近期，骆驼获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research(艾媒咨询)授予的"全 球女性修身冲锋衣开创者""全球户外冲锋软壳开创者"双项市场地位确认。 iiMedia Research(艾媒咨询)是全球领先的新经济产业数据挖掘与分析机构，以自主研发的CMDAS大数 据监测系统(省部级重大科技专项，项目编号：2016B010110001)和AI智能分析引擎为核心，构建了覆盖 135个国家和地区、10000+行业细分领域的全球实时数据网络，监测3000余项核心商业指标，打造新经 济产业的"数据气象局"。 艾媒咨询深度洞察行业前沿领域，以"全球产业数据库+AI算法"双轮驱动，为企业提供精准市场洞察与 战略支持，赋能全球化增长。旗下iiMedia Ranking(艾媒金榜)通过iiMeval大数据评价模型，为新消费品 牌提供权威评估与消费指南，引领行业标准。 骆驼：把"修身"写进技术参数，用"软壳"打开第二增长曲线 从边缘到中心，户外服饰的"双修"浪潮 过去五年，冲锋衣从登山包走向通勤地铁，从男性标配转向女性"OOTD"；社交平台每天新增上万 条"轻户外"笔记，核心关键词却不再是"海拔" ...

Core Insights - Tambor submitted its listing application to the Hong Kong Stock Exchange on October 8, with CICC as the sole sponsor, positioning itself as a leading professional outdoor apparel brand in China [1] - The company is the fourth largest domestic professional outdoor apparel brand in China by retail sales projected for 2024, emphasizing its commitment to quality, design, and advanced technology [1] Product Line and Offerings - Tambor has developed a comprehensive product system covering various outdoor activities such as skiing, climbing, and hiking, as well as urban scenarios like leisure and commuting, with a total of 687 SKUs as of June 30, 2025 [1] - The product portfolio includes professional outdoor apparel, primarily featuring professional down jackets, hard-shell, and soft-shell clothing, with specific categories including 83 SKUs in the top outdoor series, 217 in the sports outdoor series, and 387 in the urban light outdoor series [1] Revenue Growth and Online Expansion - The company achieved significant growth by leveraging its established offline business while strategically expanding its online channels, with online revenue increasing from RMB 226.4 million in 2022 to RMB 348.6 million in 2023, marking a 54.0% increase [2] - Online revenue is projected to further increase to RMB 626.2 million in 2024, and for the first half of 2025, it is expected to rise to RMB 346.6 million, reflecting a 168.5% increase compared to the same period in 2024 [2] - Tambor is recognized as the fastest-growing brand in online retail sales among the top ten professional outdoor apparel brands in China, with an 80.3% growth in online retail sales from 2023 [2]

Core Viewpoint - Tambor Holdings Limited has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor, positioning itself as a leading professional outdoor apparel brand in China [1] Group 1: Company Overview - Tambor is recognized 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 [1] - According to ZhiShi Consulting, Tambor is the fourth largest domestic professional outdoor apparel brand in China based on retail sales projected for 2024 [1] - The product range is meticulously planned 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 [1] Group 2: Financial Performance - Tambor has shown consistent revenue growth, with total revenues of 732 million, 1.021 billion, and 1.303 billion yuan for the years 2022, 2023, and 2024 respectively [2] - The total revenue for the six months ending June 30, 2024, increased by 85.0% from 356 million yuan to 658 million yuan for the six months ending June 30, 2025, driven by growing market demand and effective marketing strategies [1][2] - The gross profit for the years 2022, 2023, and 2024 was 368 million, 576 million, and 715 million yuan, with gross profit margins of 50.2%, 56.5%, and 54.9% respectively [2] Group 3: IPO Fund Utilization - The funds raised from the IPO are intended for advancing the company's technology research and development system, brand building, omnichannel network upgrades, sustainable supply chain management, strategic acquisitions, and general working capital [2]

