铭星冰雪展台移动雪屋 滑雪教练在"四季滑雪瓦"专业训练装置上演示滑雪动作，展现全天候滑雪训练魅力。 记者 田甜 摄 在第九届吉林冰雪产业国际博览会上，一名少年站上模拟滑雪机，佩戴VR设备沉浸式体验虚拟滑雪 的乐趣。 记者 田甜 摄 ◎记者 曾庆怡 田甜 在吉林市冰雪试验区北大湖滑雪度假区的初级雪道上，滑雪教练张波正穿梭在学员中间，手把手进行动 作指导。 "周末经常连轴转，南方来的进阶学员特别多，都想趁着雪季系统提升技术。"在张波的计划中，待到北 方雪季结束，他会到上海、广州、深圳等地的室内冰雪场馆继续执教。 这种"候鸟式"的工作轨迹，在滑雪教练群体中并不罕见。在政策持续支持与大众消费升级的双重推动 下，冰雪经济正逐渐摆脱北方冬季"限定"的标签，向覆盖地域更广、延伸时间更长的综合性产业形态演 进。 消费热潮的背后，是万亿级市场的加速形成。 这股热潮不仅点燃了大众参与的热情，也吸引了市场投资者的布局。从上游的装备制造、基建配套，到 中游的场馆运营、赛事培训，再到下游的文旅融合，一条全链条的产业生态正在加速构建，资本市场 的"冰雪奇缘"正在演绎。 "冷资源"迸发"消费热" 透过滑雪教练的忙碌，2025至2026冰雪 ...

Core Insights - The company, Tanshan Group, was awarded the "Annual Outstanding Value Listed Company" in the 2025 New Consumption and New Economy Annual Selection, recognizing its innovative capabilities and strategic transformation in the new consumption sector [1] - The award reflects the company's dual business strategy of "outdoor + chips," which has proven to be forward-looking and feasible [1] Acquisition and Strategic Development - Tanshan Group announced the acquisition of 51% stakes in two leading chip companies, Betel and Shanghai Tongtu, for a total of 680 million yuan, marking a significant step in its strategic layout in the semiconductor and edge AI sectors [2] - This acquisition aims to establish a comprehensive "perception + display" dual-engine strategy, enhancing the company's core technology in chips and expanding into high-growth AI markets [2] - Betel has over a decade of expertise in mixed-signal chain chips, with its fingerprint recognition chip holding the top market share in smart locks, while its touch chips are integrated into leading laptop brands [2] - Shanghai Tongtu has established a competitive edge in display processing and IP licensing, with its RISC-V architecture-based SOC chip leading the high-end OLED screen market [3] - The integration of these companies will allow Tanshan Group to create a complete ecosystem from chip design to terminal solutions, aligning with the current trend of "AI + vertical scenarios" [3] Outdoor Business and Technological Integration - Tanshan Group's core outdoor business has been a solid foundation for its diversified transformation, contributing to its recognition as an outstanding value listed company [4] - The company has over 26 years of experience in the outdoor equipment sector, developing a comprehensive product ecosystem that includes extreme environment gear and collaborations with China's manned space program [4] - Tanshan Group has successfully applied aerospace-grade technology to consumer outdoor products, enhancing features like lightweight design and temperature control [4] - The company continues to innovate in outdoor smart equipment, launching products like exoskeletons and smart ski helmets that meet the growing market demand for intelligent outdoor gear [4] Future Outlook - Tanshan Group's dual business model of "outdoor + chips" is expected to continue driving value creation, transforming from a traditional equipment manufacturer to a technology group focused on chip technology and outdoor applications [5] - The synergy between the two business segments is anticipated to enhance the company's core competitiveness in the evolving landscape of technology-driven consumer markets [5]

在哈尔滨乾卯雪龙体育用品有限公司的装备展厅里，一款新型自由式空中技巧滑雪板吸引了记者的目光。"这块滑雪板采用了航空航天级的碳纤维与玻璃纤 维复合材料，目前已通过四轮严格测试，有望陪伴中国运动员征战明年的米兰冬奥会。"公司负责人李智博向记者道出了其与众不同的奥秘。 这番话背后，直指一个长期痛点：以往国家队滑雪器材多依赖进口，不仅成本高昂，而且在高强度训练下的损耗也极快。进口滑雪板的传统纯木芯板受木材 天然纤维结构限制，使用寿命普遍较短，有时仅半个月到一个月，甚至因品控波动，在一次激烈着陆后就会断裂。 为此，乾卯雪龙研发团队与冰雪欢腾团队转向航天复合芯材研发，在木质芯层中创新融入航天级玻璃纤维与碳纤维。这种材料融合不仅显著减轻了板体重 量，更通过纤维与木材的协同作用，大幅提升了雪板的整体强度、韧性与抗疲劳性能，从而有效延长了器材寿命。 更进一步的突破在于"可定制化"。"我们可以根据运动员的个人习惯调整内部填充材料，让雪板去适应运动员。"李智博强调。通过精细调整芯层材料比例与 铺层结构，这款滑雪板能主动贴合运动员的技术特点与发力习惯，从而缩短适应周期，帮助运动员更快进入高强度训练与比赛状态。这项创新，真正实现了 从 ...

