平价走红，又一户外「顶流」冲击 IPO

Core Viewpoint - Tambor Group, a well-known outdoor apparel brand in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the fourth largest domestic professional outdoor apparel brand by retail revenue in 2024 [1] Financial Performance - Tambor's revenue and net profit have shown significant growth from 2022 to 2024, with revenues of 732 million, 1.021 billion, and 1.302 billion RMB, and net profits of 85.77 million, 139.25 million, 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, up 206% from the same period in 2024 [2][3] - The net profit margins for the years 2022 to 2025 are 11.7%, 13.6%, 8.2%, and 5.5% respectively, indicating a decline in profitability [2][3] Online Sales Growth - Tambor's online sales have increased significantly, from 226 million RMB in 2022 to 626 million RMB in 2024, with the online revenue share rising from 30.9% to 48.1% [4][5] - By the first half of 2025, online sales accounted for 52.7% of total revenue, marking a strategic shift towards e-commerce platforms [4][5] Inventory Issues - 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 rising from 242 days in 2023 to 485 days in the first half of 2025 [8] Market Positioning and Strategy - Tambor has shifted its product focus from traditional down jackets to outdoor sports apparel, expanding its product lines to include top-tier outdoor series, sports outdoor series, and urban light outdoor series [7] - The urban light outdoor series, priced between 699 and 1799 RMB, is the most popular, generating approximately 4.49 billion RMB in revenue in the first half of 2025, accounting for 68.2% of total revenue [10][11] Competitive Landscape - The outdoor apparel market is becoming increasingly competitive, with brands like Anta and Li Ning expanding their presence through acquisitions and new product lines [14][18] - The rise of affordable brands like Tambor and Berghaus is attributed to their focus on cost-effectiveness, appealing to young consumers seeking value [12][13]