Core Viewpoint - Tambor is planning to go public on the Hong Kong Stock Exchange, with funds aimed at technology research, brand building, multi-channel network upgrades, and supply chain management. Despite being the fastest-growing outdoor apparel brand in China in terms of online retail sales, its profitability has declined significantly over the past year [1][4]. Financial Performance - Tambor's revenue has increased from 732 million yuan in 2022 to 1.302 billion yuan in 2024, with a 85% year-on-year growth to 658 million yuan in the first half of 2025. However, net profit has fluctuated, with figures of 86 million yuan, 139 million yuan, and 107 million yuan from 2022 to 2024, respectively [4][6]. - The company's net profit margin dropped from 13.6% in the previous year to 8.2%, with a projected 5.5% by June 2025, indicating ongoing profitability challenges [1][4]. - Sales costs have risen significantly, with 364 million yuan in 2022, increasing to 587 million yuan in 2024, while the gross profit margin has decreased from 59.8% to 54.2% in the first half of 2025 [4][6]. Product Segmentation - Tambor's product lines include three main categories: top outdoor series, sports outdoor series, and urban light outdoor series. The high-end product line has seen a rise in sales proportion, but profit margins have decreased [3][5]. - The urban light outdoor series remains a key revenue driver, contributing nearly 450 million yuan in the first half of 2025, although its gross margin has declined to 51.4% [6][7]. Sales Channel Strategy - The company has shifted its focus to online sales, reducing the number of physical stores from 608 to 568, with online channels generating 52.7% of total revenue [10][11]. - Marketing expenses have surged, with advertising and promotion costs reaching 113 million yuan in 2024, a 100.25% increase from the previous year [14]. Consumer Complaints - There have been numerous complaints regarding price fluctuations and product quality, including issues with down jackets and customer service responses [16][17].

鲁网10月10日讯（记者 于胜涛 通讯员 刘文琪 李梦璐 周谊）十一假期，尽管秋雨连绵、气温骤降，但 即墨服装市场内却是一派火热景象。日均客流量达3万人次，消费活力在这里持续释放，成为假期经济 的一抹亮色。 市场内，各类秋冬季服装提前上市，成为消费者竞相选购的"香饽饽"。羽绒服、加绒卫衣、毛衣等品类 应有尽有，不仅款式新颖时尚，更能满足全年龄段消费者的审美与实用需求。不少顾客全家出动，一次 性选购多件商品，售货员们忙碌地结算、打包，应对着持续不断的购物人潮。 "假期以来，店里客流量明显增加，我们新进的大量冬季产品，包括服装和鞋类，销售情况都非常 好。"一位店铺负责人袁玉表示，"我们将持续推出更多高性价比的商品，全力满足顾客的购物需求。" 为迎接国庆、中秋假期，市场商户提前备货，同时严格把控商品质量，让消费者买得放心、用得舒心。 此外，即墨服装市场还积极拓展商品种类，引入日常生活用品等，打造"一站式"购物体验，有效满足了 消费者多元化的采购需求。 ...

反转来得太快！据外媒报道，拥有60年历史的加拿大国民羽绒服品牌Canada Goose（加拿大鹅），可能将被中资收购。收购方为中国私募股权基金"博裕资 本"，报价高达13.5亿美元（约合96亿元人民币）。 还记得这张照片吗？ 八年前，被誉为"羽绒界爱马仕"的Canada Goose在北京、上海开出首店，瞬间引爆市场。"京爷""沪爷"们顶着零下十几度的寒风在商场外大排长龙，只为抢 购一件象征中产身份的"大鹅"。 要知道，"加拿大鹅"价格不菲，随便一件羽绒服售价都在万元以上，却屡屡秒光，热门款式在二手市场甚至被炒到两三万。 相比之下，国产品牌就没这般待遇了。前两年波司登推出一款售价7000元的羽绒服，立刻被网友"骂"上热搜，成了"国籍一换，骂声过万"的典型。 但高投入并未换来高增长。2023年起，"大鹅"在华的销量增长基本停滞。压力之下，品牌不得不放下身段，将门店开进奥特莱斯折扣店，最终导致调性与销 量双输。 中国市场的疯狂，让加拿大总部既惊喜又忐忑。其实在上市后不久，Canada Goose就陷入经营困境，市值一年内蒸发超11亿美元，华尔街毫不留情地给 出"卖出"评级，公司被迫启动大裁员。 是中国消费者的"钞能 ...

