每经编辑｜金冥羽 据中国新闻周刊，10月17日，始祖鸟母公司亚玛芬体育内部公告宣布始祖鸟大中华区总经理Ivan She（佘移峰）离职，其职务暂由亚玛芬大中华区总裁 Jeffery Ma（马磊）代理。在过渡期间，马磊将直接向始祖鸟全球首席执行官Stuart Haselden汇报。 佘移峰是安踏的资深高管，拥有多年零售行业经验。在安踏收购亚玛芬后，他曾担任始祖鸟中国市场首任总经理徐阳的副手，负责零售业务，并于今年初 升任大中华区总经理。 值得注意的是，佘移峰此次离职，距离"烟花秀"事件不到一个月时间。9月19日，始祖鸟联手艺术家蔡国强在喜马拉雅山放烟火，引发大量关注与环保争 议。随后，"云端珠峰"微信公众号发布情况通报表示，日喀则市委、市政府高度重视，已成立调查组第一时间赶赴现场核查，后续将根据核查结果依法依 规处理。 始祖鸟9月21日官方微博就此发表致歉信，并称"有责任在政府部门监管下，配合艺术家团队对该项目全过程的环境生态影响进行复核，邀请第三方专业环 保机构，开展严谨而透明的评估工作"。 10月15日，西藏日喀则市通报《蔡国强：升龙》烟花秀调查结果，认定始祖鸟作为赞助方需依法承担相应生态环境损害赔偿与生态修 ...

冲锋衣不再专属于中年男人的衣柜，成为了更多年轻男女日常的百搭单品。 程序员的标志不再是格子衬衫，瑜伽裤的搭配也与冲锋衣严丝合缝，健身人从办公室穿梭到健身房，冲锋衣的脱穿也简单但不失美学搭配。 冲锋衣走红都市 根据魔镜分析数据，自2022年10月至2023年9月，冲锋衣在主流电商平台的销售额已经达到了75亿元左右，销量在1752万件。而冲锋衣在社交媒体的声量 从2022.9-2023.8，环比增长了502.65%左右。 冲锋衣的风靡有迹可循。去年被称为「户外界爱马仕」的品牌始祖鸟火遍社交网络，母公司安踏在社群营销确实带来了立竿见影的效果。 「off-white设计师穿始祖鸟冲锋衣」、「tiktok淋浴间防水性测试」等标志性营销事件，将始祖鸟的冲锋衣推向了「社交货币」的高度，征服了大批向往 城市户外风潮的中产阶级。尽管价格趋近奢侈品，但消费者买单的热情依然不减。 tiktok淋浴间防水性测试 而反观今年，不仅是始祖鸟，各大品牌的冲锋衣均开始发力，北面、凯乐石、猛犸象、攀山鼠，兼具口碑和品质的户外运动品牌都将冲锋衣作为主推品 类。 从精致都市到松弛人生，「防水、防风、透气」的冲锋衣为大多数年轻人带来了「反精致」的内 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or companies discussed. Core Insights - Tambor submitted its listing application on October 8, aiming for an IPO on the Hong Kong Stock Exchange. It is a leading outdoor apparel brand in China, established in 2004, combining high performance with fashion. The company has shown rapid revenue growth, with a net profit of 3.594 million yuan in the first half of 2025, representing a year-on-year increase of 305.6% [1][11][12]. - Beautiful Garden announced a strategic acquisition of 100% of Siyanli for 1.25 billion yuan on October 15, 2025. This acquisition, along with a previous acquisition of Narier, positions Beautiful Garden as a leader in the beauty service industry, significantly enhancing its market presence and operational scale [2][19][21]. - The apparel retail sector showed signs of recovery in August, with a year-on-year growth of 3.1%, driven by seasonal promotions and increased consumer demand. The cosmetics retail sector also saw a year-on-year increase of 5.1% [3][28][35]. Summary by Sections 1. Outdoor Brand Tambor - Tambor's revenue has been steadily increasing, with figures of 732 million yuan in 2022, 1.021 billion yuan in 2023, and 1.302 billion yuan in 2024, alongside a 6.58 billion yuan revenue in the first half of 2025, marking an 85% year-on-year growth [12][14]. - The company has a strategic product matrix focusing on three main series: top outdoor series, sports outdoor series, and urban light series, with the urban light series accounting for 68.2% of revenue in the first half of 2025 [1][15][18]. - Tambor's online sales have surged, with online revenue accounting for 52.7% in the first half of 2025, up from 30.9% in 2022 [17][18]. 2. Beautiful Garden - The acquisition of Siyanli is expected to significantly increase Beautiful Garden's market share in the high-end beauty service sector, with a combined total of 191 stores across major cities, representing 42% of the market in high-end commercial areas [19][21][22]. - The company reported a 44% increase in active members following the acquisition, enhancing its customer base and market reach [21][22]. - Beautiful Garden's revenue for the first half of 2025 was 1.459 billion yuan, with a net profit of 156 million yuan, and the acquisition of Siyanli is projected to further boost these figures [26]. 3. Industry Data Tracking - The apparel retail sector's recovery is attributed to seasonal changes and increased consumer activity, while the cosmetics sector continues to show growth, indicating a positive trend in consumer spending [3][28][35]. - Raw material prices remained stable, with cotton prices showing slight fluctuations, which could impact production costs in the apparel sector [30][31].

