Financial Data and Key Metrics Changes - The company expects to deliver strong third-quarter results across all segments, with exceptional growth from Solomon, Softwares, and Carriage Acceleration [12] - The business has more than doubled in size to over $5 billion in 2024, with major brands like Arcterix, Solomon, and Worsen exceeding $1 billion in revenue in 2023 [15][16] - Direct-to-consumer channels now represent approximately 50% of the business, up from 15% in 2020 [16] Business Line Data and Key Metrics Changes - Arcterix achieved $2 billion in revenue in 2024, which is four times larger than in 2019 [15] - The company has strengthened its direct-to-consumer business significantly, with around 550 retail stores globally [16] Market Data and Key Metrics Changes - AMR China represented one-quarter of total group sales by the end of last year, up from less than 10% five years ago [16] - The Asia Pacific region has been the fastest-growing market, with significant growth expected in Korea following the acquisition of a franchise partner [65] Company Strategy and Development Direction - The company aims to reach $5 billion in top-line sales by February 2030, with a focus on structural growth across channels, geographies, and categories [34][60] - The management team is committed to amplifying brand awareness and equity in key markets, particularly in the U.S. and Europe [24][66] - The company is investing in footwear, women's apparel, and circularity initiatives to drive future growth [54][58] Management's Comments on Operating Environment and Future Outlook - The management believes the brands are still in the early stages of growth, with significant potential to increase brand awareness in key markets [24] - There is a strong commitment from the management team to implement strategic pillars that will secure double-digit growth over the next five years [25] Other Important Information - The company has undergone a significant transformation from a wholesale distribution model to a direct-to-consumer model, which has been a catalyst for accelerated growth [47] - The leadership team has been largely renewed since 2020, with 80% of top management being new to the organization [23] Q&A Session Summary Question: What are the long-term growth prospects for the company? - The company expects to maintain a double-digit growth pattern over the next five years, supported by a strong commitment from the management team [25] Question: How is the company addressing brand awareness in competitive markets? - The company is focusing on increasing brand awareness in the U.S. and Europe, where it sees significant growth potential [66]

Company Overview - Pelliot, officially known as 伯希和, is a high-performance outdoor lifestyle brand established in 2012, promoting a new outdoor lifestyle concept of "奔赴自然" [5] - The company aims to provide high-performance outdoor apparel and gear, with a product range that includes clothing, footwear, and accessories for various outdoor activities and urban commuting [5] Financial Performance - From 2022 to 2024, Pelliot's net sales are projected to grow at a compound annual growth rate (CAGR) of 122.2%, increasing from 351 million RMB to 1.733 billion RMB [7] - Revenue is expected to rise from 378 million RMB in 2022 to 1.766 billion RMB in 2024, with a CAGR of 115.86% [7] - Gross margin is anticipated to improve from 54.3% in 2022 to 59.6% in 2024, while adjusted net profit is expected to grow at a CAGR of 232% [7] Market Position - By 2024, Pelliot is projected to be one of the top three high-performance outdoor apparel brands in China, capturing a market share of 5.2% [7] - The outdoor apparel market in mainland China is expected to grow from 53.9 billion RMB in 2019 to 102.7 billion RMB in 2024, with a CAGR of 13.8% [14] Product and Sales Strategy - Pelliot's flagship product is the rain jacket, which has seen cumulative sales of approximately 3.8 million units from 2022 to 2024, with a CAGR of 144% [10] - The company employs a direct-to-consumer (DTC) multi-channel sales model, with online DTC sales revenue increasing from 331 million RMB in 2022 to 1.351 billion RMB in 2024 [10] - As of the end of 2024, Pelliot has established over 100 stores in mainland China, with offline DTC sales revenue growing from 7.3 million RMB in 2022 to 169 million RMB in 2024 [10] Investment and Shareholding - Pelliot has completed two rounds of financing, with notable investors including Tencent, which invested 300 million RMB in March 2025, holding a 10.7% stake [9] - The company's valuation reached approximately 2.8 billion RMB following the last financing round [9] Research and Development - Pelliot has a dedicated technology platform, PT-China, established in 2013, focusing on innovation in outdoor apparel [12] - R&D expenditures are projected to increase from 13.6 million RMB in 2022 to 31.5 million RMB in 2024 [12]