11月28日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月24日—2025年11月28日)》。 中国证监会国际司公示5家企业补充材料要求，其中，公示提到要求坦博尔补充说明本次募集资金用途 是否涉及境外投资等事项。据港交所10月8日披露，坦博尔集团股份有限公司(简称：坦博尔)向港交所 主板提交上市申请书，中金公司（601995）为独家保荐人。 中国证监会请坦博尔补充说明以下事项，请律师核查并出具明确的法律意见： 四、公司下属公司经营范围包含设计、制作、代理、发布广告等，请说明广告相关业务开展情况，是否 取得必要的资质许可。 五、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 六、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 据招股书，坦博尔是中国领先的专业户外服饰品牌。该公司的产品以卓越的质量、人性化的设计以及先 进的科技与工艺为基础，满足滑雪、登山和徒步等各种自然环境活动需求，以及郊游、公园休闲和通勤 等城市场景，并重新定义户外生活方式的趋势。根据灼识谘询的资料，以202 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for five companies, including Tambor Group, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested Tambor to clarify the use of raised funds and other compliance matters [1][2]. Group 1: Regulatory Requirements - Tambor is required to clarify whether its domestic subsidiaries are subject to any prohibitive conditions for overseas issuance and listing as per the relevant regulations [1]. - The company must explain the development and operation of its apps, mini-programs, and public accounts, particularly regarding the collection and use of personal information, including the scale of user data [2]. - Tambor needs to confirm whether the raised funds will be used for overseas investments and whether it has completed the necessary approval or filing procedures [2]. Group 2: Business Operations - Tambor is recognized as a leading professional outdoor apparel brand in China, known for its high-quality products designed for various outdoor activities such as skiing, climbing, and hiking, as well as urban leisure [3]. - The company has developed a comprehensive product system that includes professional outdoor clothing, with a product range that covers 687 SKUs as of June 30, 2025 [3]. - Tambor's product offerings include three main series: top outdoor series, sports outdoor series, and urban light outdoor series, catering to diverse consumer needs [3].

Core Viewpoint - The article discusses the recent IPO application of the domestic down jacket brand Tamboor, highlighting its strategic shift towards becoming an outdoor lifestyle brand and the challenges it faces in a competitive market [4][5][10]. Group 1: Company Overview - Tamboor has repositioned itself as an "outdoor quality lifestyle brand," moving from a focus on winter down jackets to a broader range of outdoor functional apparel [5]. - The company aims to raise funds for technology research and development, brand and channel upgrades, supply chain enhancement, strategic acquisitions, and operational funding [6]. Group 2: Market Position and Growth - By 2024, Tamboor is projected to be the fourth largest domestic professional outdoor apparel brand in China, with a retail revenue of RMB 2.03 billion and a market share of 1.54% [6]. - The outdoor sports participation rate in China is expected to reach nearly 30% by the end of 2024, with the professional outdoor industry market size projected to grow to RMB 418 billion by 2029 [7]. Group 3: Financial Performance - Tamboor's revenue has shown significant growth, with figures of RMB 732 million in 2022, RMB 1.02 billion in 2023, and a projected RMB 1.3 billion in 2024, reflecting a compound annual growth rate of 33% [10]. - The company reported a substantial year-on-year revenue increase of 85% in the first half of the current year, reaching RMB 658 million [10]. Group 4: Product Strategy - Tamboor's product line includes three main series: top outdoor series, sports outdoor series, and urban light outdoor series, catering to various outdoor activities and urban scenarios [8]. - The urban light outdoor series has contributed the majority of revenue, accounting for 68.2% in the first half of the current year, although its share is gradually declining as the company shifts towards higher-end products [12]. Group 5: Challenges and Concerns - Despite revenue growth, Tamboor faces challenges with declining gross margins, particularly in its high-end product lines, indicating potential pricing pressures [16]. - The company's inventory issues are concerning, with a significant increase in inventory value and a drastic rise in inventory turnover days to 485 days, which could impact cash flow [17]. - Tamboor's R&D expenditure as a percentage of total revenue has been decreasing, raising concerns about its long-term innovation capabilities [17]. Group 6: Corporate Governance and Future Outlook - Tamboor's ownership is highly concentrated, with a family-controlled structure, which may influence its financial decisions, including a recent large dividend payout before the IPO [18][19]. - The company must balance its growth strategy with profitability and innovation to compete effectively against larger brands like Anta and Li Ning, as well as similar brands like BERSHKA [19].

Core Viewpoint - The domestic down jacket brand Tanboer has submitted an application for listing on the Hong Kong Stock Exchange, aiming to capitalize on the growth of the outdoor sports market in China, transitioning from a winter-focused brand to a year-round outdoor functional apparel brand [1][2]. Company Overview - Tanboer was established in 2015 and has previously listed on the New Third Board before delisting in 2017. It is now targeting the outdoor quality lifestyle market [1]. - As of 2024, Tanboer has become the fourth largest domestic professional outdoor apparel brand in China, with a retail revenue of RMB 2.03 billion, accounting for 1.54% of the market share [2][3]. Market Context - The outdoor sports participation rate in China is projected to reach nearly 30% by the end of 2024, with the professional outdoor industry expected to grow to RMB 418 billion by 2029. The market size for domestic professional outdoor apparel brands is forecasted to increase from RMB 27 billion in 2019 to RMB 57.3 billion in 2024, reflecting a compound annual growth rate of 19.1% [3]. Product Strategy - Tanboer's product line consists of three main series: top outdoor series, sports outdoor series, and urban light outdoor series, catering to various outdoor activities and urban scenarios [4]. - The pricing for the top outdoor series ranges from RMB 999 to RMB 3,299, while the sports outdoor series is priced between RMB 599 and RMB 2,999, and the urban light outdoor series ranges from RMB 699 to RMB 1,799 [5]. Financial Performance - Tanboer's revenue has shown significant growth, with figures of RMB 732 million in 2022, RMB 1.02 billion in 2023, and projected RMB 1.3 billion in 2024, representing a compound annual growth rate of 33% from 2022 to 2024. The revenue for the first half of 2024 increased by 85% year-on-year to RMB 658 million [5][6]. - The company has experienced a decline in gross margin, with the overall gross margin dropping to 54.2% in the first half of 2024, down from 59.8% in the previous year [11][12]. Marketing and Brand Positioning - Tanboer has been actively engaging in marketing campaigns, including partnerships with celebrities and events to enhance brand visibility. However, this has led to increased marketing costs, which accounted for nearly 40% of total revenue in recent years [11][13]. - The brand has also signed sponsorship deals with national teams, including the Austrian Nordic skiing team, to elevate its market presence [7]. Challenges and Concerns - The company faces challenges related to inventory management, with a significant increase in inventory value and a prolonged turnover period of 485 days, which is substantially higher than competitors like Anta and Li Ning [13]. - Despite the push towards high-end products, the investment in research and development has decreased, raising concerns about the sustainability of growth and innovation [13][14]. Conclusion - Tanboer's upcoming IPO represents a strategic move to secure funding amid rising competition in the outdoor apparel market. The brand's ability to balance growth with profitability and innovation will be critical for its long-term success in a competitive landscape [15].

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 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].