波司登「平替」要IPO了

Core Viewpoint - Tambor Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its growth as the fourth largest domestic outdoor apparel brand in China, with annual sales exceeding 1 billion RMB [4][10]. Company Background - Founded by a couple from Sichuan, Tambor started from a small down jacket factory and has expanded its reach nationwide, initially focusing on affordable leisurewear to compete with high-end brands like Bosideng and Canada Goose [6][7]. - The company faced challenges after its initial public offering on the New Third Board in 2015, leading to a decline in revenue from approximately 660 million RMB in 2012 to 370 million RMB in 2016 due to insufficient marketing and brand recognition [7]. Business Transformation - In 2022, Tambor began transitioning to an outdoor brand, launching multifunctional apparel and becoming the official off-field apparel supplier for the Austrian Nordic Ski Team in 2024 [7][10]. - The company has redefined itself as a professional outdoor apparel brand, offering three product lines: top outdoor, sports outdoor, and urban light outdoor, with price ranges from 699 RMB to 3299 RMB [8][10]. Financial Performance - Tambor's revenue is projected to grow from 732 million RMB in 2022 to 1.3 billion RMB in 2024, with net profits of 86 million RMB, 139 million RMB, and 107 million RMB for the same years [10][11]. - The urban light outdoor series remains the primary revenue driver, accounting for 70% of total revenue in the previous year, while the top outdoor and sports outdoor series are gradually increasing their contributions [10][11]. Sales Channels - Online sales have surged, with a 79.6% increase expected in 2024, contributing approximately 52.7% of total revenue, while offline sales have stagnated, leading to a reduction in the number of physical stores [12]. - The company relies heavily on third-party manufacturers for over 90% of its products, which has led to increased costs and pressure on profit margins [12].