北京时间4月28日分众传媒发布了2024年全年以及2025年一季度业绩。这次财报除了关注去年四季度、今年一季度（主要是Q1）的当期业绩表现之外，最大的关注 焦点就是若顺利（主要是监管审批）收购最"难缠"的竞对——新潮传媒之后，结合当下复杂的宏观环境，公司对未来的规划和增长预期会发生如何变化？ 核心要点如下： 1. 2024收官： 虽然机构调整后的预期不高，但第四季度收入显得更艰难一些，同比下滑7%。一季度收入同样略不及预期，足以体现去年底到今年初的环境恶劣。 2. Q1同样有压力： 对于一季度的"稳态"低增长，市场priced in了绝大部分。今年春节期间消费表现一般，年初以来的社零增速也是一个前低后高的缓慢爬升趋 势，因此对于一季度，市场未报太高期望。 3. 吃下新潮，利润率打开空间： 利润上四季度主要靠短期控费，以及非主业收益的预期差，最终净利润表现略微收回来了一些。不过，非主业的收益在海豚君看 来是要剔除不考虑的，单看核心经营利润，因为收入承压，还是弱于预期。 一季度核心经营利润并未miss太多，主要则得益于过去一年优化点位的战略下毛利率持续改善，梯媒毛利率、影院毛利率同比略有改善。此外就是费用严格控制 ...

Company Overview - Pelliot, officially known as 伯希和, is a high-performance outdoor lifestyle brand established in 2012, promoting a new outdoor lifestyle concept of "奔赴自然" [5] - The company aims to provide high-performance outdoor apparel and gear, with a product range that includes clothing, footwear, and accessories for various outdoor activities and urban commuting [5] Financial Performance - From 2022 to 2024, Pelliot's net sales are projected to grow at a compound annual growth rate (CAGR) of 122.2%, increasing from 351 million RMB to 1.733 billion RMB [7] - Revenue is expected to rise from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with a CAGR of 115.86% [7] - Gross margin is anticipated to improve from 54.3% in 2022 to 59.6% in 2024, while adjusted net profit is expected to grow at a CAGR of 232% [7] Market Position - By 2024, Pelliot is projected to be one of the top three high-performance outdoor apparel brands in China, capturing a market share of 5.2% [7] - The outdoor apparel market in mainland China is expected to grow from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, with a CAGR of 13.8% [14] Product and Sales Strategy - Pelliot's flagship product is the rain jacket, which has seen cumulative sales of approximately 3.8 million units from 2022 to 2024, with a CAGR of 144% [10] - The company employs a direct-to-consumer (DTC) multi-channel sales model, with online DTC sales revenue increasing from 331 million RMB in 2022 to 1.351 billion RMB in 2024 [10] - As of the end of 2024, Pelliot has established over 100 stores in mainland China, with offline DTC sales revenue growing from 7.3 million RMB in 2022 to 169 million RMB in 2024 [10] Investment and Shareholding - Pelliot has completed two rounds of financing, with notable investors including Tencent, which invested 300 million RMB in March 2025, holding a 10.7% stake [9] - The company's valuation reached approximately 2.8 billion RMB following the last financing round [9] Research and Development - Pelliot has a dedicated technology platform, PT-China, established in 2013, focusing on innovation in outdoor apparel [12] - R&D expenditures are projected to increase from 13.6 million RMB in 2022 to 31.5 million RMB in 2024 [12]

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 宁波大牧投资有限公司 | 4709.26 | 50.44 | 不变 | | 浙江嘉拓投资管理有限公司 | 933.67 | 10.00 | 不变 | | 凯恩(苏州)私募基金管理有限公司-凯恩军舰鸟1号私募 证券投资基金 | 89.89 | 0.96 | -39.51 | | 陈远山 | 88.77 | 0.95 | 新进 | | 凯恩(苏州)私募基金管理有限公司-凯恩军舰鸟19号私募 证券投资基金 | 84.51 | 0.91 | -37.88 | | 黄敏勇 | 70.91 | 0.76 | 11.97 | | 图灵私募基金管理(海南)有限公司-图灵璟龙一号私募证 券投资基金 | 54.95 | 0.59 | 不变 | | 张晓沛 | 49.19 | 0.53 | 新进 | | 凯恩(苏州)私募基金管理有限公司-凯恩新经济1号私募 证券投资基金 | 31.25 | 0.33 | -6.55 | | 徐云霞 | 30.31 | 0.32 | 新进 ...

