2025上半年，公司实现收入为6.58亿元，同比增长85%；期内利润为3593.7万元，同比增长205.6%。 瑞财经 吴文婷近日，坦博尔集团股份有限公司（以下简称"坦博尔"）在港交所递交招股书，独家保荐人为中金公司。 坦博尔是专业户外服饰品牌。公司的产品以卓越的品质、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2024年零售额计，公司是中国第四大本土专业户外服饰品牌。 据招股书，2022年-2024年，坦博尔实现收入分别为7.32亿元、10.21亿元、13.02亿元；年内利润分别为8577.4万元、1.39亿元、1.07亿元。 王丽莉于2008年12月获中国上海交通大学颁授工商管理硕士学位，并于2024年5月获潍坊市人力资源和社会保障局认证为高级工程师。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of $45.2 based on a 49X PE for 2025 [10][11]. Core Insights - The company reported strong Q3 performance, with revenue of $1.76 billion, a 30% year-over-year increase, and net profit attributable to shareholders rising 156% to $140 million [11][12]. - All regions showed accelerated growth compared to Q2, with significant contributions from functional apparel, outdoor apparel, and ball sports segments [11][12][13]. Financial Summary - Projected total revenue for 2024A to 2027E is as follows: - 2024A: $5.183 billion - 2025E: $6.435 billion (up 24.1%) - 2026E: $7.530 billion (up 17.0%) - 2027E: $8.656 billion (up 15.0%) [3][6] - Projected net profit attributable to shareholders for 2025-2027 is: - 2025E: $511 million - 2026E: $650 million - 2027E: $818 million [10][11]. Segment Performance - **Functional Apparel**: Revenue grew 31% YoY, driven by strong performance in women's Arc'teryx and footwear. Direct-to-consumer (DTC) sales increased by 46% [12]. - **Outdoor Apparel**: Revenue increased by 36% YoY, primarily due to Salomon's strong performance. DTC sales rose by 67% YoY [13]. - **Ball Sports**: Revenue grew 16% YoY, with significant growth potential through partnerships with leading distributors [14]. Long-term Growth Outlook - The company has outlined a 5-year strategy targeting low to mid-double-digit revenue CAGR from 2025-2030, with expectations of improved operating margins across all segments [15].

据媒体报道，连日来，张家界七星山掀起的"荒野风"正席卷全网。荒野求生赛事的爆火，直接激活了户 外消费市场的潜力。东吴证券研报指出，当前国内户外行业正处于多重积极因素共同催化增长提速的机 遇期，未来五年内行业规模有望翻倍，长期增长空间3倍以上，这将带来户外服饰整个产业链机会。企 查查数据显示，2019年开始，我国户外用品相关企业每年注册量快速增加，2023年全年注册343.3万 家，达近十年注册量峰值；截至11月14日，2025年我国已注册269.3万家户外用品相关企业，其中华中 地区最多，占比37.6%。企业存量方面，截至目前，我国现存913.7万家户外用品相关企业，户外用品行 业青睐三线城市，存量企业中，三线城市占比34.9%。 ...

Core Viewpoint - The report from Guosen Securities indicates that the impact of tariffs is gradually diminishing in Q4, leading to a stabilization of orders. Nike's latest quarterly performance exceeded market expectations, signaling a recovery point, which is expected to improve supplier outlooks [1][5]. Brand Apparel Insights - In September, the retail sales of clothing increased by 4.7% year-on-year, with a month-on-month growth acceleration of 1.6 percentage points [1]. - E-commerce performance in October showed positive trends across all categories, with outdoor products leading growth. Year-on-year growth rates for various categories included: sports apparel at 0%, outdoor apparel at +19%, leisure apparel at 0%, home textiles at +1%, and personal care at +2% [2]. - Leading brands in sports apparel growth included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [2]. Textile Manufacturing Insights - On a macro level, October saw a year-on-year decline in textile exports from China (-9.1%) and Vietnam (-1.0%), with apparel and footwear exports from China down by 16.0% and 21.0% respectively. However, PMI indices for Indonesia, India, and Vietnam showed increases, indicating a stable manufacturing environment [3]. - On a micro level, Taiwanese companies are optimistic about future revenue, with orders visibility extending to six months for certain firms. Companies like Yu Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [4]. Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The textile manufacturing sector is expected to see order recovery in Q4, with companies like Shenzhou International and Huali Group positioned to benefit from tariff stability and Nike's recovery [5][6]. - In the brand apparel sector, the long-term growth potential of the sports and outdoor segment is highlighted, with recommendations for brands like Anta Sports, Li Ning, and Xtep International, as well as non-sport brands benefiting from a "brand upward" strategy [6].

