Core Insights - The company, Beihang Outdoor Sports Group Co., Ltd. (referred to as "Beihang"), has submitted its IPO application to the Hong Kong Stock Exchange on November 7, 2025, with CICC and CITIC Securities as joint sponsors [1][2] - Beihang has implemented a significant equity incentive program prior to its IPO, with CEO Ma Yubiao receiving a salary of 8.881 million RMB for six months [2][12] Company Overview - Beihang specializes in outdoor apparel and equipment, and its CEO, Ma Yubiao, graduated from Hebei University of Finance and Economics in July 2010, majoring in e-commerce [2][8] - Ma has been with the company since its inception in December 2015 and has played a crucial role in digital transformation and operational efficiency [2][7] Management Structure - The board of directors consists of nine members, including six executive directors and three independent non-executive directors [5] - Key executives include Liu Zhen, the chairman and founder, and Ma Yubiao, the CEO, who oversees daily operations and strategic execution [6][9] Compensation and Incentives - The company has established an equity incentive plan, with 7,471,847 shares granted to 76 participants, including five directors and three supervisors [13] - The total compensation for executive directors for the year ending December 31, 2022, was approximately 5.333 million RMB [11]

Core Insights - The outdoor economy in China is experiencing explosive growth, with marathon events frequently reaching full capacity and significant engagement on social media platforms like Xiaohongshu and Douyin [1] - PELLIOT has emerged as a strong player in the high-performance outdoor apparel market, with revenue projected to grow from 378 million RMB in 2022 to 1.766 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 116.15% [1][2] - The company faces challenges such as naming controversies and low R&D investment, which could impact its market positioning [1][5] Company Overview - PELLIOT, founded in 2012 and headquartered in Beijing, focuses on high-performance outdoor apparel and equipment, catering to various outdoor activities and urban commuting needs [2] - The brand has achieved rapid growth, becoming the fastest-growing high-performance outdoor apparel brand in mainland China, with a market share of 5.2% in 2024 [2][4] - The product range includes clothing, footwear, equipment, and accessories, with a strong emphasis on innovation and high cost-performance [2][3] Financial Performance - PELLIOT's net sales are projected to rise from 350.9 million RMB in 2022 to 1.733 billion RMB in 2024, with a CAGR of 122.2% [2] - The company's revenue for 2022-2024 is expected to be approximately 378 million, 908 million, and 1.766 billion RMB, respectively, with net profits also showing significant growth [5][8] - The gross margin is expected to increase from 54.3% in 2022 to 59.6% in 2024, indicating improved profitability [8] Market Dynamics - The high-performance outdoor apparel market in mainland China is projected to grow from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, with a CAGR of 13.8% [4] - The market is expected to exceed 215.8 billion RMB by 2029, making it one of the fastest-growing segments in the functional apparel market [4] - PELLIOT's strategy includes a direct-to-consumer (DTC) multi-channel approach and partnerships with universities and outdoor communities to enhance brand visibility [5][7] Competitive Landscape - The outdoor apparel industry is becoming increasingly competitive, with established brands like Toread and emerging brands like PELLIOT vying for market share [9][10] - Traditional sports brands such as Nike and Adidas are also entering the outdoor market, highlighting the growing importance of technology in outdoor gear [10] - PELLIOT's unique positioning as a cost-effective brand has garnered attention, but it must navigate challenges related to brand perception and product differentiation [8][9]