以下文章来源于天天IPO ，作者王露 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 腾讯坐镇。 作者：王露 来源：天天IPO 始祖鸟"平替"赴港IPO了。 投资界-天天IPO获悉，近日户外运动品牌伯希和正式向港交所递交招股书，中金公司和中信证 券为联席保荐人。 成立2012年，伯希和身后是一对白手起家的70后夫妻——刘振与花敬玲。彼时，两人瞄准冲 锋衣品类，开始伯希和创业之路。乘着电商和户外运动的东风，伯希和迅速崛起，曾凭借始祖 鸟"平替"标签爆红，如今一年卖出17亿元。 至今，伯希和身后着腾讯和启明创投。"中产有三件宝"，随着始祖鸟正在席卷中国中产，伯希 和也悄悄走到了IPO大门前。 01 夫妻联手 始祖鸟「平替」要IPO了 公开资料显示，伯希和创始人刘振与花敬玲鲜少露面。从不多的信息中，大致可以勾勒出夫妻 俩的创业生涯——刘振出生于1971年，与妻子花敬玲在服装行业摸爬滚打多年，从北京大兴 一家个体服装加工部起家。 2012年，彼时户外运动并未像如今这般火爆，刘振敏锐地察觉到其中商机，于是在北京创立 伯希和，后将公司注册地设在安徽亳州利辛县。 恰逢这一年，淘宝商城更名为"天猫"，伯希 ...

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]

2025年4月28日，三夫户外（维权）发布了2024年年报。报告显示，公司2024年实现营业总收入8.00亿 元，同比下降5.45%；归属净利润亏损2149.41万元，同比大幅下降158.83%；扣非净利润亏损2799.93万 元，同比下降186.11%。 尽管公司试图通过自有品牌培育和业务多元化扭转颓势，但核心代理品牌流失、现金流压力加剧以及战 略资源错配等问题，暴露出其在行业变革中的深层风险。曾经的"户外装备渠道之王"，正面临渠道价值 弱化与品牌转型不畅的双重考验。 代理权流失：核心业务根基动摇 三夫户外的经营危机首先源于核心代理品牌的持续流失。近年来，三夫户外的传统经销业务营收呈下降 趋势，合作品牌数量自2021年有所缩减后，稳定在300+，包括凯乐石、史丹利、哥伦比亚等。巅峰时 期，三夫户外代理过400多个品牌，其中便包括现在爆火的始祖鸟、北面以及亚玛芬旗下的多个品牌。 自2023年末北面（The North Face）终止合作后，2024年6月始祖鸟（Arc'teryx）长达20年的代理权也宣 告结束。这两大品牌曾是公司收入的"压舱石"，其退出直接导致高频消费会员销售额下降。 在转型过程中，三夫户外 ...

