挖掘价值 投资成长 行 业 研 究 / 纺 织 服 饰 / 证 券 研 究 报 告 纺织服饰行业深度研究 户外潮起，伯希和正当浪头——复盘伯 希和发展，看中国户外服饰成长机会 2026 年 01 月 12 日 【投资要点】 伯希和随户外浪潮快速崛起，通过产品定位、营销、渠道三维向上突 破。伯希和品牌创立于 2012 年，定位中国高性能户外生活方式品牌， 产品涵盖服饰、鞋类、装备及配饰。2024 年伯希和公司实现总收入 17.7 亿元/yoy+94.5%，调整后净利润 3.0 亿元/yoy+95.1%，2022-2024 年 收入及调整后净利润 CAGR 分别达+116%/+232%。在疫后国内整体 服饰消费较低迷的环境下，我们认为伯希和高增长的驱动来自内+外因 素的联合作用。一方面，疫情后户外需求增加、政策密集出台、内容 平台种草效应等因素共同催化户外热度提升，推动功能类服饰的需求 走向大众，为伯希和的崛起提供了良好且相对契合的外部环境；另一 方面，伯希和在产品定位、营销策略及渠道策略上，均选择了较适合 国产品牌及国内市场环境的发展路径，其前期布局的产品线、产品力、 产品价格带及电商渠道基础等，帮助其较契合" ...

Group 1: Winter Sports Safety and Preparation - The article emphasizes the importance of preparation and knowledge for safely enjoying winter sports like skiing and winter swimming [2][3][4] - Skiing should start with mastering basic skills on gentle slopes before progressing to more challenging terrains, with a focus on maintaining proper posture and safety distance from other skiers [3][6] - For winter swimming, a systematic health check is recommended before participation, and gradual acclimatization to cold water is crucial to avoid cold shock [4][6] Group 2: Equipment and Clothing Recommendations - Ski equipment should prioritize practicality and suitability, with specific recommendations for ski length and protective gear such as helmets and goggles [3] - For winter hiking, a layered clothing approach is advised, including moisture-wicking base layers, insulating mid-layers, and waterproof outer layers, along with protective accessories for the head, hands, and feet [6][7] - Emergency gear such as survival blankets, heat packs, and waterproof GPS devices are suggested for outdoor activities [7] Group 3: Techniques and Nutrition - Proper techniques for walking on snow and ice are highlighted, including specific foot placements and movements to maintain balance and prevent falls [6] - Nutrition during winter activities should focus on high-calorie foods and warm beverages, with suggestions for cooking in the field if conditions allow [6] Group 4: Eye Protection and Treatment - Snow blindness, caused by UV exposure in snowy environments, is discussed, with symptoms and prevention methods outlined, including the use of UV-protective goggles [8] - Treatment recommendations for snow blindness include resting, avoiding eye rubbing, and using antibiotic eye drops if necessary [8]

新华财经北京12月2日电（记者丁雅雯、李唐宁）近日，随着全国多地迎来寒潮，冰雪消费迅速进入旺 季。各平台数据显示，冰雪经济正呈现全面升温态势。 冰雪运动热也带动相关产品销售走俏。消费平台"什么值得买"的数据显示，11月，平台滑雪袜、速干衣 GMV（商品交易总额）同比增长56.41%和26.25%。专业级装备品牌增长亮眼，Oakley与Burton的GMV 分别实现94.90%和80.88%的大幅提升。 值得关注的是，冰雪经济正从单一滑雪消费向多元冬季运动生态延伸。"什么值得买"数据显示，徒步、 骑行等项目持续走强，11月GMV分别同比增长34.36%和54.91%，登山鞋GMV更是同比激增303.40%。 攀岩、网球、普拉提等室内运动也同步增长，体现冬季运动消费正从"户外单点"向"户外+室内并行"发 展，形成更完整的运动消费生态。 （文章来源：新华财经） 美团旅行数据显示，近一周，平台"附近的滑雪场"的搜索量同比增长87%，"滑雪面罩""滑雪服"搜索热 度显著攀升。北京、张家口、哈尔滨、乌鲁木齐、深圳、上海、长春、沈阳、杭州、吉林等地市民对冰 雪运动热情最高。 途牛旅游网数据显示，近期冰雪游订单中，南方游客占 ...

