以下文章来源于每日人物 ，作者每人作者 每日人物 . 很多人开始对它们上瘾。有人每天都想打匹克球，为了搭子发愁，"连前男友的现女友都找上了"；有 人迷上打室内网球，无需对手，挥拍，击中甜区，清脆的响声让人自动产生多巴胺，并进入一种心 流；有人通勤路上都在练习高尔夫挥杆动作；有人发誓再也不办卡，迷上打球后破天荒又办了张 3000块的消费卡。 最初接触这些运动，人们往往出于对"贵族运动"的好奇，真玩上了，发现这些运动不仅解压，容易上 瘾，还是天然的社交货币。 打球上瘾 轻商业，懂生活。 来源丨每日人物（ID：meirirenwu） 作者丨王潇 编辑丨张轻松 图源丨Midjourney 继飞盘、徒步、攀岩之后，这两年，室内网球、匹克球、室内高尔夫成了新晋中产运动三件套。它们 曾经都顶着"贵族运动"的名头，如今走下神坛，甚至走进室内，无需绿茵场、专业运动场，一个小空 间，一个自动发球机或一面屏幕甚至墙壁，一人、一杆/拍，就可以开打。 被裁员快一年后，林越越的生物钟好像彻底乱了。下午两点多，林越越刚从床上挣扎着起身，前一晚 脑子又不受控制地回想起刚离职时的情景，焦虑得几乎 整晚 没睡，她意识到，生活节奏必须要改变 了， ...

Core Viewpoint - The outdoor brand Arc'teryx, owned by Amer Sports Corporation, faced significant backlash and a stock price drop due to a controversial fireworks event in the Himalayas, resulting in a market value loss of 15 billion yuan [2][20]. Company Overview - Arc'teryx is a high-end outdoor apparel brand based in Canada, with its parent company Amer Sports headquartered in Helsinki, Finland. Amer Sports is set to go public in the U.S. in 2024, with a market capitalization exceeding 20 billion USD as of the last trading day [3]. - The brand has gained immense popularity in China, with discussions around "Arc'teryx" reaching 1.54 billion views on social media platforms like Xiaohongshu [3]. Product Pricing and Quality Issues - Arc'teryx products are positioned in the mid-to-high price range, with jackets priced between 4,500 yuan and 20,000 yuan. A limited edition jacket for the Year of the Dragon was sold for 8,200 yuan, with resale prices reaching up to 12,000 yuan [3]. - Despite the high prices, there have been numerous quality complaints from consumers, leading to a perception that high price does not equate to high quality [3]. Financial Performance - Amer Sports reported a revenue of 5.183 billion USD in 2024, marking an 18% year-on-year increase, with operating profit rising 56% to 471 million USD. The fourth quarter saw a 29% revenue growth for Arc'teryx, contributing to a 33% increase in the outdoor apparel segment [15]. - In the first half of 2025, Amer Sports' revenue grew by 23% to 2.709 billion USD, with adjusted net profit increasing by 146% to 184 million USD [16]. Market Dynamics - The Greater China region has shown significant growth, with revenues increasing by over 40% in both 2024 and the first half of 2025, largely driven by Arc'teryx's performance [17]. - However, there are signs of slowing growth in Arc'teryx's revenue, with the technical apparel segment experiencing a decline in revenue growth for three consecutive years [17]. Management Changes - Recent leadership changes at Amer Sports include the appointment of Jeffery Ma as the new president for Greater China, effective July 1, 2025. He replaces Yao Jian, who previously led the brand to significant growth in the region [11][14]. - The company has acknowledged the contributions of Yao Jian in establishing Amer Sports as a leading sports goods company in Greater China [13]. Stock Market Reaction - Following the controversy, Amer Sports' stock price dropped over 11% in pre-market trading, with a market capitalization loss of approximately 2.15 billion USD (around 15.3 billion yuan) [20].

IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Core Viewpoint - The outdoor brand Arc'teryx faced significant backlash after sponsoring an art project involving fireworks in the Himalayas, leading to a public apology and a substantial drop in its parent company's stock price, resulting in a market value loss of 15 billion yuan [1][19]. Company Overview - Arc'teryx is a high-end outdoor apparel brand based in Canada, with its parent company Amer Sports Corporation headquartered in Helsinki, Finland. Amer Sports successfully went public in the U.S. in 2024, with a market capitalization exceeding $20 billion [3]. - The brand has gained immense popularity in China, with discussions about Arc'teryx on social media platform Xiaohongshu reaching 1.54 billion views [3]. Product Pricing and Quality Issues - Arc'teryx products are positioned in the mid-to-high price range, with jackets priced between 4,500 yuan and 20,000 yuan. A limited edition jacket for the Year of the Dragon was priced at 8,200 yuan and resold for up to 12,000 yuan on second-hand platforms [4]. - There have been ongoing quality concerns, with reports of defects in products purchased at high prices, leading to consumer dissatisfaction and the perception that "high price does not equal high quality" [4]. Financial Performance and Marketing Expenses - Amer Sports reported a 23% year-on-year increase in sales, general, and administrative expenses, rising from $568 million to $698 million. Product sales expenses also grew by 16.02%, from $443 million to $514 million [8]. - In 2024, Amer Sports achieved a revenue of $5.183 billion, a year-on-year increase of 18%, with operating profit rising by 56% to $471 million. The fourth quarter saw a 29% increase in revenue from Arc'teryx, contributing to a 33% growth in the outdoor functional apparel segment [14]. Leadership Changes - The recent controversy occurred against the backdrop of leadership changes at Amer Sports, with Jeffery Ma appointed as the new president for Greater China, effective July 1, 2025. He replaces Yao Jian, who previously led significant growth for Arc'teryx in the region [9][12]. - Ma brings extensive experience from previous roles in the sports industry, including CEO of Zhongqiao Sports and executive positions at Tmall and Adidas [11]. Market Trends and Challenges - Despite past growth, Arc'teryx's revenue growth is showing signs of slowing down, with the technical apparel segment experiencing a decline in revenue growth for three consecutive years. The adjusted operating profit margin decreased by 10 basis points to 13.9% in Q2 2025 [18]. - The company is exploring new avenues for growth, particularly in footwear, which is expected to become a significant driver for sustainable profitability [19].

Core Insights - Decathlon, known for its affordability, has significantly increased prices since 2022, with an average sales price on Douyin rising from 128.81 yuan to 196.32 yuan, a 52% increase [1][2] - The company has launched four high-end sub-brands in March 2024, aiming to enhance its premium image, but this strategy has not resonated well with consumers [1][2] - Financial reports indicate a slowdown in sales growth and a negative net profit growth of -15.48% in 2024, raising concerns about the effectiveness of its pricing strategy [2][5] Pricing Strategy - Decathlon's price hikes have led to a perception of losing its value proposition, with basic items now priced over 100 yuan, making it less appealing to budget-conscious consumers [2][3] - The company faces stiff competition from domestic brands like Camel and KAILAS, which offer a wider variety of styles and faster product updates at competitive prices [2][6] Market Positioning - Despite the price increases, Decathlon's customer base remains primarily middle-class, who appreciate the brand for its reliability and affordability, especially for entry-level sports equipment [7][8] - The brand's attempt to penetrate the high-end market is challenged by established competitors like Lululemon and Arc'teryx, which have successfully positioned themselves as premium brands [6][8] Operational Challenges - Decathlon's net profit margin is around 6%, significantly lower than competitors like Nike and Adidas, making it more vulnerable to rising costs [5][6] - The company operates a heavy asset model, controlling design, production, and logistics, which has helped maintain lower prices but is now strained by increasing raw material and labor costs [5][6] Consumer Experience - Recent changes in store layout and branding have not significantly improved customer experience, leading to confusion about the brand's positioning between low-cost and high-end products [8][10] - While Decathlon's physical stores continue to attract foot traffic, the conversion rate for high-end products remains low, indicating a struggle to shift consumer perception [8][10] Digital Presence - Decathlon's online sales account for a relatively low percentage compared to competitors, highlighting the need for improvement in its digital strategy [8][10] - The brand has a substantial following on social media, but its sales performance on platforms like Douyin lags significantly behind that of competitors like Lululemon [9][10]

