新华财经上海12月8日电（记者 魏雨田）"冰天雪地也是金山银山"的发展理念正加速转化为实实在在的经济动能。《中国冰雪产业发展研究报告（2025）》 显示，今年我国冰雪产业规模已突破万亿元大关，达到10053亿元，标志着冰雪经济已成为我国经济发展中不容忽视的新兴增长极。从消费市场扩容到产业 创新升级，从企业积极布局到资本持续涌入，冰雪经济正以全链条发力的态势，书写着"冷资源"变"热经济"的发展篇章。 冰雪经济的蓬勃发展，源于消费市场的旺盛需求。数据显示，2024年-2025年冰雪季，我国居民参与冰雪运动及带动消费规模超1875亿元，同比增长超 25%，越来越多的消费者将冰雪运动纳入日常休闲选择，带动相关消费需求持续攀升。 这一热度直接传导至零售终端，唯品会数据显示，今年以来，平台滑雪服、滑冰服销量同比增长34%。"人们的户外消费范围持续扩大，其中水上运动、冰 雪运动等品类备受欢迎。"唯品会相关负责人表示。 消费需求的升级，正推动冰雪装备从"能用"向"好用"跨越。有业内人士对记者表示，现在的消费者不再满足于基础款装备，他们更看重产品的科技含量、适 配场景和个性化设计，比如滑雪服的防风防水性能、动态裁剪工艺，这些细 ...

are the play 方都市報 奥一阿OBCCCpans 值得关注的是，作为天猫户外榜单第三位的头部品牌，伯希和（PELLIOT）在"双11"大促启幕前数日更 新了招股说明书，再度向港交所主板发起上市冲刺。这家国货运动户外代表企业，凭借过去数年超 116%的复合年均增长率，在行业竞争中快速突围，成为市场关注的焦点。 不过，在消费者聚焦产品的性能和品类时，资本市场更关注的，是其商业模式的可持续性。南都湾财社 记者梳理发现，品牌对电商渠道的深度依赖以及"轻研发、重营销"的商业模式等问题，都为这家企业的 IPO进程增添了更多待解的疑问。针对核心壁垒、品控模式、渠道盈利及公司治理等市场关心的核心问 题，记者日前向品牌发去采访函，但截至发稿尚未收到回应。 利润与营收双重爆发 CEO获近800万元股权结算奖励 在户外服饰赛道持续升温的背景下，伯希和交出了一份颇为亮眼的业绩答卷。招股书披露的数据显示， 2022年，公司实现营收3.78亿元，归母净利润（期内溢利）达2431.1万元；进入2023年，营收规模扩张 至9.08亿元，较2022年激增约140%；归母净利润同步攀升至1.52亿元，同比增幅更是高达525%，实现 ...

Core Insights - The outdoor sports category experienced explosive growth during the recent "Double 11" shopping festival, leading all categories with a sales growth coefficient of 268% [2] - PELLIOT, a leading brand in the outdoor category, is pursuing an IPO on the Hong Kong Stock Exchange, showcasing a compound annual growth rate of over 116% in recent years [2][5] - The company's revenue and net profit have seen significant increases, with 2023 revenue reaching 908 million yuan, a 140% increase from 2022, and net profit soaring by 525% to 152 million yuan [5] Financial Performance - In 2022, PELLIOT reported revenue of 378 million yuan and a net profit of 24.31 million yuan, which grew to 908 million yuan and 152 million yuan in 2023, respectively [5] - For 2024, revenue is projected to reach 1.766 billion yuan, a year-on-year increase of approximately 94.5%, with net profit expected to rise by 86.3% to 283 million yuan [5] - The company's gross margin has been steadily increasing, reaching 59.6% in 2024 and 64.2% in the first half of 2025 [5][6] Business Model and Market Concerns - PELLIOT's business model heavily relies on e-commerce platforms, with online sales accounting for over 75% of total revenue, although this percentage is gradually declining [8] - The company has faced scrutiny regarding its reliance on marketing over research and development, with sales and distribution expenses significantly outpacing R&D investments [8] - PELLIOT is expanding its offline Direct-to-Consumer (DTC) channels, with revenue from this segment increasing from 0.07 million yuan in 2022 to 1.74 million yuan in the first half of 2025, representing 19% of total revenue [10] Operational Challenges - The company's "light asset" model, which relies on third-party manufacturers, raises concerns about quality control and product performance, as it cannot directly oversee production [11] - There have been over 700 consumer complaints regarding product quality, including issues with durability and manufacturing defects [11] - A trademark dispute has emerged, potentially impacting brand value and market perception, as the company relies heavily on its single brand for over 98% of its revenue [13]

