Core Viewpoint - The article discusses the phenomenon of brand dilution and market saturation faced by Arc'teryx, highlighting the shift in consumer demographics and preferences as the brand becomes more mainstream, leading to a potential identity crisis for the brand [6][9][37]. Group 1: Brand Growth and Market Position - Arc'teryx's parent company, Amer Sports, reported that Arc'teryx's revenue surpassed $2 billion in 2024, making it the fastest-growing and largest brand within the Amer Sports portfolio [10]. - The brand has successfully positioned itself as a luxury outdoor brand, especially after being acquired by Anta Group in 2019, coinciding with a surge in outdoor activities post-pandemic [10][24]. - The brand's pricing strategy has seen significant increases, with average price hikes of 20-30% across its product lines, reflecting its positioning as a luxury item in the Chinese market [22][24]. Group 2: Consumer Demographics and Behavior - The consumer base for Arc'teryx has shifted, with a growing number of non-outdoor enthusiasts purchasing its products, leading to a dilution of the brand's original identity [8][11]. - A theory proposed by a consumer suggests a distribution of brand loyalty: 10% seek uniqueness, 20% are knowledgeable about the brand's functionality, while 70% follow trends [13]. - Many younger consumers are purchasing Arc'teryx products as a form of social currency rather than for their intended outdoor functionality [14][15]. Group 3: Market Challenges and Competition - As the brand becomes more mainstream, there is a risk of losing its appeal to its core audience, with some early adopters abandoning the brand due to its increased visibility and popularity [17][18]. - The outdoor apparel market is becoming increasingly competitive, with numerous brands entering the space, including both international and domestic players, which could threaten Arc'teryx's market share [44][46]. - The article notes a slowdown in revenue growth for the outdoor functional apparel sector, with projections indicating a decrease from 45% growth in 2023 to 20-22% in 2025 [31]. Group 4: Strategic Responses - Arc'teryx is focusing on deepening its connection with the outdoor community and expanding its offerings in high-end business attire through its Veilance line, targeting affluent consumers who may not engage in outdoor activities [39][42]. - The brand is also investing in initiatives to promote outdoor culture and activities, such as the "World-Class Crag Project" aimed at enhancing climbing opportunities in China [39]. - The company is aware of the need to balance its luxury positioning with the growing demand for functional and affordable outdoor apparel, as consumers become more price-sensitive [28][31].

证券研究报告 | 行业周报 gszqdatemark 2025 08 03 年 月 日 公司核心品牌为伯希和，致力于提供高性能的户外服饰及装备。公司核心品牌伯 希和创立于 2012 年，透过伯希和品牌，公司提供广泛的产品系列，涵盖服饰、鞋 类以及装备及配饰，适用于各种户外活动、运动健身以及都市通勤，2024 年公司 实现营收 17.7 亿元，同比增长 94%（ 2022~2024 年 CAGR 为 116%），实现净利 润 2.8 亿元，同比增长 86% 2022~2024 年 CAGR 为 243%），其中伯希和品牌 2024 年实现营收为 17.33 亿元，占公司营收比重为 98%，除伯希和品牌之外，公 司于 2020 年获得授权在中国市场运营 Excelsior 品牌，2024 年 Excelsior 的营收 为 0.33 亿元。 伯希和定位高性能户外服饰，目前行业正处于快速扩张阶段。根据公司招股书显 示，中国内地高性能户外服饰市场 2019 年市场规模为亿元，5392024 年增长至 1027 亿元，2019~2024 年 CAGR 为 13.8%，2029 年预计达到 2158 亿元， 2024~2 ...

证券研究报告 点评报告 2025 年 7 月 31 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 分析师：刘笑瑜 事件一： 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 7 月 31 日（星期四）2 点，美联储公开市场委员会（FOMC）2025 年第五次议息会 议。 点评一： 7 月 31 日凌晨 2 点，美联储公布了 2025 年的第五份利率决议。其中显示，有投票 权的 12 位 FOMC 委员中 9 人赞成、2 人反对、1 人缺席未投票（美联储理事库格勒） 通过，美联储决定将联邦基金利率区间维持在 4.25%—4.50%不变，这是美联储自 去年 9 月开启降息周期以来再次暂停降息，符合市场预期。这是 1993 年以来首次 出现有 2 位美联储理事在利率决议中投反对票，2 位投反对票的委员分别是负责美 联储监管事务的副主席鲍曼和理事沃勒，此 2 人均为特朗普任命，反映其对美联储 的施压正在产生影响，因为以前鲍曼是著名的鹰派，而沃勒则是想竞争下一任美联 储主席。 本次声明与 6 月相比，比 ...

