Core Viewpoint - The outdoor industry in China is experiencing a significant shift, with contrasting performances from companies like Ternua and Sanfu Outdoor, indicating a change in growth logic within the sector [4][5][6]. Group 1: Industry Performance - Ternua reported a dramatic decline in net profit, with a year-on-year drop of 74% to 81%, while Sanfu Outdoor saw a net profit increase of 65% to 144% [4]. - The outdoor market has seen a slowdown in retail growth, with a 23.6% year-on-year decrease in camping-related orders in the first half of 2024 [5][6]. - Despite an increase in outdoor enthusiasts, the frequency of use for outdoor products has not kept pace, leading to a disconnect between sales and actual usage [6][7]. Group 2: Consumer Behavior - The rise in outdoor activities has not translated into lasting consumer habits, as evidenced by the stagnation in skiing participation rates and declining camping interest [5][6]. - Social media has played a pivotal role in shaping consumer perceptions, turning outdoor experiences into a fashion statement rather than genuine engagement with nature [15][16]. - The outdoor experience has shifted from being about exploration to a focus on aesthetics and social media validation, leading to a superficial engagement with outdoor activities [24][26]. Group 3: Market Dynamics - The outdoor industry is facing a bifurcation, with high-end brands leveraging their authenticity to maintain market position, while mass-market brands struggle to differentiate themselves [26][28]. - Companies like Anta and Arc'teryx are navigating the tension between maintaining a professional image and appealing to broader consumer trends [28][30]. - The rise of second-hand and rental markets for outdoor gear indicates a shift in consumer behavior towards more sustainable and cost-effective options [10]. Group 4: Future Outlook - The outdoor industry's growth is increasingly reliant on social media trends rather than authentic outdoor experiences, raising concerns about long-term sustainability [41][42]. - Brands must choose between creating symbols of status or maintaining professional integrity, with the risk of alienating core consumers if they attempt to straddle both approaches [42][44]. - The current trend of "wearing outdoor" rather than "going outdoor" suggests a potential decline in genuine outdoor engagement as consumer preferences evolve [41][42].