Core Viewpoint - Fujian Peak Group has implemented significant salary cuts for employees without prior written notice or agreement, leading to employee dissatisfaction and potential legal scrutiny [1][2]. Group 1: Salary Cuts Details - Employees reported salary reductions of 10% for those earning between 5,000 to 10,000 yuan, 20% for those earning between 10,000 to 20,000 yuan, and 30% for those earning over 20,000 yuan, with a drastic 50% cut for direct sales staff [2]. - The chairman of Peak Group stated that less than 10% of employees were affected by the salary cuts, claiming it was not a blanket reduction but targeted at high-salary positions [2]. Group 2: Company Background - Peak Group, founded in 1989 and headquartered in Quanzhou, Fujian Province, specializes in the design, development, manufacturing, distribution, and promotion of "PEAK" branded sports products, including footwear, apparel, and accessories [6]. - The company has a history of charitable contributions, including a donation of 10 million yuan in 2023 for disaster relief in Gansu and 8 million yuan in 2025 for earthquake relief in Tibet [6].

Core Viewpoint - Decathlon, once a dominant player in the Chinese sports retail market, is experiencing a decline in popularity and profitability due to increased competition and a shift in consumer preferences towards brands like Lululemon and Salomon [3][5][15]. Group 1: Market Position and Strategy - Decathlon's initial success in China was driven by its "high quality, low price" strategy, which resonated with urban young professionals and families seeking affordable sports gear [5][7]. - The company has faced challenges as competitors have emerged with more targeted pricing strategies, eroding Decathlon's market share in the entry-level sports segment [3][15]. - In 2024, Decathlon's net profit fell by 15.5% to €787 million, raising concerns about its profitability amidst a changing market landscape [9][11]. Group 2: Competitive Landscape - Competitors like Lululemon and Camel have gained traction, with Lululemon becoming a staple for middle-class consumers, further complicating Decathlon's market position [15][19]. - Decathlon's attempts to shift towards higher-end products have not resonated with its core consumer base, which primarily values affordability [25][40]. - The brand's identity as a "value leader" is at risk as it struggles to balance price increases with maintaining quality and consumer trust [19][36]. Group 3: Consumer Perception and Brand Narrative - The brand's recent price hikes have led to consumer backlash, with many feeling betrayed as Decathlon's value proposition diminishes [19][38]. - Decathlon's marketing efforts have focused on sustainability, but this narrative has not effectively connected with its primary consumer demographic, which prioritizes value over environmental concerns [43][45]. - The company is attempting to revitalize its image by reintroducing affordable products and leveraging nostalgic marketing strategies, such as the "urea bag" campaign, to reconnect with consumers [50][55]. Group 4: Future Outlook - Decathlon is exploring options to sell approximately 30% of its Chinese subsidiary as part of a significant capital restructuring effort [37]. - The company aims to enhance product quality and align its offerings with consumer expectations to regain market share and consumer loyalty [40][58]. - There is a focus on optimizing the supply chain and deepening market penetration to better meet the evolving needs of Chinese consumers in the next 20 years [58][60].

Core Viewpoint - Decathlon, once a dominant player in the Chinese sports retail market, is facing significant challenges as it loses its appeal among consumers, particularly in the face of rising competition and changing consumer preferences [7][9][10]. Group 1: Market Position and Strategy - Decathlon initially gained popularity in China with its "high quality, low price" strategy, appealing to urban young professionals and families seeking affordable sports gear [11][14]. - The company's unique in-store experience allowed customers to try various sports equipment, enhancing its attractiveness [14]. - However, the low-profit margin associated with this strategy has led to a decline in net profit, which fell by 15.5% to €787 million in 2024 [16]. Group 2: Competitive Landscape - Competitors like Lululemon and Salomon have emerged, capturing market share with more targeted pricing strategies and appealing brand narratives [21][22]. - Lululemon, in particular, has positioned itself as a must-have brand for the middle class, showcasing a strong growth trajectory with a 94% increase in net profit to €300 million in Q2 2025 [16]. Group 3: Pricing and Consumer Perception - Decathlon's decision to raise prices in an attempt to improve profitability has led to consumer backlash, as many feel betrayed by the loss of the brand's core value proposition of affordability [18][20]. - The brand's shift towards a higher-end market has not resonated with its traditional consumer base, who still associate Decathlon with low-cost sports gear [35][36]. Group 4: Brand Narrative and Consumer Engagement - Decathlon's attempts to pivot towards a more premium offering have been met with skepticism, as consumers still view it as the "IKEA of sports" rather than a high-end brand [35][36]. - The brand's environmental messaging has not effectively connected with its core audience, who prioritize value and quality over sustainability narratives [60][62]. Group 5: Future Outlook - Despite current challenges, Decathlon is exploring ways to reconnect with its consumer base, including a return to its low-price strategy and leveraging its supply chain to offer affordable products [65][73]. - The company aims to deepen its understanding of the Chinese market and consumer needs to regain its position as a leading sports retailer [77][80].