以下文章来源于肖明超-趋势观察 ，作者肖明超趋势观察团 肖明超-趋势观察 . 知萌咨询旗下的专业趋势内容传播平台，自2013年成立以来，每周发布原创深度内容，以趋势的视角深入剖析消费、品牌与营销，已成长为一个集合图文、 视频、音频等多媒体形式的综合趋势内容平台。 这是新消费智库第 2 6 2 4 期文章 新消费导读 一张成本几毛的纸片，二手平台敢卖300块？ 作者 ： 肖明超趋势观察团 编辑：竺天 审核： Single 来源： 肖明超-趋势观察 谁能想到，2024年最硬核的"理财产品"，不是黄金股票，而是 始祖鸟 的吊牌！ 一张成本几毛的纸片，二手平台敢卖300块？ 甚至超越部分成衣价格，当别的品牌还在价格战里卷生卷死，始祖鸟却以18%的逆势增长狂揽 376亿！这只"户外界的爱马仕"，到底凭什么？ | ਨਾ | #始祖乌吊牌被炒到最高300元一张# | | | | | | --- | --- | --- | --- | --- | --- | | | 导语:有网友在二手平台上发现,一张始祖乌的吊牌最高煮然被炒到300元。 | | | | | | 数据总览 | | | | 全部 24小时 | 30天 | | | ...

| 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 上海扬大企业管理有限公司 | 7560.00 | 53.40 | 不变 | | 天台瑞聚股权投资中心(有限合伙) | 945.00 | 6.68 | 不变 | | 上海九麟投资有限公司 | 472.50 | 3.34 | 不变 | | 上海雨帆投资有限公司 | 472.50 | 3.34 | 不变 | | 天台民商投资中心(有限合伙) | 337.40 | 2.38 | 不变 | | 仇清清 | 233.92 | 1.65 | 17.56 | | 李俊峰 | 155.93 | 1.10 | 不变 | | 上海品恩展览有限公司 | 92.46 | 0.65 | 新进 | | 华西证券（002926）股份有限公司 | 80.65 | 0.57 | 新进 | | 朱小红 | 79.03 | 0.56 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 恒安标准人寿保险有限公司-传统分红险 | 72.50 | 0.51 | 退出 | | 葛勇峰 | 37.62 | ...

来源：猎云精选，文/韩文静 从山林间的徒步探险，到城市公园的精致露营，再到大街小巷的骑行风尚，户外运动的热潮席卷而来的同时，也捧出了一家上市公司。 据港交所，4月28日，伯希和户外运动集团股份有限公司（简称"伯希和"）向港交所提交了上市申请书，中金公司、中信证券香港为联席保荐人。 伯希和（PELLIOT）创立于2012年，专注于户外运动及装备的创新设计与研发，其身后集结着一众知名投资机构——腾讯、启明创投、创新工场等纷纷加 注，其最新估值达到28亿。 近几年来，IPO竞赛在户外运动江湖里不停上演，但前路挑战重重：蕉下二度递表，迟迟未能"上岸"；威邦运动冲击上交所主板，但于今年2月IPO 宣告终 止……伯希和能否在资本市场收获更多认可，仍需要时间的验证。 盯上户外运动生意，一年卖出17.6亿 伯希和的历史可追溯至2012年，在户外运动还未像如今这般火爆之时，创始人刘振就敏锐地察觉到了其中的商机。 "中国户外运动产业经历了不同发展阶段,如今正逐步从'征服大自然挑战自我'的小众运动，发展为'贴近大自然享受闲暇'的大众生活方式。"伯希和创始人刘 振直言，希望通过高性能、高价值的产品为户外爱好者带来优质的产品体验。 2 ...

Core Viewpoint - The company, 伯希和, is planning an IPO on the Hong Kong Stock Exchange to raise funds for enhancing R&D capabilities, product design, brand positioning, multi-channel sales network, digital capabilities, and working capital [1] Group 1: Financial Performance - The company reported revenues of 379 million, 908 million, and 1.766 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of 27.6 million, 156 million, and 304 million yuan, resulting in a net profit CAGR of 232% [1] - R&D expenditures are projected to increase from 13.6 million yuan in 2022 to 31.5 million yuan in 2024 [1] Group 2: Product Strategy - The company has successfully positioned its jackets as a cornerstone of its brand, selling approximately 3.8 million jackets from 2022 to 2024, with a sales CAGR of 144% [1][2] - The product matrix has expanded to 572 SKUs across four major series, catering to diverse outdoor scenarios [2] Group 3: Sales Channels - The company has established a multi-channel sales network centered on DTC, with online DTC sales revenue growing from 331 million yuan in 2022 to 1.351 billion yuan in 2024, achieving a CAGR of 102% [2] - Offline DTC sales revenue increased from 7.3 million yuan in 2022 to 169 million yuan in 2024, with over 100 stores established in mainland China by the end of 2024 [3] Group 4: Market Outlook - The high-performance outdoor apparel market in China is one of the fastest-growing segments, expected to reach a market size of 215.8 billion yuan by 2029 [3] - Analysts believe the company is well-positioned for long-term growth due to its innovative products, differentiated brand positioning, and excellent operations [3]