Group 1: Market Trends and Company Strategies - A significant number of consumer companies have submitted IPO applications to list on the Hong Kong Stock Exchange, showcasing common traits such as early market opportunity capture and a focus on digital and intelligent production layouts [2] - Companies like Dongpeng Beverage and Kaway have successfully differentiated themselves in their respective markets, with Dongpeng focusing on functional beverages and Kaway on emotional consumption through popular IPs [5][8] - The food and beverage industry faces challenges such as declining brand loyalty and health consumption trends, while entertainment consumption relies heavily on IP popularity and is subject to policy risks [2] Group 2: Dongpeng Beverage - Dongpeng Beverage, founded in 1987, has seen significant revenue growth, with projected revenues of 85 billion, 112.57 billion, and 158.30 billion yuan for 2022-2024, representing year-on-year growth rates of 21.9%, 32.5%, and 40.6% respectively [5] - The company has a market share of 26.3% in functional beverage sales for 2024, ranking first, and a retail market share of 23%, ranking second [5] - Despite its success, Dongpeng relies heavily on its flagship product, which accounts for over 84% of its revenue, posing risks as consumer preferences shift towards healthier options [6] Group 3: Kaway - Kaway, established in 2011, has rapidly grown by focusing on anime IPs and blind box trading cards, with projected sales of 48.11 billion packages in 2024 [8] - The company experienced a revenue drop in 2023 due to regulatory impacts but is expected to rebound to 100.57 billion in 2024, with a net profit surge of 378% [8] - Kaway's revenue is heavily dependent on a few popular IPs, which could pose risks as these licenses expire or if the IP owners shift to self-management [8] Group 4: Yujian Xiaomian - Yujian Xiaomian has implemented a digital tracking system for supply chain management, achieving extensive channel penetration with nearly 4 million terminal points across the country [9][10] - The company has adopted a pricing strategy to increase volume, resulting in a decrease in average customer spending from 36.1 yuan in 2022 to 32.0 yuan in 2024, while maintaining a high table turnover rate [12] - Yujian Xiaomian's rapid expansion has raised concerns about maintaining brand quality and customer satisfaction amidst competitive pressures [12] Group 5: Liuliu Guoyuan - Liuliu Guoyuan has focused on a single product strategy, achieving a revenue compound annual growth rate of 17% from 2022 to 2024, with projected revenues of 16.16 billion yuan in 2024 [16] - The company has faced challenges due to changing consumer preferences and increased competition, leading to a decline in profit margins [16] - Liuliu Guoyuan's reliance on a single product category has raised concerns about sustainability and adaptability in a rapidly evolving market [20] Group 6: Three Squirrels - Three Squirrels, founded in 2012, has experienced revenue declines from 97.94 billion in 2020 to 71.15 billion in 2023, but is projected to rebound to 106.22 billion in 2024 [18][19] - The company has shifted its strategy to focus on high-end products and full-category offerings, but faces challenges from changing consumer loyalty and preferences [19] - Three Squirrels must enhance its offline presence and brand loyalty programs to combat market fatigue and price wars [19] Group 7: Bersi - Bersi, established in 2012, has rapidly grown to become one of the top domestic outdoor brands, with projected revenues of 17.66 billion in 2024 and a market share of 5.2% [23] - The company faces risks due to its high reliance on online channels, which could be impacted by changes in platform rules and competition [23] - Bersi's growth strategy should focus on brand evolution and user loyalty while optimizing supply chain digitalization [23] Group 8: Sailis - Sailis has transformed from a traditional auto parts manufacturer to a leading player in the new energy vehicle market, with revenues projected to reach 1451.76 billion in 2024, a 305% increase [26] - The company has faced challenges such as declining brand loyalty among consumers and increased competition in the price war within the new energy sector [26] - Sailis must adapt its market entry strategies and consider local production to mitigate risks from global regulatory changes [26] Group 9: Mingming Hen Mang - Mingming Hen Mang has rapidly expanded its presence in the county market, with 14,394 stores and a GMV of 555 billion by 2024 [29] - The company has seen significant revenue growth from 42.86 billion in 2022 to 393.44 billion in 2024, but faces challenges in maintaining profitability and strategic adaptability [29] - The evolving market landscape necessitates a focus on health-oriented products and effective brand management to sustain competitive advantages [29]

