伯希和冲刺港股悬而未决，又一本土户外品牌IPO

Core Viewpoint - The outdoor sports consumption market in China is currently experiencing a growth cycle, presenting significant opportunities for the outdoor products industry. Tanboer Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking another outdoor brand's attempt to enter the market after BERSHKA's application earlier this year [1]. Company Overview - Tanboer positions itself as a "professional outdoor apparel brand" with a product range that includes three series: top outdoor series, sports outdoor series, and urban light outdoor series, catering to various scenarios from skiing and climbing to commuting. Most products are priced under 1,000 yuan, with a few high-end items exceeding this price point. The urban light outdoor series is currently the company's "revenue pillar" [5]. - As of June 30, 2025, Tanboer's product system includes 687 SKUs, with 568 physical stores (257 self-operated and 311 distributor stores) and 100 online self-operated stores, achieving coverage across different consumer scenarios [5]. Financial Performance - Tanboer's revenue has shown consistent growth, with total revenue increasing from 732.4 million yuan in 2022 to 1.302 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of over 33%. In the first half of 2025, total revenue grew by 85% year-on-year to 658 million yuan [7]. - The urban light outdoor series has maintained a revenue share between 68.2% and 82.7% from 2022 to the first half of 2025, serving as a stable performance anchor for the company. Online channel revenue surged from 226 million yuan in 2022 to 626 million yuan in 2024, increasing its share from 30.9% to 48.1% [7]. - Despite revenue growth, Tanboer's net profit has fluctuated, with net profit margins under pressure. Net profit was 85.77 million yuan in 2022, peaking at 139.25 million yuan in 2023, then declining to 107.31 million yuan in 2024, with a first-half profit of 35.94 million yuan in 2025. The net profit margins for the respective years were 11.7%, 13.6%, 8.2%, and 5.5% [8]. Ownership and Governance - Prior to the IPO, Tanboer had not engaged in external equity financing, relying on its operational accumulation for growth. The company was founded by Wang Yongping and Wang Lili, who established the brand in the early 2000s. Wang Lili currently holds 96.64% of the company's shares [9][11]. - Wang Lili directly owns 25.33% of the company and controls 67.14% of the voting rights through Shanghai Lanyin. The company distributed a significant dividend of 290 million yuan to shareholders before the IPO, primarily benefiting the controlling family [11]. Market Context - The retail sales of high-performance outdoor apparel in mainland China are projected to grow from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, with a CAGR of 13.8%. The market is expected to reach 215.8 billion yuan by 2029, with a CAGR of 16% from 2024 to 2029 [14]. - Tanboer is recognized as the fourth largest domestic professional outdoor apparel brand in China based on 2024 retail sales, although the top ten brands collectively hold only 24.3% of the market share, indicating a competitive landscape for domestic brands [14].