纺织服装——一文看懂网红爆款——蕉下：聚焦防晒细分，一站式户外鞋服

蕉下：中国防晒服饰领军企业，逐步奠定细分赛道头部地位

蕉下成立于2013年，是中国第一大防晒服饰品牌，提供适用于非竞技运动及户外活动场景的户外功能产品，全面覆盖服装、伞具、帽子、其他配饰、鞋履等多个品类。2021年总零售额及线上零售额分别占据5.0%及12.9%的市场份额。

Sunscreen apparel industry player

Beneunder was founded in 2013 and is China’s largest sunscreen apparel brand. It provides functional outdoor clothing and accessories for non-competitive sports and other outdoor activities. Other than apparel, it makes umbrellas, hats, shoes and other similar categories. In this industry, the company has the largest market share at 5.0% in terms of total China retail sales and a 12.9% share in terms of online retail sales in 2021, according to China Insights Consultancy (CIC) as stated in the company’s IPO prospectus.

消费持续升级&对健康生活追求&冬奥会等体育赛事催化，非竞技类运动和户外活动日益热度持续增长，进一步带动产品需求增长，2021年公司营收24.07亿元同增203.15%；分业务来看，服装营收7.11亿元（占总29.5%），同增411.62%；伞具营收5.01亿元（占总20.8%），同增35.61%；帽子营收4.5亿元（占总18.7%），同增270.74%；其他配饰营收6.12亿元（占总25.4%），同增309.79%。盈利能力持续高增，2021年经调整净利1.36亿（+244.27%）

Consumer upgrades in the pursuit of a healthy lifestyle, and the Winter Olympics and other sports events have underpinned the growing popularity of non-competitive sports and outdoor activities, in our view. Beneunder generated revenue of RMB2.41bn in 2021, up 203.15% yoy: with apparel at RMB711m (29.5% of the total), up 411.62%; umbrellas at RMB501m (20.8%), up 35.61%; hats at RMB450m (18.7%), up 270.74%; and other accessories at RMB612m (25.4%), up 309.79%. Adjusted net profit was RMB136m (up 244.27%) in 2021.

健康、护肤需求增长叠加消费升级，防晒市场蓬勃发展

防晒服饰：随我国消费者防晒意识增强、防晒服功能性与时尚感升级而适用场景拓宽，防晒服饰渗透率不断提升，其市场规模由2016年的459亿元增至2021年的611亿元，灼识咨询预计自2021年至2026年防晒服饰的市场规模将以9.4%的年复合增长率增长，2026年市场规模将达到958亿元。

防晒伞具：我国伞具生产主要集中在东部沿海地区，浙江、福建产能在全国总产能90%以上，而CR4仅为10%左右，市场集中度较低，缺乏引领级、中高端品牌，未来随消费观念升级，品质化、品牌化、个性化成伞具行业发展趋势。

Sunscreen products driver: health and skin care demand led consumer upgrades

Sun protection clothing: as Chinese consumers gain awareness of the need for sun protection among and upgrade their requirements for functionality and fashion, application scenarios have broadened and the penetration of sun protection apparel have increased. This segment of the market increased from RMB45.9bn in 2016 to RMB61.1bn in 2021. CIC forecasts a CAGR of 9.4% over 2021-26E to result in a sunscreen apparel market size of RMB95.8bn in 2026E.

Sunscreen umbrellas: the bulk of China’s umbrella production is concentrated in the eastern coastal areas, with Zhejiang and Fujian accounting for over 90% of the country’s production capacity. However, market concentration is low with a CR4 of only about 10%. This is due to the scarcity of leading brands in the mid-to-high-end market segments, in our view. Consumer upgrades, quality, branding and personalization are currently the dominant development trends in the umbrella industry.

专注积累核心技术，迭代升级产品持续丰富产品矩阵

公司专注新产品、新技术开发推出差异化产品，现已形成服装、伞具、帽子、配饰等产品满足四季户外穿戴需求；携手知名面料制造商提升面料性能，将纱线从尼龙升级为防晒纤维，有效提升防晒面料的耐洗性，目前公司拥有123项专利，正申请72项专利，于2020年年初推出的采用Airloop面料的冰薄系列披肩防晒服的销售额于2021年达276.4百万元。

Focus on core tech accumulation, upgrades and a better product matrix

The company increased product differentiation to currently cover apparel, umbrellas, hats, accessories and other products. According to Beneunder, its multi-seasonal outdoor wear is produced in collaboration with fabric manufacturers to improve fabric performance. For example, yarn upgrades from nylon to sunscreen fibers have improved the washability of sunscreen fabrics. The company holds 123 patents and 72 more are under review. Its ice-silk sunscreen shawl series using Airloop fabric was launched in early 2020 and sales reached RMB276.4m in 2021.

交互式内容营销成效显著，多维营销体系相互协同巩固用户粘性

公司营销策略以内容为核心、重视品牌与客户驱动，区别于传统广告，采用内容营销注重交互性。培养消费者对产品功能和设计的认识，鼓励消费者探索、体验城市户外活动，从而提高客户忠诚度，促进品牌长远发展。

多渠道践行消费者导向理念，实现线上、线下大规模客户覆盖及有效互动。线上建立以消费者为导向的营销体系和营销矩阵，同时携手明星与KOL推动线上营销活动，提升品牌知名度；线下以零售门店提供直观的购物体验强化品牌形象；线上、线下平台协同有效提升营销效率及购买转化率。

Interactive content marketing and multi-factor marketing system

Beneunder’s marketing strategy revolves around brand and customer preferences. Unlike traditional advertising, it uses content marketing to drive interactivity. It seeks to raise consumer awareness of product function and design by encouraging them to explore and experience urban outdoor activities. The aim is to improve customer loyalty and promote long-term brand building.

According to the prospectus, the company uses multiple channels to achieve large-scale customer coverage and improve online and offline integration. Beneunder describes its marketing system as customer-oriented. It brings celebrities and KOLs into online marketing activities to raise brand awareness. Its offline retail stores aim to provide an intuitive shopping experience. It uses both online and offline platforms for marketing efficiency and to enhance purchase conversion rates.

全面布局成熟+新兴电商平台，拓展线下增加客户触点

线上布局成熟电商平台成效显著，2021年位列天猫防晒服饰品类零售额第一，积极把握新兴平台机遇，内容营销提高转化率；2021年公司防晒服饰的线上零售额超过第二大品牌的5倍。

扩展线下网络，提供全面购物体验并增加客户触点，扩大公司跨渠道品牌影响力；扩张销售及分销网络，2019-2021年分销商数目从96增加至872个，加速扩大消费者触达及区域性覆盖。

Mature and emerging e-commerce platforms; offline expansion; customer focus

E-commerce platform: Beneunder registered the highest retail sales in Tmall’s sunscreen apparel category in 2021. According to the company, its conversion rate improved through content marketing and its sunscreen apparel online retail sales were more than 5x that of the second largest brand last year.

Offline network: according to the company, it multiplied the number of distributors from 96 to 872 over 2019-21 to improve the shopping experience and add customer touchpoints. It aimed to expand cross-channel brand influence, sales and distribution network, as well as consumer and regional coverage.