香港聯合交易所有限公司以及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Boxihe Outdoor Sports Group Co., Ltd. 伯 希 和 戶 外 運 動 集 團 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）以及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供信息予香港公眾人士。 您閱覽本公告，即表示您知悉、接納並向伯希和戶外運動集團股份有限公司（「本公司」）、 其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： – 1 – (a) 在聯交 所網站 刊發本 公告並不 導致本 公司、 其聯席 保薦人 、整體協 調人、 顧問或 承銷 團成員 有任何 義務在 香港或任 何其他 司法權 區進行 發售或 配售。概 不保證 本公司 將進 行發售或配售； (b) 與本公 告有關 的申請 尚未獲批 准上市 ，聯交 所及證 監會可 接納、退 回或拒 絕有關 公開 發售及╱或 ...

香港聯合交易所有限公司以及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Boxihe Outdoor Sports Group Co., Ltd. 伯 希 和 戶 外 運 動 集 團 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 警告 – 2 – (f) 倘於適 當時向 香港公 眾提出要 約或邀 請，有 意投資 者務請 僅依據於 香港公 司註冊 處處 長註冊的本公司招股章程作出投資決定，其文本將於發售期間刊發； (g) 本公告 並不構 成向任 何司法權 區的公 眾提呈 出售任 何證券 的招股章 程、發 售通函 、通 知、通 函、冊 子或廣 告，亦非 邀請公 眾提出 認購或 購買任 何證券的 要約， 且不旨 在邀 請公眾提出認購或購買任何證券的要約；及 (h) 由於本 公告的 派發或 本公告所 載任何 資訊的 發佈可 能受到 法律限制 ，您同 意了解 並遵 守任何該等適用於您的限制。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 ...

Core Event Overview - The 2025 China Urban Outdoor Sports Challenge Series will take place from November 7 to 9 in Wuhan, featuring outdoor competitions, industry exhibitions, and camping experiences [1] - The event is organized by various sports and local authorities, highlighting the collaboration between national and local entities [1] Family Outdoor Challenge - The 2025 China Wuhan Family Outdoor Challenge is scheduled for November 9, with participants traversing the natural core areas of Dahuashan and Qinglongshan [2] - Over 3,000 outdoor sports enthusiasts from nearly 30 provinces will compete in two categories: 8.5 km and 14 km obstacle races [2] - Participants will receive a race pack including a T-shirt, headband, race number, and various snacks, with prizes for the top finishers in each category [2] Outdoor Consumption and Experience Fair - The 2025 China Urban Outdoor Sports Consumption Fair will run from November 7 to 9, focusing on outdoor activities and consumer experiences [6][7] - The fair will feature five functional areas, including outdoor specialty zones and energy supply points, promoting a comprehensive outdoor consumption ecosystem [7] - Major outdoor brands like North Face, Nike, and Skechers will participate, alongside educational activities related to winter sports [7] Autumn Camping Season - The 2025 China Urban Outdoor Sports Autumn Camping Season will also occur from November 7 to 9, offering various camping experiences [10] - Activities will include fun challenges such as frisbee, land rowing, and sit-up contests, with participants collecting stamps for prizes [10]

Core Insights - The Chinese outdoor sports industry is entering a new phase of "precise empowerment and high-quality development" as indicated by the recent announcement of the first batch of high-quality outdoor sports destination construction areas [2] - The list of 49 designated high-quality outdoor sports destinations reflects regional characteristics and resource advantages, aiming to transform natural resources into economic benefits while promoting outdoor activities [1][3] Group 1: Policy and Strategic Framework - The announcement of high-quality outdoor sports destinations is part of a national strategy to develop around 100 such destinations by 2030, marking a shift from extensive expansion to targeted development [2] - The construction of these destinations is not merely a symbolic act but aims to provide precise support to regions with outdoor sports resources, facilitating the growth of the outdoor sports industry [5] Group 2: Characteristics of High-Quality Outdoor Sports Destinations - High-quality outdoor sports destinations should achieve six key "high grounds": value, convenience, service, activity, economic integration, and safety [3][4] - The focus is on creating a symbiotic relationship between sports and nature, ensuring ecological protection while developing outdoor activities [3][5] Group 3: Challenges and Solutions - The construction and operation of these destinations face challenges such as balancing resource development with ecological protection, and addressing the fragmentation of approvals and regulatory oversight [6][7] - Recommendations include establishing cross-departmental committees for unified approval standards and creating digital platforms for information sharing to enhance efficiency [7] Group 4: Community and Cultural Integration - Successful outdoor sports projects require a balance between public welfare and economic interests, emphasizing clear cooperation mechanisms and equitable benefit distribution among stakeholders [8] - The development of a unique outdoor culture in China is essential, focusing on education and cultural aspects to foster a deeper understanding and appreciation of outdoor activities [9]

