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 - Tambor Group is seeking to re-enter the capital market with an IPO on the Hong Kong Stock Exchange, aiming to establish a foothold in the competitive outdoor apparel industry, which is experiencing high growth [1][5]. Financial Performance - Tambor's revenue has shown steady growth, with figures of 732 million RMB in 2022, 1.021 billion RMB in 2023, and projected 1.302 billion RMB in 2024, continuing with 658 million RMB in the first half of 2025 [1][3]. - However, net profit has fluctuated, with 85.77 million RMB in 2022, 139 million RMB in 2023, and 107 million RMB in 2024, indicating a trend of "increased revenue without increased profit" [1][2]. Profitability and Cost Structure - The overall gross margin has varied, recorded at 50.2% in 2022, 56.5% in 2023, and 54.9% in 2024, dropping to 54.2% in the first half of 2025, a decline of 5.6 percentage points year-on-year [2][4]. - Sales and distribution expenses have risen significantly from 200 million RMB in 2022 to 508 million RMB in 2024, increasing its share of total revenue from 27.3% to 39.0% [2][4]. Product Portfolio - As of June 30, 2025, Tambor's product matrix includes 687 SKUs across three main series: top-tier outdoor, sports outdoor, and urban light outdoor, with the urban light outdoor series contributing nearly 70% of revenue [2][5]. - The urban light outdoor series has seen a decline in gross margin, dropping from 57.3% in the previous year to 51.4% in the first half of 2025, indicating potential pricing power issues [2][9]. Market Position and Industry Dynamics - The Chinese outdoor apparel market is transitioning from rapid growth to high-quality development, with a market size increase from 688 billion RMB in 2019 to 1.319 trillion RMB in 2024, reflecting a compound annual growth rate of 13.9% [5][9]. - Despite the growth, the market remains fragmented, with the top ten brands holding only 24.3% of the market share, and Tambor ranking seventh with a 1.5% market share [9][11]. Strategic Initiatives - The company is actively transforming its channels by closing smaller stores and opening new ones in high-end shopping centers, which has led to a short-term decline in offline revenue but a 37.87% increase in the first half of 2025 [3][4]. - Online sales have surged from 226 million RMB in 2022 to 626 million RMB in 2024, with a significant year-on-year growth of 168.5% in the first half of 2025, alongside an increase in online gross margin from 42.0% to 53.4% [4][5]. Competitive Landscape - Tambor faces challenges in the high-end market dominated by international brands like Arc'teryx, while also contending with domestic brands in the mid-range and low-end markets [9][11]. - The company's reliance on the urban light outdoor series for 70% of its revenue positions it more as a lifestyle brand rather than a specialized outdoor brand, increasing competition with fast-fashion brands like Uniqlo [11].

随着户外生活方式与冬季运动的日益普及，中国专业户外服饰行业市场规模持续扩大。在此背景下，坦 博尔集团股份有限公司冲刺港股IPO。本次招股书展现出坦博尔在营收、净利润等方面的显著增长，但 同时也隐藏着诸多风险因素，值得投资者关注。 业务与模式：全渠道销售，一体化供应链 多系列产品覆盖多元场景 坦博尔是中国领先的专业户外服饰品牌，产品体系划分为顶尖户外、运动户外与城市轻户外三大系列， 截至2025年6月30日共包含687个SKU ，覆盖滑雪、登山、徒步等自然环境活动以及郊游、公园休闲和 通勤等城市场景。 来源：新浪港股-好仓工作室 产品系列场景覆盖SKU数量（截至2025年6月30日）顶尖户外滑雪、登山等自然环境活动运动户外城市 轻户外郊游、公园休闲和通勤等城市场景 全渠道销售提升品牌影响力 公司采用全渠道销售模式，将线下优势与线上业务相结合。线上渠道涵盖抖音、天猫等电商和社交商务 平台，2023 - 2025年增长迅猛，如2025年上半年线上收入较2024年同期增长168.5%。线下通过自营门店 和分销商运营的门店销售，截至2025年6月30日，设有568家常设线下门店。 年份线上收入（亿元）同比增长线下门店数 ...