Core Viewpoint - The company, Pelliot, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, brand positioning, multi-channel sales networks, and digital capabilities [1] Company Overview - Founded in 2012, Pelliot is a leading brand in high-performance outdoor lifestyle products in China, focusing on outdoor apparel and equipment [1] - The company has experienced rapid growth due to its unique brand positioning, product innovation, and a direct-to-consumer (DTC) multi-channel model [1] Financial Performance - Revenue from 2022 to 2024 showed significant growth: RMB 379 million, RMB 908 million, and RMB 1.766 billion respectively [1] - Adjusted net profit for the same period was RMB 27.6 million, RMB 156 million, and RMB 304 million, with a CAGR of 232% [1] R&D and Product Development - R&D expenditure doubled from RMB 13.6 million in 2022 to RMB 31.5 million in 2024, reflecting a strong commitment to innovation [2] - The company has established a leading design and R&D team with over 10 years of industry experience, focusing on advanced materials and manufacturing technologies [2] - Pelliot has developed proprietary technologies such as STORM BREATH and STORM SHIELD, and has received multiple awards for product innovation [3] Product Strategy - Pelliot initially focused on jackets, which are representative of high-performance outdoor apparel, achieving a CAGR of 144% in sales with approximately 3.8 million jackets sold [4] - The company has expanded its product matrix, with 26 apparel SKUs generating over RMB 10 million in annual sales during 2022-2024 [4][5] Sales Channels - The DTC sales strategy has been pivotal, with online DTC sales growing from RMB 331 million in 2022 to RMB 1.351 billion in 2024, achieving a CAGR of 102% [6] - Offline DTC sales also increased significantly, from RMB 7.3 million in 2022 to RMB 169 million in 2024 [7] Market Position and Recognition - Pelliot is recognized as the fastest-growing high-performance outdoor apparel brand in China, with a CAGR of 127.4% from 2022 to 2024 [8] - The company has attracted significant investment, including a recent RMB 300 million investment from Tencent, making it the fourth-largest shareholder [9] Industry Outlook - The high-performance outdoor apparel market in China is projected to reach RMB 215.8 billion by 2029, indicating strong growth potential for Pelliot [10]

Core Viewpoint - The company, established in 2012, is rapidly growing in the high-performance outdoor apparel market, with significant sales growth projected through 2024, positioning itself among the top local brands in China [3][4]. Company Overview - The company offers a wide range of outdoor apparel and equipment through its flagship brand, focusing on high-performance products for various outdoor activities and urban commuting [3]. - The brand is expected to achieve net sales of RMB 1,733.1 million by 2024, reflecting a compound annual growth rate (CAGR) of 122.2% from RMB 350.9 million in 2022 [3][5]. - The company operates a direct-to-consumer (DTC) multi-channel sales model and has established a loyal customer base among professional athletes and outdoor enthusiasts [3][4]. Product Range - The product portfolio includes clothing and footwear suitable for a diverse customer base, with 572 standard product units (SPUs) as of December 31, 2024 [4]. - The company has developed four product lines under the brand, including Peak Series, Professional Performance Series, Mountain Series, and Classic Series [4]. Industry Growth - The high-performance outdoor apparel market