Core Viewpoint - Green development is a crucial component of the new development philosophy and a distinctive feature of Chinese modernization, with significant progress expected in building a beautiful China during the 14th Five-Year Plan period [1] Group 1: Green Transformation in Industries - The steel industry in Tangshan, Hebei, is undergoing a green transformation, with new low-carbon products achieving over 30% carbon reduction and 100% recycling of scrap steel [2][3] - A total of 6,430 national green factories and 491 green industrial parks have been established, indicating a more complete green manufacturing system [3] - The agricultural sector is adopting green and efficient practices, with significant improvements in the recycling rates of agricultural waste, such as 85% for agricultural film and 88% for straw utilization by 2024 [3] Group 2: Environmental Improvements - The average concentration of PM2.5 in key cities has decreased by 56% since the 18th National Congress, and the proportion of surface water with good quality has reached 90.4% [7] - Forest coverage in China has increased to 25.09%, marking a 2% rise since 2020, making China the fastest-growing country in terms of greening [7] - The ecological environment in regions like Yangshuo, Guangxi, has improved significantly, with electric bamboo rafts enhancing tourist experiences while protecting local water quality [5][6] Group 3: Economic and Ecological Synergy - Outdoor sports in Dali, Yunnan, are being promoted as a means to connect ecological preservation with economic growth, demonstrating the economic value of a good ecological environment [8] - Various regions are exploring ecological compensation mechanisms, with over 20 provinces establishing cross-province ecological protection compensation systems [8][9] - The new development suggestions emphasize the need for a diversified ecological compensation mechanism and the establishment of green development highlands [9]

Core Insights - The 2025 Yangshuo Triathlon, held from October 25 to 26, attracted 1,887 participants from nine countries, including 48 international athletes, showcasing a significant global interest in the event [1] - The event features an upgraded racecourse that integrates the scenic beauty of the Li River and Yulong River with modern triathlon standards, creating a "world-class golden course" [1] - Yangshuo County reported a 20% year-on-year increase in cultural tourism consumption during the triathlon, amounting to 14 million yuan, indicating successful conversion of event participation into tourism revenue [3] Event Highlights - The introduction of youth experience races and family relay races allows participants aged 6 to 17, promoting family engagement and expanding consumer opportunities [2] - During the event, family-oriented accommodation bookings in Yangshuo increased by 25%, and there was a notable rise in foot traffic at family-friendly venues [2] - Participants received 3,000 yuan in consumption vouchers, applicable to various local businesses, enhancing their experience and driving economic activity [2] Cultural and Economic Impact - The event included a food exhibition and cultural performances, enriching the experience for participants and promoting local culture [3] - Yangshuo's strategy to integrate tourism, shopping, and digital engagement aims to transform event attendance into sustained visitor engagement, contributing to high-quality economic development [3]

Core Insights - The Wuhan Sports Autumn Consumption Season features the 2025 China Urban Outdoor Sports Challenge, with the family outdoor challenge registration attracting over 1,000 families and nearly 3,000 participants within two days [1][2] - The main event will take place in Jiangxia District, integrating outdoor sports, industry exhibitions, and leisure experiences [1] - The event includes various activities such as the family outdoor challenge, shopping fairs, and autumn camping, aiming to stimulate sports consumption [1] Event Details - The family outdoor challenge will start on November 9, featuring an 8.5 km and a 14 km obstacle course, with participants competing in teams of 2 to 3 [2] - The registration opened on October 27, receiving a strong response from outdoor enthusiasts across 29 provinces, with approximately 1,500 participants from Wuhan [2] - The event is organized by several authorities, including the National Sports Administration and the Wuhan Sports Bureau, with support from local institutions [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the first batch of high-quality outdoor sports destination construction areas, aiming to support regions with the necessary conditions and foundations to enhance outdoor sports experiences for the public, thereby promoting the high-quality development of China's outdoor sports industry [1] Group 1 - The release of the outdoor sports destination list is not a pilot demonstration or a naming ceremony, but a precise support initiative for qualified regions [1] - The NDRC plans to implement practical policy support to improve the construction of these destinations [1] - Central funding will be utilized to support the construction of public service facilities in these areas [1] Group 2 - The NDRC will also work on improving construction guidelines and standards to prevent blind investments in the outdoor sports sector [1]