36氪国庆特别策划 文末还有抽奖！ 整理 ｜ 何雨婷 封面来源 ｜ Unsplash 资本世界的聚光灯下， 今年"品牌易主"的大戏格外密集 。 从经营百年的跨国企业，到靠网红单品销量过亿的年轻品牌， 一大波耳熟能详的名字，它们的命运都在牌桌上被重新洗牌。 一件动辄上万元，仍旧抵不住增长乏力，股价"跌跌不休"的加拿大鹅控股股东开始考虑出售股份。高价的卖不动，"平价之光"迪卡侬也不好过，在中国市场 寻求"卖身"。 2025刚过完年，徐福记就被雀巢全资控股，"糖果大王"过完了最后一个中国年。不仅是中国人的童年记忆，来自美国、被誉为"精品咖啡祖师爷"的Peet's Coffee的母公司在今年被收购。 不止是这些存在于我们日常生活中的品牌， 风暴席卷所有圈层 。 被几度转手的范思哲，今年又被Prada盯上；美国歌手贾斯汀·比伯的妻子海莉·比伯创建仅3年的品牌Rhode，靠一款唇膏手机壳，被卖出了10亿美元。甚至 全球最大成人网站OnlyFans，也没能逃过被80亿美元"折现"的命运。 买与卖，从来不是终局。 每一次所有权的更迭，都伴随着机遇与挑战，资本的棋局永不落幕。一笔新的交易，是对下一步棋的赌注，资本与市场对新的开 ...

商报记者 杨伊琳 "直接跟客户交流，比较有针对性，让我们更加了解对方的需求。" 在嘉兴海宁的跨国采购对接会现 场，平湖市太士服饰的外贸经理手里攥着刚填好的对接清单，笔尖还沾着未干的墨水——他面前的中东 采购商正指着样品册，认真询问羽绒服的面料材质与交货周期。这场2025年9月举办的长三角（嘉兴） 出海中东合作交流暨跨国采购对接会，是浙江省贸促会"国际贸易投资代表团浙江行"系列活动（以下简 称"浙江行"）的一个缩影：为应对传统市场不确定性，近60家中东采购企业专程来浙，与嘉兴外贸工 厂"零距离"对接；箱包、毛衫、羽绒服、面料、皮革5个产业带集中入驻嘉兴（迪拜）优品直销中心， 从以往单家企业"产品出海"，升级为整条产业链"抱团出海"，为嘉兴企业打开了中东市场的新赛道。 自2020年新冠疫情阻隔跨境交流开始，浙江省贸促会打破"企业出国找商机"的传统模式，把海外资 源"请进来"，在浙江大地上搭建起一座连接全球的经贸桥梁。五年间，19场活动、60多个国家和地区、 400多人次海外嘉宾、1300次精准对接，一个个数字背后，是无数个"双向奔赴"的合作故事。 故事一： 县域里的"大机遇"，让老外竖起大拇指 "在面积不大的县域 ...

Investment Rating - The report does not explicitly state an investment rating for the outdoor apparel industry. Core Insights - The Chinese outdoor apparel industry is transitioning from rapid growth to high-quality development, driven by policy incentives, economic growth, and cultural shifts towards health and outdoor activities. The market is expected to reach a new height by 2025, with a projected size of approximately 1,430 billion RMB [9][27]. Summary by Sections Chapter 1: Overview of the Chinese Outdoor Apparel Industry - Outdoor apparel is defined as clothing, footwear, and accessories designed for outdoor activities, emphasizing functionality and comfort [12]. - The industry has evolved through three stages: 1. **Emergence (1990s-2000s)**: International brands introduced the concept of outdoor activities to China [17]. 2. **Rapid Development (2008-2018)**: Local brands like Toread and Kailas emerged, capitalizing on rising incomes and increased interest in outdoor activities [18]. 3. **Transformation (2019-Present)**: The market is now characterized by consumer upgrades and a blend of fashion with functionality [20]. Chapter 2: Market Status and Scale Analysis - The global outdoor apparel market is mature, with the Asia-Pacific region, particularly China, being the fastest-growing area [26]. - China's outdoor apparel market is projected to grow significantly, with a market size of approximately 1,430 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) that exceeds traditional apparel sectors [27][29]. - The market is segmented into "general outdoor" and "hardcore outdoor" categories, with the former experiencing the fastest growth [34]. Chapter 3: Industry Chain Analysis - The industry chain includes upstream material suppliers, midstream brand operations, and downstream sales channels [39]. - Upstream, functional fabric technology is dominated by international giants like Gore-Tex, while domestic alternatives are emerging [41][42]. - Midstream, brands are adopting mixed operational strategies to cater to various market segments [45]. - Downstream, online sales channels are becoming increasingly important, with DTC (Direct-to-Consumer) models gaining traction [51][53]. Chapter 4: Market Competition Landscape - The market is characterized by a multi-layered competitive landscape, with increasing concentration due to the entry of major players like Anta [58]. - International brands dominate the high-end market, while domestic brands are focusing on innovation and brand upgrades [66]. - Marketing strategies have evolved to emphasize content and experiential marketing, leveraging social media platforms for consumer engagement [71]. Chapter 5: Consumer Behavior and Trends - The consumer base is diversifying, with younger generations and women becoming significant market segments [75]. - Key purchasing factors include brand recognition, aesthetic appeal, and functionality, with consumers willing to pay a premium for high-quality products [76].

