Core Viewpoint - The article discusses the progress of BERSHIHE Outdoor Sports Group Co., Ltd. towards its IPO, highlighting its growth in the high-performance outdoor apparel market in China and its ambition to become the leading brand in this sector by 2025 [4][6]. Group 1: Company Overview - BERSHIHE was established in 2012 and has developed a diverse product line with 653 standard product units (SPUs) across four series: Peak Series, Professional Performance Series, Mountain Series, and Classic Series [6]. - The brand's net sales increased from 351 million yuan in 2022 to 1.733 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 122.2% [6]. - By 2024, BERSHIHE is projected to hold a 5.2% market share in China's high-performance outdoor apparel sector [6]. Group 2: Sales and Marketing Strategy - BERSHIHE focuses on a Direct-to-Consumer (DTC) sales model, utilizing digital advertising, traditional marketing, sponsorship of outdoor activities, and collaborations with professional athletes to reach consumers [7]. - As of October 28, 2025, BERSHIHE's brand-related videos on Douyin have garnered over 3 billion views, while discussions on Xiaohongshu have exceeded 200 million [7]. Group 3: Financial Performance - BERSHIHE's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, with a CAGR of 115.86% [10]. - The gross profit margin has shown a consistent upward trend, increasing from 54.3% in 2022 to 64.2% in the first half of 2025 [11]. - Adjusted net profits rose from 28 million yuan in 2022 to 304 million yuan in 2024, with a CAGR of 232% [12]. Group 4: Investment and Valuation - BERSHIHE has completed two rounds of financing, with notable investors including Tencent, which invested 300 million yuan in March 2025 [13]. - Prior to the IPO, Tencent holds a 10.70% stake, making it the largest institutional investor [14]. - The company's valuation reached 2.8 billion yuan after the last financing round before the IPO [15]. Group 5: Future Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, improve product design and innovation processes, strengthen brand positioning, expand multi-channel sales networks, and enhance digital capabilities [15].

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]

Core Viewpoint - The outdoor sports trend is gaining momentum, leading to the emergence of PELLIOT, a company focused on outdoor sports and equipment innovation, which has recently filed for an IPO in Hong Kong with a valuation of 28 billion RMB [3][9]. Company Overview - PELLIOT was founded in 2012 and has attracted significant investment from notable institutions such as Tencent and Qiming Venture Partners [3][9]. - The company has developed a diverse product matrix, primarily focusing on high-performance outdoor apparel and footwear, which constitutes a major portion of its sales [5][6]. Financial Performance - PELLIOT's revenue has shown substantial growth, with figures of 378 million RMB in 2022, 908 million RMB in 2023, and projected 1.766 billion RMB in 2024, reflecting a significant increase [5][6]. - The gross profit margins have improved from 54.3% in 2022 to 59.6% in 2024, indicating enhanced operational efficiency [5][6]. - Net profits have also increased, with figures of 24.3 million RMB in 2022, 151.9 million RMB in 2023, and projected 283.1 million RMB in 2024 [5][6]. Market Position - PELLIOT ranks among the top three high-performance outdoor apparel brands in China, holding a market share of 5.2% as of 2024 [5]. - The company has established a strong online presence, with direct-to-consumer (DTC) sales contributing significantly to its revenue, accounting for 87.5% in 2022, 82.8% in 2023, and 76.5% in 2024 [7][8]. Investment and Growth Strategy - The company has undergone multiple funding rounds, with a B round led by Qiming Venture Partners, raising several hundred million RMB and achieving a valuation of 28 billion RMB [9][10]. - PELLIOT plans to utilize the funds raised from its IPO to enhance R&D capabilities, strengthen brand positioning, and expand its multi-channel sales network [8]. Industry Outlook - The functional apparel industry in China is experiencing rapid growth, with the market size projected to increase from 297 billion RMB in 2019 to 484 billion RMB in 2024, and further to 823 billion RMB by 2029, reflecting a CAGR of 11.2% from 2024 to 2029 [13].