投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 四川夫妇掌舵。 作者 I 余梦莹 报道 I 投资界-天天IPO 你常穿的羽绒服也要IPO了。 投资界获悉，近日坦博尔集团股份有限公司（简称"坦博尔"）向港交所提交上市申请书，中金公司为独家保荐人。 有着"波司登平替"之称，坦博尔由一对四川夫妇联手缔造。两人从一间狭小的羽绒服厂做起，自华东地区辐射全国，一路成长为中国第 四大本土专业户外服饰品牌，年销售额超1 0亿元。 以下文章来源于天天IPO ，作者余梦莹 天天IPO . 财富背后的创业故事，总是令人足够好奇。 四川夫妇，带队IPO了 坦博尔的故事，始于一对四川夫妇。 1 9 7 1年，王勇萍在四川宜宾出生，从小受在服装厂工作的母亲影响，他童年时代便帮忙加工纺织品，1 5岁开始闯荡社会。彼时鞍山有 一个纺织面料交易市场，王勇萍在别的城市购买布料后，运回鞍山售卖。此后他捕捉到更大的商机，利用当时先进的剑杆织机生产西服 面料，直供辽宁纺织市场和山东纺织市场。 期间结识了妻子王丽莉。1 9 9 9年，夫妻二人并购了一家青州青远鞋业有限公司。恰逢当时苏北一家当地知名羽绒服厂经营遇困，便吸 纳该厂 ...

Core Viewpoint - The Hong Kong sportswear sector has shown remarkable performance this year, with companies like 361 Degrees and Anta experiencing significant stock price increases. Recently, Tambor Group has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating a strategic move to capitalize on the favorable market conditions [1]. Company Overview - Tambor Group, established in 2004 in Shandong, China, specializes in professional outdoor sports apparel, offering three main product lines: top outdoor series, sports outdoor series, and urban light outdoor series, catering to various activities and environments [1][2]. - As of June 30, 2023, Tambor holds a market share of 1.54% in China's professional outdoor apparel market, ranking fourth among domestic brands and seventh overall when including international brands [2]. Financial Performance - Tambor's revenue has shown a consistent upward trend, with figures of RMB 732.4 million in 2022, RMB 1.021 billion in 2023, and projected RMB 1.302 billion for 2024. The profit for the same periods was approximately RMB 85.8 million, RMB 139.2 million, and RMB 107.3 million respectively [3][6]. - The company has significantly increased its online sales, with online self-operated stores becoming the main revenue driver, contributing 43.5% of total revenue in the first half of 2025, up from 20.3% in 2022 [7][8]. Marketing and Sales Strategy - Tambor has heavily invested in marketing, with sales and marketing expenses exceeding RMB 260 million in the first half of 2025, accounting for nearly 40% of revenue. This aggressive spending has impacted profit margins, reducing net profit margin from 13.6% in 2023 to 5.5% in the first half of 2025 [9][11]. - The company has also increased its inventory levels significantly, with stock reaching RMB 1.103 billion by the end of August 2025, resulting in a high inventory turnover period of 485.4 days [9][11]. Dividend Policy and Financial Health - Tambor has engaged in substantial dividend payouts, distributing RMB 35 million in 2022 and RMB 290 million in 2025, which raises concerns about financial sustainability given the high inventory and increased bank borrowings [11][12]. - As of June 30, 2025, the company had short-term and long-term bank borrowings totaling RMB 2.18 billion and RMB 890 million respectively, while cash and cash equivalents were only RMB 26 million [12][13]. Governance Concerns - The concentrated ownership structure, with the controlling shareholder holding approximately 96.64% of voting rights, raises potential governance issues, particularly regarding the sustainability of the company's financial practices and its future growth prospects [13].