4月29日，牧高笛户外用品股份有限公司（股票简称：牧高笛股票代码：603908）公布了2024年年度报 告。年报显示，公司实现营业收入13.04亿元，实现归属于上市公司股东的净利润8，376.16万元。其 中，自主品牌业务实现主营业务收入7.73亿元；OEM/ODM业务实现主营业务收入5.28亿元。2024年公 司分红方案为，每10股派发现金红利6.5元（含税）。 牧高笛相关负责人表示，公司核心业务包括自主原创品牌与OEM/ODM专业制造两大支柱业务。公司充 分利用孟加拉国、越南、中国的全球化产能布局，服务好自主品牌业务和外销核心客户的产能需求，做 到订单的敏捷交付；同时在OEM/ODM业务上利用多区域供应链协同，抓住客户订单外移机遇，维系现 有优质客户的同时，持续拓展、深耕海外市场，公司产品远销欧洲、澳大利亚、新西兰、亚洲等国际市 场。 品牌业务以国内市场为主，牧高笛为消费者提供舒适、高品质和高性能的户外装备，推出性能卓越的超 级品类。从2003年的一顶冷山帐篷开始，MobiGarden就是自然界移动的家，公司凭着"致敬玩家"的初 心，陆续推出高性能硬壳、软壳，风壳和暖壳，以及背包、登山杖等众多户外服装和装 ...

过去，国产户外品牌和国外品牌的产品位于不同的价格带，互不干扰。然而，近年来户外消费的升级趋势日益明显，随着国货户外产品价格的提升，两者 开始呈现交集，国产品牌也开始与国际大牌在同一维度进行讨论。 凯乐石的涨价，最近再次成为媒体关注的焦点。 国产品牌凯乐石此前一直走性价比路线，也因性价比在户外圈获得好评，如今其价格已经直逼国际一线户外品牌价格。在社交平台上，消费者对凯乐石价 格上浮反应强烈。有支持者认可凯乐石的专业性能，也有人调侃："加点预算，直接买鸟（始祖鸟）。" 在2024中国户外运动产业大会期间，凯乐石品牌总监孙娜对体坛经济观察表示："高品质的产品越来越有市场了，凯乐石战略性地选择了高品质、高功能 性的高性能产品。" 凯乐石也是在经历战略思路阵痛后，才明确了专业化、高端化方向。 在中国户外运动消费日益成熟的当下，越来越多国产品牌开始摆脱"平替"标签。而通过价格带拉开的品牌认知正在趋同。 国产品牌不想当"平替"了 价格上涨，从来不是单向度的决策。供需关系决定了市场价格，凯乐石们之所以敢"冲"，一方面是看好中国市场潜在增长空间。 近几年，户外运动席卷国内，尤其年轻人群体中，露营、徒步、滑雪成为新的社交符号。冲 ...

浙江正特2024年度报告显示，公司在营业收入增长的情况下，净利润却大幅下滑，投资活动现金流出显 著增加。这些变化背后，隐藏着公司经营策略与市场环境的复杂互动，值得投资者深入探究。 研发人员数量从2023年的187人减少到2024年的163人，减少了12.83%，占比从12.30%下降至9.71%。其 中本科及以上学历人员变动不大，专科及以下学历人员减少较多。研发人员的减少可能对公司长期研发 能力产生一定影响，需关注公司后续的人才补充和培养计划。 风险与挑战 关键财务指标解读 市场竞争风险 营收增长但利润下滑营业收入：2024年公司营业收入为1,236,843,102.22元，较2023年的1,091,124,421.62 元增长了13.35%。从业务构成看，户外休闲家具及用品行业收入为1,150,354,735.42元，占比93.01%， 同比增长12.52%；其他业务收入86,488,366.80元，占比6.99%，同比增长25.72% 。这表明公司主营业务 稳健增长，同时其他业务也有一定拓展。净利润：归属于上市公司股东的净利润为 -13,981,036.69元， 而2023年为16,905,585.25元 ...

