凭借"山东制造"的实诚与性价比，坦博尔找到了属于自己的生存缝隙。 波司登来自江苏、安踏来自福建，牧高笛、黑冰等众多户外品牌则从浙江走出，许多人们耳熟能详的服装品牌都来自南方。 在中国服装产业的版图上，山东青州并不是一个显赫的时尚地标。但在2025年，来自这里的羽绒服品牌坦博尔（Tanboer）却冲到了港股IPO的大门前。 据招股书，2022-2024年坦博尔营收分别为7.32亿元、10.21亿元、13.02亿元，三年复合增长率达到33%，2025年上半年营收为6.58亿元，同比大增85%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 % | | | 人民幣千元 % 人民幣千元 | | % % | | 人民幣千元 % 人民幣千元 | | % | | | | | | | | | (未經審計) | | | ...

新派讯岁末冬深，寒意渐浓，潍坊的街头巷尾却暖意涌动、活力迸发。当消费市场迎来冬春旺季的黄金 窗口，"三新"消费成为提振经济的核心引擎，12月12日，购在中国·2025山东暖冬消费季启动仪式暨消 费新业态新场景新供给推广活动在潍坊谷德锦中百奥莱购物中心如约启幕，一场集科技潮玩、民俗风 情、品质体验于一体的消费盛会热力登场，既点燃了暖冬里的人间烟火，更释放出城市发展的强劲动 能，为潍坊冲刺万亿城市注入鲜活消费活力，展现着潍坊消费市场的蓬勃生机和无限潜力。 科技藏心意 好物暖人心 这个暖冬，潍坊以"新"为笔、以"暖"为韵，绘就消费市场鲜活新图景，用新业态、新场景、新供给解锁 多元消费体验，让城市烟火更具质感、更富魅力。 潍坊"三新"展区人声鼎沸、亮点迭出，"燃旺消费烟火气 冲刺万亿新潍坊"的展区主题醒目亮眼，字字 彰显着潍坊激活消费市场、提振发展动能的坚定决心与坚实底气。展区内，潍坊新质生产力在消费领域 的创新成果集中亮相，新奇的科技产品、优质的本土好物引得嘉宾驻足品鉴，更让到场消费者直呼新鲜 过瘾、收获满满。 乐聚机器人灵动灵活，泽普医疗科技的康复机器人智能高端，灵境传媒、同心视界的AR、XR产品趣味 盎然，各类 ...

Core Insights - The company Tanboer is preparing for an IPO, transforming from a struggling brand to China's fourth-largest domestic outdoor apparel brand with annual sales of 1.3 billion [1][3]. Company Overview - Tanboer was founded by a couple, Wang Yongping and Wang Lili, who initially acquired a struggling down jacket factory in 2004, focusing on affordable yet quality products [3][5]. - The brand initially struggled with brand aging and marketing issues, leading to its delisting from the New Third Board in 2017, with revenue dropping from 660 million to 370 million [5]. Recent Developments - In 2022, Tanboer pivoted to outdoor apparel, launching high-end series for activities like skiing and climbing, and became a supplier for the Austrian Nordic skiing team [5][7]. - The brand has successfully rebranded itself, targeting younger consumers by changing its endorsements from older celebrities to younger stars [5][7]. Financial Performance - Online sales surged by 79.6% in 2024, with over half of the revenue coming from online channels, while offline stores decreased by 40 [7]. - Despite impressive sales growth, the company faces rising production costs, with net profit margin dropping from 11.7% to 5.5% due to increased raw material prices and high marketing expenses, which account for nearly 40% of sales [7][9]. Market Positioning - Tanboer aims to capture the middle-class market by offering a balance of affordability and quality, positioning itself against both high-end brands and lesser-known competitors [9][11]. - The brand's strategy includes maintaining a strong base with its urban light outdoor series while leveraging the high-end line to capitalize on the outdoor trend [9][11].