Core Viewpoint - The recent share reduction by the founder of the company, Wang Jing, highlights a trend of cashing out by the founding family, indicating a potential shift in the company's future direction and stability [2][3][4]. Shareholder Actions - Wang Jing reduced her holdings by 1,475,200 shares from September 15 to September 22, 2025, decreasing her stake from 5.17% to 4.99%, officially exiting the list of major shareholders [2]. - The total amount from this reduction is approximately 14.03 million yuan [2]. Historical Context - Since 2020, the founding couple has cashed out over 1.4 billion yuan, gradually distancing themselves from the company they established [3]. - The company, which was once a leader in the outdoor industry, has faced significant challenges, including a decline in market share and operational difficulties [3][4]. Financial Performance - The company experienced a dramatic decline in revenue from 38.08 billion yuan in 2015 to 9.12 billion yuan in 2020, a drop of 76% [4]. - In 2020, the company recorded a loss of 275 million yuan, marking its largest loss since going public [4]. Management Changes - In 2021, Li Ming became the new controlling shareholder after acquiring shares from the founding couple, further solidifying his control over the company [4][5]. - The founding couple's decision to terminate their joint action agreement in January 2025 was interpreted as a clear signal of their complete withdrawal from the company's management [5]. Business Strategy and Challenges - The company has attempted to diversify by entering the chip industry, acquiring stakes in various chip companies, and reporting a revenue of 222 million yuan in 2024, a 66.56% increase [6]. - However, the company's overall performance in the first half of 2025 showed a decline in revenue by 7.82% year-on-year, with a significant drop in net profit [6]. Market Position - The outdoor market in China is experiencing growth, with competitors like Arc'teryx and Kolossus gaining market share, while the company struggles to maintain its position [7]. - The company is attempting to innovate by integrating chip technology into outdoor products, but the success of this strategy remains uncertain [7].

Core Viewpoint - The company, once a leader in the outdoor industry, is facing significant challenges as the founding family gradually exits and the business struggles with dual operations in outdoor products and chips [2][3][4]. Group 1: Shareholder Actions - The founder's family has been continuously cashing out, with a total of over 1.4 billion yuan since 2020, indicating a clear intention to exit the company they built [1][4]. - Recent share reductions by the founder's family, totaling 1,475,200 shares, represent only 0.17% of the total share capital, but reflect a broader trend of divestment [1]. Group 2: Company History and Performance - The company started in 1999 and became the first outdoor products company listed on the Growth Enterprise Market in 2009, experiencing rapid growth until 2015 [3]. - From 2009 to 2015, the number of stores increased from approximately 200 to over 1,300, with revenue soaring from 294 million yuan to 3.808 billion yuan, achieving a compound annual growth rate of 42% [3]. - However, since 2015, the company has faced a dramatic decline, with revenue plummeting by 76% to 912 million yuan in 2020, marking its largest loss since going public [3][4]. Group 3: Management Changes and Strategic Shifts - In 2021, a new controlling shareholder, Li Ming, acquired a significant stake in the company, leading to a shift in management and strategy [4]. - The company has attempted to diversify by entering the chip industry, acquiring stakes in various chip companies, but this has led to mixed results [6]. Group 4: Current Challenges - The company's performance in 2025 shows a decline in revenue by 7.82% to 653 million yuan, with a significant drop in net profit by 76.5% [6]. - The outdoor business revenue decreased by 10.51%, while the chip business showed only a modest growth of 7.4%, indicating struggles in both sectors [6][7]. - Competitors in the outdoor market are rapidly gaining ground, with brands like Arc'teryx and Kolossus outperforming the company, which has not adapted quickly enough to market changes [7]. Group 5: Future Outlook - The company is attempting to integrate chip technology into outdoor products, launching innovative items like smart ski helmets, but faces skepticism regarding the feasibility and market acceptance of these products [6][7]. - The dual business model presents ongoing challenges, with the need for the company to find a balance between its outdoor and chip operations to ensure future growth [7].