左手大额分红，右手募资补血，坦博尔能否讲好“户外”新故事？

Core Viewpoint - The company Tanboer, previously labeled as a "substitute" for Bosideng, is seeking to go public on the Hong Kong Stock Exchange, positioning itself as a leading professional outdoor apparel brand in China, despite facing significant financial pressures [1][10]. Financial Performance - Tanboer's revenue has shown a recovery, with figures of 7.32 billion yuan in 2022, 10.21 billion yuan in 2023, 13.02 billion yuan in 2024, and 6.58 billion yuan in the first half of 2024. Profits increased from 85.77 million yuan in 2022 to 107 million yuan in 2024, reaching 35.93 million yuan in the first half of 2024 [2][11]. - The company is experiencing cash flow issues, with cash and cash equivalents at only 26.09 million yuan as of mid-2024, down from 154 million yuan at the end of 2024, and total borrowings reaching 308 million yuan by August 31, 2024 [10][19]. Product Strategy - Tanboer has developed a "pyramid" product matrix, with the "urban light outdoor" series accounting for approximately 70% of revenue. The average selling price of this series increased from 245.4 yuan to 358.2 yuan, although sales volume decreased by 111,800 units [3][12]. - The company has adopted a pricing strategy that has led to a decline in gross margins across its three main product lines, with average gross margins dropping by 5.9, 8.4, and 11.1 percentage points respectively in the first half of 2024 [4][14]. Market Position and Competition - Tanboer is currently the fourth largest domestic professional outdoor apparel brand in China, as per retail calculations for 2024 [1]. - The competitive landscape includes established brands and new entrants, making the upcoming IPO a critical step for Tanboer to secure necessary funds for brand restructuring and efficiency improvements [19]. Channel Structure - The company has seen a shift in its sales channels, with online sales surpassing offline sales for the first time, accounting for over 50% of total revenue in the first half of 2024 [6][15]. - Despite opening 56 new offline stores, the revenue from these channels has shown volatility, with a 0.63% decline expected in 2024 [15][16]. Operational Adjustments - Tanboer has closed 25 offline stores in the first half of 2024, indicating a strategic move to optimize its store network and improve operational efficiency [16][17]. - The company has also terminated partnerships with 38 offline distributors, focusing on improving the performance of its distribution network [16].