证券研究报告 行业研究 2025 年 11 月 24 日 行业龙头上调业绩指引，户外行业景气度不减 第一创业证券研究所 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 请务必阅读正文后免责条款部分 第 1页共 4页 户外品牌龙头亚玛芬体育与昂跑 2025 年以来业绩表现亮眼，均多次上调财年 业绩指引。亚玛芬体育凭借"多品牌、跨区域、DTC 驱动"战略，2Q25 及 3Q25 调整后毛利率与 EBIT 率均超市场预期，收入指引持续上调，萨洛蒙、始祖鸟 等核心品牌及亚太、中国区域增速尤为突出；昂跑 3Q25 亚太地区净销售额增 速高达 109.2%。龙头企业的高增长与盈利扩张，印证了户外行业的高景气度。 国内户外市场正处于高速成长期，2019-2024 年高性能户外服饰市场 CAGR 达 13.8%，2025 年前三季度线上增速持续优于服装大盘。尽管中国户外运动参与 人数超 4 亿，但参与率仍低于欧美成熟市场，增长潜力充足。行业竞争格局 分散，高端市场由国际品牌主导，专业国产品牌凭借功能优势、高性价比或 渠道创新在中端市场突围， ...

文｜《 BUG》栏目 闫妍 今日，历经 41天原始荒野的极限求生，张家界"七星山·骆驼杯"极限荒野求生挑战赛决赛 正式拉开战幕，13位选手角逐决赛。 这场赛事早已超越竞技本身，演变为一场现象级的全 民关注事件： 全网相关内容的综合点击超过 50 亿次，抖音平台单条视频最高播放量突破 5000万， 多位参赛选手顺利 "出圈"被MCN机构疯抢 。 这场 赛事背后的商业势力也逐渐浮出水面 ： 赛事由张家界七星山景区主办，老六荒野承 办，并得到了 CAMEL 骆驼服饰的独家赞助 。 有数据统计，该 赛事带动张家界景区文旅 爆火以及拉高了户外装备销量，直接让张家界的旅游收入同比增长了 30%，其赞助商骆驼 服饰 的带货流水更是超过 3000万 。 对此，张家界七星山景区工作人员向《 BUG》栏目确认，该赛事确实带动了景区门票销 量，但具体增长几倍并没有统计。骆驼服饰官方客服表示，"因为（赛事）来咨询的客人比 较多，同款卖很热。" 荒野求生 赛背后资本版图曝光 "张家界七星山·骆驼杯" 荒野求生比赛 ， 正成为 今年互联网 的 一个 现象级 爆品， 目前 全民荒野求生的热度趋势已经有 "苏超"的味道 。 在这场荒野求生的 ...

作者 | 孙月 编辑 | 宝珠 视觉 | 诺言 陆雨第一次穿上新外卖服，是在入冬前后的清晨。他拉上拉链的那一刻，亮橙色在站点的薄雾里跳了一 下，比他预想的更精神。本以为只是一件日常工作制服，可这段时间里，它却频频招来路人多看几眼。 今年秋冬，外卖服成了最火的冲锋衣。原本属于街头奔忙者的工服，被越来越多非骑手加入了抢购行 列。 最早助力这波外卖服热的，是爱好户外运动的新中产。人们发现，各种橙色、黄色、红色、蓝色的外卖 服，出现在美国、日本、加拿大的滑雪场上。"外卖小哥风雨无阻骑车之刚需，理论上防风防水防寒耐 用性应该都不错，为何不用来代替动不动几百上千的滑雪服呢？"有人在滑雪场进行实地测试后得出结 论："感觉这辈子不会买牌子货了。" 外卖服出现在世界各地的滑雪场上/图源：@胖鱼的主人 一个关于外卖服的交易市场也悄然成型。某电商平台显示，一家店铺的美团外卖冲锋衣同款销量达到了 1万+；在二手平台上，某个淘宝骑士服交易链接已成交超过100单，2900多人选择了"想要"。 外卖工服真的要引领下一波"冲锋衣生意"了吗？ 外卖工装成滑雪服 打开某个即时配送众包App的"商城"页面，分类之齐全让人一时分不清这是骑手服务平台 ...

