转自：中国经营报 中经记者黎竹孙吉正北京报道 在前不久收官的"双11"活动中，运动户外成为最耀眼的赛道之一。其中，冲锋衣是不容忽视的存在，不 仅位列各大电商平台销售榜的前排，就连商场里的门店也把自家的冲锋衣摆在了最好的位置。 冲锋衣的火热在资本市场上也有所体现。近日，伯希和户外运动集团股份有限公司（以下简称"伯希 和"）再次向港交所递交上市申请，向"中国高性能户外生活方式第一股"发起冲击。早在今年4月，其就 正式向港交所递交招股说明书。招股书显示，2022年至2024年，伯希和累计卖出380万件冲锋衣，营收 复合年增长率为122.2%，主要以直接面向消费者（DTC）的多渠道模式销售产品。 业内专家认为，当前户外用品处于非常确定的增量市场。从长期来看，户外运动装备作为消费升级的赛 道，拥有充满想象力的市场空间。基于户外用品市场目前16%的年复合增长率，艾媒咨询CEO张毅认 为，像伯希和这类以DTC驱动全渠道触达的品牌，能够借势获得较快增长，但如何突破对线上渠道的过 度依赖，深化品牌认知，用线上线下渠道打造好护城河，仍是这类"爆红"品牌的必考题。 超级单品驱动增长 曾经只出现在专业户外场景中的冲锋衣，近两年迅速崛 ...

Core Viewpoint - Domestic outdoor brands are shifting from being affordable alternatives to high-end positioning, driven by capital market interest and rising consumer expectations [4][6][20]. Group 1: Market Dynamics - In the first half of this year, domestic outdoor brand "Berghaus" submitted its IPO application, with Tencent investing 300 million yuan, becoming the fourth largest shareholder [5]. - The outdoor equipment market in China has grown from 67.5 billion yuan in 2019 to 87.2 billion yuan in 2023, indicating a significant expansion [20]. - A notable trend is the increasing consumer willingness to spend on outdoor activities, with 43.6% of young people viewing outdoor sports as social currency [20]. Group 2: Pricing Trends - Berghaus has seen a 38.59% increase in average product prices, reaching around 500 yuan, and is now launching mid-to-high-end products priced in the thousands [7][10]. - Consumers have reported significant price increases for outdoor gear, with some items rising nearly five times in price over three years [12][14]. - The brand's reliance on its classic series remains high, with 82.7% of revenue still coming from lower-priced items, despite efforts to introduce higher-end products [26]. Group 3: Brand Positioning and Strategy - The shift in branding has led to a focus on professional, high-performance gear, distancing from the original target market of average consumers [8][23]. - Brands are increasingly abandoning their "affordable alternative" identity in pursuit of higher margins, as evidenced by the rising gross margins of leading companies [21][22]. - Berghaus's gross margin has shown a steady increase from 54.3% in 2022 to 59.6% in 2024, reflecting this trend [22]. Group 4: Challenges and Investment - Despite impressive revenue growth from 379 million yuan to 1.766 billion yuan, Berghaus faces challenges due to over-reliance on a single product line [25]. - The brand's R&D expenditure has been declining, indicating a potential weakness in innovation compared to competitors [26]. - Marketing expenses have surged, with promotional costs rising from 68.71 million yuan in 2022 to 359 million yuan in 2024, which may impact profitability [27].

Core Viewpoint - Domestic outdoor brands are rapidly embracing the capital market, shifting from being affordable alternatives to high-end positioning, as evidenced by significant price increases and new product launches [1][10][11]. Group 1: Market Dynamics - In the first half of the year, domestic outdoor brand Berghaus submitted an IPO application, with Tencent investing 300 million yuan for a 10.7% stake, becoming the largest institutional shareholder [1]. - The outdoor equipment market in China has grown from 67.5 billion yuan in 2019 to 87.2 billion yuan in 2023, indicating a robust expansion [8]. - A significant portion of the younger demographic views outdoor activities as social currency, with 43.6% engaging in activities like camping and hiking for social interaction [9]. Group 2: Pricing Trends - Berghaus has seen a 38.59% increase in average product prices, reaching around 500 yuan, and is now launching mid-to-high-end products priced in the thousands [1][10]. - Consumer complaints about price hikes are prevalent, with some products increasing by nearly 1000 yuan within six months [2][4]. - The price of outdoor gear has reportedly risen nearly fivefold over three years, drawing comparisons to gold in terms of price stability [4]. Group 3: Brand Positioning and Strategy - Brands that were once seen as affordable alternatives are now distancing themselves from that image, focusing on high-end features and performance [1][6]. - Berghaus's revenue has surged from 379 million yuan to 1.766 billion yuan from 2022 to 2024, with a compound annual growth rate of 115.86% [12]. - The reliance on a single product category, such as jackets contributing over 80% of revenue, poses risks to brand stability [13]. Group 4: Financial Performance and Challenges - Berghaus's gross margin has increased from 54.3% in 2022 to 59.6% in 2024, reflecting a trend towards higher profitability [11]. - Despite the growth, the brand's high-end product lines are struggling to gain consumer acceptance, with many products frequently discounted [13]. - Marketing expenses for Berghaus have surged from 68.71 million yuan in 2022 to 359 million yuan in 2024, indicating a shift towards aggressive marketing strategies [14]. Group 5: Competitive Landscape - The pursuit of higher margins is evident in the strategies of leading companies, with brands like Anta achieving gross margins over 70% [10]. - Berghaus's patent portfolio is limited compared to competitors, with only 4 invention patents out of 45, highlighting a gap in technological innovation [13]. - The challenge for brands like Berghaus lies in balancing the need for premium pricing with the necessity of maintaining sales volume, as excessive reliance on marketing may undermine product value [16].