Core Insights - The outdoor sports category experienced explosive growth during the recent "Double 11" shopping festival, leading all categories with a sales growth coefficient of 268% [2] - PELLIOT, a leading brand in the outdoor category, is pursuing an IPO on the Hong Kong Stock Exchange, showcasing a compound annual growth rate of over 116% in recent years [2][5] - The company's revenue and net profit have seen significant increases, with 2023 revenue reaching 908 million yuan, a 140% increase from 2022, and net profit soaring by 525% to 152 million yuan [5] Financial Performance - In 2022, PELLIOT reported revenue of 378 million yuan and a net profit of 24.31 million yuan, which grew to 908 million yuan and 152 million yuan in 2023, respectively [5] - For 2024, revenue is projected to reach 1.766 billion yuan, a year-on-year increase of approximately 94.5%, with net profit expected to rise by 86.3% to 283 million yuan [5] - The company's gross margin has been steadily increasing, reaching 59.6% in 2024 and 64.2% in the first half of 2025 [5][6] Business Model and Market Concerns - PELLIOT's business model heavily relies on e-commerce platforms, with online sales accounting for over 75% of total revenue, although this percentage is gradually declining [8] - The company has faced scrutiny regarding its reliance on marketing over research and development, with sales and distribution expenses significantly outpacing R&D investments [8] - PELLIOT is expanding its offline Direct-to-Consumer (DTC) channels, with revenue from this segment increasing from 0.07 million yuan in 2022 to 1.74 million yuan in the first half of 2025, representing 19% of total revenue [10] Operational Challenges - The company's "light asset" model, which relies on third-party manufacturers, raises concerns about quality control and product performance, as it cannot directly oversee production [11] - There have been over 700 consumer complaints regarding product quality, including issues with durability and manufacturing defects [11] - A trademark dispute has emerged, potentially impacting brand value and market perception, as the company relies heavily on its single brand for over 98% of its revenue [13]

Core Viewpoint - The article discusses the rapid growth and market positioning of the Camel brand in the outdoor apparel sector, highlighting its competitive advantages and challenges in a crowded market. Group 1: Market Performance - Camel ranked first in the outdoor sports brand sales on Douyin during the Double 11 shopping festival, outperforming major brands like FILA and Nike. Within the first 30 minutes of sales on Tmall, Camel's revenue exceeded 100 million yuan [6][12]. - The brand's GMV is projected to exceed 5 billion yuan in 2024, representing a year-on-year growth of approximately 33% [6]. - Camel has maintained its position as the top seller in various outdoor categories, including jackets and footwear, for six consecutive years [13]. Group 2: Competitive Landscape - Despite its success, Camel faces increasing competition from both established brands and new entrants targeting the high-end outdoor market [7][27]. - The brand's market share is estimated at 5.5% in the Chinese outdoor apparel sector, with projected retail revenue of around 5.6 billion yuan for 2024 [14][15]. - The article notes that Camel's mid-range positioning may be threatened by the influx of international brands and local competitors entering the market [27]. Group 3: Strategic Positioning - Camel's success is attributed to its timely entry into the outdoor market and its strategic focus on affordable, high-quality products that appeal to a broad consumer base [17][20]. - The brand has effectively targeted the mid-range price segment, with popular products priced between 400-600 yuan, capturing a significant portion of the market [23]. - Camel has invested heavily in marketing, signing high-profile endorsements and increasing advertising spend significantly, which has enhanced brand visibility among younger consumers [24][25]. Group 4: Future Challenges - Camel's growth strategy may face limitations as the brand attempts to expand into higher-end markets, where competition is fierce and brand recognition is still developing [27][31]. - The brand is also exploring new product lines, including beauty products, to diversify its offerings and reach new customer segments [28][29]. - Ongoing trademark disputes and the prevalence of counterfeit products pose additional challenges to Camel's brand integrity and market expansion efforts [31][33].

