In recent years, the outdoor industry has become incredibly popular. I never expected that a brand like Bering, which I previously overlooked, would be going public, with Tencent as the second-largest shareholder, investing 300 million and holding 10.7% of the shares!

The prospectus shows that in 2022, 2023, and 2024, Bering achieved revenues of 378 million, 908 million, and 1.766 billion respectively; corresponding net profits were 27.6 million, 156 million, and 304 million. In terms of gross margin, the company improved from 54.3% in 2022 to 59.6% in 2024. To be honest, selling a jacket with this profit margin is quite impressive, even if it's slightly less than selling blind boxes or trading cards!

Comparing it to Anta's acquisition of Amer Sports, which owns the brand Arc'teryx, the revenue for 2024 is expected to be 37.26 billion, over 20 times that of Bering. China is experiencing a similar outdoor boom to Japan in the 1990s, which saw the emergence of three legendary outdoor brands: Snow Peak, Montbell, and Goldwin. Currently, in China, with a per capita GDP surpassing 13,000 USD, the combination of AI and smart manufacturing is freeing up a lot of leisure consumption time. The outdoor aesthetic trend sparked by Xiaohongshu and Douyin has led to the emergence of similar outdoor brands in China, such as Kailas, Arc'teryx, and Bering.

This outdoor sector is worth paying attention to because of my extensive experience with the products and services. The stock of Arc'teryx (AS) is worth watching, and participating in the Hong Kong IPO of Bering is worthwhile, but what I look forward to the most is Kailas! 🧐

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