Core Viewpoint - The outdoor lifestyle and winter sports are increasingly popular in China, leading to the expansion of the professional outdoor apparel market, which has prompted Tanboer Group Co., Ltd. to pursue an IPO in Hong Kong. The prospectus reveals significant growth in revenue and net profit, but also highlights various risk factors that warrant investor attention [1]. Business and Model - Tanboer is a leading professional outdoor apparel brand in China, with a product system divided into three main series: top outdoor, sports outdoor, and urban light outdoor, totaling 687 SKUs by June 30, 2025, covering various activities and urban scenarios [2]. - The company employs an omnichannel sales model, combining offline advantages with online operations. Online revenue is projected to grow significantly, with a 168.5% increase in the first half of 2025 compared to the same period in 2024 [2]. - Tanboer maintains long-term partnerships with leading raw material suppliers and qualified contract manufacturers to ensure product quality, supported by a regional warehousing network and smart logistics centers for efficient delivery [2]. Financial Data - Revenue has shown significant growth, with figures of 732 million, 1.021 billion, 1.302 billion, and 658 million yuan for the years 2022 to the first half of 2025, respectively. The online channel has become a key driver of this growth [3]. - Net profit figures for the same period are 86 million, 139 million, 107 million, and 36 million yuan, indicating fluctuations influenced by market conditions and cost control [4][3]. - Gross margins have remained high, with rates of 50.2%, 56.5%, 54.9%, and 54.2% from 2022 to the first half of 2025, affected by raw material and manufacturing costs [5]. - Net profit margins have shown volatility, with rates of 11.7%, 13.6%, 8.2%, and 5.5% over the same period, reflecting challenges in cost control and profitability [6]. Revenue Composition Changes - The urban light outdoor series has the highest revenue share but is declining from 82.7% in 2022 to 68.2% in the first half of 2025, while the top outdoor series is gradually increasing from 0.4% to 4.6% [7]. - Online revenue share has been increasing, rising from 30.9% in 2022 to 52.7% in the first half of 2025, while offline revenue share has decreased correspondingly [7]. Risk Factors - The professional outdoor apparel industry in China is highly competitive, with the top ten brands holding only 24.3% of the market share by 2024, posing a challenge for Tanboer against both domestic and international competitors [8]. - Rapid changes in consumer preferences regarding styles, functions, and materials may adversely affect the company's business if it fails to adjust its product mix in a timely manner [8]. - The strength and expansion of the "TANBOER" brand are crucial for success, as brand reputation can be damaged by product defects or consumer complaints, impacting sales and financial performance [9]. - Continuous R&D investment is essential for attracting and retaining consumers, but challenges in execution and design consistency may negatively impact operational performance [10]. - The company relies heavily on third-party e-commerce platforms for sales, and the expansion of offline stores may not yield expected profitability, posing operational risks [11].

Core Viewpoint - Tambor has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor. The company is recognized as a leading professional outdoor apparel brand in China, ranking fourth among local brands in retail revenue for 2024 [1] Company Summary - Tambor's product lines include top-tier outdoor series, sports outdoor series, and urban light outdoor series, catering to various wearing scenarios. As of June 30, 2025, the company's product system comprises a total of 687 SKUs [1] - The company emphasizes consumer-centric research and development, particularly in the application of sustainable high-performance fabrics and the integration of practical functions with minimalist natural aesthetics [1] - In 2024, Tambor's online retail revenue experienced a significant increase of 80.3%, making it the fastest-growing brand among the top ten [1] Industry Summary - According to ZhiShi Consulting, the market size of China's professional outdoor apparel sector is projected to grow from 131.9 billion yuan in 2024 to 287.1 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 16.8% [1] - The market size for domestic professional outdoor apparel brands is also showing strong growth, expected to rise from 57.3 billion yuan in 2024 to 137.2 billion yuan by 2029, with a CAGR of 19.1% [1]

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].