Group 1 - The core issue is the salary reduction at Peak, with a minimum wage guarantee of 3000 yuan, affecting various employee salary brackets by different percentages [1][3][5] - Salary reductions are structured as follows: 10% for salaries between 5000-10000 yuan, 20% for 10000-20000 yuan, and 30% for salaries above 20000 yuan; employees in direct sales offices face a 50% reduction, while store employees remain unaffected [1][5][7] - The chairman, Xu Jingnan, indicated that the salary adjustments are targeted at high-salary positions and loss-making departments, with the overall reduction being less than 10% [5][7] Group 2 - Xu Jingnan emphasized that employees earning below 3000 yuan will have their salaries supplemented to that amount, ensuring their livelihoods are not impacted [7] - The company reported a cumulative loss of over 130 million yuan in its direct sales sector from January to July, which is a significant factor behind the salary adjustments [7] - Peak's external sales business has shown growth, with over 200,000 pairs sold from January to August 2025, and the company aims for external sales to exceed 10 billion yuan and internal sales to reach 20 billion yuan in the next decade [7][9]

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The report highlights the rapid growth of the Swiss brand On, which has increased its revenue from 270 million Swiss francs in 2019 to 2.32 billion Swiss francs by 2024, achieving a compound annual growth rate (CAGR) of 54% [2][19] - The brand's market share in the U.S. has significantly increased from 0.2% in 2019 to 1.7% in 2024, indicating strong competitive positioning [25] - On's sales channels are balanced between wholesale and direct-to-consumer (DTC), with 59% of sales from wholesale and 41% from DTC as of 2024 [37] Summary by Sections Company Overview - On was founded in 2010 by former triathlon world champion Olivier Bernhard and has innovatively integrated rubber hose prototypes into running shoe designs, launching products with CloudTec® cushioning technology [2][10] - The brand has expanded globally, entering the U.S. and Japan in 2013 and China in 2018, with a strong focus on the Asia-Pacific region, which is expected to grow by 84% from 2021 to 2024 [19][25] Financial Performance - Revenue growth from 2019 to 2024 is attributed to the brand's global expansion strategy, with the Americas contributing 1.48 billion Swiss francs in 2024, accounting for 64% of total revenue [25] - The gross margin has improved from 54% in 2019 to 61% in 2024, while operating profit margins (OPM) are expected to stabilize between 7% and 10% from 2022 to 2024 [19][11] Product Strategy - On's product line is heavily focused on footwear, which accounted for over 95% of revenue in 2024, with plans to expand its apparel segment significantly in the coming years [62] - The brand's innovative technologies, such as CloudTec® and LightSpray™, are central to its product development, enhancing performance and sustainability [65][64] Marketing and Brand Positioning - On has engaged high-profile athletes, including Roger Federer, to enhance brand visibility and credibility, while also leveraging social media and community engagement in China [3][19] - The brand's marketing strategy includes a focus on professional athletes and community-driven initiatives to penetrate the core consumer base in emerging markets [3][19] Channel Strategy - The company has established a robust wholesale network with 10,500 retail partners globally, while also developing its DTC channels through e-commerce and owned retail stores [29][36] - In China, On has opened multiple retail locations, including a flagship store in Chengdu, aiming to increase its market share significantly [46][47]