平价走红，又一户外「顶流」冲击IPO

Core Viewpoint - Tambor Group has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the fourth largest domestic outdoor apparel brand in China by 2024 [1] Financial Performance - Tambor's revenue and net profit have shown significant growth from 2022 to 2024, with revenues of 732 million RMB, 1.02 billion RMB, and 1.30 billion RMB, and net profits of 85.77 million RMB, 139.25 million RMB, and 107.31 million RMB respectively [2][3] - In the first half of 2025, Tambor achieved a revenue of 658 million RMB, representing an 85% year-on-year increase, with a net profit of 35.94 million RMB, a 206% increase compared to the same period in 2024 [2] Online Sales Growth - Online sales have surpassed offline sales for the first time in the first half of 2025, with online revenue reaching 347 million RMB, accounting for 52.7% of total revenue [4] - From 2022 to 2024, online channel revenue increased from 226 million RMB to 626 million RMB, with its share rising from 30.9% to 48.1% [4] Product Line and Market Positioning - Tambor has expanded its product lines from traditional down jackets to outdoor sports apparel, with a total of 687 SKUs as of June 2023 [7] - The most popular product line, the Urban Light Outdoor Series, generated approximately 449 million RMB in revenue in the first half of 2025, accounting for 68.2% of total revenue [10] Inventory Challenges - As of June 30, 2025, Tambor's inventory value reached 931 million RMB, a 262% increase from the end of 2023, with inventory turnover days increasing from 242 days in 2023 to 485 days in the first half of 2025 [8] Competitive Landscape - The outdoor apparel market is becoming increasingly competitive, with brands like Anta and Li Ning also expanding their outdoor product lines [13][14] - The rise of affordable brands like Tambor and Decathlon is attributed to their focus on cost-effectiveness, appealing to young consumers who prioritize value [12] Future Plans - Tambor plans to use the funds raised from the IPO for technology research and development, brand building, multi-channel network upgrades, and strategic acquisitions [21]