Core Viewpoint - The company,探路者, is aggressively pursuing a dual business strategy of "outdoor + chips" by acquiring two semiconductor companies for a total of 678 million yuan, amidst concerns over high acquisition premiums and market reactions to its stock price [1][3][4]. Group 1: Acquisition Details - The company announced plans to acquire 51% stakes in Shenzhen Beitelai Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 3.21 billion yuan and 3.57 billion yuan respectively, totaling 6.78 billion yuan [1][3]. - The acquisition premiums are significant, with Beitelai's valuation increasing by 3.63 times and Tongtu's by 21.19 times, raising concerns about potential risks associated with high valuations [1][3][4]. - The acquisitions are expected to enhance the company's competitive position in the semiconductor industry, benefiting from the domestic substitution process [3][5]. Group 2: Leadership and Strategic Shift - Following the entry of new controlling shareholder Li Ming, who previously served as chairman of Unisoc, the company has shifted its focus to a dual business model, initiating multiple acquisitions in the semiconductor sector since 2021 [6][7]. - The original founders have significantly cashed out, with reports indicating they have sold shares worth over 1.4 billion yuan, leading to a perceived separation from the company's operational decisions [8][9]. - Li Ming's recent actions, including a substantial private placement to raise funds, indicate a strong commitment to the company's future despite market skepticism [10][11]. Group 3: Financial Performance and Market Challenges - The outdoor business still accounts for nearly 80% of the company's revenue but is experiencing a decline, with a reported 10.51% decrease in revenue for the first half of 2025 [14]. - The semiconductor business, identified as a second growth driver, has shown a dramatic slowdown in growth, with revenue growth dropping from 590.93% to 8.27% year-on-year [15]. - The company reported a net profit of 33 million yuan for the first three quarters of 2025, a 67.53% decline compared to the previous year, indicating ongoing financial challenges [16].

Core Insights - The article highlights the innovative integration of outdoor exploration and smart technology, with the launch of the second-generation lower limb exoskeleton by the company in December 2025, marking a significant advancement in the outdoor equipment industry [1] Group 1: Technological Advancements - The second-generation exoskeleton represents a comprehensive evolution in hardware, intelligent optimization, and scenario expansion, achieving a new balance between lightweight design and practicality, weighing just over 2 kilograms [2] - The core competitive advantage lies in the upgraded intelligent control system, which enhances human-machine interaction and reduces the physical burden on users by 30 kilograms, improving endurance and load capacity [3] - The product's market penetration is accelerated through a multi-channel approach, including physical stores in major cities and online pre-sale channels, as well as innovative rental services in popular tourist destinations [3] Group 2: Industry Leadership - The company is redefining the Chinese outdoor technology paradigm by filling the gap in the consumer-grade outdoor exoskeleton market and leading the industry towards smart solutions [4] - The strategy focuses on democratizing technology for mass outdoor consumer needs, contrasting with the high-end positioning of foreign brands, thus creating a new market segment for consumer-grade exoskeletons [4] Group 3: Market Potential and Trends - With over 310 million people aged 60 and above in China by the end of 2024, the demand for exoskeleton robots in the eldercare sector is expected to grow significantly, with the global market projected to exceed $100 billion by 2030 [5] - The company plans to expand the application of exoskeleton products from outdoor settings to eldercare, leveraging its first-mover advantage to capture market opportunities [5] Group 4: Chip Empowerment - The company has announced a strategic acquisition of 51% stakes in two chip companies for 680 million yuan, enhancing its technological capabilities in the outdoor smart equipment sector [7] - The acquired companies possess technologies that align well with outdoor scenarios, enabling the development of innovative products and expanding market opportunities [8] - The integration of chip technology is expected to strengthen the company's market position and create a closed-loop ecosystem that drives customized chip development for outdoor applications [8]