in mainland China is experiencing rapid growth, with retail sales expected to rise from RMB 539 billion in 2019 to RMB 1,027 billion by 2024, representing a CAGR of 13.8% [4]. - The market is projected to reach RMB 2,158 billion by 2029, with a CAGR of 16.0% from 2024 to 2029, making it one of the fastest-growing segments in functional apparel [4]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 378 million, RMB 908 million, and RMB 1,766 million, respectively [5][6]. - Net profit for the same periods is expected to be around RMB 24.3 million, RMB 151.9 million, and RMB 283.1 million, indicating strong profitability growth [5][6].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 800.26 million yuan, with X-BIONIC brand contributing 289.86 million yuan, a year-on-year increase of 34.91% [2] - For Q1 2025, the company reported a revenue of 194.02 million yuan, with X-BIONIC brand generating 76.07 million yuan, a year-on-year growth of 27.99% [2] - The CRISPI brand's revenue in 2024 was 92.98 million yuan, showing a year-on-year increase of 16.49% [2] - The combined revenue from LA SPORTIVA, MYSTERY RANCH, and DANNER brands reached 120.73 million yuan, with a year-on-year growth of 23.93% [2] Group 2: Strategic Plans - In 2025, the company plans to adjust the pricing strategy for some X-BIONIC new products to enhance market competitiveness [2] - The company aims to accelerate the cleanup of the Squirrel Tribe business to minimize its impact on overall performance [2] - The company will focus on the exclusive agency brand Marmot, primarily through online sales channels in 2025 [2] - The company is committed to brand-oriented operations and expects to enter a phase of healthy and rapid development in 2025 [2] Group 3: Market Expansion and Brand Development - The company plans to open 15-20 new X-BIONIC stores in 2025, primarily in key cities like Beijing, Chengdu, and Shenyang [4] - HOUDINI brand will have approximately 20 self-operated and dealer stores, while CRISPI will have 2-3 single-brand stores [4] - The outdoor market in China is experiencing rapid growth, with outdoor clothing becoming a popular daily wear style [4] - The company will establish a joint R&D center with its Swiss headquarters to enhance product development and marketing strategies [4] Group 4: Product Strategy - The company will broaden the price range of X-BIONIC products, introducing mid-to-high-end products while maintaining high positioning for certain items [4] - New products like X-BIONIC Breeze summer pants and moisture-wicking POLO shirts will be tested through online sales channels, exceeding market expectations [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 831 million RMB for 2024, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million RMB, down 36.89% year-on-year. For Q1 2025, revenue was 239 million RMB, an increase of 8.85%, while net profit was 31 million RMB, down 26.99% year-on-year [2] - The company is experiencing a gradual recovery in operations, with revenue growth turning positive in Q4 2024 and Q1 2025. The company is strengthening its position in the outdoor equipment manufacturing sector while increasing investment in new product development [3] - The company is expanding its international market presence, having established partnerships with new brand clients in Australia and North America, with some products already in mass production [3] Summary by Sections Performance Review - For 2024, the company expects to distribute cash dividends of 67.53 million RMB, with a dividend payout