在2025年五一假期期间，我国消费市场迎来了显著的复苏势头。据文化和旅游部数据中心的统计，全国范围内共有3.14亿人次出游，较去年同期增长了 6.4%；国内游客的总花费达到了1802.69亿元，同比增长8.0%。这一数据无疑为消费市场注入了一剂强心针。 假期的消费市场呈现出多元化和创新的特征。各地纷纷推出新颖的消费场景，旨在激发消费潜力和市场活力，为游客提供更为丰富的体验。特别是在新型城 镇化与乡村振兴战略的双重推动下，消费场景不仅在城市中心得到更新，同时也向县域地区下沉，形成了独特的双向延展态势。 交通网络的扩容增效也为跨域流动和消费新范式的诞生提供了有力支持。民航局的数据显示，五一假期期间，全国民航共运输旅客1115万人次，日均运输量 达到223万人次，与2019年同期相比增长了55.4%，与2024年同期相比则增长了11.8%。同时，铁路部门也传来好消息，5月1日全国铁路发送旅客数量创下历 史新高，达到2311.9万人次，其中动车组发送旅客同比增长了16.1%。 露营热也在五一假期期间持续升温。露营基地、露营装备制造等相关业务得到了快速发展。网络销售端的数据显示，户外运动相关装备的成交额和成交量大 幅增 ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with significant improvements in various financial metrics, driven by market expansion and optimization of product structure [1][2][5] Financial Performance - In 2024, the company achieved revenue of 1.002 billion yuan, net profit attributable to shareholders of 185 million yuan, and net profit excluding non-recurring items of 171 million yuan, representing year-over-year increases of 21.75%, 41.67%, and 25.04% respectively [1] - For Q4 2024, the company recorded revenue of 212 million yuan, a year-over-year increase of 39.44%, and net profit attributable to shareholders of 22 million yuan, reversing a loss from the previous year [1][2] - The gross margin for 2024 was 33.72%, with a slight decrease of 0.12 percentage points year-over-year, while the net profit margin increased by 2.6 percentage points [2] Product Performance - The company saw significant growth in overseas production capacity, particularly in the luggage segment, with production and sales increasing by 83.6% and 56.3% year-over-year respectively [3] - Revenue from various product categories for 2024 included air beds at 586 million yuan, luggage at 204 million yuan, headrest cushions at 70 million yuan, and others at 134 million yuan, with respective year-over-year growth rates of 13.9%, 30.9%, 15.7%, and 48% [2] Cost Management - The company maintained stable gross and expense ratios throughout the year, with a notable increase in profit margins in Q4 2024 [2] - In Q1 2025, the company reported revenue of 357 million yuan and net profit attributable to shareholders of 96 million yuan, reflecting year-over-year increases of 30.4% and 148.29% respectively [3] Inventory and Dividends - The company experienced an increase in accounts receivable, inventory, and accounts payable in 2024, with inventory turnover days decreasing year-over-year [4] - The proposed dividend for 2024 is 0.197 yuan per share, with a cash dividend rate of 15.06%, up from 10.09% in 2023 [4] Future Outlook - The company anticipates continued improvement in overseas profit margins as production capacity ramps up, with adjusted net profit forecasts for 2025 and 2026 of 260 million yuan and 352 million yuan respectively, indicating year-over-year growth of 40.6% and 35.1% [5]

Core Insights - The domestic tourism market in China shows robust vitality during the recent May Day holiday, with 314 million domestic trips taken, representing a 6.4% increase year-on-year, and total spending reaching 180.27 billion yuan, up 8.0% from the previous year [1] Group 1: Electric Vehicle Charging Infrastructure - The self-driving traveler did not encounter the widely reported charging difficulties, as 98% of highway service areas are equipped with charging stations, with numbers ranging from four to over ten [1] - In areas like Inner Mongolia and Shanxi, while charging stations are less frequent, unique experiences were noted, such as charging stations located next to gas stations and even hidden within hospitals [3] Group 2: Culinary Exploration - The traveler relied on apps like Xiaohongshu and Dazhong Dianping for food recommendations, discovering unique local dishes such as "Iron Hat Roast Meat" in Hohhot and "Stewed Fish" in Tokto County, which highlight the local culinary diversity [3][5] Group 3: Accommodation Experience - The quality of county-level hotels varied significantly, with chain hotels being rare and decor styles being diverse; some hotels had poor sound insulation and slow water heating, while others offered surprising amenities [5] Group 4: Outdoor Activities - Outdoor sports like tennis are popular in Hohhot and Datong, with easy access to both professional and public facilities, while smaller counties like Tokto have limited outdoor sports options, favoring simpler leisure activities [6] Group 5: Morning Exercise Culture - The morning exercise culture varies across counties, with Hohhot and Datong showing active participation in morning exercises, while Tokto appears quieter, indicating different lifestyle habits among residents [8] Group 6: Overall Market Insights - The self-driving trip provided insights into the diversity and potential of county-level consumption in China, showcasing the unique charm and opportunities within the county market [8]