Core Viewpoint - The outdoor market in China is attracting domestic brands, with Tanboer aiming for an IPO on the Hong Kong Stock Exchange, following a significant dividend payout that raises concerns about its financial health and operational efficiency [1][10][12]. Financial Performance - Tanboer's revenue has shown impressive growth, increasing from 732 million RMB in 2022 to 1.302 billion RMB in 2024, with a notable 85% year-on-year growth in the first half of 2025 [4][5]. - Despite revenue growth, net profit has fluctuated, with figures of 86 million RMB in 2022, 139 million RMB in 2023, and a decline to 107 million RMB in 2024, resulting in a net profit margin decrease from 11.7% in 2022 to 5.5% in the first half of 2025 [6][12]. Marketing and Sales Channels - The company has shifted towards online sales, with online revenue rising from 226 million RMB in 2022 to 626 million RMB in 2024, accounting for 48.1% of total revenue [7][8]. - Marketing expenses have surged, reaching 508 million RMB in 2024, which is 39% of total revenue, indicating a significant investment in brand promotion and channel transformation [8][9]. Inventory Management - Tanboer faces a severe inventory issue, with inventory value skyrocketing from 257 million RMB at the end of 2023 to 1.103 billion RMB by August 2025, leading to a dramatic increase in inventory turnover days from 242 days in 2023 to 485 days in 2025 [8][9]. Dividend Payouts and Financial Health - The company distributed a substantial dividend of 290 million RMB before its IPO, significantly impacting its financial position, reducing net assets from 741 million RMB at the end of 2024 to 487 million RMB by mid-2025 [10][12]. - The majority of the dividend benefited the controlling Wang family, raising concerns about the company's cash reserves, which fell to 26 million RMB post-dividend [12][13].

Core Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]

Core Viewpoint - The article discusses the recent IPO submission of Tambor Group, highlighting its rapid revenue growth and the challenges it faces in maintaining a competitive edge in the outdoor apparel market, particularly amid concerns over its marketing strategy and family dividend distributions [1][19]. Group 1: Company Overview - Tambor Group, established over 20 years ago, has transitioned from a down jacket brand to a professional outdoor apparel brand, ranking fourth in China by retail sales [1]. - The company's revenue is projected to grow from 732 million yuan in 2022 to 1.302 billion yuan in 2024, marking a 77.9% increase [1][3]. Group 2: Financial Performance - Revenue figures from 2022 to 2024 are 732 million yuan, 1.021 billion yuan, and 1.302 billion yuan, with a 85% year-on-year growth in the first half of 2025 [3]. - Gross margins have been over 50%, with specific figures of 50.2%, 56.5%, and 54.9% from 2022 to 2024 [5][12]. - However, net profit margins have declined from 11.7% in 2022 to 5.5% in the first half of 2025, indicating profitability challenges [12]. Group 3: Market Strategy - The company has shifted its focus to online sales, with revenue from online channels increasing from 226 million yuan in 2022 to 626 million yuan in 2024, accounting for 52.7% of total revenue in the first half of 2025 [4]. - Despite high gross margins, the company relies heavily on marketing and has seen a significant increase in sales and distribution expenses, which reached 39% of total revenue by 2024 [12]. Group 4: Product Pricing and Sales - Tambor's product lines include premium outdoor, sports outdoor, and urban light outdoor categories, with the urban light outdoor series contributing 68.2% of revenue in the first half of 2025 [8]. - Average selling prices are often below the suggested retail prices, indicating reliance on discounts to drive sales [9]. Group 5: Inventory and Operational Challenges - Inventory levels have risen from 333 million yuan in 2022 to 931 million yuan in the first half of 2025, with an average inventory turnover period extending to 485.4 days [14][15]. - Complaints regarding product quality and return issues have been noted, which could impact brand reputation [14]. Group 6: Family Dividend Concerns - The company distributed a total of 325 million yuan in dividends, with the controlling family receiving 268 million yuan, raising concerns about the sustainability of profit reinvestment [16][19]. - The family holds 92.47% of the shares, indicating significant control over the company's financial decisions [17].

