In recent years, outdoor activities have become so popular. I didn't expect Boxi, which I didn't like before, to go public through an IPO. The second largest shareholder is still Tencent, which invested 300 million yuan and holds 10.7% of the shares! According to the prospectus, in 2022, 2023, and 2024, Boxi and achieved revenues of 378 million yuan, 908 million yuan, and 1.766 billion yuan, respectively; The corresponding net profits are 27.6 million yuan, 156 million yuan, and 304 million yuan, respectively. In terms of gross profit margin, the company has increased from 54.3% in 2022 to 59.6% in 2024. To be honest, the profit margin of selling a submachine jacket is comparable to that of selling blind boxes and cards. Although it's a bit lost, it's still impressive 🐮 Got it! Compared to Amer Sports, the parent company acquired by ANTA, which achieved a revenue of 37.26 billion yuan in 2024, more than 20 times the revenue of Bosch, China is experiencing an outdoor craze similar to that of Japan in the 1990s, when three god level outdoor brands were born in Japan, snow peak，montbell ，goldwin 。 At present, in a period similar to that in Japan, the per capita GDP has exceeded the threshold of 13000 US dollars, AI+intelligent manufacturing has released a lot of leisure consumption time, and the outdoor aesthetics craze caused by Little Red Book+Tiktok has actually been born in China, where similar outdoor brands such as Kaileshi, Archaeopteryx, Boxihe have also been born. This outdoor track is worth paying attention to because I have played it a lot, had a lot of product experience, and a lot of service experience. AS (Archaeopteryx) stock is worth paying attention to, and Boxihe's Hong Kong stock market is worth participating in, but what I am most looking forward to is Kaileshi! 🧐