Zhejiang Mobi Garden Outdoor Products Co., Ltd.

Company Overview & Business Model Zhejiang Mobi Garden Outdoor Products Co., Ltd. (stock code 603908 on the Shanghai Stock Exchange) is the only A‑share listed camping‑gear maker in China. Head‑quartered in Quzhou, Zhejiang, it operates a vertically integrated “OEM/ODM + own‑brand” model: a modern, highly automated “future factory” serves as its core manufacturing base, while the “Mobi Garden” brand drives B2C sales through a nationwide network of > 500 offline stores and leading e‑commerce platforms (Tmall, JD.com, Douyin). The company’s flagship products are tents, camping chairs, sun‑shades, tables and related accessories, which have become the defining items of China’s “boutique camping” trend. A brand‑heat score of 720 / 1,000 places it at the top of the domestic market, where it is widely regarded as the “national camping brand”. Financial & Operational Performance (2024‑2025) In 2024, Mobi Garden reported revenue of ¥10.82 billion (≈ US $1.5 billion), down 28 % year‑on‑year, reflecting a post‑pandemic normalization of the camping market. Net profit fell to ¥0.77 billion, a 48 % decline. Revenue was roughly split 50/50 between its brand business (¥5.47 billion) and its OEM/ODM export business (¥5.35 billion), the latter providing a stable cash‑flow anchor despite the domestic slowdown. The company employs about 1,000 people and ships products to > 30 countries; its own‑brand presence overseas is still nascent, focused on Asia and Europe via cross‑border e‑commerce and distributors. Offline stores are predominantly franchised, while online