Summary of Key Points from Conference Call Records Industry Overview - The outdoor apparel industry in China is currently a market worth over 100 billion, while the international market reaches a scale of 1 trillion. The annual growth rate of the industry is between 10% to 15%, with some optimistic forecasts reaching 20% [2][12]. Company Performance - Amazon's brands in China are performing strongly, with projected sales of over 5 billion USD for the year 2024. The Chinese market accounts for over 30% of global sales, and if overseas purchases by Chinese consumers are included, it represents 50% of the group's sales [1][4]. - Arc'teryx holds a market share of 60% to 70%, while Salomon and Wilson each account for around 40% [4]. Marketing Strategies and Channels - The outdoor apparel industry primarily utilizes three marketing channels: e-commerce, direct retail, and wholesale. Amazon relies heavily on retail and wholesale, but the DTC model is gaining importance [5]. - Brands are adopting a strategy of closing smaller stores while opening larger ones, aiming for luxury and high-end positioning [5]. Competitive Landscape - The competition in the domestic outdoor apparel market is intense, with brands needing to shift from pure outdoor categories to more fashionable offerings. Emerging brands like Boshihe are gaining traction in the mid-to-low-end market [2][12]. - Salomon is aggressively expanding its flagship stores in first- and second-tier cities, contrasting with Arc'teryx's focus on enhancing single-store efficiency and high-end positioning [6][11]. Supply Chain Advantages - Supply chain barriers are crucial for competitive advantage. Arc'teryx's long-term partnership with Gore-Tex provides it with priority access to the latest products, while Salomon reduces costs through outsourcing production [9][10]. - The integration of resources within Anta Group helps optimize operations for both Arc'teryx and Salomon [10]. Future Growth and Strategies - Arc'teryx aims for a doubling of growth by 2030, transitioning to a normal growth state post-2025. Salomon, while growing rapidly, faces higher risks [3][27]. - Wilson's rapid rise is attributed to the surge in tennis popularity, with plans to open over 10 stores by 2025 or 2026 [8][7]. Market Dynamics - The market is increasingly segmented, with the top 50% dominated by large brands and the remaining 20% to 30% occupied by numerous small emerging brands, which have the potential to be absorbed by faster-growing brands [20]. - The North American market shows a strong growth in DTC channels, although hotel channels remain the primary driver in absolute terms [30]. Conclusion - The outdoor apparel industry in China is poised for significant growth, driven by strong brand performances, strategic marketing shifts, and competitive supply chain advantages. Brands must adapt to changing consumer preferences and market dynamics to maintain and enhance their market positions [12][25].

Core Insights - Camel has been awarded three market position confirmations by iiMedia Research, including "2024 National Sales Leader in Outdoor Down Jackets," "Cumulative National Sales Leader in Outdoor Down Jackets from 2019 to 2024," and "Pioneer of Water-Repellent Down Jackets" [1][4]. Industry Trends - The outdoor down jacket market is undergoing significant transformation driven by the rise of outdoor activities and the Z generation becoming the main consumer force, shifting consumer preferences from "bulky warmth" to "lightweight fashion" and from "single cold protection" to "multi-scenario adaptability" [3][4]. - According to iiMedia Research, 81.7% of consumers consider down jackets a "winter essential," with 59.5% preferring well-known domestic brands. Additionally, 60% of consumers have a budget preference between 238-1120 yuan [3][4]. Consumer Behavior - There is a dual trend of the rise of domestic brands and rational consumer spending, with consumers expecting domestic brands to break the "low-price stereotype" while rejecting "brand premium" pricing, leading to a strong demand for "high cost-performance and solid quality" [4][6]. Company Innovations - Camel has focused on technological innovation and product quality since its establishment in 1930, addressing the traditional down jacket's shortcomings in water resistance by introducing water-repellent down jackets with high-density weaving technology and a "temperature-locking chamber" design [6][7]. - The company has developed a dual protection mechanism for its down jackets, combining "active temperature locking" and "passive heat retention" through advanced materials and structural designs [6]. Design and Sustainability - Camel's design team integrates trendy elements with outdoor needs, making their down jackets versatile for both casual and outdoor settings, appealing to younger consumers [7]. - The "Himalayan Bread Down Jacket," launched in 2025, won the ISPO WINNER 2024 ECO-NOVA Asia Sustainable Fashion Award, showcasing Camel's commitment to sustainable fashion and innovation [7].