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 [5][6]. - The company is the fourth largest domestic professional outdoor apparel brand in China based on retail sales projected for 2024 [5]. - Tambor's product range is 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 [7]. Product Development - The company emphasizes a consumer-centric approach in its research and development, focusing on high-performance sustainable materials like nylon, which offer strength, durability, and breathability [5]. - Each product series is tailored to meet specific needs, combining practical functionality with minimalist aesthetics [5]. Market Growth - 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% [8]. - The domestic professional outdoor apparel brand market is expected to increase from RMB 27 billion in 2019 to RMB 57.3 billion by 2024, with a CAGR of 16.2% [8]. Financial Performance - Tambor's revenue for the six months ending June 30 for the years 2022 to 2025 is as follows: approximately RMB 732 million in 2022, RMB 1.021 billion in 2023, RMB 1.302 billion in 2024, and RMB 658 million in 2025 [8][9]. - The company's profit for the same periods is approximately RMB 85.8 million in 2022, RMB 139.2 million in 2023, RMB 107.3 million in 2024, and RMB 35.9 million in 2025 [8][9].

Core Insights - The outdoor sports market is experiencing significant growth, driven by a shift in consumer preferences towards outdoor activities over urban street culture [2][4][10] - Companies like Amer Sports, which owns brands such as Arc'teryx and Salomon, have seen substantial market capitalization increases, reflecting the rising demand for outdoor apparel [2][3][8] - The outdoor apparel segment is projected to grow at a compound annual growth rate (CAGR) of 14% from 2019 to 2025, with expectations to surpass 400 billion yuan this year [3][4] Market Trends - Retail sales of sports and entertainment products have shown impressive growth, with a 20.6% year-on-year increase in the first eight months of the year [3] - The rise of "mountain culture" is influencing consumer behavior, leading to a broader acceptance of outdoor gear among urban households [4][10] - The emergence of niche outdoor brands is creating a more competitive landscape, resulting in a decrease in industry concentration [4][5] Brand Performance - Amer Sports reported a revenue of $2.708 billion and a net profit of $161 million in the first half of the year, with a 42% year-on-year increase in sales from the Greater China region [8] - Domestic brands like BERSHKA have seen rapid growth, with revenues projected to reach 1.766 billion yuan by 2024, driven by e-commerce and innovative product offerings [6][7] - Traditional brands like Hongdou have adapted to the trend by launching technologically advanced outdoor products, achieving a market cap increase of approximately 30% this year [6][7] Competitive Landscape - International giants like Adidas and Nike are struggling to gain traction in the outdoor segment despite launching sub-brands, while Amer Sports has successfully transitioned from a professional outdoor focus to urban consumer products [7][8] - The outdoor market is increasingly characterized by a luxury trend, with high-priced products becoming popular among consumers [11][12] - The rise of social media has transformed brand marketing, allowing new entrants to thrive by leveraging community culture and online engagement [13]

Core Insights - The article discusses the rapid rise of the domestic outdoor brand "Bershka" as a result of the controversy surrounding the established brand "Arc'teryx," which has damaged its image. This situation has created an opportunity for Bershka, which is now pursuing an IPO in Hong Kong [1][3]. Company Overview - Founded in 2012, Bershka initially struggled to gain traction, ranking 17th in outdoor brand sales on Tmall during the 2022 "Double 11" shopping festival. However, since 2022, the brand has experienced significant growth [1][3]. - Bershka's store network expanded from 39 stores in 2022 to 146 stores in 2023. The company has also accelerated its financing, completing a Series A round of 49 million RMB in 2023 and a Series B round of 288 million RMB in 2024 [3][10]. Market Position - According to Frost & Sullivan, Bershka has become one of the top three domestic high-performance outdoor apparel brands in mainland China, achieving a market share of 5.2% by 2024 [3][10]. - The brand's rapid rise is attributed to its strategic positioning, targeting the price-sensitive consumer segment while offering high-quality products comparable to international brands [4][6]. Product Strategy - Bershka focuses on using high-quality materials similar to those used by premium brands, collaborating with top technology companies like Polartec and eVent. This approach has earned it the nickname "Domestic Material King" [4][10]. - The pricing strategy is aggressive, with classic jackets priced around 500 RMB, significantly lower than similar products from Arc'teryx [6][10]. Marketing Strategy - The brand has effectively utilized celebrity endorsements, signing popular actor Cheng Yi, which led to a significant increase in sales. After the announcement of his endorsement, the brand's GMV exceeded 60 million RMB within 14 hours [7][10]. - Bershka's marketing content emphasizes professional outdoor activities, enhancing its image as a high-end brand [9][10]. Financial Performance - Bershka's revenue has shown remarkable growth, with figures of 378 million RMB in 2022, 908 million RMB in 2023, and projected 1.766 billion RMB in 2024. Net profit also increased from 24.31 million RMB in 2022 to 283.08 million RMB in 2024 [10][11]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, outperforming competitors like Arc'teryx [13][15]. Challenges and Opportunities - Despite its rapid growth, Bershka faces challenges related to brand perception and cultural identity, particularly regarding its name's association with a controversial historical figure [18][20]. - The company is actively seeking to diversify its product offerings beyond jackets, introducing new categories like trail running shoes and mountaineering boots [21][23]. Future Outlook - Bershka aims to enhance its brand image and market presence by opening flagship stores in major cities and fostering community engagement through outdoor activities [24][26]. - The brand is also focusing on vertical integration of its supply chain to improve quality control and reduce costs, which could further enhance its profitability [26][28]. - The outdoor market in China is expected to grow significantly, providing Bershka with a valuable opportunity to solidify its position as a leading domestic brand [30][31].