ratio of approximately 52% [2] Operational Analysis - Revenue from tents, sleeping bags, clothing, and backpacks for 2024 was 361 million, 117 million, 256 million, and 39 million RMB respectively, with year-on-year changes of -22.33%, -2.29%, +41.73%, and -4.61% [3] - The company aims to deepen customer relationships and expand its high-potential customer base while introducing high-performance materials into its product lines [4] Financial Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 RMB for 2025-2027, corresponding to PE ratios of 15, 14, and 12 times [5] - The company’s revenue is expected to grow to 936 million RMB in 2025, with a growth rate of 12.68% [10]

Core Viewpoint - The company is experiencing short-term performance pressure but is expected to gradually improve its operations, maintaining a "buy" rating from analysts [1][2]. Financial Performance - In 2024, the company reported a total revenue of 831 million, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million, down 36.89% [2]. - For Q1 2025, revenue was 239 million, an increase of 8.85%, while net profit was 31 million, a decrease of 26.99% [2]. - The company plans to distribute cash dividends of 67.53 million, with a dividend payout ratio of approximately 52% [2]. Operational Analysis - The company is seeing marginal improvements in B2B orders and stable development of its B2C brand, "Polar Fox" [3]. - Revenue growth turned positive in Q4 2024 and Q1 2025, with the company strengthening its position in outdoor equipment manufacturing while increasing investment in new product development [3]. - Revenue from tents, sleeping bags, clothing, and backpacks in 2024 was 361 million, 117 million, 256 million, and 39 million respectively, with year-on-year changes of -22.33%, -2.29%, +41.73%, and -4.61% [3]. - The company has established partnerships with new brand clients in Australia and North America, with some products entering mass production [3]. - Domestic revenue grew significantly by 149.83% year-on-year, while international revenue decreased by 8.57% [3]. - The "Polar Fox" brand achieved revenue and net profit of 152 million and 26 million respectively in 2024, reflecting growth of 11.97% and 12.87% [3]. Industry Competition - Increased competition in the industry has led to fluctuations in profitability, with gross margins for 2024 and Q1 2025 at 26.02% and 24.60%, down 6.48 and 6.04 percentage points respectively [4]. - The sales expense ratio increased to 2.08% and 2.58% for 2024 and Q1 2025, respectively, while net profit margins decreased significantly [4]. - The company aims to improve profitability as order conditions improve and production capacity utilization gradually recovers [4]. Growth Strategy - The company plans to enhance customer relationships and expand its high-potential customer base while introducing high-performance materials in its product lines [4]. - Automation in new product lines and the establishment of a digital platform for product development, production operations, and supply chain management are also part of the growth strategy [4]. Earnings Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 14, and 12 [5]. - The "buy" rating is maintained based on these forecasts [5].

