Core Viewpoint - The outdoor brand "Pelliot" (full name: Pelliot Outdoor Sports Group Co., Ltd.) has submitted its prospectus to the Hong Kong Stock Exchange, officially starting its IPO process, following explosive growth from 2022 to 2024, with net sales increasing from 351 million to 1.733 billion yuan, marking a compound annual growth rate of 122.2% [1][2]. Group 1: Company Background and Growth - Founded in 2012 by a couple, Liu Zhen and Hua Jingling, Pelliot initially focused on affordable outdoor apparel, primarily through online sales, and saw modest performance until the "outdoor boom" during the pandemic in 2022 [3][4]. - The launch of the "Classic Series" three-in-one jacket in 2022, priced at 499 yuan, filled a market gap between high-end international brands and low-cost products, leading to significant revenue growth [3][4]. - Revenue figures for 2022 to 2024 are projected at 379 million, 908 million, and 1.766 billion yuan, respectively, with a compound annual growth rate of 115.86% [3]. Group 2: Ownership and Governance Structure - Liu Zhen and Hua Jingling collectively hold 63.17% of the company, granting them absolute control [4]. - The "couple-run" governance structure can lead to efficient decision-making but poses risks such as potential "one-man rule" and conflicts arising from personal disagreements [4]. Group 3: Financial Performance and Profitability - Pelliot's gross margin is reported to be 59.6% in 2024, higher than competitors like Arc'teryx (55.4%) and Sanfo Outdoor (56.67%) [5]. - The main revenue source is apparel, accounting for over 90% of total income in 2024, with an average selling price of approximately 732 yuan per item [5]. Group 4: Quality Control Issues - Despite high gross margins, consumer feedback indicates quality control issues, with complaints about inconsistent product quality and inadequate waterproofing [6][8]. - The company has faced criticism for not providing quality inspection reports, raising concerns about transparency [14][15]. Group 5: Marketing and Sales Strategy - Pelliot has effectively utilized social media and influencer marketing to drive sales, with online direct-to-consumer (DTC) revenue reaching 1.351 billion yuan in 2024, accounting for 76.5% of total revenue [18]. - However, the company has incurred high sales and distribution costs, with advertising expenses totaling 598 million yuan over the past three years [18]. Group 6: Research and Development Concerns - Pelliot's R&D expenses have been significantly lower than sales expenses, with a decreasing trend in R&D investment over the past three years [19]. - The company holds only 54 patents, with a limited number of high-value invention patents, indicating a lack of innovation [19]. Group 7: Market Challenges - Pelliot faces challenges from increased competition as international brands localize and domestic brands enhance their marketing strategies [20]. - The company has experienced rising inventory levels, with finished goods inventory increasing by 180% from 2023 to 2024, indicating potential overstock issues [20]. Group 8: Brand Image and Controversies - A controversy arose regarding the brand name "Pelliot," which some linked to a historical figure associated with looting cultural artifacts, leading to public backlash [21][23]. - The company has struggled with high-end product positioning, with new product lines facing challenges in market acceptance and sales performance [24].

中国户外经济迎来爆发式增长的当下，马拉松赛事报名屡屡"爆满"，小红书"户外徒步"相关话题阅读量 超25亿次，抖音露营话题播放量突破百亿。 在这股热潮中，伯希和以黑马姿态杀出：2022-2024年营收从3.78亿元飙升至17.66亿元，复 合增长率达116.15%，成为"中国内地三大本土高性能户外服饰品牌"之一。 然而，高速扩张的背后，命名争议、研发投入占比偏低等问题亦浮出水面。这场IPO，既是本土户外品 牌冲击高端市场的里程碑，也是行业竞争白热化的缩影。 高增速背后的三重密码：产品、渠道与技术的协同爆发 天眼查信息显示，"PELLIOT伯希和"隶属于伯希和户外运动集团股份有限公司，该公司总部坐落于北 京，创立于2012年。自成立以来，伯希和始终专注于研发与生产高性能户外服饰及装备，不断挑战户外 服饰的性能极限。 依托旗舰品牌"伯希和"，公司产品覆盖了各类户外活动、运动健身场景，甚至满足城市通勤需求，产品 类型丰富多样，包括服装、鞋类、装备及配饰等。 凭借出色的市场表现，伯希和成为2024年中国内地同行业顶尖企业中增长速度最快的高性能户外服饰品 牌。 据弗若斯特沙利文数据，公司净销售额从2022年的3.509亿 ...

来源：猎云精选，文/韩文静 从山林间的徒步探险，到城市公园的精致露营，再到大街小巷的骑行风尚，户外运动的热潮席卷而来的同时，也捧出了一家上市公司。 据港交所，4月28日，伯希和户外运动集团股份有限公司（简称"伯希和"）向港交所提交了上市申请书，中金公司、中信证券香港为联席保荐人。 伯希和（PELLIOT）创立于2012年，专注于户外运动及装备的创新设计与研发，其身后集结着一众知名投资机构——腾讯、启明创投、创新工场等纷纷加 注，其最新估值达到28亿。 近几年来，IPO竞赛在户外运动江湖里不停上演，但前路挑战重重：蕉下二度递表，迟迟未能"上岸"；威邦运动冲击上交所主板，但于今年2月IPO 宣告终 止……伯希和能否在资本市场收获更多认可，仍需要时间的验证。 盯上户外运动生意，一年卖出17.6亿 伯希和的历史可追溯至2012年，在户外运动还未像如今这般火爆之时，创始人刘振就敏锐地察觉到了其中的商机。 "中国户外运动产业经历了不同发展阶段,如今正逐步从'征服大自然挑战自我'的小众运动，发展为'贴近大自然享受闲暇'的大众生活方式。"伯希和创始人刘 振直言，希望通过高性能、高价值的产品为户外爱好者带来优质的产品体验。 2 ...