户外运动服饰市场

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【IPO前哨】羽绒服品牌坦博尔冲刺上市,但这些问题藏不住……
Sou Hu Cai Jing· 2025-10-13 07:35
Core Viewpoint - The Hong Kong sportswear sector has shown remarkable performance this year, with companies like 361 Degrees and Anta experiencing significant stock price increases. Recently, Tambor Group has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating a favorable market timing for its entry [2]. Company Overview - Tambor, established in 2004 in Shandong, China, specializes in outdoor sports apparel, offering three main product lines: top outdoor series, sports outdoor series, and urban light outdoor series, catering to various activities and environments [3]. - As of June 2023, Tambor holds a market share of 1.54% in China's professional outdoor apparel market, ranking fourth among local brands and seventh overall when including international brands [5]. Financial Performance - Tambor's revenue has shown a strong upward trend, with figures of RMB 732.4 million in 2022, RMB 1.02 billion in 2023, and projected RMB 1.3 billion in 2024. The net profit for the same periods was approximately RMB 85.8 million, RMB 139.2 million, and RMB 107.3 million, respectively [6][7]. - The company has significantly increased its online sales, with self-operated online stores becoming the main revenue driver, growing from 20.3% of total revenue in 2022 to 43.5% in the first half of 2025 [8]. Marketing and Sales Strategy - Tambor has heavily invested in marketing, with sales and marketing expenses exceeding RMB 260 million in the first half of 2025, accounting for nearly 40% of revenue. This aggressive spending has impacted profit margins, with net profit margin dropping from 13.6% in 2023 to 5.5% in the first half of 2025 [10]. - The company has also increased its inventory levels significantly, with stock reaching RMB 1.103 billion by August 2025, leading to a high inventory turnover period of 485.4 days [10][12]. Dividend Policy and Financial Health - Tambor has engaged in substantial dividend payouts, distributing RMB 350 million in 2022 and RMB 2.9 billion in 2025, which raises concerns about financial sustainability given the high inventory and increased bank borrowings [13][15]. - The company's debt levels have risen, with short-term and long-term bank borrowings amounting to RMB 2.18 billion and RMB 890 million, respectively, while cash reserves were only RMB 26 million as of June 2025 [13][14].