Core Insights - The outdoor sports market in China is experiencing significant growth, with 335,000 related enterprises expected by June 2025, reflecting a positive industry outlook [1] - Li Ning has launched its first outdoor store "COUNTERFLOW" in Beijing, marking a strategic expansion into the outdoor market [1][2] - The outdoor apparel sector is highly competitive, with major brands like Anta, Nike, and Adidas enhancing their outdoor product lines [2] Industry Overview - The outdoor sports market is projected to continue its expansion, with 24,000 new registrations in the first half of 2025, indicating strong market confidence [1] - Li Ning's outdoor segment has become an independent category, leveraging its existing brand resources across technology, design, supply chain, and marketing [1] - The outdoor apparel product line has diversified into various segments, including hiking, trail running, camping, and skiing, necessitating brands to have deep understanding and technical expertise in each vertical [2] Company Strategy - Li Ning's outdoor strategy aligns with its broader "single brand, multiple categories, multiple channels" approach, extending its focus beyond core categories like running and basketball [1] - The new store aims to create a unique offline outdoor space that integrates retail, experience, and community interaction, showcasing a full range of outdoor products [2][3] - Li Ning is investing in innovative materials, collaborating with national research institutions to develop advanced waterproof technologies for its outdoor gear [2] Competitive Landscape - The outdoor apparel market is characterized by intense competition, with Anta building a multi-brand matrix through acquisitions, and numerous local brands securing significant funding [2] - Future competition in the outdoor sector will focus on creating immersive outdoor experiences, building active user communities, and conveying unique outdoor cultures [3]