证券代码：002489 证券简称：浙江永强 2025 年第一季度的证券投资收益情况，请查阅今晚发布的 2025 年第一季度报告中非经常性损益部分。 浙江永强集团股份有限公司投资者关系活动记录表 四、 公司有没有重组的计划？ 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ ） 参与单位名称及 人员姓名 网上投资者 时间 2025 年 4 月 29 日 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待人 员姓名 公司董事长谢建勇先生；公司副董事长兼总裁谢建强先生；公司 董事、常务副总裁、财务负责人施服斌先生；独立董事蒋慧玲女 士；董事会秘书王洪阳先生 投资者关系活动 主要内容介绍 主要内容如下： 一、 公司有哪些过得硬的产品？ 感谢您的关注。公司主要产品包括户外休闲家具、遮阳伞、 帐篷等三大类，还可以根据材质、结构、用途等不同划分为更多 的小类。 公司在户外休闲家具及用品行业，处于行业领先企业，与全 球主要商超连锁企业均建立了合作关系，在主要品类的销售中多 处于领先地位。 二、 关税对订单的影响现 ...

中国户外经济迎来爆发式增长的当下，马拉松赛事报名屡屡"爆满"，小红书"户外徒步"相关话题阅读量 超25亿次，抖音露营话题播放量突破百亿。 在这股热潮中，伯希和以黑马姿态杀出：2022-2024年营收从3.78亿元飙升至17.66亿元，复 合增长率达116.15%，成为"中国内地三大本土高性能户外服饰品牌"之一。 然而，高速扩张的背后，命名争议、研发投入占比偏低等问题亦浮出水面。这场IPO，既是本土户外品 牌冲击高端市场的里程碑，也是行业竞争白热化的缩影。 高增速背后的三重密码：产品、渠道与技术的协同爆发 天眼查信息显示，"PELLIOT伯希和"隶属于伯希和户外运动集团股份有限公司，该公司总部坐落于北 京，创立于2012年。自成立以来，伯希和始终专注于研发与生产高性能户外服饰及装备，不断挑战户外 服饰的性能极限。 依托旗舰品牌"伯希和"，公司产品覆盖了各类户外活动、运动健身场景，甚至满足城市通勤需求，产品 类型丰富多样，包括服装、鞋类、装备及配饰等。 凭借出色的市场表现，伯希和成为2024年中国内地同行业顶尖企业中增长速度最快的高性能户外服饰品 牌。 据弗若斯特沙利文数据，公司净销售额从2022年的3.509亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 1.002 billion RMB for 2024, representing a year-on-year growth of 21.75%, and a net profit of 185 million RMB, up 41.67% [2]. - For Q1 2025, the company achieved a revenue of 357 million RMB, reflecting a growth of 30.40%, with a net profit of 96 million RMB, which is a significant increase of 148.29% [2]. - The company is expanding its product categories beyond inflatable mattresses to include bags and water sports products, optimizing its product structure [2][3]. - The gross margin for 2024 and Q1 2025 was reported at 33.72% and 38.83%, respectively, showing a stable increase [3]. - The company is leveraging its overseas production capabilities in Vietnam and Cambodia to enhance market share in waterproof bags and other categories [3]. Summary by Sections Performance Review - The company demonstrated strong growth in both 2024 and Q1 2025, with significant increases in revenue and net profit [2]. - Revenue breakdown for 2024 includes inflatable mattresses (586 million RMB), bags (204 million RMB), and other products, all showing positive growth rates [2]. Operational Analysis - The company is focusing on multi-category expansion, with notable growth in inflatable mattresses, bags, and cushions [2]. - The international market is a key growth area, with revenue from overseas markets reaching 800 million RMB, a year-on-year increase of 23.07% [2]. Financial Forecast and Valuation - The projected EPS for 2025-2027 is 1.94, 2.68, and 3.32 RMB, with corresponding P/E ratios of 13, 9, and 7, indicating a favorable valuation [4]. - The report anticipates continued strong performance driven by effective management and product innovation [4].