Core Viewpoint - The article discusses how the Chinese outdoor brand BERSHKA has capitalized on the controversy surrounding the high-end brand Arc'teryx, positioning itself as a "substitute" and experiencing rapid growth, including plans for an IPO in Hong Kong [3][5]. Group 1: Company Growth and Strategy - BERSHKA, founded in 2012, has seen significant growth since 2022, with its store count increasing from 39 to 146 in just two years [5][6]. - The brand has successfully raised capital, completing a 49 million RMB Series A round in 2023 and a 288 million RMB Series B round in 2024 [5][14]. - BERSHKA's market share in China's high-performance outdoor apparel has reached 5.2% as of 2024, making it one of the top three domestic brands in this category [5][6]. Group 2: Product and Pricing Strategy - BERSHKA's strategy involves offering high-quality products at competitive prices, with its classic jackets priced around 500 RMB, significantly lower than similar products from Arc'teryx [9][16]. - The brand utilizes advanced materials and technologies, partnering with top global companies to enhance product quality while maintaining affordability [6][9]. - The company has focused on a "value-for-money" proposition, appealing to cost-conscious consumers in the growing outdoor market [9][10]. Group 3: Marketing and Brand Positioning - BERSHKA has employed a dual marketing strategy, initially leveraging celebrity endorsements and later focusing on building a professional outdoor image [10][12]. - The brand's revenue has surged, with projected figures of 3.78 billion RMB in 2022, 9.08 billion RMB in 2023, and 17.66 billion RMB in 2024, alongside a notable increase in net profit [12][13]. - The company has faced challenges regarding its brand identity, particularly concerning its name's association with a controversial historical figure, prompting a shift in narrative to strengthen its market position [20][23]. Group 4: Financial Performance - BERSHKA's gross margin has improved from 54.3% in 2022 to 59.6% in 2024, outperforming competitors like Arc'teryx [16][20]. - The adjusted net profit margin has also shown strong growth, with figures of 7.3%, 17.2%, and 17.2% over the past three years, indicating effective cost management [16][20]. - The company has managed to reduce its sales cost as a percentage of total revenue from 45.7% in 2022 to 40.4% in 2024, showcasing its operational efficiency [20][29]. Group 5: Future Challenges and Opportunities - BERSHKA's revenue is heavily reliant on its jacket line, which accounted for 91.1% of total revenue in 2024, highlighting the need for product diversification [24][26]. - The brand is expanding its product line to include trail running shoes and mountaineering boots, with mixed market reception [24][26]. - BERSHKA aims to enhance its offline presence by opening flagship stores in major cities, which will serve as experiential spaces to strengthen brand identity and customer engagement [26][28].