Core Viewpoint - The integration of smart technology with outdoor exploration is leading to a revolution in outdoor equipment, exemplified by the launch of the second-generation lower limb exoskeleton by the company in December 2025, marking a new phase in its "outdoor + chip" dual business strategy [1] Group 1: Product Development and Technology - The second-generation exoskeleton features significant upgrades in technology, functionality, and scene adaptability, establishing itself as a benchmark in the outdoor smart equipment sector [2] - The product utilizes high-strength carbon fiber materials for lightweight advantages and collaborates with emerging equipment companies to optimize motor size and weight, making it more accessible to the consumer market [2] - The upgraded smart control system incorporates multi-modal sensor systems and intelligent motion control algorithms, enhancing user experience by accurately recognizing various movement states and reducing user fatigue by up to 30 kilograms [3] Group 2: Market Strategy and Distribution - The company has established a comprehensive channel layout, with the second-generation exoskeleton available in key offline stores and online platforms for pre-sale, enhancing consumer accessibility [4] - The product is also being promoted in scenic areas through a rental model, improving service quality and providing real-world data for continuous product iteration [4] Group 3: Industry Leadership and Market Position - The company is reshaping the competitive landscape of China's outdoor technology market by filling the gap in the consumer-grade outdoor exoskeleton market and leading the industry into a new era of smart equipment [5] - The strategic focus on mass outdoor consumer needs, combined with technological optimization and supply chain integration, has opened a new market for consumer-grade exoskeletons [5] Group 4: Chip Technology and Ecosystem - The company's investment in chip technology is crucial for its smart exoskeleton advancements, including a significant acquisition of stakes in leading chip companies to support its outdoor smart equipment [7] - The technical advantages of the acquired companies align well with outdoor equipment needs, enhancing the performance and adaptability of smart devices in challenging environments [8][9] - The company is evolving from a traditional outdoor brand to a technology group that integrates chip technology with outdoor applications, positioning itself for long-term growth in the industry [9][10]

Core Viewpoint - The company, Pathfinder, announced plans to acquire 51% stakes in two chip companies for a total of 678 million yuan, marking a significant move in its "outdoor + chip" dual business strategy since 2021, despite facing declining revenues and profits in its core outdoor business [1][3][4]. Group 1: Financial Performance - In Q3 2025, Pathfinder reported a revenue decline of 13.98% year-on-year to 953 million yuan, with net profit dropping 67.53% to 33.04 million yuan, and negative operating cash flow of 147 million yuan, down 17.8% [5][6][7]. - The Q3 revenue alone was 300 million yuan, reflecting a 24.91% year-on-year decrease, while net profit for the quarter fell by 20.32% to 12.94 million yuan [6][7]. - The company attributed its poor performance to market conditions affecting outdoor sales and foreign exchange losses impacting its chip business [5][8]. Group 2: Market Position and Competition - Pathfinder, once a leader in the outdoor products market, has seen its market share decline significantly, now ranking tenth among leading outdoor apparel and footwear brands in China, with only 1% market share [8][9]. - Competitors like Camel and Kaile Stone have gained market share, with Camel at 5.5% and Kaile Stone focusing on high-end products, while Pathfinder struggles to maintain its position [9][10]. Group 3: Strategic Moves and Challenges - The recent acquisitions of Shenzhen Betel and Shanghai Tongtu represent Pathfinder's continued investment in the chip sector, aiming to create a technology base for "perception interaction + display processing" [1][25]. - Both acquired companies have made performance commitments, with Betel expected to achieve net profits of 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan from 2026 to 2028 [25]. - Despite these acquisitions, the chip business has shown inconsistent profitability and is heavily impacted by foreign exchange fluctuations, raising concerns about its sustainability as a growth driver [22][25]. Group 4: Future Outlook - The integration of outdoor products with chip technology remains in the conceptual stage, with no significant sales or contributions to performance yet [26][28]. - The strategic focus on the chip business may detract from revitalizing the outdoor segment, potentially leading to a lack of focus and resource allocation issues [28]. - As of December 2, 2025, Pathfinder's stock price fell by 12.07% to 10.42 yuan, with a total market capitalization of 9.208 billion yuan, indicating investor concerns about its future prospects [28].