Core Insights - The company, BERSHIHE, has updated its Hong Kong IPO application, highlighting its position as one of the top three domestic high-performance outdoor apparel brands in mainland China, with a market share of 5.2% in 2024 [2][3] - The company's sales and distribution expenses have significantly increased, reaching 379 million RMB in the first half of 2025, a 91.61% year-on-year growth, surpassing the cost of goods sold [1][12] - BERSHIHE has faced challenges with rising return rates, which have increased from 27.1% to 39.9% of total revenue and return value during the reporting period [5][6] Financial Performance - BERSHIHE's revenue for the years 2022 to 2025 (first half) was reported as 378 million RMB, 908 million RMB, 1.766 billion RMB, and 914 million RMB respectively [2][3] - The sales cost as a percentage of revenue has decreased from 45.7% in 2022 to 35.8% in the first half of 2025, indicating improved cost management [2][5] - The company reported a social insurance and housing fund contribution shortfall of 9.3 million RMB in the first half of 2025, which is significant compared to total employee benefits expenses of 102 million RMB [14][16] Operational Insights - BERSHIHE operates on an outsourcing model without its own manufacturing facilities, which raises concerns about quality control and dependency on third-party manufacturers [6][11] - The company has implemented a commission-based model for offline retail partnerships, aiming to incentivize sales performance [13] - The rise in sales and distribution expenses indicates a shift in strategy, potentially leading to increased pressure on profit margins if competitors offer similar products at lower prices [12][13] Quality Control Issues - BERSHIHE has faced multiple quality control issues, with products failing to meet standards in recent inspections, which could impact brand reputation [6][7] - The company has acknowledged the need for improved quality management alongside cost control, as the lack of in-house manufacturing may lead to variability in product quality [6][11] Management and Governance - The CEO's total compensation reached 8.881 million RMB in the first half of 2025, raising questions about executive pay in relation to company performance [14][16] - There are concerns regarding the departure of a former executive and the implications for corporate governance, particularly related to undisclosed shareholdings [17][18]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for five companies, including Tambor Group, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested Tambor to clarify the use of raised funds and other compliance matters [1][2]. Group 1: Company Overview - Tambor Group is recognized as a leading professional outdoor apparel brand in China, known for its high-quality products designed for various outdoor activities such as skiing, climbing, and hiking, as well as urban leisure [3]. - The company has developed a comprehensive product system that includes professional outdoor clothing, with a focus on three main product series: top outdoor series, sports outdoor series, and urban light outdoor series. As of June 30, 2025, the product system comprises 687 SKUs [3]. Group 2: Regulatory Requirements - The CSRC has requested Tambor to provide further clarification on whether its domestic subsidiaries are subject to any prohibitive conditions under the regulations governing overseas issuance and listing [1]. - Tambor must explain the operational status of its subsidiaries regarding the development and operation of apps, mini-programs, and public accounts, particularly concerning the collection and use of personal information, including the scale of user data [2]. - The company is required to clarify whether the funds raised will be used for overseas investments and whether it has completed the necessary approval or filing procedures [2]. - Tambor must detail its advertising business operations and confirm whether it has obtained the necessary qualifications and licenses [2]. - The company is also asked to confirm if the shares held by shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for five companies, including Tambor Group, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested Tambor to clarify the use of raised funds and other compliance matters [1][2]. Group 1: Regulatory Requirements - Tambor is required to clarify whether its domestic subsidiaries are subject to any prohibitive conditions for overseas issuance and listing as per the relevant regulations [1]. - The company must explain the development and operation of its apps, mini-programs, and public accounts, particularly regarding the collection and use of personal information, including the scale of user data [2]. - Tambor needs to confirm whether the raised funds will be used for overseas investments and whether it has completed the necessary approval or filing procedures [2]. Group 2: Business Operations - Tambor is recognized as a leading professional outdoor apparel brand in China, known for its high-quality products designed for various outdoor activities such as skiing, climbing, and hiking, as well as urban leisure [3]. - The company has developed a comprehensive product system that includes professional outdoor clothing, with a product range that covers 687 SKUs as of June 30, 2025 [3]. - Tambor's product offerings include three main series: top outdoor series, sports outdoor series, and urban light outdoor series, catering to diverse consumer needs [3].

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals, with expectations that the industry index will outperform the benchmark index [17]. Core Insights - Leading outdoor brands, such as Amer Sports and ANTA, have shown impressive performance since 2025, with multiple upward revisions to their fiscal year earnings guidance. Amer Sports reported a revenue increase of 23.5% year-on-year in Q2 2025, with adjusted gross margins of 58.7% and EBIT margins of 5.5%, exceeding market expectations [4][5]. - The domestic outdoor market is in a high-growth phase, with a CAGR of 13.8% for high-performance outdoor apparel from 2019 to 2024. The online growth rates for the first three quarters of 2025 were 56%, 8%, and 14%, consistently outperforming the overall apparel market [9][12]. - The outdoor apparel segment is characterized by a fragmented competitive landscape, with no absolute leader. The top ten brands hold only a 27.2% market share, indicating significant opportunities for innovation and brand evolution within the industry [11]. Summary by Sections 1. Leading Companies Continuously Adjusting Revenue Guidance - Amer Sports has consistently delivered high growth and stable profit expansion, with significant revenue and profit guidance revisions for FY25. In Q3 2025, the company reported a revenue increase of 29.7% and an adjusted EPS of $0.33, surpassing market expectations [5][8]. - ANTA also exceeded expectations in Q3 2025, with net sales of CHF794.4 million, a year-on-year increase of 24.9%, and a gross margin of 65.7% [8]. 2. High Growth Rate and Low Penetration Rate Indicating Ample Market Space - The outdoor market in China is experiencing a high growth cycle, with over 400 million participants in outdoor sports, but a participation rate of only about 28%, significantly lower than the over 50% in mature markets [9][11]. 3. Expected Continued High Industry Sentiment from Q4 2025 to Q1 2026 - The outdoor apparel segment is viewed as a high-growth sub-sector within the apparel industry, with growth rates of 56%, 8%, and 14% in the first three quarters of 2025, and an increase to 20% in October [12]. - The cold winter forecast and an extended sales window due to the late Chinese New Year in 2026 are expected to positively impact sales, particularly for winter apparel [12].