2025上半年，公司实现收入为6.58亿元，同比增长85%；期内利润为3593.7万元，同比增长205.6%。 瑞财经 吴文婷近日，坦博尔集团股份有限公司（以下简称"坦博尔"）在港交所递交招股书，独家保荐人为中金公司。 坦博尔是专业户外服饰品牌。公司的产品以卓越的品质、人性化的设计以及先进的科技与工艺为基础，满足滑雪、登山和徒步等各种自然环境活动需求，以 及郊游、公园休闲和通勤等城市场景，并重新定义户外生活方式的趋势。 根据灼识谘询的资料，以2024年零售额计，公司是中国第四大本土专业户外服饰品牌。 据招股书，2022年-2024年，坦博尔实现收入分别为7.32亿元、10.21亿元、13.02亿元；年内利润分别为8577.4万元、1.39亿元、1.07亿元。 王丽莉于2008年12月获中国上海交通大学颁授工商管理硕士学位，并于2024年5月获潍坊市人力资源和社会保障局认证为高级工程师。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 从2012年推出"伯希和"品牌，到2015年正式成立公司，伯希和在多年的发展过程中，也获得了安徽文化产业投 资私募基金、建安集团等国资，以及启明创投、金沙江创投、同程资本、腾讯等投资者的认可，估值达到28亿 元。 如果看目前的回报，当地国资可谓是投资者中最大的赢家。短短两年左右，亳州国资除了有近三千万元的财务回 报，更是通过龙头企业伯希和等带动了当地轻纺服饰产业的快速发展。 夫妻创业，三年卖出超380万件冲锋衣 伯希和的故事，得从一对夫妇说起。 时间回到2006年，刘振和妻子花敬玲在北京做起了面向海外品牌的服装出口贸易。六年后，他们为把握内地户 外服装市场的增长机遇，顺势推出了"伯希和"品牌。 将投中网设为"星标⭐"，第一时间收获最新推送 一路走来，伯希和只完成了两轮融资。 作者丨鲁智高 来源丨 东四十条资本 一个位于安徽小城的知名品牌正冲向港股。 在三年卖出超380万件冲锋衣后，伯希和于近日再次申请在港上市。虽然主攻千元以下冲锋衣市场，但他们凭借 高性价 ...

据港交所披露的信息，户外运动品牌伯希和户外运动集团股份有限公司（下称"伯希和"）近日再次向港交所提交上市申请书，中金公司、中信证 券担任联席保荐人。这是其于2025年4月28日首次递表失效后的再一次上市申请。 伯希和定位为中国高性能户外生活方式品牌，其在社交媒体上被称为"始祖鸟平替"。公开信息显示，伯希和创始人为刘振。2006年，刘振创立险 峰服装，从事面向海外品牌的服装出口贸易；2012年，推出旗舰品牌"伯希和"，并以险峰服装为运营平台开展品牌孵化与初期发展工作。经企业 重组，险峰服装于2018年2月成为伯希和户外运动集团股份有限公司的全资附属公司。 三年收入增长近4.67倍 根据上市申请书，近年来伯希和业绩实现快速增长。2022年至2024年，其收入从3.785亿元增长至17.661亿元，三年增长近4.67倍；净利润从2430 万元攀升至2.831亿元，2024年经调整净利润进一步增至3.043亿元。2025年上半年，伯希和收入同比增长62.3%至9.144亿元，毛利率同步提升至 64.2%。 数据显示，伯希和净销售额则从2022年的3.509亿元增长至2024年的17.331亿元，复合年增长率达122. ...

近年来，从露营、徒步到滑雪，年轻人带火了一项又一项户外活动，顺便撑起了一个千亿级市场。 2023年被称为"冲锋衣元年"，2024年进一步升温。据国信证券研报，运动户外所有品类中冲锋衣的增长断崖领先，超过40%，瑜伽裤下滑，防晒服显颓 势，曾经翻山越岭才派得上场的冲锋衣被穿成了日常时尚服装。 进入2025年，资本市场变得愈发热闹。前脚安踏刚以2.9亿美元全资收购德国户外品牌狼爪，后脚中国本土户外品牌伯希和（PELLIOT）就向港交所递交 了招股书，意欲成为"中国高性能户外生活方式第一股"。 风口下，伯希和正在高速增长。招股书显示，2022年到2024年，伯希和营收从3.78亿元跃升至17.66亿元，三年时间增长近4倍。若按零售额计，其复合年 均增长率达到127.4%，是中国内地市场十大高性能户外服饰品牌中，增速最快的一个。 根据11月7日，伯希和更新的招股书显示，其在今年上半年的营收从2024年同期的5.63亿元增长62.3%至9.14亿元，依然保持着可观的增速。 可惜，在户外活动市场更追逐"物以稀为贵"，奉技术含量所体现的专业性为信仰。顶着"始祖鸟平替"之一的伯希和，已经迫不及待试水高端市场了。 用性价比突围 ...