Core Insights - Camel has been awarded by iiMedia Research as the "Global Sales Champion of Jackets for Six Consecutive Years (2019-2024)" and "Pioneer of Heat Retention Inner Jackets in China" [1][4] - The brand has also achieved significant recognition in the outdoor down jacket sector, being named "National Sales Champion of Outdoor Down Jackets in 2024" and "Six-Year Cumulative National Sales Champion of Outdoor Down Jackets" [1][4] Industry Trends - The rise of the "All-People Outdoor" era and the rapid expansion of the outdoor activity industry are driving a shift in outdoor experiences from "professional exploration" to "lifestyle integration" [3] - Consumers are increasingly demanding outdoor apparel that combines functionality with fashion and comfort, moving beyond single-purpose designs [3] Company Strengths - Camel has a long-standing focus on outdoor and leisure product development since 1930, emphasizing technological innovation and product quality as key drivers of brand growth [5] - The brand's jackets are designed to meet diverse consumer needs, balancing professional outdoor performance with urban style and comfort [5] Product Innovation - The Camel Seven-in-One Functional Jacket exemplifies sustainable design, allowing for multiple wearing scenarios through a modular combination approach [5] - The use of "Weifeng MICROTOP-TEX fabric" provides high waterproof and breathability ratings, breaking the long-standing monopoly of Western brands in high-end jacket materials [6] Technological Advancements - Camel has established the "Camel High-Performance Outdoor Product Innovation Research Institute" to focus on material technology and functional design [7] - The upcoming H5500 technical hard-shell jacket is set to win the ISPO WINNER 2024 ECO-NOVA award, showcasing the brand's commitment to sustainable fashion [7] Market Position - The domestic demand for professional outdoor gear is surging, with local brands like Camel narrowing the gap with international leaders through technological and design advancements [7][8] - Camel's journey from "Pioneer of Heat Retention Inner Jackets" to "Global Sales Leader" reflects the broader trend of Chinese outdoor brands transitioning from manufacturing to innovation [8]

Investment Rating - The report indicates a positive investment outlook for the outdoor apparel industry, particularly highlighting the rapid growth of domestic brands like 伯希和 [3][30]. Core Insights - The outdoor apparel industry is experiencing robust growth, with domestic brands increasing their market presence and capitalizing on the outdoor trend [3][30]. - 伯希和 has demonstrated strong financial performance, with significant revenue and profit growth, indicating improved profitability [3][30]. - The company has effectively positioned itself in the mid-range market, offering high-quality products at competitive prices, appealing to a broader consumer base [53][56]. Summary by Sections Company Overview - 伯希和 was founded in 2012, focusing on high-performance outdoor apparel and equipment, and has rapidly gained market recognition [7][8]. - The company achieved a revenue of 17.7 billion yuan in 2024, a 94.5% increase year-on-year, with a net profit of 2.8 billion yuan, reflecting an 86.3% growth [8][10]. Financial Performance - From 2022 to 2024, the company's revenue and net profit exhibited a compound annual growth rate (CAGR) of 116% and 242%, respectively [8][9]. - The gross margin improved from 54.3% in 2022 to 59.6% in 2024, driven by enhanced pricing power and effective cost control [13][14]. Market Dynamics - The high-performance outdoor apparel market in China is projected to reach 1,027 billion yuan in 2024, growing at a rate of 17% [36][41]. - The market remains fragmented, with the top ten brands accounting for only 27.2% of total retail sales, indicating significant growth potential for emerging brands [44][51]. Product and Sales Channels - Apparel dominates the product mix, accounting for 91% of revenue in 2024, with significant growth in categories like jackets and quick-dry clothing [26][41]. - Online direct-to-consumer (DTC) sales have become the primary revenue channel, growing from 3.3 billion yuan in 2022 to 13.5 billion yuan in 2024, with a CAGR of 102% [21][37]. Brand Strategy - 伯希和's marketing strategy leverages social media and partnerships with outdoor KOLs to enhance brand visibility and credibility [66][70]. - The company has established a strong presence in both online and offline channels, with 146 physical stores by the end of 2024, primarily in first and second-tier cities [26][82].

Core Viewpoint - ECCO is strategically collaborating with Japanese outdoor brand White Mountaineering to launch a new capsule collection, aiming to penetrate the outdoor lifestyle market and shift its brand perception from "comfortable business" to "functional outdoor" [1][4][12]. Company Overview - ECCO, founded in 1963, is a Danish casual footwear brand known for its mid-to-high-end pricing in China, primarily appealing to middle-aged professionals [4][12]. - White Mountaineering, established in 2006, focuses on merging outdoor sports with fashion, gaining popularity through collaborations with various brands [4]. Market Trends - The outdoor sports market in China is experiencing significant growth, with a projected market size of 102.7 billion yuan for high-performance outdoor footwear and apparel by 2024 [5]. - Popular outdoor activities such as city walking, trail running, and camping are seeing increased participation and search interest, indicating a shift towards a more lifestyle-oriented approach to outdoor sports [5]. Product Strategy - ECCO's new product line, in collaboration with White Mountaineering, is positioned in the mid-to-high-end market, with prices for sneakers ranging from 2,000 to 3,000 yuan and jackets starting above 2,000 yuan [8][12]. - The brand aims to compete in the outdoor apparel segment, particularly with high-end products like GORE-TEX jackets, which are priced close to 7,000 yuan [8]. Competitive Landscape - ECCO faces competition from established outdoor brands like Salomon and HOKA, which offer products at lower price points while maintaining strong performance and value [8][12]. - The brand's transition to a more outdoor-focused identity is challenged by its existing customer base's perception and the growing popularity of specialized outdoor brands [12]. Financial Performance - ECCO's revenue in the Greater China region has shown growth from 360 million euros in 2021 to 418 million euros in 2024, although the growth rate has slowed from 19% to 1% during this period [12].

