Core Viewpoint - The article discusses the decline of the "middle-class sports" trend, particularly in camping, cycling, and skiing, highlighting the shift from high demand to excess inventory and unsold products in the industry [5][6]. Group 1: Industry Trends - The once-popular activities of camping, cycling, and skiing are now facing a significant downturn, with reports of excess inventory and unsold products dominating social media discussions [6][7]. - Inventory levels for major bicycle brands are alarmingly high, with Shimano at approximately 20%, Giant at 40%, and Merida at 45% as of Q2 2024 [13]. - The high-end bicycle market is experiencing a drastic profit decline, with brands like 小布 seeing profit drops exceeding 99% in FY 2024 [13]. Group 2: Company Performance - Despite the overall decline in the cycling market, 大行科工 has achieved remarkable sales, selling 180,000 folding bicycles in nine months, with online sales increasing by 166% over three years [14]. - 大行科工 has positioned itself as the largest folding bicycle company globally, capitalizing on the downturn in the cycling trend to prepare for an IPO [16][31]. - The company's revenue for the first four months of 2025 reached 185 million yuan, a year-on-year increase of 46.8%, with net profit soaring by 69.3% [36]. Group 3: Competitive Strategy - 大行科工 differentiates itself by focusing on affordability and accessibility, with an average bicycle price of 1,966 yuan, appealing to a broader customer base beyond the affluent middle class [44]. - The company avoids "hunger marketing" strategies, ensuring that parts are widely available and maintenance costs are significantly reduced, making their bicycles easier to repair [46][48]. - 大行科工 has leveraged online sales channels effectively, with significant revenue growth from platforms like Douyin, indicating a strong online presence and marketing strategy [58][60]. Group 4: Future Prospects - The company is exploring new product lines, including electric folding bicycles, to expand its market reach and appeal to changing consumer preferences [64]. - Despite current challenges, the company aims to address production capacity issues and improve product quality to enhance its market position [66][67]. - The article emphasizes that in a rational consumption era, brands that create real value for users will succeed, positioning 大行科工 favorably for future growth [68][69].

Core Viewpoint - The article discusses the decline of the cycling and outdoor activities market, highlighting the contrasting success of Dahon, a folding bicycle company, amidst the downturn in consumer interest in high-end cycling products [2][30]. Group 1: Market Trends - The once-popular outdoor activities such as camping, cycling, and skiing have seen a significant decline, with inventory levels for bicycles reaching 20% for Shimano, 40% for Giant, and 45% for Merida as of Q2 2024 [11]. - The high-end bicycle market is experiencing a crash, with prices halved and products remaining unsold, while Dahon has seen a surge in sales, selling 180,000 folding bicycles in nine months [11][30]. Group 2: Dahon's Strategy - Dahon has positioned itself as a cost-effective alternative to high-end brands like Brompton, leveraging its supply chain advantages and a focus on affordability, with an average bicycle price of 1,966 yuan [38]. - The company has adopted a modular production approach, reducing repair costs by 60% and improving supply chain efficiency, allowing for quicker restocking of popular models [43][45]. Group 3: Online Sales and Marketing - Dahon has capitalized on online sales channels, with significant revenue growth from platforms like Douyin, achieving 1 billion yuan in online sales by 2024 [51]. - The brand's marketing strategy includes leveraging social media and influencer partnerships, with its founder actively participating in live-streaming sales events [55]. Group 4: Product Diversification - Dahon is expanding its product line beyond folding bicycles to include electric bikes and other types, aiming to capture a broader market segment [56]. - The company is focusing on electric folding bikes, which are becoming increasingly relevant in urban settings due to regulatory changes [56]. Group 5: Challenges Ahead - Despite its success, Dahon faces challenges such as production capacity constraints and quality control issues, with a significant number of consumer complaints reported [58]. - The company must continue to innovate and provide value to maintain its market position as consumer preferences shift towards more rational purchasing decisions [58].