Core Viewpoint - Tambor Group is transitioning from a traditional down jacket brand to a comprehensive outdoor apparel company, seeking growth through capital markets amid a booming outdoor sports industry in China [1][10]. Company Overview - Established in 1999, Tambor has focused on down jackets, gaining brand recognition in northern China. Unlike high-end competitors, it has relied on supply chain efficiency and cost-effectiveness to build market share [2]. - The company went public on the New Third Board in 2015 but withdrew two years later. Recent market saturation and changing consumer preferences have prompted a strategic shift towards outdoor apparel [2][6]. Strategic Shift - Since the 2022 Winter Olympics, Tambor has redefined its strategy to focus on outdoor activities, moving from seasonal production to a multi-scenario product approach, including hiking, skiing, and camping [2][5]. - The brand aims to shed its traditional image by promoting itself as an "outdoor lifestyle brand" through new product launches and collaborations with educational institutions and material suppliers [5][12]. Financial Performance - Tambor's revenue has shown consistent growth over the past three years: 732 million yuan in 2022, 1.021 billion yuan in 2023, and projected 1.302 billion yuan in 2024, with a net profit margin of 10% to 12% and a stable gross margin of around 55% [6][9]. - Approximately 70% of the company's revenue in 2024 is expected to come from its "urban light outdoor series," which still heavily features down jackets and windbreakers [6]. Market Position and Challenges - Despite growth, Tambor faces challenges such as high inventory turnover days (485 days in the first half of 2025), indicating potential issues in product iteration and supply chain management [8]. - The company plans to use IPO proceeds for research and development, market expansion, and product diversification, with a goal to increase R&D expenditure to over 5% by 2027 [9]. Industry Trends - The outdoor apparel market in China is projected to grow from 131.9 billion yuan in 2024 to 287.1 billion yuan by 2029, with a compound annual growth rate of 16.8% [10]. - The trend of "outdoorization" is evident as traditional clothing brands pivot towards outdoor segments, driven by consumer demand for multifunctional and lifestyle-oriented products [10][12]. Conclusion - Tambor's IPO reflects a broader trend in the apparel industry, where brands are increasingly focusing on outdoor markets to capture new growth opportunities. The company's strategic adjustments and market positioning will be critical as it navigates this evolving landscape [1][10].

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