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products growing by 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth. In leisure wear, brands like Dazzle (93%), Li Ning (85%), and Snow Flying (49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases and decreases in October, with domestic cotton prices up by 0.7% and imported cotton prices down by 0.9%. Wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - On a micro level, Taiwanese companies showed varied revenue performance in October, with optimistic future outlooks. Companies like Ju Hong and Wei Hong reported strong order visibility and expected revenue recovery in the upcoming quarters [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see order recovery, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - Domestic sports brands have shown good growth in high-end functional and affordable mass-market segments, with online channels maintaining strong growth [1][2] - The operational capabilities of sports companies have been validated, with overall healthy inventory and discount management, indicating stable brand operations despite external fluctuations [1] - The running shoe category has performed well, driven by increased health awareness among consumers, while outdoor brands have also seen good growth due to rising interest in camping and trail running [2] Summary by Sections Channel Performance - Anta's online growth is slower than offline due to strategic adjustments, while FILA's online performance exceeds offline. Li Ning's online sales show high single-digit growth, outperforming the wholesale channel [1] - Tebu and 361° brands have better online growth compared to offline [1] Brand Performance - Anta's main brand shows low single-digit positive growth, while FILA's growth continues to slow. Other brands like Descente and Kelong have seen a combined growth of 45-50% [7] - Li Ning's overall sales have declined in the mid-single digits, but this is slightly better than the company's previous expectations [7] - Tebu's main brand retail sales have low single-digit growth, while Saucony's retail sales have grown over 20% [7] - 361° has seen approximately 10% growth in its main brand and children's clothing [7] Future Outlook - The industry faces macroeconomic challenges in Q4, with Anta lowering its annual revenue guidance. However, its multi-brand strategy and efficient management provide a strong competitive edge [2] - Li Ning aims to enhance brand momentum through Olympic marketing and NBA events, while Tebu continues its channel transformation [2] - 361° is increasing its outdoor product development in response to the domestic outdoor apparel trend [2]

Core Viewpoint - Tambor Group is transitioning from a traditional down jacket brand to a comprehensive outdoor apparel company, seeking growth through capital markets amid a booming outdoor sports industry in China [1][10]. Company Overview - Established in 1999, Tambor has focused on down jackets, gaining brand recognition in northern China. Unlike high-end competitors, it has relied on supply chain efficiency and cost-effectiveness to build market share [2]. - The company went public on the New Third Board in 2015 but withdrew two years later. Recent market saturation and changing consumer preferences have prompted a strategic shift towards outdoor apparel [2][6]. Strategic Shift - Since the 2022 Winter Olympics, Tambor has redefined its strategy to focus on outdoor activities, moving from seasonal production to a multi-scenario product approach, including hiking, skiing, and camping [2][5]. - The brand aims to shed its traditional image by promoting itself as an "outdoor lifestyle brand" through new product launches and collaborations with educational institutions and material suppliers [5][12]. Financial Performance - Tambor's revenue has shown consistent growth over the past three years: 732 million yuan in 2022, 1.021 billion yuan in 2023, and projected 1.302 billion yuan in 2024, with a net profit margin of 10% to 12% and a stable gross margin of around 55% [6][9]. - Approximately 70% of the company's revenue in 2024 is expected to come from its "urban light outdoor series," which still heavily features down jackets and windbreakers [6]. Market Position and Challenges - Despite growth, Tambor faces challenges such as high inventory turnover days (485 days in the first half of 2025), indicating potential issues in product iteration and supply chain management [8]. - The company plans to use IPO proceeds for research and development, market expansion, and product diversification, with a goal to increase R&D expenditure to over 5% by 2027 [9]. Industry Trends - The outdoor apparel market in China is projected to grow from 131.9 billion yuan in 2024 to 287.1 billion yuan by 2029, with a compound annual growth rate of 16.8% [10]. - The trend of "outdoorization" is evident as traditional clothing brands pivot towards outdoor segments, driven by consumer demand for multifunctional and lifestyle-oriented products [10][12]. Conclusion - Tambor's IPO reflects a broader trend in the apparel industry, where brands are increasingly focusing on outdoor markets to capture new growth opportunities. The company's strategic adjustments and market positioning will be critical as it navigates this evolving landscape [1][10].