Core Insights - The 2025 China Outdoor Sports Industry Conference was held in Dali, Yunnan, focusing on financial support for the high-quality development of the outdoor sports industry [1] - The event included policy interpretation, case sharing, and roundtable discussions to provide financial solutions for outdoor sports enterprises [1] Financial Policies and Support - In March, the People's Bank of China issued the "Guiding Opinions on Financial Support for the High-Quality Development of the Sports Industry," marking the first comprehensive financial support document for the sports industry in China [1] - In May, the People's Bank established a 500 billion yuan re-lending program to encourage financial institutions to increase credit support for key areas, including sports [1] Financial Product Innovation - Financial institutions are innovating specialized financial products tailored to the characteristics of the outdoor sports industry, enhancing financial support for key areas like outdoor sports [2] - A collaborative mechanism involving equity financing, debt issuance, bank loans, and scenario empowerment is being promoted for large-scale outdoor projects [2] - New financial products such as sports event loans, sports innovation loans, and sports talent loans are being introduced to meet the diverse financing needs of outdoor sports enterprises [2] Industry Development and Challenges - The outdoor sports industry is expected to experience steady growth during its early life cycle, with a focus on utilizing financial tools like asset securitization and REITs to expand financing channels [2] - To address financing challenges, a solid data foundation is necessary to create a transparent credit and operational database for the industry [3] - The government is encouraged to play a guiding role through policy support and mechanism design to foster a collaborative and interactive industrial ecosystem [3]

Market Sentiment - The current market sentiment score is 82, indicating an "overheated" market condition. Historical trends suggest that when the sentiment score is below or close to 50, the market tends to receive support, while scores above 90 may indicate resistance [5][9]. Hot Themes Tracking - **Outdoor Sports Theme**: The National Development and Reform Commission and other departments have announced support for 49 regions, including Beijing's Pinggu District, to become high-quality outdoor sports destinations. This initiative aims to enhance the outdoor sports industry nationwide. Related stocks include Sanfu Outdoor (002780) and Yingshi Innovation (688775) [5]. - **Photoresist Theme**: A team from Peking University has made significant advancements in understanding the microscopic 3D structure of photoresist molecules, which could lead to reduced defects in the industry. Related stocks include Jingrui Electric Materials (300655) and Nanda Optoelectronics (300346) [5]. - **Energy Storage Theme**: The "New Energy Storage Special Action Plan" aims for 180 million kilowatts of installed capacity by 2027, attracting 250 billion yuan in direct investment. Policies are expected to enhance project IRR to over 8%. Overseas orders have surged by 220% year-on-year in the first half of 2025, reaching 160 GWh. Related stocks include CATL (300750) and Sungrow Power Supply (300274) [5]. Capital Flow Analysis - The top ten stocks with the highest net inflow include: - Shanzigaoke (000981.SZ): 201,990.87 million yuan - Sungrow Power Supply (300274.SZ): 146,500.08 million yuan - XianDao Intelligent (300450.SZ): 120,383.08 million yuan - CATL (300750.SZ): 119,869.80 million yuan [10]. - The top ten stocks with the highest net outflow include: - ZTE Corporation (000063.SZ): -172,042.08 million yuan - Xinyi Development (300502.SZ): -72,782.80 million yuan - Yingxin Development (000620.SZ): -65,588.02 million yuan [12]. Industry Performance - The top industries by net inflow include: - SW Electric Equipment: 944,099 million yuan - SW Banking: 155,618 million yuan - SW Non-ferrous Metals: 117,352 million yuan [15]. - The top industries by net outflow include: - SW Electronic: -351,915 million yuan - SW Communication: -416,268 million yuan - SW Defense and Military: -254,682 million yuan [20].