Summary of the Conference Call Company Overview - The conference call discusses the performance and strategies of the outdoor brand 博西河 (Boshihe) from 2019 to 2024, highlighting its growth trajectory and product line expansion [1][3][4]. Key Points Industry and Company Performance - 博西河 has achieved an annual growth rate of approximately 40% across various product categories from 2019 to 2022, with projected sales reaching 4.1 billion yuan in 2023-2024 [1][3]. - The brand has expanded its product lines to include daily commuting and leisure categories, gradually increasing its price range [1][3]. Product Line and Pricing Strategy - The brand's冲锋衣 (jackets) in the 600-800 yuan price range are leading in sales, while the 800-1,200 yuan range has shown average performance [1][4]. - Plans to introduce products in the 1,200-1,500 yuan range are underway, with the 北极星 (North Star) series priced around 1,800 yuan receiving positive market feedback [1][4][5]. - 博西河 intends to phase out three-in-one products priced between 499-800 yuan due to their limited impact on brand strength, focusing instead on certified down jackets [1][7]. Research and Development - The company invests about 3% of its total revenue in self-research technology, collaborating with fabric suppliers to develop proprietary materials [1][8]. - 博西河 aims to enhance its high-end product development through increased procurement of international technology fabrics and deep collaborations with suppliers like 伊雯特 (Ivent) [1][8]. Competitive Positioning - 博西河 positions itself against brands like 凯乐石 (Kailas), 北面 (The North Face), and 猛犸象 (Mammut), maintaining a pricing strategy at 70%-80% of 凯乐石's prices [1][11][12]. - The company aims to become a "value alternative" by offering high-quality materials at lower price points compared to competitors [1][9]. Retail Strategy - 博西河 plans to close inefficient stores and open new ones, targeting a total of 300 offline stores by 2026 [2][18]. - The company emphasizes a unified management approach for its franchise stores, ensuring consistent display, service standards, and product launches [2][13]. Sales and Marketing - The brand's冲锋衣 contributes significantly to its revenue, reflecting a strong focus on the professional outdoor equipment market [26]. - Online sales growth is robust, with projections for significant contributions from major shopping events like 618 and Double Eleven, which together account for nearly 55% of annual online sales [38][39]. Inventory Management - 博西河 maintains a healthy inventory turnover ratio, with a stock-to-sales ratio of 4.5 and a sell-through rate of over 70% [25]. Future Outlook - The company plans to enhance its product offerings in functional fabrics and establish a testing institution to improve its R&D capabilities [10]. - 博西河's strategic focus on high-quality products and competitive pricing positions it well for future growth in the outdoor apparel market [20]. Additional Insights - The brand's marketing efforts, including celebrity endorsements, have positively influenced its market recognition and sales performance [3][37]. - Despite competitive pressures, 博西河's strategy of focusing on product quality and technological innovation is expected to strengthen its market position [20].

Core Viewpoint - The company Berghaus is preparing for an IPO in Hong Kong after initially planning to list in China, with significant revenue growth driven by popular affordable outdoor clothing products [1][2][3] Company Overview - Berghaus was founded in 2012 and has grown from a small brand to one of the top three high-performance outdoor brands in China, with 146 stores in first- and second-tier cities by the end of last year [1][3] - The company has received investments from notable firms including Tencent, which holds a 10.70% stake after a recent 300 million RMB investment [2][3] Financial Performance - Berghaus's revenue surged from 380 million RMB in 2022 to 1.76 billion RMB in 2024, marking a 3.6 times increase, with a market share of 5.2% [3][4] - The adjusted net profit increased tenfold from 27.6 million RMB in 2022 to 300 million RMB in 2024, with a net profit margin rising from 7.3% to 17.2% [3][4] Product Strategy - The brand focuses on high-performance, affordable jackets, particularly its innovative "down jackets," which cater to various outdoor and urban activities [5][6] - Berghaus has developed proprietary technologies that enhance product performance, allowing it to compete effectively against international brands [6][7] Market Positioning - The company has capitalized on the growing demand for affordable outdoor gear, achieving a compound annual growth rate (CAGR) of 144% in jacket sales from 2022 to 2024 [8] - Despite its success, Berghaus relies heavily on a limited range of products, with over 82% of its revenue coming from its classic apparel line [8][9] Growth Challenges - To diversify its product offerings, Berghaus has invested in over ten companies, expanding its product matrix to include tents, hiking poles, and footwear [9] - The company faces challenges in building brand recognition and expanding its offline presence, with only 146 stores currently open and plans for significant growth in the coming years [10][12] Marketing and Sales Strategy - Berghaus's online sales account for 70% of its revenue, with a significant portion of its marketing budget allocated to online advertising [10][11] - The company has invested heavily in content marketing across various social media platforms, maintaining a marketing expense ratio of around 30% [11][12] Future Outlook - Berghaus aims to enhance its brand image and profitability through high-end product lines and collaborations, while also addressing the need for increased research and development investment [12][13] - The company is positioned to leverage the growing outdoor market but must navigate the challenges of sustaining growth and expanding its brand beyond being a "value alternative" [13]