这是新消费智库第 2 6 3 0 期文章 1. 青提味养乐多全新上市 近 日，养乐多官宣活菌型乳酸菌乳饮品（青提味）线上首发，。据品牌介绍，新品每瓶至少含 100 亿活菌，并添加钙、维生素 D ，口感清 爽。 （食业头条） 2. 三得利推出无酒精起泡葡萄酒 2. 三得利推出无酒精起泡葡萄酒 3. 烘焙品牌麦吉士上新胡萝卜 A2 高钙吐司 4. 红松集团推出新款益生菌产品 5. 天府可乐推出藿香小可乐 PLUS 版 6. 希腊酸奶生产商乔巴尼将对纽约工厂投资 12 亿美元 7. 九州通拟 6.73 亿元投资奥园美谷 8. Commercial Bakeries 收购饼干制造商 Hol landia 9. 美国内衣品牌 Huug 完成 600 万美元 A 轮融资 10. 贝泰妮集团成长沙浴见第二大股东 11. Columbia 推出联合限定款 PFG 系列钓鱼衬衫 12. BegL 餐厅登陆深圳万象天地 13. 亚马逊推出医学护肤与高端美妆专区 14. ILI-NING1990x cloveclub 联名系列发布 15. Miu Miu 武汉 SKP 全新旗舰店启幕 近日， 三得利上架无酒精起泡红葡萄酒和无酒精起 ...

出品｜搜狐财经 作者｜刘相君 三年卖出380万件冲锋衣，这家"始祖鸟平替"要上市了。 近年来，伯希和的业绩可以说是一路"狂飙"。2022-2024年（报告期），伯希和实现营业收入分别为3.79亿元、9.08亿元和17.66亿元，复合年增长率为 115.86%；经调整净利润分别为2760万元、1.56亿元和3.04亿元。 4月28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，拟主板挂牌上市，中金公司、中信证券为其联席保荐 人。 根据天猫、淘宝公布的排名，2024年天猫双十一购物节期间，伯希和在户外活动、登山、露营、旅行等品类的户外品牌累计总商品交易额（GMV）排名 第三。 在腾讯3亿元"压哨注资"的加持下，伯希和IPO现身聚光灯下。业绩"狂飙"的背后，研发投入不足2%的重营销模式遭质疑，品牌命名引发文化争议，探寻 第二增长曲线或成隐忧。 腾讯3亿元突击进场，重营销轻研发 2012年，伯希和从安徽省亳州市起步，并于2023年和2024年先后拿到A轮、B轮融资，其中包括启明创投、创新工场等。 IPO前一个月，腾讯选择"压哨进场"，3亿元拿到伯希和10.70%的股份，成为最大机构 ...

2025年4月28日，中国高性能户外服饰品牌伯希和（Pelliot）正式向港交所递交招股书，拟主板挂牌上 市，联席保荐人为中金公司和中信证券。若成功上市，伯希和或成为"中国高性能户外生活方式第一 股"。 与此同时，伯希和的增长引擎高度依赖爆款产品。2022-2024年累计售出380万件冲锋衣，贡献超80%收 入的经典系列成为品牌基石。其核心竞争力在于，其一，技术壁垒。自主研发的STORM BREATH防水 透湿科技、与Polartec等国际面料供应商合作，确保产品性能对标国际品牌。其二，场景适配。"三合 一"设计兼顾户外专业性与城市通勤需求，轻量化技术拓展跑步、骑行等细分场景。其三，成本优化。 规模效应下，75D涤纶丝采购成本下降5.2%，销售成本占比从45.7%降至40.4%。 港股IPO复苏与户外赛道结构性红利 2025年的香港资本市场呈现出显著的复苏态势。一季度新增51家上市申请，融资规模同比增长287%， 蜜雪冰城、古茗等消费企业的火爆认购进一步点燃市场信心。这一现象的背后，是多重因素的叠加：其 一，政策驱动。港交所通过缩短审批周期（从61天降至28天）、降低特专科技企业上市门槛等措施，提 升了市场效 ...