Core Viewpoint - Tambor Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its growth as the fourth largest domestic outdoor apparel brand in China, with annual sales exceeding 1 billion RMB [4][10]. Company Background - Founded by a couple from Sichuan, Tambor started from a small down jacket factory and has expanded its reach nationwide, initially focusing on affordable leisurewear to compete with high-end brands like Bosideng and Canada Goose [6][7]. - The company faced challenges after its initial public offering on the New Third Board in 2015, leading to a decline in revenue from approximately 660 million RMB in 2012 to 370 million RMB in 2016 due to insufficient marketing and brand recognition [7]. Business Transformation - In 2022, Tambor began transitioning to an outdoor brand, launching multifunctional apparel and becoming the official off-field apparel supplier for the Austrian Nordic Ski Team in 2024 [7][10]. - The company has redefined itself as a professional outdoor apparel brand, offering three product lines: top outdoor, sports outdoor, and urban light outdoor, with price ranges from 699 RMB to 3299 RMB [8][10]. Financial Performance - Tambor's revenue is projected to grow from 732 million RMB in 2022 to 1.3 billion RMB in 2024, with net profits of 86 million RMB, 139 million RMB, and 107 million RMB for the same years [10][11]. - The urban light outdoor series remains the primary revenue driver, accounting for 70% of total revenue in the previous year, while the top outdoor and sports outdoor series are gradually increasing their contributions [10][11]. Sales Channels - Online sales have surged, with a 79.6% increase expected in 2024, contributing approximately 52.7% of total revenue, while offline sales have stagnated, leading to a reduction in the number of physical stores [12]. - The company relies heavily on third-party manufacturers for over 90% of its products, which has led to increased costs and pressure on profit margins [12].

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].

Core Viewpoint - The outdoor market in China is attracting national brands, with domestic outdoor apparel companies like Tanboer intensifying their capital movements as they prepare for IPOs, despite facing challenges such as fluctuating profits and high marketing costs [1][2]. Group 1: Company Performance - Tanboer's revenue has shown significant growth, increasing from 732 million yuan in 2022 to 1.302 billion yuan in 2024, with a remarkable 85% year-on-year growth in the first half of 2025 [2][3]. - However, the company's net profit has been volatile, with figures of 86 million yuan in 2022, 139 million yuan in 2023, 107 million yuan in 2024, and only 36 million yuan in the first half of 2025, leading to a declining net profit margin from 11.7% in 2022 to 5.5% in 2025 [3][4]. Group 2: Marketing and Sales Channels - A significant portion of revenue is allocated to marketing, with sales and distribution expenses reaching 508 million yuan in 2024, accounting for 39% of total revenue, an increase of nearly 12 percentage points from 2022 [4][5]. - Online sales have become a crucial growth driver, with online revenue rising from 226 million yuan in 2022 to 626 million yuan in 2024, representing over 52% of total revenue in the first half of 2025 [4][5]. Group 3: Inventory and Operational Challenges - Tanboer faces a severe inventory issue, with inventory value skyrocketing from 257 million yuan at the end of 2023 to 1.103 billion yuan by August 2025, a 262% increase [5][6]. - The inventory turnover days have significantly increased from 242 days in 2023 to 485 days in the first half of 2025, indicating a prolonged period for selling products [5][6]. Group 4: Controversial Dividend and Financial Health - Prior to its IPO, Tanboer distributed a substantial dividend of 290 million yuan, with over 80% benefiting the controlling Wang family, which raised concerns about the company's financial stability [6][7]. - This dividend payout led to a notable decrease in net assets from 741 million yuan at the end of 2024 to 487 million yuan by mid-2025, and cash reserves dwindled to only 26 million yuan [6][7]. Group 5: Future Plans and Market Sentiment - Tanboer plans to use the funds raised from its IPO for technology research, brand development, channel upgrades, and strategic acquisitions, although there are concerns that some funds may be used to address short-term liquidity issues due to the recent dividend [7][8]. - The company's path to listing on the Hong Kong Stock Exchange will be closely scrutinized due to its fluctuating performance, high inventory levels, and increased competition in the industry [7][8].

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]