Core Viewpoint - Duck Duck, a traditional Chinese down jacket brand, has transformed from a forgotten name to a leading player in the market, achieving over 20 billion in online GMV in 2023, a 200-fold increase from 2019, and is preparing for an IPO, positioning itself as the "Xiaomi of down jackets" [8][10][60]. Group 1: Brand Transformation - Duck Duck was once a low-profile brand with only 80 million in online GMV in 2019, but has now become a top player with over 20 billion in 2023 [8]. - The brand's resurgence is attributed to innovative marketing strategies and a strong online presence, including collaborations with over 50 e-commerce operators [24][28]. - Duck Duck has adopted a diverse endorsement strategy, featuring popular figures across different demographics, enhancing its appeal to a broad consumer base [21][22]. Group 2: Marketing Strategies - The brand has utilized unconventional marketing tactics, such as summer live-streaming from snowy mountains, to capture consumer attention during off-peak seasons [30]. - Duck Duck has also made a significant push into international fashion events, like Milan Fashion Week, to elevate its brand image [32]. - The brand's marketing approach has successfully redefined its image from a traditional label to a trendy, fashionable choice [34]. Group 3: Supply Chain and Product Strategy - Duck Duck's supply chain is highly digitized, allowing for rapid response to market trends, with a 90% sell-through rate and a 10-15 day reorder time [42][46]. - The brand maintains high quality standards, using 90% down in its products, exceeding national standards [44]. - Duck Duck aims to penetrate the high-end market by utilizing premium materials, such as Icelandic down, while keeping prices accessible [54][56]. Group 4: Future Prospects - Analysts predict that Duck Duck could reach a market valuation of 100 billion post-IPO, similar to the recent success of brands like Mixue Ice City [62][68]. - The company is actively planning international expansion into markets like Russia, South Korea, and North America, targeting high-demand regions for down jackets [73][75]. - Duck Duck is also focusing on revitalizing its offline retail presence, with plans to open flagship stores and modernize its sales network [85][88].

Core Viewpoint - Duck Duck down jacket aims to achieve a market value of 100 billion by leveraging its historical roots and strategic partnerships in the industry [1][3][17] Group 1: Company Growth and Strategy - Duck Duck down jacket has experienced a remarkable growth from 80 million GMV to 20 billion GMV over the past five years, marking a hundredfold increase [5] - The company is facing challenges such as industry ceilings, rising raw material costs, and a trust crisis, prompting a need for new strategies to navigate uncertainties and find a second growth curve [5][11] - The brand plans to enhance its offline market presence while solidifying its e-commerce foundation, focusing on creating a new retail ecosystem driven by customer experience [9][12] Group 2: Market Position and Competitive Advantage - Duck Duck down jacket is positioned as a national brand with a competitive edge in price-performance ratio, allowing it to capture market share even in a challenging economic environment [11][12] - The company is committed to digital transformation and technological innovation, aiming to reshape the traditional development path of the down jacket industry [13] Group 3: International Expansion and Strategic Acquisitions - The brand is looking to expand internationally by opening flagship stores in key markets such as North America, South Korea, and Russia, and by entering major e-commerce platforms [9][12] - Duck Duck down jacket aims to enhance its global presence through strategic acquisitions of overseas brands, integrating Chinese wisdom and business models into international markets [9][12] Group 4: Policy Support and Future Outlook - The Jiangxi provincial government's policies are providing strong support for the company's listing ambitions, aligning with regional strategies for industrial upgrading and brand internationalization [15] - Duck Duck down jacket is on the verge of a significant transformation, evolving from a single-channel brand to a comprehensive ecosystem, and from a domestic manufacturer to a global brand [17]

Core Viewpoint - Duck Duck has announced a strategic goal of "three years to go public, with a market value of 100 billion" during the 2025 global strategy release and ecological partner summit [2] Group 1: Strategic Goals - The company aims to accelerate its IPO process in collaboration with the Jiangxi government under the "Ying Shan Hong" plan, which supports outstanding local enterprises [2] - The market analysis indicates that the core logic of industry competition revolves around cost and efficiency, with Duck Duck claiming to have a more advantageous cost structure and operational efficiency compared to SHEIN [2] - The company has set its market value target at 10% of SHEIN's peak valuation, which translates to a goal of 100 billion [2] Group 2: Market Positioning - Duck Duck draws parallels with Anta, a leading domestic apparel company with a market value of approximately 260 billion HKD, attributing its success to strong product functionality and successful overseas expansion [2] - The company emphasizes its focus on product functionality while offering more affordable pricing compared to competitors [2] - Duck Duck plans to actively seek quality acquisition targets globally as part of its overseas expansion strategy [2] Group 3: International Expansion - Recent developments indicate that due to increasing trade protectionism in the U.S., many international brands have lowered their prices and are seeking to sell their brands, creating favorable conditions for Duck Duck's acquisitions [2] - The company has noted a significant increase in inquiries from international brands looking to collaborate or sell, which accelerates its acquisition process [2]

Core Insights - Duck Duck Group announced three major strategies at the 2025 Global Strategy Release and Ecological Partner Summit on April 27 [1] Group 1: Online Strategy - The company aims to deepen its online presence and stabilize its foundational market. Since the share restructuring in 2020, the brand's GMV has seen over a hundredfold growth. As the e-commerce industry enters a deep adjustment phase, Duck Duck will accelerate the development of new online channel models, shifting from basic scale expansion to refined operations [3] - The company will maintain a multi-track approach, including traditional shelves, live streaming, and private domain e-commerce, while customizing exclusive operational strategies based on platform characteristics to enhance the precision management of online channels [3] - Duck Duck plans to upgrade its content matrix across all platforms to ensure continuous innovation and high-quality output, deepening the connection between the brand and consumers for long-term e-commerce development [3] Group 2: Offline Strategy - The company will focus on consumer experience by building a professional talent team and continuously upgrading terminal stores under the three core drivers: "precise tiered store expansion + digital joint operation system + down jacket ecological circle" [3] - Through unique storytelling experience spaces, Duck Duck aims to strengthen emotional connections with consumers and utilize centralized scenarios to amplify brand communication effectiveness and enhance scene value conversion efficiency [3] Group 3: Global Expansion - Duck Duck plans to expand globally by strategically positioning itself in countries and regions with suitable climates. The brand will utilize cross-border e-commerce and establish overseas offline brand stores to broaden its consumer reach [3] - The company intends to open flagship stores in landmark shopping districts in North America, South Korea, and Russia, while also entering major e-commerce platforms such as Amazon, TikTok, and Tmall International to build a comprehensive international sales network [4]