雅双抗精华等32个单品成交破千万。 服饰类目方面，Acne Studios、COACH、UR、Victoria's Secret等一线服饰大牌在开卖首小时即卖爆，同比去年增长均超100%；ZARA、ARKET等品牌 首小时成交超过去年全天。 另一边，高端和轻奢运动户外品牌，也呈现出爆发式增长势态。在开售首小时内，多个品牌销量同比去年增幅显著。其中，lululemon、迪桑特、可隆、 Helly Hansen、Lafuma 、伯希和的增 ...

Group 1: Evolution of Consumption Society in Japan and the U.S. - The generational shift has profoundly influenced the evolution of consumption societies in Japan and the U.S. [1] - In Japan, the Taisho and early Showa generations led the transition from the first to the second consumption society, followed by the New Human Generation and part of the Baby Boomer generation driving the third consumption society [1] - In the U.S., Baby Boomers focus on unique product advantages, Generation X prefers time-saving products, Generation Y is enthusiastic about energy-saving and green consumption, while Generation Z contributes significantly to digital and gaming consumption [1] Group 2: Current State and Potential of China's Consumption Society - The post-90s and post-95s generations in China have developed consumption concepts similar to Japan's New Human Generation and the U.S. Baby Boomers, emphasizing spiritual satisfaction and personalized consumption [2] - Compared to Japan and the U.S., China's service consumption currently stands at 46.1%, indicating significant room for growth in the service sector [2] Group 3: Characteristics of the Third Consumption Society and Self-Satisfaction Consumption Trends - In the third consumption society, consumers prioritize emotional and psychological factors over mere functionality when selecting products, leading to a shift in brand positioning from "leader" to "supporting role" [3][10] - Self-satisfaction consumption is emerging as a key trend, focusing on emotional resources, emotional resolution solutions, and legal emotional release [6][11] Group 4: Emotional Consumption Trends - Emotional resources include the pet economy, IP toys, and temple economy, catering to spiritual and emotional needs [6] - Emotional resolution solutions are found in beauty and personal care products, gold and jewelry, and new-style food and beverages that address appearance and safety anxieties [6] - Legal emotional release is represented by outdoor activities, light alcoholic beverages, and tobacco products, which help consumers manage stress [6]

Group 1 - The core viewpoint of the news is that Da Yan Capital has conducted research on a listed company, Yayi Technology, which has shown strong online sales performance and a significant presence in the outdoor metal furniture sector [1] - Yayi Technology's main products include fire pits, low-smoke stoves, and tool sheds, with an online gross margin projected to be around 30% in 2024 and cross-border e-commerce accounting for 43.34% of its business [1] - The company has completed a production line project with an annual output of 860,000 fire pits and has no immediate plans for overseas acquisitions or collaborations in the robotics industry, focusing instead on improving cash flow through cost reduction and efficiency [1] Group 2 - Da Yan Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team at Da Yan Capital has over 20 years of experience in global financial markets and has received more than 30 industry awards, including four Golden Bull Awards, in the private equity investment sector [2] - The company emphasizes quantitative investment techniques and innovation in product and business models, aiming to enhance the value of the real economy while maintaining a sustainable financial ecosystem [2]

Group 1 - The Henan Foreign Trade Quality Product Exhibition showcases over 300 foreign trade enterprises, providing consumers with a wider range of shopping options [1][3] - The event features various product categories, including food items like soft candies, bread, and chocolate, attracting many visitors [1] - Companies like Jin Si Hou Food Co. plan to expand into Southeast Asian markets while maintaining a strong domestic sales base [1] Group 2 - The exhibition highlights the dual focus on both domestic and foreign markets, with many companies actively participating to promote their products [2] - Financial service areas were established at the event to address cross-border payment challenges faced by foreign trade enterprises [2] - The exhibition aims to facilitate seamless supply-demand connections and boost market confidence for foreign trade companies [3]

Industry Overview - Camping has evolved from a survival activity to a refined leisure experience, becoming a normalized lifestyle choice for many consumers in China [1][3] - The camping industry is expected to extend its value chain through the "camping +" model, integrating outdoor equipment, themed services, and cultural experiences [1] Consumer Trends - Camping consumption is characterized by an "equipment upgrade" trend, moving from basic tents and sleeping bags to modular systems that include features like outdoor cinemas and smart tents [3] - The frequency of camping has become more normalized, with many consumers engaging in camping activities every one to three months, aligning with fragmented holiday demands [4] Market Potential - The core market size of China's camping economy is projected to reach 2139.7 billion yuan in 2024, reflecting a year-on-year growth of 60.4%, while the overall market size is expected to reach 11554.5 billion yuan, growing by 46.8% [4] - By 2030, the core market size is anticipated to rise to 4879.8 billion yuan, with the overall market reaching 23998.5 billion yuan, indicating significant growth potential in the camping sector [4] Company Strategies - Companies like MGH and Decathlon are actively expanding their product offerings to meet the rising demand for camping gear, focusing on family-oriented products and convenience [2][3] - MGH aims to enhance its product line by introducing high-performance outdoor products that cater to both camping and hiking, emphasizing functionality, lightweight design, and sustainability [3] - The competitive landscape is becoming increasingly diverse, with both domestic and international brands entering the market, leveraging quality products and services to attract consumers [5]

浙江大自然户外用品股份有限公司 2024 年年度股东大会的召集和召开程序、 召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，均符合《公 司法》等法律、法规、规章和其他规范性文件及《公司章程》的有关规定，本次 股东大会通过的决议均合法有效。 特此公告。 浙江大自然户外用品股份有限公司董事会 ? 上网公告文件 证券代码：605080 证券简称：浙江自然 公告编号：2025-030 浙江大自然户外用品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：浙江大自然户外用品股份有限公司会议室（浙江省台 州市天台县平桥镇下曹村 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 66.9749 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，由董事长夏永辉先生主持，会议采用现场投 ...

| 投资者关系活动 | ☑特定对象调研 | □分析师会议 | | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | ☑现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 赵秋红 | 上柿行(上海)咨询管理有限公司 | | 人员姓名 | 张益青 | 重鼎资产 | | | 王敬理 | 重鼎资产 | | | 张罗印 | 重鼎资产 | | | 张宁 | 大岩资本 | | | 陈桐荔 | 上海理石基金 | | | 王雪 | 中国机器人网/上海武义商会会长 | | | 徐笑言 | 财联社 | | | 唐凯 | 东北证券 | | | 陈明国 | 兴业证券 | | | 孙建飞 | 华创证券 | | | 廖慧凡 | 江西金控集团 | | 时间 | 2025 年 5 | 月 28 日 | | 地点 | 雅艺新厂办公楼 | 3 楼 | 证券代码：301113 证券简称：雅艺科技 浙江雅艺金属科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 上市公司接待人 | 董事会秘书 潘红星 | | - ...