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 ...

Core Viewpoint - Camel has been recognized as the "Pioneer of Silver Gel Sunscreen Apparel" in China by iiMedia Research, highlighting its innovative application of silver gel coating technology in outdoor clothing [1][3]. Industry Overview - The health awareness among consumers has significantly increased, leading to a growing population of outdoor sports enthusiasts and transforming outdoor activities into popular leisure pursuits, which has positively impacted the market for professional outdoor apparel such as jackets and hiking shoes [3]. - The Chinese sports footwear and apparel market is projected to reach a scale of 542.5 billion yuan in 2024, with expectations to grow to 598.9 billion yuan by 2025, driven by the rise of domestic brands and the "Guochao" trend [3]. Company Innovations - Camel has introduced silver gel sunscreen technology in its apparel line, such as the "Cool Feeling Original Yarn" series, which combines effective sun protection with cooling fabric suitable for outdoor sports and daily wear [5]. - The newly launched ePE membrane fluorine-free jacket represents a significant innovation in outdoor apparel, utilizing ePE membrane material that is lightweight, environmentally friendly, and offers excellent waterproof and breathability features [6][9]. - The ePE membrane is designed to be 10% to 20% lighter than traditional ePTFE materials, reducing physical exertion during long-distance hiking [6][9]. Environmental Commitment - Camel's use of environmentally friendly materials in its products aligns with modern consumer demands for sustainable products, enhancing the sustainability of its offerings [5][9]. - The introduction of the ePE membrane not only improves performance but also reduces carbon footprint during production, marking a milestone in Camel's commitment to combining environmental responsibility with high-performance outdoor gear [9].

Core Viewpoint - The outdoor sports brand Pelliot from Anhui Lixin is on its way to an IPO in Hong Kong, aiming to expand its capital and market presence, with CICC and CITIC Securities as joint sponsors [1][3]. Financial Performance - Pelliot's financial data shows significant growth, with revenue projected to increase from 379 million RMB in 2022 to 1.766 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 115.86%. Adjusted net profit is expected to rise from 28 million RMB to 304 million RMB, with a CAGR of 232% [4]. - The gross margin improved from 54.3% to 59.6%, attributed to economies of scale and supply chain optimization [4]. - Operating cash flow is projected to be negative in 2024 due to increased inventory and accounts receivable, while sales expenses remain high at over 30% [4]. Product and Market Position - Pelliot's core product is focused on jackets, particularly the "冲锋衣" (tactical jackets), which accounted for over 80% of revenue with a sales volume CAGR of 144% from 2022 to 2024 [4]. - The brand's market share is 5.2% among domestic high-performance outdoor brands, indicating a competitive but still developing position in a fragmented market [5][7]. Industry Growth Potential - The outdoor apparel market in China is experiencing rapid growth, with retail sales expected to rise from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, reflecting a CAGR of 13.8% [7]. - The overall outdoor sports industry is projected to exceed 3 trillion RMB by 2025, driven by a shift in consumer behavior towards outdoor activities [7]. Brand Controversy - Pelliot's brand name has faced criticism for its association with Paul Pelliot, a figure linked to cultural relics looting, leading to public backlash and concerns over brand image [8][9]. - The company has attempted to reframe its narrative by associating its name with Chinese cultural elements, but this has been met with skepticism from consumers [10][11]. Founders and Company Background - Founded in 2012 by Liu Zhen and Hua Jingling, Pelliot capitalized on the growing demand for functional outdoor apparel, initially benefiting from e-commerce and celebrity endorsements [16][17]. - The company has contributed significantly to the local economy in Lixin County, providing employment and promoting the transformation of the local textile industry [17][18].

Core Viewpoint - Outdoor sports have become a fashionable symbol, gaining immense popularity among young people, leading to a surge in demand for outdoor gear and apparel [1][2]. Group 1: Market Trends - The outdoor sports segment includes various activities such as paddleboarding, frisbee, camping, hiking, fishing, rock climbing, and trail running, with a significant increase in social media posts related to outdoor experiences [2]. - Post-pandemic travel demand has driven outdoor sports consumption, with a notable surge in outdoor gear purchases ahead of the May Day holiday [4]. - According to Vipshop's report, outdoor fitness apparel sales surged by 51% week-on-week as of April 23 [5]. Group 2: Consumer Behavior - Douyin e-commerce data shows that sales of sun protection clothing and sports backpacks increased by 428% and 108% year-on-year, respectively [6]. - Young people are increasingly participating in hiking, redefining it as a social and recreational activity rather than just a physical challenge [7][10]. - The popularity of hiking is supported by social media platforms like Xiaohongshu, which reported nearly 7 million posts on outdoor activities, with hiking having a conversion rate of 47% [8]. Group 3: Industry Growth - The outdoor sports industry in China is projected to exceed 3 trillion yuan by 2025, with over 400 million participants as of the end of 2021 [10]. - The hiking segment, along with camping and cycling, is among the top three popular outdoor activities, significantly boosting sales of related equipment [11]. - Major brands like Anta and Li Ning are investing in the outdoor gear market, while new entrants are also emerging to capitalize on industry growth [12][18]. Group 4: Competitive Landscape - The global outdoor market is rapidly developing, with significant potential in the Chinese market [15]. - The competitive landscape for high-performance outdoor apparel is fragmented, with the top ten brands holding only 27.2% market share, indicating room for growth among domestic brands [20]. - Hiking gear, particularly jackets and pants, accounts for nearly 30% of the high-performance outdoor apparel market [23]. Group 5: Future Outlook - The market for high-performance outdoor apparel in mainland China reached 102.7 billion yuan in 2024, with an expected growth rate of 16% over the next five years [22]. - The demand for outdoor gear is expected to continue evolving, driven by a shift from niche to mainstream consumer preferences [25][28].

Core Viewpoint - The outdoor sports brand Berghaus has officially submitted its IPO application to the Hong Kong Stock Exchange, backed by Tencent and Qiming Venture Partners, marking a significant milestone in its growth journey since its establishment in 2012 [4][10]. Group 1: Company Background and Growth - Berghaus was founded in 2012 by Liu Zhen and Hua Jingling, who identified a market opportunity in outdoor apparel, particularly in the category of jackets [6][7]. - The brand quickly gained popularity, achieving sales of 1.7 billion RMB in a year, leveraging the rise of e-commerce and outdoor activities [4][10]. - Berghaus has positioned itself as one of the fastest-growing high-performance outdoor apparel brands in China, with a projected CAGR of 127.4% from 2022 to 2024 [11]. Group 2: Financial Performance - Berghaus's revenue increased from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with net profit rising from 27.6 million RMB to 304 million RMB during the same period [11][12]. - The brand's flagship product, the jacket, has seen a compound annual growth rate of 144% in sales from 2022 to 2024, with approximately 3.8 million units sold [12]. Group 3: Market Position and Strategy - Berghaus has been recognized as one of the top three domestic high-performance outdoor apparel brands in China by 2024 [11]. - The brand's online direct-to-consumer (DTC) sales accounted for 87.5% of its revenue in 2022, indicating a strong e-commerce presence [13]. - Berghaus aims to shed its "alternative to Arc'teryx" label by investing in high-end product lines and expanding its offline retail presence, with over 100 stores established in mainland China [14]. Group 4: Competitive Landscape - The outdoor apparel market in China is increasingly competitive, with brands like Anta and Lululemon targeting the growing middle-class consumer base [15][17]. - The middle-class demographic, comprising over 30 million households, is becoming a key driver of growth in the outdoor sports sector, with a willingness to pay premium prices for high-quality products [17][18].

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]

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].