Dongwu Securities: Industry size expected to double in the next five years, optimistic about opportunities in the outdoor clothing industry chain.

East Wu Securities released a research report stating that they are optimistic about the opportunities in the outdoor apparel industry chain. Currently, the domestic outdoor industry is in a period of opportunity where multiple positive factors are catalyzing growth acceleration. In the next five years, the industry's scale is expected to double, with long-term growth potential exceeding three times, which will bring opportunities to the entire outdoor apparel industry chain. Specifically: 1) Downstream brands/retailers: brand assets and operational management capabilities are core competitive factors; 2) Upstream manufacturing: production technology and customer resources are core competitive factors.