国内排名第四，坦博尔能否靠“户外经济”撑起一个IPO？

Core Viewpoint - Tambor Group is seeking to re-enter the capital market with an IPO on the Hong Kong Stock Exchange, aiming to establish a foothold in the competitive outdoor apparel industry, which is experiencing significant growth [1][5]. Financial Performance - Tambor's revenue has shown steady growth, with figures of 732 million RMB in 2022, 1.021 billion RMB in 2023, and projected 1.302 billion RMB in 2024, continuing with 658 million RMB in the first half of 2025 [1][3]. - However, net profit has fluctuated, with 85.77 million RMB in 2022, 139 million RMB in 2023, and 107 million RMB in 2024, indicating a trend of "increased revenue but decreased profit" [1][2]. Profitability and Cost Structure - The overall gross margin has varied, recorded at 50.2% in 2022, 56.5% in 2023, and 54.9% in 2024, dropping to 54.2% in the first half of 2025, reflecting a decline of 5.6 percentage points year-on-year [2][4]. - Sales and distribution expenses have surged from 200 million RMB in 2022 to 508 million RMB in 2024, increasing its share of total revenue from 27.3% to 39.0% [2][4]. Product Portfolio - As of June 30, 2025, Tambor's product matrix includes 687 SKUs across three main series: premium outdoor, sports outdoor, and urban light outdoor, with the urban light outdoor series contributing nearly 70% of revenue [2][9]. - The urban light outdoor series has seen a decline in gross margin, dropping from 57.3% in the previous year to 51.4% in the first half of 2025, indicating potential pricing power and brand premium issues [2][9]. Market Dynamics - The Chinese outdoor apparel industry is transitioning from rapid growth to high-quality development, with a market size increase from 68.8 billion RMB in 2019 to 131.9 billion RMB in 2024, reflecting a compound annual growth rate of 13.9% [5][9]. - Despite the growth, the market remains fragmented, with the top ten brands holding only 24.3% of the market share, and Tambor ranking seventh with a 1.5% market share [9][11]. Strategic Positioning - Tambor targets the mass market with a pricing strategy primarily under 1,000 RMB, focusing on the urban light outdoor series priced between 200-400 RMB [9][11]. - The company faces challenges from both high-end international brands and domestic competitors in the mid-range market, indicating a "dilemma" in its market positioning [11]. Future Outlook - The IPO represents a critical attempt for Tambor to break through in the outdoor sports sector, with notable growth in online channels and improved operational efficiency [11]. - The ability to maintain its mass market base while successfully moving upmarket to build a core competitive advantage will be crucial for its performance in the capital market [11].