Core Viewpoint - Tambor Group has submitted its prospectus to the Hong Kong Stock Exchange, marking its second attempt to access capital markets after previously listing on the New Third Board in 2015 and subsequently delisting [2]. Financial Performance - Revenue growth from 2022 to 2024 increased from 732 million RMB to 1.302 billion RMB, with a 2025 first-half revenue of 658 million RMB, reflecting an 85% year-on-year increase [2][3]. - Net profit showed volatility, with 857 million RMB in 2022, rising to 1.39 billion RMB in 2023, then declining to 1.07 billion RMB in 2024, a 23% year-on-year decrease. The net profit for the first half of 2025 was only 359 million RMB, with a net profit margin dropping from 11.7% in 2022 to 5.5% in the first half of 2025 [2][3]. Cost Structure - Sales cost as a percentage of revenue decreased from 49.8% in 2022 to 45.1% in 2024, while gross profit margin improved from 50.2% to 54.9% during the same period [3]. - Sales and distribution expenses reached 508 million RMB in 2024, accounting for 39% of revenue, indicating high marketing costs associated with online sales growth [4]. Inventory and Cash Flow Issues - Inventory value increased from 931 million RMB at the end of June 2025 to 1.103 billion RMB by the end of August 2025, with inventory turnover days rising from 242 days in 2023 to 485 days in the first half of 2025 [4]. - A significant dividend payout of 290 million RMB prior to the IPO, which is over eight times the 35 million RMB dividend in 2022, has led to a decrease in net assets from 741.5 million RMB at the end of 2024 to 487.5 million RMB by mid-2025, with cash and cash equivalents dropping to 26 million RMB [4]. Shareholding Structure - The Wang Lili family controls approximately 96.64% of the voting rights in the company, with significant dividends benefiting them [4][6]. - Major shareholders include Shanghai Lanyin with 67.14% and Wang Lili with 25.33% of the shares [6]. Future Plans - The company plans to use the funds raised from the IPO for technology research and brand development, although there are concerns that the recent dividend payout may lead to cash shortfalls affecting liquidity [6].

Core Viewpoint - The company, Tanshan (探路者), is experiencing a significant decline in performance, with projected net profits for the first three quarters of 2025 expected to drop by 64.62% to 70.51% compared to the previous year, primarily due to poor sales in its outdoor business and losses in its chip business [1][3]. Financial Performance - The projected net profit for the first three quarters of 2025 is estimated to be between 30 million to 36 million yuan, while the non-recurring net profit is expected to be between 25 million to 29 million yuan, reflecting a decline of 64.62% to 70.51% and 68.20% to 72.59% respectively compared to the same period last year [1][3]. - For the first half of 2025, the company reported revenue of 653 million yuan, a year-on-year decrease of 7.82%, with net profit dropping by 76.50% to approximately 20 million yuan [7]. Business Segments - The outdoor business segment generated revenue of 538 million yuan in the first half of 2025, down 10.51% year-on-year, with all three core product categories (outdoor apparel, footwear, and equipment) experiencing significant declines in sales [7]. - The chip business, while showing overall positive development, has been negatively impacted by exchange rate fluctuations, leading to losses that have affected overall performance [3][4]. Acquisition and Performance Issues - Tanshan's acquisition of Beijing Xinneng Electronics Technology Co., Ltd. has not met performance commitments, with the acquired company reporting cumulative losses of 176 million yuan from 2022 to 2024, failing to achieve promised profit targets [2][5]. - The acquisition was part of a cross-industry strategy, but the chip business has faced challenges due to macroeconomic conditions and a slowdown in the global consumer electronics market [5]. Management and Shareholder Actions - The company's founder is reportedly accelerating cashing out, with significant share reductions noted, including a recent decrease in holdings from 5.17% to 4.99% [8][9]. - Since 2020, the founders have reportedly cashed out over 1.4 billion yuan, indicating a trend of divestment from the company [10]. Financial Strategy - Tanshan plans to utilize up to 800 million yuan of idle funds for low-risk financial products, despite having sufficient liquidity with cash and financial assets totaling over 8.27 billion yuan [2][10].