Core Insights - The "Qixing Mountain Camel Cup" extreme wilderness survival challenge has become a phenomenon, attracting over 5 billion clicks online and generating significant commercial interest [3][5] - The event has led to a 30% year-on-year increase in tourism revenue for Zhangjiajie, with the sponsor Camel Clothing achieving over 30 million in sales [6][19] Event Overview - The event is hosted by Zhangjiajie Qixing Mountain Scenic Area and organized by Lao Liu Wilderness, with exclusive sponsorship from Camel Clothing [5][6] - The competition has garnered massive attention, with participants gaining popularity and being sought after by MCN agencies [3][14] Commercial Impact - The event has significantly boosted ticket sales for the scenic area, although specific growth figures have not been disclosed [4][5] - Camel Clothing's products, particularly the "Wangzhe Kaijia ICON" jacket, have been prominently featured, leading to increased brand exposure and sales [6][19] Social Media and Audience Engagement - The event has resulted in a dramatic increase in followers for the organizing account, with a 770% growth in just eight months [5] - Participants have leveraged their newfound fame on social media, with some amassing tens of thousands of followers [15][17] Long-term Viability - Analysts suggest that while the event has created a temporary surge in interest, sustaining this momentum will require ongoing engagement and innovation [7][18] - The potential for participants to become long-term influencers remains uncertain, as many may only achieve short-lived fame [18] Strategic Marketing - Camel Clothing has established a dedicated product category for "Wilderness Survival" items to capitalize on the event's traffic [9][11] - The brand's marketing strategy has been closely aligned with the event, enhancing its visibility during major sales events like Double Eleven [12][19]

Core Viewpoint - The article discusses the rising popularity of delivery uniforms, particularly among outdoor enthusiasts and urban consumers, transforming them into fashionable and functional outerwear options [2][3][26]. Group 1: Market Trends - The trend of delivery uniforms being adopted as outdoor wear is driven by new middle-class consumers who appreciate their functionality and affordability compared to traditional outdoor brands [3][26]. - A secondary market for delivery uniforms has emerged, with significant sales on e-commerce platforms and second-hand marketplaces, indicating high demand and consumer interest [5][11]. - The outdoor apparel market in China is projected to reach 522.7 billion yuan by 2024, with outdoor clothing accounting for 46% of this market [26][28]. Group 2: Consumer Behavior - Consumers are increasingly drawn to the practicality and affordability of delivery uniforms, often using them in everyday urban settings rather than for their original purpose [18][28]. - The shift in consumer preferences shows a growing inclination towards functional clothing that prioritizes comfort and utility over aesthetics [30]. - The article highlights that many consumers find humor and relatability in wearing delivery uniforms, which adds to their appeal [18][20]. Group 3: Product Features and Feedback - The new delivery uniforms emphasize safety features, such as reflective strips and durable materials, aligning with the needs of delivery personnel [22][24]. - Despite the positive aspects, some delivery workers express dissatisfaction with the design and practicality of the new uniforms, indicating areas for improvement [20][22]. - The materials and construction of the new uniforms are comparable to mainstream outdoor brands, yet they are offered at a significantly lower price point, making them attractive to consumers [24][30].