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 ...

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]

智通财经APP获悉，据港交所4月28日披露，伯希和户外运动集团股份有限公司(简称：伯希和)递表港交所，中金公司、中 信证券为其联席保荐人。 公司的产品组合种类繁多，可满足男女老幼等广泛客户群的需求，适合不同季节及场合。于往绩记录期间，服装及鞋类为 主要产品类别，占总销售额的大部分。截至2024年12月31日，伯希和品牌的服装及鞋类产品包括572个标准产品单位 ("SPU")。 公司于伯希和品牌下建立了四个产品系列，即巅峰系列、专业性能系列、山系列及经典系列。除了公司的旗舰品牌伯希和 外，于2020年，公司引入Excelsior，该品牌授权公司于中国市场营运，成为公司在户外鞋类领域持续深耕的重要催化剂。 | 編纂]項下[編纂]數目 : 「編纂]股H股(視乎[編纂]而定) | | --- | | [編纂]數目 : 「編纂]股H股(可予[編纂]) | | [編纂]數目 : [編纂]股H股(可予[編纂]及[編纂]而定) | | 最高[編纂] : 每 股 H 股[ 編 纂] 港 元,另 加 1.0 % 經 紀 佣 | | 金、0.0027 % 證 監 會 交易 徵 費 · 0.00015 % 會 | | 財局交易徵費及 ...