Core Viewpoint - The article emphasizes the importance of proper techniques and equipment for hiking to prevent injuries, particularly to the joints and back, during the autumn season when many people engage in outdoor activities [1][3]. Group 1: Hiking Techniques - Hiking is not simply walking; it involves specific movements that can put unique stress on the joints, especially during uphill and downhill activities [3][4]. - Proper techniques for uphill hiking include ensuring the knees do not extend beyond the toes, avoiding inward knee rotation, and maintaining a neutral spine to prevent excessive pressure on the knees and lower back [5][6][7]. - For downhill hiking, it is advised to land on the forefoot rather than the heel, avoid loose footwear, and consider using a sideways or S-shaped descent to distribute impact forces [8][9][11]. Group 2: Equipment Recommendations - The article suggests that protective gear should be chosen based on specific needs rather than an abundance of equipment, as incorrect choices can lead to increased wear and tear [12]. - Essential equipment includes trekking poles for balance and reduced joint pressure, knee braces for targeted support, and well-fitted hiking shoes that provide ankle stability and grip [13][14][16]. - It is recommended to ensure shoes fit snugly and to use ankle supports if there is discomfort to prevent further injury [18]. Group 3: Injury Signals and Emergency Response - Four serious signals indicating the need to stop hiking include hearing a "pop" sound during an injury, rapid swelling of the joint, visible bruising, and pain during joint movement even without weight [19]. - The article outlines the PRICE principle for emergency response: Protection, Rest, Ice, Compression, and Elevation, emphasizing the importance of seeking medical evaluation before resuming hiking activities [20].

Group 1 - The rise of hiking as a popular outdoor activity is evident, with a nearly 100% year-on-year increase in related search volume and over 190% increase in the number of hiking guides on platforms like Meituan and Xiaohongshu [4][8] - The outdoor hiking trend is significantly boosting local economies, with cities integrating hiking trails and parks into their tourism plans, exemplified by initiatives in Guangdong's Heyuan [7][8] Group 2 - The outdoor economy is experiencing substantial growth, with online consumption in outdoor sports reaching over 300 billion yuan in 2024, and the total scale of the outdoor sports industry projected to exceed 3 trillion yuan by 2025 [8][9] - The demand for outdoor gear is increasing, with sales of outdoor footwear and apparel rising by 55% during the National Day holiday, and nearly 60% of outdoor users spending over 8,000 yuan annually on equipment [8][9] Group 3 - The hiking boom is leading to a surge in demand for smart devices, with companies like Huawei and Garmin reporting significant revenue growth in outdoor-related products [9] - Despite the growth, safety concerns in hiking activities are rising, with a report indicating that hiking incidents accounted for 73% of outdoor accidents in 2024, primarily due to navigation issues [12][16] Group 4 - The rapid commercialization of hiking activities is outpacing the development of safety measures, highlighting the need for improved regulations and safety education in the hiking sector [12][16] - The industry is calling for better management of hiking routes and enhanced safety awareness to ensure sustainable growth in the hiking market [16]

Group 1 - The outdoor hiking trend is gaining popularity among urban residents, transforming hiking into a mainstream activity for stress relief and nature connection [2][3] - Data from Meituan and Xiaohongshu indicates a significant increase in hiking-related searches and content creation, with a nearly 100% year-on-year increase in search volume for "hiking" and over 400% for specific hiking keywords [3] - Cities are integrating hiking trails and parks into local tourism planning, with examples like Heyuan in Guangdong promoting events to establish itself as a "hiking city" [3] Group 2 - The outdoor economy is expanding, with online consumption in outdoor sports expected to reach over 300 billion yuan by 2024, and the total outdoor sports industry projected to exceed 3 trillion yuan by 2025 [5] - The demand for outdoor gear is rising, with sales of outdoor footwear and apparel increasing by 55% during the National Day holiday, and nearly 60% of outdoor users spending over 8,000 yuan annually on equipment [5][6] - The competitive landscape is intensifying, with over 20 international outdoor brands entering the Chinese market in the past three years, alongside the rise of domestic brands [5] Group 3 - The hiking market is facing safety challenges, with a report indicating that hiking incidents accounted for 73% of outdoor accidents in 2024, primarily due to navigation issues [9][10] - The commercialization of hiking is outpacing the development of safety measures, highlighting the need for improved emergency facilities and risk awareness among hikers [9][10] - Industry standards and safety education are critical for the healthy development of the hiking economy, as recent incidents have underscored the risks associated with inadequate preparation and knowledge [10]

