波司登「平替」要IPO了

Core Viewpoint - Tambor Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as the fourth largest domestic outdoor apparel brand in China, with annual sales exceeding 1 billion RMB [2][4]. Company Background - Tambor was founded in 2004 by a couple from Sichuan, who initially started in the textile industry and later acquired a struggling down jacket factory, leading to the establishment of the brand [4][5]. - The company initially focused on seasonal leisure wear, positioning itself as a cost-effective alternative to high-end brands like Bosideng and Canada Goose [4][5]. Financial Performance - The company experienced a decline in revenue from approximately 660 million RMB in 2012 to 370 million RMB in 2016, attributed to insufficient marketing and brand recognition [5]. - From 2022 to 2024, Tambor's revenue grew from 732 million RMB to 1.3 billion RMB, with net profits of 86 million RMB, 139 million RMB, and 107 million RMB respectively [9][10]. Product Offering - Tambor defines itself as a professional outdoor apparel brand, offering three main product lines: top outdoor, sports outdoor, and urban light outdoor, with suggested retail prices ranging from 999 RMB to 3299 RMB [8][9]. - The urban light outdoor series accounted for 70% of revenue in the previous year, while the top outdoor and sports outdoor series are gradually increasing their revenue contributions [9]. Sales Channels - Online sales have seen significant growth, with a 79.6% increase in 2024, contributing approximately 52.7% of total revenue, while offline sales have stagnated, with a reduction in the number of physical stores [10][11]. - The company relies heavily on third-party manufacturers for over 90% of its products, which has led to increased costs and supply chain vulnerabilities [11]. Market Trends - The outdoor apparel market is shifting, with middle-class consumers increasingly seeking cost-effective options and smaller brands gaining popularity [12][15]. - The trend towards outdoor activities has seen fluctuations, with a recent decline in interest in high-cost outdoor gear, leading to a rise in more affordable outdoor activities [12][15].