[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 业绩超市场预期，扣非净利率创同期新 高 [Table_Title2] 浙江自然(605080) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 605080 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 34.88/13.18 | | 目标价格： | | 总市值(亿) | 34.69 | | 最新收盘价： | 24.5 | 自由流通市值(亿) | 34.39 | | | | 自由流通股数(百万) | 140.35 | 2024 年公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 10.02/1.85/1.71/1.57 亿元、同比增长 21.75%/41.67%/25.04%/-34.59%。净利增长主要是公司积极拓展市场份额，优化产品结构，同时海外新产能加速 爬坡所致。经营性现金流净额低于净利主要由于经营性应收项目减少。24Q4 公司收入 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 户外主业和 G2 表现靓丽，芯能商誉计提完毕 [Table_Title2] 探路者(300005) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 300005 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.01/4.49 | | 目标价格： | | 总市值(亿) | 71.67 | | 最新收盘价： | 8.11 | 自由流通市值(亿) | 71.64 | | | | 自由流通股数(百万) | 883.32 | [Table_Summary] 事件概述 请仔细阅读在本报告尾部的重要法律声明 证券研究报告|公司点评报告 其他收益占比提升 0.1PCT；投资净收益占比下降 0.9PCT 至 0.2%,主要由于 23 年存在处置长期股权投资；公允 价值变动收益占比下降 5.2PCT 至 5.68%；减值拨回 2.8PCT，营业外收入占比下降 0.1PCT，所得税占比提升 1.3PCT。（2）24Q ...

Group 1: Industry Overview - The steel furniture industry in Luoyang, Henan, has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S., many companies report increased orders and busy production lines [1][7] Group 2: Company Strategies - Luoyang Kofeya Furniture Co., led by Wei Pengfei, has attracted international clients, including a recent visit from Indonesian buyers, due to their advanced production capabilities and competitive pricing [1][5] - The company has developed a new line of steel furniture that mimics the aesthetics and feel of wooden furniture, with a lifespan three times longer than wood, leading to significant pre-orders from distributors [5][11] - Another company, Henan Gangmei Technology Co., is pivoting to domestic markets after losing millions in canceled orders due to U.S. tariffs, utilizing short video marketing to reach younger consumers [9][11] Group 3: Market Adaptation - The outdoor leisure industry in Pingyu County, which heavily relied on exports to the U.S., is facing challenges due to high tariffs, prompting companies to explore new markets, including Africa [13][15] - Companies are adjusting their products to meet the needs of the African market, focusing on cost-effectiveness and practicality, resulting in a sales increase from under 10% to 20% in that region [15] - The shift from foreign trade to domestic sales is becoming a priority, with companies increasing their e-commerce presence and adapting products based on domestic consumer demands [15][17]

Group 1 - The core idea of the article revolves around the rising trend of foraging for wild vegetables among young people, which has become a popular outdoor activity and a form of social currency [1][12] - The activity of foraging is characterized by its low cost and high experiential value, aligning well with the consumption preferences of the younger generation [6][10] - The phenomenon of foraging has led to a significant increase in related tourism activities, with a 50% rise in searches for "farm + seasonal picking" since March and a 47% year-on-year increase in tourism heat for experiences involving wild vegetable foraging during the Qingming holiday [1] Group 2 - Foraging is seen as a more spontaneous and unpredictable experience compared to traditional farm activities, providing a sense of adventure and engagement with nature [5][10] - The appeal of foraging lies in its accessibility, allowing individuals from various economic backgrounds to participate without the need for expensive equipment [7][10] - The article highlights the potential for the "wild vegetable economy" to evolve into a broader trend, but also raises concerns about the sustainability of such trends in the face of past experiences with similar outdoor activities [14][18] Group 3 - The article discusses the challenges faced by the outdoor industry, including the rapid rise and fall of trends like camping, which saw a significant decline in consumer interest and business viability [15][16] - It emphasizes the importance of quality management and service in sustaining interest in outdoor activities, as many businesses have failed to maintain their appeal after initial popularity [19][20] - The potential for seasonal activities beyond foraging is noted, suggesting that local governments and businesses could explore new forms of experiential tourism throughout the year [20]