户外市场迎来价值重构者 坦博尔启动港股上市

Core Viewpoint - The professional outdoor apparel brand TANBOER is undergoing a strategic transformation from functional assurance to scene adaptation, highlighted by a recent fashion show and its application for a mainboard listing on the Hong Kong Stock Exchange [1][3]. Industry Overview - The outdoor sports industry is experiencing unprecedented growth opportunities, with the sports industry expected to exceed 7 trillion yuan by 2030, and the ice and snow economy projected to reach 1.2 trillion yuan by 2027 [3]. - The professional outdoor apparel market is forecasted to reach 131.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.8% over the next five years [3]. - The market is characterized by low concentration, with the top ten brands holding only 24.3% market share, providing ample growth space for competitive companies [3]. Financial Performance - TANBOER's revenue is projected to grow from 732 million yuan in 2022 to 1.302 billion yuan in 2024, reflecting a CAGR of over 33% [3][4]. - In the first half of 2025, the company achieved revenue of 658 million yuan, a year-on-year increase of 85%, with net profit reaching 36 million yuan, up 205.6% year-on-year [3]. - Online channel revenue accounted for 52.7% of total revenue in the first half of 2025, marking a significant increase of 168.5% [3]. Product Strategy - TANBOER has developed a differentiated product matrix that includes three main series: top outdoor, sports outdoor, and urban light outdoor [5]. - The top outdoor series saw a revenue increase of 6.5 times in 2024, with 83 SKUs launched and approximately 100,000 units sold by mid-2025 [5]. - The company has established partnerships with 12 fabric suppliers and research institutions, resulting in multiple patents and a unique technological barrier [5]. Channel Development - As of mid-2025, TANBOER operates 568 permanent offline stores, including 257 self-operated and 311 distribution stores, along with 50 seasonal stores [7]. - The brand's sixth-generation outdoor concept flagship store has won the American Muse Design Award, showcasing a unique design inspired by outdoor culture [7]. - The "High Mountain Aesthetics" experience store offers an immersive brand experience through scenographic layouts [7]. Online Strategy - The online channel has been enhanced through the establishment of a live streaming center and a comprehensive platform layout, achieving a synergistic relationship between online and offline sales [10]. - The company plans to accelerate its global expansion through acquisitions of international brands and the establishment of overseas research and development centers [10]. Corporate Governance - Since 2012, TANBOER has implemented an employee stock ownership and partnership platform, with three incentive companies holding approximately 12.6 million shares, representing 7.53% of total equity [10]. - The company integrates sustainable development concepts into its production system, maintaining stable carbon emissions over the past three years through technological upgrades and supply chain collaboration [10]. Strategic Upgrade - With the IPO process underway, TANBOER is transitioning from a product function-oriented approach to building a scene ecosystem, supported by a systematic capability in technology, channel optimization, and governance upgrades [10].