Guosen: Outdoor brand vitality tracking, industry growth is booming.

Guosen released a research report stating that the ISPO 2026 exhibition shows a focus on skiing and integration of camping in the outdoor category; the industry maintains high growth, with online shoe sales leading the way, intensifying brand competition but not falling into a price war, with content and professional marketing becoming key; the penetration rate of upstream wool materials is rapidly increasing, with expanding application scenarios, indicating continued growth potential for the industry. Guosen's main points are as follows: Highlights of ISPO Beijing 2026 Exhibition 1) Changes in the exhibition category structure: an increase in skiing brands and related products, while the number of camping brands decreases, with the camping area merged with the outdoor exhibition area. 2) Berghaus intensifies professional products and marketing, with an increase in shoe products: Berghaus's conference focused on "from the top of the world to global sports," announcing sponsorships for mountaineers, sports teams, and collaborations with international sports organizations and event systems. The exhibited products mainly focus on professional mountaineering, skiing, and customized equipment for the Winter Olympics, with shoe products displayed on separate shelves. 3) Increase in wool exhibitors and products: there is a noticeable increase in the penetration rate of wool materials in outdoor clothing, with more wool-related fabrics and products at this exhibition compared to previous ones. UTO and the German Southern Wool Group collaborated to launch the world's first "wool seamless integrated weaving" technology series of products, covering professional scenes such as cross-country and skiing. Tracking the prosperity of outdoor brands, the industry's growth is promising 1) The high growth of the outdoor footwear and apparel industry continues in 2025: since 2021, the outdoor footwear and apparel industry has maintained rapid growth, with a CAGR of 25.3% for outdoor clothing and 18.4% for outdoor footwear. In 2025, they also saw year-on-year growth rates of 24.5% and 16.3% respectively, with continuous penetration rate increases. 2) Online platform outdoor shoe sales grow faster, with varying prosperity in subcategories of outdoor clothing: in 2025, online sales of outdoor shoes continued to grow by over 40%, while growth in outdoor clothing slowed to low single digits after the second quarter of 2025. Among subcategories, waterproof jackets and sun protective clothing showed weak growth, but categories like outdoor down jackets, quick-dry clothing, etc., exhibited strong growth, with some quarters seeing nearly 100% year-on-year growth. 3) Intensified competition among online platform brands, with brand diversification and varying growth among top brands, without falling into an inward price trend: top brands like Kailas and Berghaus maintained high growth through professional product lines while others like The North Face showed weaker performance. Meanwhile, niche brands like Geordie (black and gold down jackets) and UTO (cost-effective quick-dry clothing) climbed the ranks with precise positioning, significantly increasing market share. In terms of pricing, the industry did not fall into a cycle of price reduction, but the overall price trend weakened, with some high-prosperity brands clearly raising prices. 4) Content marketing: Di Sangte, Salomon, and other brands had outstanding performance on platforms like Xiaohongshu. Among key outdoor brands, in 2025, the brands that gained the most followers on Xiaohongshu were Di Sangte, Salomon, and Kailas, while the brands with the highest praise were Di Sangte, The North Face, and Salomon. 5) Professional marketing: Top brands increase sponsorships for cross-country running races and athletes. In 2025, Nike ACG and Anta Champion increased sponsorships for domestic cross-country running races, while the number of top sports brands featured on the podium at international events like UTMB rapidly increased. Tracking the prosperity of upstream: Wool materials have growth potential in sports and outdoor apparel The penetration rate of wool and cashmere materials in sports and outdoor apparel is increasing, with ongoing expansion in functionality and application scenarios. According to Jiujian, from the fourth quarter of 2021 to the present, wool and cashmere products in sports and outdoor apparel have shown strong performance, achieving rapid year-on-year growth of over 30% in most quarters, with their share in the overall sports and outdoor market increasing from 0.34% in the fourth quarter of 2021 to 1.04% in the fourth quarter of 2025. The application scenarios have expanded from traditional warmth functions to lightweight and close-fitting clothing, with wool and cashmere apparel seeing a continuous increase in penetration rate in spring and summer clothing, achieving fast growth from a low base. This trend not only reflects consumer recognition of wool materials but also provides upstream suppliers with a forward-looking indicator of order prosperity, indicating vast industry growth potential. Risks: Weak macroeconomic conditions, slower-than-expected consumption recovery, international political and economic risks, and significant fluctuations in exchange rates and raw material prices.