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The outdoor sports trend is driving an increase in demand for outdoor apparel, supported by a growing health consciousness among the public and improvements in sports facilities and services [3][22] - The total scale of China's sports industry reached 36,741 billion yuan in 2023, accounting for 1.15% of GDP, with projections to exceed 70,000 billion yuan by 2030 [3][22] - The outdoor apparel market is expected to grow significantly, with retail sales projected to reach 27.44 billion yuan in 2024, a year-on-year increase of 1.22% [4][26] - Domestic brands are gaining market share in outdoor apparel, with their sales proportion expected to rise to 32% by 2024 and 33.6% by 2025 [5][28] Summary by Sections Outdoor Sports Trend - The outdoor sports industry is experiencing robust growth, with an estimated 540 million outdoor enthusiasts and a potential additional 230 million interested participants [3][22] - The variety of outdoor sports activities is increasing, making outdoor sports more popular and a trend [3][22] Market Structure and Competition - The outdoor apparel market is dominated by international brands in the mid-to-high-end segments, but domestic brands are improving their innovation capabilities and market responsiveness [6][29] - The market is becoming increasingly competitive, with a low concentration compared to other mature apparel categories, but the presence of leading brands is growing [6][29] Financial Performance - The outdoor apparel industry is projected to reach a scale of 45 billion yuan in 2023, maintaining a growth rate of 20% for three consecutive years [8][32] - The performance of listed companies in the outdoor apparel sector is expected to benefit from the revitalization of the market [8][32]

Company Overview - The company, 伯希和, has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities acting as joint sponsors [1] - 伯希和 has become one of the top three domestic high-performance outdoor apparel brands in mainland China, with a market share of 5.2% projected for 2024 [1] - The company primarily operates on a Direct-to-Consumer (DTC) model, with online DTC sales channels such as Tmall and Douyin contributing significantly to its revenue [1] - As of September 30, 2025, the number of offline retail stores is expected to exceed 200 [1] - 伯希和 is recognized as the pioneer of single-unit down jackets in China and possesses a proprietary PT-China technology platform [1] - The product matrix includes various lines catering to diverse needs, from professional exploration to urban commuting [1] - The company has established a loyal customer base among outdoor enthusiasts through deep collaborations with professional athletes and outdoor communities, along with comprehensive online and offline marketing [1] Industry Insights - The high-performance outdoor apparel industry in China is experiencing rapid growth, with a projected CAGR of 15.5% from 2025 to 2029 [2] - 伯希和 plans to use the funds raised from the listing to enhance R&D capabilities, improve product design and innovation, strengthen brand positioning, expand multi-channel sales networks, and enhance digital capabilities and operational efficiency [2]

Core Viewpoint - The article discusses the progress of BERSHIHE Outdoor Sports Group Co., Ltd. towards its IPO, highlighting its growth in the high-performance outdoor apparel market in China and its ambition to become the leading brand in this sector by 2025 [4][6]. Group 1: Company Overview - BERSHIHE was established in 2012 and has developed a diverse product line with 653 standard product units (SPUs) across four series: Peak Series, Professional Performance Series, Mountain Series, and Classic Series [6]. - The brand's net sales increased from 351 million yuan in 2022 to 1.733 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 122.2% [6]. - By 2024, BERSHIHE is projected to hold a 5.2% market share in China's high-performance outdoor apparel sector [6]. Group 2: Sales and Marketing Strategy - BERSHIHE focuses on a Direct-to-Consumer (DTC) sales model, utilizing digital advertising, traditional marketing, sponsorship of outdoor activities, and collaborations with professional athletes to reach consumers [7]. - As of October 28, 2025, BERSHIHE's brand-related videos on Douyin have garnered over 3 billion views, while discussions on Xiaohongshu have exceeded 200 million [7]. Group 3: Financial Performance - BERSHIHE's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, with a CAGR of 115.86% [10]. - The gross profit margin has shown a consistent upward trend, increasing from 54.3% in 2022 to 64.2% in the first half of 2025 [11]. - Adjusted net profits rose from 28 million yuan in 2022 to 304 million yuan in 2024, with a CAGR of 232% [12]. Group 4: Investment and Valuation - BERSHIHE has completed two rounds of financing, with notable investors including Tencent, which invested 300 million yuan in March 2025 [13]. - Prior to the IPO, Tencent holds a 10.70% stake, making it the largest institutional investor [14]. - The company's valuation reached 2.8 billion yuan after the last financing round before the IPO [15]. Group 5: Future Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, improve product design and innovation processes, strengthen brand positioning, expand multi-channel sales networks, and enhance digital capabilities [15].