{
  "url_hash": "e5804badd22d72b0",
  "source_id": "yicai",
  "title": "营收增长净利承压，比音勒芬联手 Snow Peak 能否突围户外赛道",
  "text": "标题:营收增长净利承压，比音勒芬联手 Snow Peak 能否突围户外赛道\n[sentiment=neutral importance=3 event_type=合作签约 公司=比音勒芬 行业=运动服饰,户外装备]\n摘要:比音勒芬与日本户外品牌Snow Peak达成三方合作，主导其中国经营，并设定10年50亿元目标。\n正文:或是看到中国户外热潮兴起，2022年，日本户外品牌Snow Peak就在中国成立合资公司，先后在上海、广州、重庆等地开店。但过去数年里，由于品牌授权不统一等问题，Snow Peak并未吃到国内的这波户外风潮的红利。\n如今，Snow Peak打算重振旗鼓。近期Snow Peak,Inc.及韩国的GAMSUNG与中国本土企业比勒音芬达成三方合作。未来，比勒音芬将主导Snow Peak在中国的经营，包括Snow Peak日本线服饰、露营装备、咖啡及韩国线服饰Snow Peak Apparel等核心板块，并拥有Snow Peak Apparel在中国的生产许可。\n有业内人士认为，在体育消费品市场，户外虽依旧是一个风口，但各大国际品牌也在加速入华，加上本土品牌持续发力，竞争日趋激烈。Snow Peak如何在这个细分赛道实现突破，对于品牌与其合作伙伴是一个考验。\n寻找另一条增长曲线\n此次Snow Peak在中国的合作方比音勒芬由温州商人谢秉政于2003年在广州创立，主打高尔夫球运动和休闲服饰，门店主要位于机场与高铁、球场、购物中心及奥特莱斯等渠道，2016年12月该集团在深圳证交所上市，成为国内“高尔夫球运动服饰第一股”。\n因定位高端且业绩多年连续增长，比音勒芬一度被誉为“衣中茅台”。虽然营收规模一直在增长并创下新高，但这两年公司都交出了一份增收不增利的成绩单。年报数据显示，2025年比音勒芬营收约43.14亿元，同比增长7.73%；归母净利润约5.51亿元，同比下降29.46%。2024年，其营业收入同比增长13.24%，为40.04亿元；归母净利润为7.81亿元，同比下降14.28%。\n或是意识到单一品牌发展的局限性，这几年，比勒音芬也开始转型拓展多元化。2023年，比音勒芬曾发布公告，称公司通过旗下广州厚德载物产业投资基金合伙企业（有限合伙）间接收购法国“CERRUTI 1881”和英国“KENT&CURWEN”的全球商标所有权，收购价格分别为5700万欧元、3800万欧元。公司高层曾表示，收购后将对两大品牌“推倒重来”，重新梳理定位与客群。\n但事与愿违。一部分原因是大行情遇冷，这几年全球高端品牌几乎都处于寒冬之中，增长停滞。2025年12月，比音勒芬公告称，董事会已审议通过解散并清算广州厚德载物产业投资基金合伙企业（有限合伙）的议案，并将依法办理注销手续。数据显示，厚德载物2023年亏损4421.64万元，2024年亏损扩大至8117.54万元，2025年上半年仍亏损3707万元。\n或受此挫折，比勒音芬最终又回到体育运动消费的老本行，牵手户外品牌Snow Peak。\n相比于2025年财务数据，比勒音芬同期公布的今年一季报，也给出了些许积极信号。一季报公司营收15.22亿元，同比增长18.36%；归母净利润3.86亿元，同比增长16.54%；经营现金流净额4.23亿元，同比增长44.57%。\n户外赛道转为存量厮杀\n据悉，比音勒芬此次下注户外，野心十足。公司为Snow Peak定下了10年50亿元的经营目标。这等于比勒音芬去年整体营收的十倍。\n有接近公司的人士向记者分析，喊出这样的口号或是基于这家公司对自身的定位。比勒音芬主品牌定位高端且已经连续十多年保持增长，年复合增长率超过20%。而此次签下的日本户外品牌同样定位高端，与本身的消费群体重合度较高。Snow Peak未来在中国的开店渠道（比如高端商场）对于比勒音芬来说也是较为熟悉的场景。\n此外，户外消费的热潮持续。国家体育总局体育经济司发布的《中国户外运动产业发展报告（2024-2025）》显示，我国户外运动参与人数突破4亿人。\n由北京体育大学体育休闲与旅游学院、中国体育发展研究院等共同发布的《“小众运动体验”走向“大众生活方式”——户外运动消费发展及趋势报告》显示，在政策驱动、消费升级和观念转变的共同作用下，户外运动正从“小众项目体验”走向“大众生活方式”。户外消费需求不断从功能满足向生活化、社交化、复合化延伸。在此基础上，户外运动产业链条加快延展，逐步形成覆盖上游原料供应、中游产品服务、下游分销渠道和终端消费者的完整生态，2025年户外运动消费总额超1万亿元。\n不过，也有业内人士认为，当下国内户外市场早已告别流量增长红利期，全面进入专业竞争下半场。各大品牌扎堆户外，进一步加剧赛道拥挤，新入局者想要获得突破并非易事。\n在鞋服行业品牌战略咨询专家程伟雄看来，比音勒芬在主业承压、户外赛道存量博弈的双重背景下，此番跨界布局押注高端户外赛道，更像是一场有限资源分散的冒险之举。他向记者表示，始祖鸟、萨洛蒙、可隆、迪桑特、猛犸象等户外高端品牌已完成市场渗透，冲锋衣、山系穿搭成为城市日常通勤穿搭，赛道从增量抢夺转为存量厮杀。从今年一季度亚玛芬体育财报数据可见，即便是始祖鸟增长也已显现瓶颈，同集团萨洛蒙实现反超，足以证明把专业户外品牌大众化的模式具备极强不确定性。\n程伟雄认为，Snow Peak此前多年多头授权运营，始终未能在中国市场形成规模声量，比音勒芬仅凭运营权变更，短期很难凭空创造增长奇迹。“本土户外下半场比拼产品专业研发、场景长期沉淀、圈层用户运营，缺乏户外基因的服饰企业跨界入局，极易出现渠道、供应链资源重叠浪费，短期很难形成竞争优势。”在他看来，服饰企业穿越周期的核心逻辑，是守住自身专业底线、深耕优势细分赛道，而非追逐短期风口盲目跨界。",
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}