Company Overview - Tambor is a leading professional outdoor apparel brand in China, known for its high-quality products, user-friendly designs, and advanced technology, catering to various outdoor activities such as skiing, mountaineering, and hiking, as well as urban leisure and commuting [3] - As of June 30, 2025, Tambor's product system includes 687 SKUs, focusing on consumer-centric development and material technology [5] - Tambor is the fastest-growing brand in terms of online retail sales among the top ten professional outdoor apparel brands in China, projected for 2024 [6] Industry Position - Tambor operates 257 self-operated offline stores and 311 offline stores run by distributors, with video views on social commerce platforms exceeding 2 billion [7] Market Outlook - The global professional outdoor industry is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2019 to 2024 and 12.1% from 2024 to 2029, with apparel growing at 5.8% and equipment at 8.4% [10] - The Chinese professional outdoor industry is projected to grow at a CAGR of 13.9% from 2019 to 2024 and 16.8% from 2024 to 2029, with apparel growing at 9.2% and equipment at 12.0% [14] Business Model - Tambor's product system is divided into three main series: Top Outdoor Series, Sports Outdoor Series, and Urban Light Outdoor Series, designed to meet different wearing scenarios [19] - The Top Outdoor Series targets extreme environments and high-intensity sports, while the Sports Outdoor Series caters to family outdoor activities and advanced outdoor enthusiasts [21] Competitive Advantages - The company maintains a strong commitment to high quality, enhancing its leading position and differentiated competitiveness in the professional outdoor apparel market [22] - An efficient product development system leads to a diverse and vibrant product portfolio [22] - Expertise in fabric technology and production processes improves product performance [22] - Strategic brand building and an omnichannel sales network enhance brand awareness [22] - Integrated supply chain management ensures product quality and operational efficiency [22] - An experienced and dedicated management team drives sustainable growth [22] Financial Data - Revenue for 2022 was 732,419 thousand RMB, increasing to 1,021,042 thousand RMB in 2023, and projected to reach 1,302,479 thousand RMB in 2024 [26][28][30] - Gross profit for 2022 was 367,923 thousand RMB, rising to 576,444 thousand RMB in 2023, and expected to be 715,127 thousand RMB in 2024 [32][34][38]

Core Viewpoint - Tambor Group Limited has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Company Overview - Tambor is a leading professional outdoor apparel brand in China, known for its high-quality products designed for various outdoor activities such as skiing, mountaineering, and hiking, as well as urban leisure and commuting [5][6]. - The company has a well-planned product system divided into three main series: Top Outdoor Series, Sports Outdoor Series, and Urban Light Outdoor Series, with a total of 687 SKUs as of June 30, 2025 [5][7]. Product Details - The Top Outdoor Series is designed for extreme environments and high-intensity activities, targeting professional athletes and seasoned adventurers. - The Sports Outdoor Series caters to family outdoor activities and intermediate outdoor enthusiasts, focusing on functionality and comfort. - The Urban Light Outdoor Series connects urban living with short outdoor scenarios, appealing to city dwellers who value simplicity and practicality [7]. Market Insights - The professional outdoor apparel market in China is projected to grow from RMB 68.8 billion in 2019 to RMB 131.9 billion by 2024, with a compound annual growth rate (CAGR) of 13.9%. By 2029, it is expected to reach RMB 287.1 billion, with a CAGR of 16.8% from 2024 [8]. - The market for domestic professional outdoor apparel brands is anticipated to grow from RMB 27 billion in 2019 to RMB 57.3 billion by 2024, with a CAGR of 16.2%, and is projected to reach RMB 137.2 billion by 2029, with a CAGR of 19.1% from 2024 [8]. Financial Performance - The company reported revenues of approximately RMB 732 million, RMB 1.021 billion, RMB 1.302 billion, and RMB 658 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively. The corresponding profits were about RMB 85.8 million, RMB 139.2 million, RMB 107.3 million, and RMB 35.9 million [8][9].