Investment Rating - The report assigns an "Outperform" rating to several companies in the high-performance outdoor apparel sector, including Anta Sports, Shenzhou International, Li Ning, Samsonite, Xtep International, and 361 Degrees, with target prices set for each [1]. Core Insights - The high-performance outdoor apparel industry in China is entering a trillion-yuan era, with significant growth potential. The market size increased from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 13.8%. It is projected to reach 215.8 billion yuan by 2029, with a CAGR of 16% from 2024 to 2029 [3]. - The report highlights Pelliot as a leading brand in high-performance outdoor apparel, which has established a broad product matrix and a direct-to-consumer (DTC) sales channel. The company reported a revenue of 1.766 billion yuan in 2024, a 94.5% year-on-year increase [2][17]. - Pelliot's product matrix includes four main series: Peak Series, Professional Performance Series, Mountain Series, and Classic Series, with the Classic Series contributing over 80% of sales revenue [34]. Summary by Sections Company Overview - Pelliot has been a key player in the high-performance outdoor apparel market since its establishment in 2012, focusing on a wide range of products suitable for outdoor activities, fitness, and urban commuting [2][10]. - The company has developed a multi-channel sales and distribution network, with online sales accounting for 76.5% of total revenue in 2024, while offline sales grew by 257.1% [2][19]. Financial Performance - Pelliot's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, with a remarkable growth rate of 139.9% in 2023 and 94.5% in 2024 [17][18]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, driven by business scale expansion, enhanced pricing power, and effective cost control [7]. Market Position - The high-performance outdoor apparel market in China is relatively fragmented, with the top ten brands holding a combined market share of 27.3% in 2024. Pelliot's market share was 1.7% [3]. - Pelliot ranked third in online retail sales among high-performance outdoor apparel brands in mainland China, with a market share of 3.7% [3]. Product Development - The company employs a dual-track technology system of "internal innovation + external procurement," focusing on proprietary technologies such as Storm Breath and Storm Shield [6]. - Pelliot's core products demonstrate its technological capabilities and market positioning, contributing significantly to revenue and brand strength [39].

Core Viewpoint - The company, 伯希和, is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a competitor to high-end outdoor brands like 始祖鸟, with a focus on affordable outdoor apparel and equipment [1] Group 1: Company Overview - 伯希和 was founded in 2012 and offers a range of outdoor apparel and equipment, with an average price range of 500-2000 RMB [1] - The company has launched 417 clothing SKUs, with 26 SKUs achieving annual sales exceeding 10 million RMB [1] - By 2024, 伯希和 is projected to capture 5.2% of the domestic high-performance outdoor apparel market [1] Group 2: Financial Performance - Revenue from clothing products has significantly increased, contributing 80.7%, 87.8%, and 91.1% of total revenue from 2022 to 2024 [2] - Total revenue for 伯希和 has grown from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with gross profit increasing from 205 million RMB to 1.053 billion RMB [3] - The company reported a net profit of 24.31 million RMB in 2022, increasing to 283 million RMB in 2024, with adjusted net profit margins remaining around 17.2% [5] Group 3: Marketing and Sales Strategy - 伯希和 has significantly increased its advertising and promotional expenses, totaling nearly 600 million RMB over the reporting period [6] - The company has expanded its offline retail presence from 30 stores in 2022 to 146 stores by 2024 [3] - A marketing campaign featuring actor 成毅 generated approximately 1 billion views and 600 million RMB in online GMV within 14 hours [3] Group 4: Operational Challenges - The company faces challenges with rising accounts receivable and inventory levels, with inventory increasing from 154 million RMB in 2022 to 595 million RMB in 2024 [9] - Cash flow from operating activities turned negative in 2024, primarily due to increased inventory and accounts receivable [10] - The company has a high advertising spend relative to its R&D investment, which raises concerns about long-term sustainability [8] Group 5: Quality and Reputation Issues - 伯希和 has faced criticism regarding product quality, with multiple instances of product non-compliance reported [12][14] - Consumer complaints have been noted, particularly regarding refund issues and product quality, with 116 complaints recorded on a consumer complaint platform [14] - The brand's association with historical controversies has led to negative public perception, impacting its reputation [12]