中国经济网北京4月27日讯 深交所网站4月25日披露关于终止对厦门渡远户外用品股份有限公司（简称"渡远 户外"）首次公开发行股票并在创业板上市审核的决定。 请发行人：（1）说明是否存在双方签署代持协议或抽屉协议以规避纳税义务的情形，是否存在被税务部门 采取行政处罚的风险；（2）说明林豫松所持五家公司股权被冻结和解除冻结事项是否属于重要事项，是否 进行充分披露；（3）结合股权低价转让的背景、动机、具体原因，说明是否存在林豫柏为林豫松代持股份 影响发行人股份权属清晰的情形。同时，请保荐人发表明确意见。 需进一步落实事项： 无 渡远户外主要从事房车游艇配套产品和水上休闲运动产品的研发、设计、生产和销售。 截至招股说明书签署日，林锡臻直接持有渡远户外53.60%的股份，并通过连城汇力控制公司10%的股份， 合计控制公司63.60%的股份，为公司的控股股东和实际控制人。 渡远户外本次原拟在深交所创业板发行数量不超过1,000万股，按本次发行上限计算，本次发行股份占发行 后总股本的比例不低于25%；本次发行股份均为新股，不涉及公开发售老股。公司原拟募集资金46,316.80 万元，用于"水上运动用品和房车、游艇配套产品扩 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 831 million RMB for 2024, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million RMB, down 36.89% year-on-year. For Q1 2025, revenue was 239 million RMB, an increase of 8.85%, while net profit was 31 million RMB, down 26.99% year-on-year [2] - The company is experiencing a gradual recovery in operations, with revenue growth turning positive in Q4 2024 and Q1 2025. The company is strengthening its position in the outdoor equipment manufacturing sector while increasing investment in new product development [3] - The company is expanding its international market presence, having established partnerships with new brand clients in Australia and North America, with some products already in mass production [3] Summary by Sections Performance Review - 2024 revenue was 831 million RMB, down 1.77% year-on-year, with a net profit of 144 million RMB, down 36.89% year-on-year. Q1 2025 revenue was 239 million RMB, up 8.85%, with a net profit of 31 million RMB, down 26.99% [2] Operational Analysis - The company is seeing marginal improvements in B2B orders and stable growth in the B2C segment, particularly with the Arctic Fox brand. Revenue from tents, sleeping bags, clothing, and backpacks for 2024 was 361 million, 117 million, 256 million, and 39 million RMB respectively, with varying year-on-year changes [3] - The company is focusing on deepening customer relationships and expanding its product offerings, including high-end performance materials and automated production lines [4] Financial Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 RMB for 2025-2027, with corresponding PE ratios of 15, 14, and 12 times [5] - The company’s revenue is expected to grow to 936 million RMB in 2025, with a growth rate of 12.68% [10]

来源|贝多财经 2025年4月25日，深圳证券交易所披露的信息显示，厦门渡远户外用品股份有限公司（下称"渡远户外"）及其保荐人东兴证券撤回上市申请文件。因此，深 圳证券交易所决定终止对其首次公开发行股票并在创业板上市的审核。 据贝多财经了解，渡远户外于2022年6月递交招股书，准备在深圳证券交易所创业板上市。2023年4月，渡远户外首度上会，但被暂缓审议。同年6月，该公 司再次上会，并顺利通过。 天眼查App信息显示，渡远户外成立于2012年10月，前称为厦门汇力源进出口有限公司。目前，该公司的注册资本为人民币3000万元，法定代表人为林锡 臻，股东包括林锡臻、林豫柏、连城汇力等。 据招股书介绍，渡远户外主要从事房车游艇配套产品和水上休闲运动产品的研发、设计、生产和销售。其中，房车游艇配套产品主要以包括小微型水泵为 主，水上休闲运动产品主要包括皮划艇、桨板等。 2020年、2021年和2022年，渡远户外的营收分别约为1.93亿元、3.52亿元和3.10亿元，净利润分别为5302.60万元、7553.40万元和7060.24万元，扣非后净利润 分别为5145.02万元、7009.47万元和6042.17万元。 ...

文/西风 4月25日，深交所公布对厦门渡远户外用品股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构东兴证券撤回申报。公司创业板IPO早在2023年6 月16日过会，此前在2023年4月26日曾被暂缓审议。公司过会后22个月一直未能提交注册，直到被终止审核。 | | | 圈 厦门渡远户外用品股份有限公司 | | | | --- | --- | --- | --- | --- | | 已受理 | 已问询 | 上市委会议 | 上市委会议 | 终止 | | 2022-06-08 | 2022-07-01 | 2023-04-26 | 2023-06-16 | 2025-04-25 | | | | 暂經富沙 | 通过 | 终止(额同) | 公司前身厦门汇力源进出口有限公司成立于2012年10月，2020年12月整体变更为股份公司。目前注册资本3000万元。公司控股股东、实际控制人均为1983年出生 的林锡臻先生，合计控制公司63.60%的股份，现任公司董事长、总经理。 一、公司相关产品长期位于美国亚马逊船用水泵的最畅销产品之列 公司主要从事房车游艇配套产品和水上休闲运动产品的研发、设计、生产和销售。房车 ...

在当前上市标准持续抬升的背景下，渡远户外的此次撤回，更体现出企业对资本市场趋势变化的敏锐判 断与理性应对。从中长期看，这一阶段性调整有助于公司结合自身发展节奏，进一步打磨业务质量、优 化经营结构，为未来重新进入资本市场或探索其他资本路径奠定良好基础。 4月25日，深交所官网显示，厦门渡远户外用品股份有限公司（渡远户外）撤回创业板IPO申请。作为 2023年6月顺利过会的消费类企业代表之一，渡远户外的这一动作，引发了市场对于新型消费企业资本 路径与长期发展预期的关注。 在行业景气度持续上行、企业本身具备技术实力和盈利基础的前提下，渡远户外仍有望在更适配的平台 打开新的发展空间。透过这一变化，更能反映出当下资本市场对于"新质生产力"与科技创新的深度偏 好，也为传统制造类企业提出了新的转型要求。 渡远户外主动撤回IPO申请 或系政策导向下阶段性调整 在当前IPO节奏收紧、审核政策调整的背景下，渡远户外主动撤回IPO申请，或为结合当前政策导向所 作出的阶段性调整。 早在2023年下半年，消费类企业在A股市场的上市路径已显露趋紧趋势。据不完全统计，自2023年6月 至2024年初，已有超过30家消费类企业撤回申报材料。 ...