本报告的全部内容版权归上海嘉世营销咨询有限公司(简称:嘉世咨询)。 未经授权,任何单位或个人不得以任何形式复制、传播或用于商业用途。 调研方法 桌面研究:搜集整理政府公开数据、行业协会、权威期刊、券商研报及企业 公开披露的行业数据。 & MCR 嘉世咨询 2025 中国户外服饰市场分析报告 Analysis Report on China's Outdoor Apparel Market c 嘉世咨询 报告说明 专家建议:听取行业资深人士意见和观点,提升分析深度与可靠性。 免责声明 本报告结论基于当前可获得信息,不构成投资或决策的唯一依据。研究团队 对因使用本报告引发的直接或间接损失不承担责任。 2 c 嘉世咨询 | 摘要 . | | --- | | 第一章：中国户外服饰行业发展总览………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………7 | | 1.1 户外服饰的定义与分类 . | | 1.2 中国户外服饰行业发展历程 | | 1.3 行业宏观环境分析（PEST 模型） ...

Group 1 - The core idea of the news is the "Zhejiang行" initiative, which aims to enhance international trade and investment by connecting local enterprises in Zhejiang with global markets, particularly in the Middle East [1][8] - The initiative has successfully organized 19 events over five years, involving over 400 overseas guests from more than 60 countries, facilitating around 1300 precise business matches [1][8] - The "Zhejiang行" program has shifted from a traditional model of enterprises seeking opportunities abroad to inviting overseas resources to Zhejiang, creating a bridge for global economic connections [1][2] Group 2 - The program highlights the potential of Zhejiang's county-level economies, showcasing numerous development opportunities and attracting foreign interest [2] - The initiative emphasizes the importance of not only business transactions but also cultural exchanges, fostering friendships alongside economic cooperation [3] - A robust support system, referred to as the "three networks," has been established to assist enterprises in navigating international markets, including an overseas liaison network, grassroots coordination, and enterprise service networks [4][6][7] Group 3 - The "Zhejiang行" initiative has proven effective in helping local enterprises secure significant orders, such as a $1.6 billion intention order through the established trade platforms [7] - The program has also provided legal and compliance support for cross-border e-commerce, addressing international disputes and helping companies recover losses [8] - The Zhejiang Provincial Council for the Promotion of International Trade aims to continue expanding this global economic network, enhancing the visibility of Zhejiang enterprises on the international stage [8]

新华社北京9月26日电 题：遏制羽绒服"以丝代绒"乱象 新标准让消费者一目了然 针对市场上个别商家虚标产地，将国产商品伪装成"原装进口"欺骗消费者的情况，中国羽绒工业协 会建立了"全球羽绒追溯系统"，真实记录全链信息，为羽绒及制品打造透明可查的"身份档案"。消费者 可通过扫描"安心购"二维码，查看羽绒产地、水禽品种、养殖周期、加工流程、检测报告等信息。 据介绍，中国羽绒工业协会今年将推动不少于100家羽绒生产企业完成溯源系统接入，实现从原料 采购、生产加工到成品销售的全链条透明化管理。同时，联合海关、市场监管部门加强对进口羽绒原料 的质量和产地审核。 【纠错】 【责任编辑:施歌】 2022年4月起实施的《羽绒服装》新国标，把旧标准的"含绒量"修改为"绒子含量"，即羽绒羽毛中 绒子所占的质量百分比。新国标中，绒子含量不包含绒丝。绒丝也叫飞丝，是从绒子或毛片根部脱落下 来的单根绒丝，保暖性能相对绒子较差，超标后容易造成钻绒现象。 由于羽绒是制品的内在填充料，消费者很难直观辨别产品质量和真伪。据介绍，《消费品质量分级 导则 羽绒制品》国家标准已于今年2月起正式实施。羽绒制品质量分级项目由中国羽绒工业协会承担， 此举 ...

Group 1 - The core viewpoint of the news is that the State Administration for Market Regulation has intensified quality supervision of industrial products, particularly focusing on solar photovoltaic components and electric vehicles to prevent irrational competition leading to low-quality products [1][2] - In 2023, the administration has conducted special inspections and source governance, with a focus on strict entry management, hazard checks, product sampling, and combating illegal activities [1] - Over 10,000 illegal cases related to electric bicycles have been investigated this year, with fines exceeding 90 million yuan, and 50 cases have been referred to judicial authorities [1] Group 2 - The administration has increased the scope of national supervision sampling to cover 164 product categories and over 16,000 batches, with a 70% increase in online product sampling compared to 2024 [1] - The tightening of source entry management includes the revision of industrial product production license management, with 4,216 licenses issued to 4,071 enterprises and 216 applications denied this year [2] - A pilot program for code verification has been initiated for 10 products, promoting a quality traceability mechanism from production to consumption in collaboration with major platforms [2]