Core Viewpoint - BERSHIHE Outdoor Sports Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors. The company aims to capitalize on the growing demand for high-performance outdoor apparel and equipment in China, projecting significant revenue growth in the coming years [2]. Financial Performance - BERSHIHE's revenue is projected to grow from RMB 378 million in 2022 to RMB 1.766 billion in 2024, representing a compound annual growth rate (CAGR) of 122.2% [2][3]. - The company's net profit is expected to increase from RMB 24.31 million in 2022 to RMB 283.08 million in 2024, with gross profit margins improving from 54.3% to 59.6% during the same period [3][4]. Market Position - By 2024, BERSHIHE's brand is anticipated to rank among the top three domestic high-performance outdoor apparel brands in mainland China, capturing a market share of 5.2% [2]. Sales and Marketing Strategy - BERSHIHE employs a direct-to-consumer (DTC) multi-channel sales model and has launched a marketing campaign featuring actor Cheng Yi, which generated approximately 1 billion views and 200 million interactions across online platforms within 14 hours of its announcement [2]. Investment and Valuation - BERSHIHE has completed two rounds of financing, with a post-B round valuation of RMB 2.8 billion. Investors include Tencent Investment and Qiming Venture Partners [4][5].

自诩时尚的北京白领徐娜最近因穿搭被同事"调侃"了。 她新买了一身凯乐石，旷凝紫色冲锋衣+金属银灰色登山鞋，时尚度满分，却被同事问，"穿这么专业，是要征服哪座山？" 凯乐石，时髦了？ 一提起凯乐石，大众第一反应可能是"专业""硬核户外" ，但其实凯乐石变时尚已经有一段时间了。 在小红书，搜索"凯乐石"，热度第一的笔记不是攀登、越野，而是穿凯乐石在海边拍情侣照。该笔记发布于2024年5月，共获得1.7万点赞。其他关于凯乐 石的热门笔记也有不少是关于配色、穿搭、颜值的讨论。 图源：左：得物 右：天猫 徐娜的遭遇并非个例。在社交平台，有网友穿凯乐石冲锋衣徒步，遭到资深驴友开玩笑道，"穿凯乐石不去雪山浪费了。"该笔记引发270条互动。 图源：小红书@科比的球迷 这样的评价让徐娜感到奇怪：近几年轻户外热，始祖鸟、萨洛蒙、HOKA这些专业户外品牌，办公室里也有很多人穿，大家看都没多看一眼，怎么穿凯乐 石就这么"吸睛"？ 从凯乐石官方宣传也能看到变时尚的迹象。 小红书凯乐石官方账号置顶的笔记是中国山地色x四川美术学院艺术家联名系列MONT X-PRO冲锋衣。旷野凝紫、冰湖绿，或明艳或淡雅，一改往日大 红、大黄的传统印象。其新 ...

2024年成为中国内地发展最快的高性能户外服饰品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 伯希和户外运动集团股份有限公司 （以下简称 " 伯希和 "）于2025年4月28日 正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和中信证券担任联席保荐人。 这意味着， 伯希和 或将成为 "中国高性能户外生活方式第一股" 。 2012年，「 伯希和 」品牌诞生。 2022年至2024年，「 伯希和 」品牌的净销售额从 3.51亿元以 122.2%的复合年增长率增至17.33亿元。 成立至今， 伯希和 总计完成两轮融资，投资方包括腾讯、启明创投、创新工场、金沙江创投、国元 证券等知名机构以及安徽、青岛两地国资。其中，腾讯于今年 3月完成了对伯希和3亿元的投资。 IPO前，腾讯持有 伯希和 10.70%的股份，为最大机构投资方；启明创投为另一持股超5%的主要机构 投资方，启明创投合伙人王世雨担任 伯希和 非执行董事。 在完成 IPO前最后一轮融资后， 伯希和 的估值为 28亿元人民币。 伯希和 在招股书中表示， IPO募集所得资金净额将主要用 ...