Group 1 - The popularity of hiking is surging among urban residents, with a nearly 100% year-on-year increase in related search volume and over 190% increase in the number of hiking guides on platforms like Meituan and Xiaohongshu [2][5] - During the 2025 National Day holiday, the search volume for "outdoor hiking" on Meituan increased by over 253% compared to the previous year, indicating a strong trend towards outdoor activities [2] - The outdoor hiking trend is not only boosting travel enthusiasm but also benefiting local economies through integrated activities like "hiking + homestays" and "hiking + camping," leading cities to incorporate hiking trails and parks into their tourism planning [5] Group 2 - The outdoor economy is experiencing significant growth, with online consumption in outdoor sports reaching over 300 billion yuan in 2024, and the total scale of the outdoor sports industry expected to exceed 3 trillion yuan by 2025 [6] - Sales of outdoor footwear and apparel surged by 55% during the National Day holiday, reflecting the increasing consumer interest in outdoor gear [6] - The market for outdoor equipment is becoming increasingly competitive, with over 20 international outdoor brands entering the Chinese market in the past three years, alongside the rise of domestic brands [6][7] Group 3 - The hiking boom is creating a demand for smart equipment, with companies like Huawei, Xiaomi, and Apple launching outdoor-focused smartwatches, and Garmin reporting significant revenue growth in its outdoor navigation product line [7] - Despite the growth in hiking popularity, safety concerns are rising, with hiking-related accidents accounting for 73% of outdoor adventure incidents in 2024, highlighting the need for improved safety measures and regulations [9][12] - The rapid commercialization of hiking activities is outpacing the development of safety protocols, necessitating better management of hiking routes and increased awareness of safety among participants [9][12]

Group 1 - The article highlights the rising trend of hiking as a popular outdoor activity among urban dwellers, driven by a desire to connect with nature and relieve stress [3][4] - Data from Meituan and Xiaohongshu indicates a significant increase in hiking-related searches and content creation, with a nearly 100% year-on-year growth in search volume and over 400% increase in specific hiking keywords during peak seasons [5][10] - The outdoor economy is experiencing growth, with the outdoor sports industry projected to exceed 3 trillion yuan by 2025, driven by increased consumer spending on outdoor gear and experiences [10][11] Group 2 - The surge in hiking has led to a boom in demand for outdoor apparel and equipment, with online consumption reaching approximately 300 billion yuan in 2024, and a notable 55% increase in outdoor footwear and clothing sales during the National Day holiday [10][11] - The competitive landscape for outdoor gear is intensifying, with over 20 international brands entering the Chinese market in the past three years, alongside the rise of domestic brands like Beihai and Tanboer seeking IPOs [10][11] - The demand for smart devices tailored for outdoor activities is also increasing, with companies like Huawei and Garmin reporting significant revenue growth in their outdoor product lines [11] Group 3 - Despite the enthusiasm for hiking, safety concerns are prevalent, with a report indicating that hiking-related incidents accounted for 73% of outdoor accidents in 2024, primarily due to navigation issues [15][16] - The rapid commercialization of hiking activities is outpacing the development of safety measures, highlighting the need for improved risk management and awareness among participants [15][19] - The article emphasizes the importance of establishing industry standards and safety protocols to ensure the sustainable growth of the hiking economy [19]