Core Viewpoint - The report from Huaxi Securities indicates that the recent acquisitions of chip companies by the company are expected to enhance profit margins, capitalizing on the rapid growth of the outdoor industry, which is becoming a new growth point in the apparel sector [1] Company Summary - The company is focusing on improving product functionality, increasing marketing investments, and enhancing store efficiency to boost brand strength and profitability [1] - The successful acquisition of G2Touch is primarily benefiting from technology development and expansion into downstream customers, with potential growth opportunities in the automotive sector [1] - The company is leveraging its ONCELL technology advantages and aims to develop INCELL technology, with new acquisitions expected to create complementary advantages and contribute to performance growth [1] Product Development - The company has launched four new outdoor smart products: lower limb exoskeleton, 5G smart outdoor watch, smart skiing helmet, and suspended mirror high-definition outdoor cinema, all of which show improvements in assistive effects, battery life, adaptability, lightweight design, and smart interaction [1] Financial Outlook - The company maintains its profit forecast for 2025 and raises the profit estimates for 2026-2027, with the closing price on December 1, 2025, at 11.85 yuan corresponding to PE ratios of 44, 33, and 28 for 2025, 2026, and 2027 respectively [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a non-net profit growth of double digits in Q3, with a focus on the progress of private placement [2] - The outdoor industry is experiencing rapid growth, becoming the next growth point in the apparel sector, with the company enhancing product functionality and marketing efforts [4] - The company has successfully integrated G2 Touch, benefiting from technology development and customer expansion, with potential growth in the automotive sector [4] Financial Summary - In Q3 2025, the company reported revenue of 30 million, net profit of 1.3 million, and non-net profit of 1.1 million, with year-on-year changes of -24.91%, -20.32%, and +12.94% respectively [2] - For the first three quarters of 2025, the company’s revenue was 95.3 million, net profit was 3.3 million, and non-net profit was 2.7 million, with year-on-year changes of -13.98%, -67.53%, and -70.46% respectively [2] - The company announced a private placement of up to 1.93 billion at a price of 7.28 per share, which will increase the chairman's shareholding from 22% to 33.6% [2] Profitability and Forecast - The gross profit margin for Q3 2025 was 46.5%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 4.3%, an increase of 0.2 percentage points year-on-year [3] - The company maintains its revenue forecast for 2025-2027 at 2.011 billion, 2.280 billion, and 2.588 billion respectively, and net profit forecast at 237 million, 276 million, and 325 million respectively [4] - The earnings per share (EPS) forecast for 2025-2027 is 0.27, 0.31, and 0.37 respectively, with corresponding price-to-earnings (PE) ratios of 34, 29, and 25 [4]

Core Viewpoint - The outdoor brand "探路者" (Trekking) has significantly lost its market presence and relevance in the outdoor industry, despite being a pioneer in introducing outdoor concepts to Chinese consumers. The brand's shift towards technology and diversification has led to a decline in its core outdoor business, resulting in a drastic drop in revenue and market share. Group 1: Historical Context and Market Position - "探路者" was once a leading brand in the Chinese outdoor market, achieving a market share of 14.5% in 2012, surpassing international brands like The North Face and Columbia [6] - The brand's peak revenue reached 38.08 billion yuan in 2015, with a net profit of 2.63 billion yuan, and a market capitalization of approximately 250 billion yuan [12] - In contrast, its outdoor revenue has plummeted to less than 40% of its former glory, with a current market capitalization of about 77 billion yuan, reflecting a 70% decline from its peak [13] Group 2: Business Strategy and Diversification - After 2015, "探路者" shifted its focus from outdoor products to a broader "outdoor + travel + sports" strategy, which included significant investments in travel services and tourism projects [15][16] - This diversification led to a lack of focus on its core outdoor business, resulting in a decline in product quality and brand strength [18][20] - The company's venture into the travel sector proved unprofitable, with losses exceeding 20 million yuan from its travel service company [17] Group 3: Financial Performance and Market Trends - The company's revenue fell by 24% in 2016, and it reported its first loss in 2017, amounting to 1.15 billion yuan, with losses continuing to grow in subsequent years [22] - The COVID-19 pandemic further exacerbated its financial troubles, leading to a 39.64% drop in revenue in 2020 [25] - In 2024, "探路者" reported outdoor revenue of 6.53 billion yuan, down nearly 8%, while its net profit plummeted over 76% to approximately 20 million yuan [3] Group 4: Shift in Management and Future Direction - The management underwent a significant change when the company was acquired by a new investor, leading to a focus on technology and chip development, which has become a growing revenue stream [30] - In 2024, the outdoor business accounted for 86% of revenue, but it is in decline, while the chip business, although only 14% of revenue, has seen a growth rate of 66.56% [30] - Analysts express skepticism about the company's ability to succeed in both outdoor and technology sectors simultaneously, as they lack synergy and require focused investment [30]