Losing 34 Million Yuan in One Year: 'Tent King' MobiGarden Falls From Grace

'Tent King' Posts First Loss as Camping Bubble Bursts

MobiGarden, which once soared on the tailwinds of the camping economy, is now experiencing its most severe moment since going public. According to the company's latest financial disclosures, MobiGarden recorded an annual loss of approximately 34 million yuan — its first annual loss since listing. The halo of the so-called 'Tent King' is fading rapidly.

Looking back to around 2022, the camping economy experienced explosive growth catalyzed by the pandemic. As China's leading outdoor camping equipment company, MobiGarden saw its stock price surge dramatically, earning it the investor-coined nickname 'Tent King' — a reference to premium blue-chip stocks in the mold of Kweichow Moutai. However, as the outdoor camping craze has subsided, this once-star enterprise is facing a harsh market reality.

Multiple Factors Converge as Performance Takes a Sharp Downturn

MobiGarden's losses were not caused by a single factor but rather the result of multiple pressures stacking up.

First, camping market demand has contracted significantly. The pent-up travel demand during the pandemic gave birth to the 'camping boom,' but as the tourism market fully recovered, consumers gained more diversified travel options, and camping was no longer the 'only choice.' Numerous campsites have shut down, camping equipment has become sluggish in sales, and the entire industry has entered a deep adjustment period.

Second, intensified industry competition has triggered price wars. The camping craze attracted a flood of new players, from traditional outdoor brands to cross-industry newcomers, resulting in severe oversupply. To clear inventory, brands across the board slashed prices and ran promotions, drastically compressing profit margins.

Third, overseas markets are also under pressure. MobiGarden previously relied on OEM/ODM contract manufacturing to contribute a significant share of revenue. However, a global economic slowdown combined with weak overseas consumer spending has led to a notable decline in export orders.

Cyclical Industry Adjustment Is Inevitable

MobiGarden's predicament is actually a microcosm of the entire camping industry chain. According to relevant industry data, the registration of camping-related enterprises in China has clearly declined after peaking, and some small and medium-sized brands have already exited the market.

From a capital market perspective, MobiGarden's stock price has fallen sharply from its highs, with significant market capitalization erosion. Investor enthusiasm for the camping sector has shifted from frenzy back to rationality, and the valuation logic behind the 'Tent King' label is being reassessed.

Notably, the industry adjustment period also presents a window for leading companies to strengthen their fundamentals. As a brand that has been deeply rooted in the outdoor sector for many years, MobiGarden still possesses certain advantages in supply chain management, product R&D, and channel development. The key lies in whether it can optimize its product mix, control costs, and find new growth curves during the industry downturn.

Future Outlook: Can Rebirth Follow the Winter?

In the short term, the camping industry adjustment will continue, and the operational pressure facing MobiGarden should not be underestimated. However, from a long-term perspective, outdoor sports in China are still in a macro trend of increasing penetration, and camping, as an important component of the outdoor lifestyle, still retains a core user base.

For MobiGarden, the central challenge before management is how to transform from 'a pig on the wind' — one lifted by market trends — into 'an eagle that truly knows how to fly.' Destocking, restructuring product lines, and expanding usage scenarios may be the essential path for this 'Tent King' to return to a growth trajectory.

The first annual loss has sounded the alarm, but it could also mark the starting point of a strategic corporate transformation. The market will closely watch MobiGarden's subsequent adjustments to its business strategy and the pace of its performance recovery.