渠道网络的建设同样展现出战略眼光。截至2025年6月末，公司拥有568家常设线下门店，其中自营门店257家，分销门店311家，并设有50家季节性店铺。品 牌打造的第六代户外概念旗舰店从青州山水与户外文化中汲取灵感，凭借独特的设计理念荣获美国缪斯设计奖。同时，精心打造的"高山美学"体验店通过场 景化布局，为消费者带来沉浸式的品牌体验。 2025年9月24日，西湖畔的"雪舞山巅"大秀见证了专业户外服饰品牌坦博尔TANBOER的重要蜕变。这场与北京电影学院"未来影像实验室"共创的盛事，将科 技面料与光影艺术完美融合，标志着品牌从功能保障向场景适配的战略转型。就在大秀落幕一个月后，坦博尔TANBOER正式向港交所递交主板上市申请， 踏上了资本市场的新征程。 当前户外运动产业正迎来前所未有的发展机遇。根据行业预测，到2030年体育产业总规模将突破7万亿元，其中冰雪经济规模预计在2027年达到1.2万亿元。 专业户外服饰市场2024年规模已达1319亿元，未来五年复合年增长率预计保持16.8%的高速增长。在这个集中度较低的市场中，前十品牌市占率仅24.3%， 为具备核心竞争力的企业提供了广阔的成长空间。 财务数据印证了坦 ...

坦博尔构建了以产品为核心的体系化能力，其关键在于从研发到制造的完整链条掌控。品牌通过自主研发，在材料科技上取得重要突破，开发出采用微孔结 构的专有薄膜技术，有效解决了传统膜层材料在透气性上的瓶颈，并已累计取得多项涵盖防水透气、蓄热保暖等领域的专利。为确保产品在极端环境下的可 靠性，坦博尔与北京服装学院联合建立了"极寒科技实验室"。该实验室配备了可在零下60摄氏度至50摄氏度区间内运作的极端环境模拟系统，为产品性能提 供了科学的验证标准，构筑起专业的技术壁垒。这些研发成果已高效转化为具体产品。截至2025年6月30日，其面向专业场景的顶尖户外系列已推出83个 SKU，并在报告期内实现了约10万件的销售，印证了其技术驱动的发展模式。 专业户外服饰品牌坦博尔已于近期正式向香港交易所提交主板上市申请，其凭借稳健的业绩增长与覆盖研发、生产及品牌建设的综合实力，迈出登陆资本市 场的重要一步。此举不仅是企业发展的关键节点，亦映射出在持续演进的市场格局中，专注产品创新与全链路的专业户外服饰品牌，其市场竞争力的进一步 提升。 根据灼识咨询数据，中国专业户外服饰市场2024年规模约1319亿元，预计至2029年复合年增长率达16 ...

来源：证券之星 当波司登凭借高端化一骑绝尘，鸭鸭借电商和设计强势翻红，在羽绒服这个看似格局已定的战场，近期 一家曾被外界贴上"波司登平替"标签的羽绒服品牌坦博尔却正在叩响港交所大门。值得注意的是，公司 在招股书中将自身定位为中国领先的专业户外服饰品牌。根据灼识咨询的资料，以2024年零售计算，公 司是中国第四大本土专业户外服饰品牌。 业绩数据光鲜，但坦博尔正面临着不小的资金压力。今年上半年，公司现金及现金等价物仅为2600.9万 元，相较2024年末的1.54亿元大幅收窄，而截至今年8月31日，公司的借款总额高达3.08亿元，现金的快 速消耗与债务的高企，使其此番赴港IPO寻求"补血"显得尤为迫切。 01． 上半年三大产品系列毛利率均下滑 当时，公司将半年度业绩双降的原因归咎于春节过后服饰购买（特别是冬装羽绒服）的购买量急速下 降，然而更深层次症结或许在于，彼时的坦博尔在消费者心中，尚未找到一个足够鲜明、能跨越产品周 期的品牌记忆点。 坦博尔如今的业绩复苏，得益于其抓住了户外生活方式主流化的东风，并于2022年启动了向"专业户外 品牌"的战略转型。招股书显示，报告期内（2022年至2024年以及今年1至6月） ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Tambor Group to provide additional information regarding compliance, data security, foreign investment access, and the use of raised funds as part of its application for listing in Hong Kong [1][4] Group 1: Company Overview - Tambor Group is a leading professional outdoor apparel brand in China, recognized for its high-quality products designed for various outdoor activities and urban scenarios [2] - As of 2024, Tambor is the fourth largest domestic professional outdoor apparel brand in China, with a product system that includes 687 SKUs across three main series: top outdoor, sports outdoor, and urban light outdoor [2] Group 2: Financial Performance - The company's revenue for the six months ending June 30 for the years 2022 to 2025 is approximately 732 million RMB, 1.021 billion RMB, 1.302 billion RMB, and 658 million RMB respectively [2] - The net profit for the same periods is approximately 85.77 million RMB, 139 million RMB, 107 million RMB, and 35.93 million RMB respectively [2] - The overall gross profit margin has shown a positive trend, with figures of 50.2%, 56.5%, 54.9%, 59.8%, and 54.2% during the reporting period [3] - However, the net profit margin has been declining, with rates of 11.7%, 13.6%, 8.2%, and 5.5% over the same period [3]

Core Viewpoint - Following the National Day holiday, a significant drop in temperature in northern regions has led to an increase in demand for winter clothing, coinciding with major e-commerce promotions, which is boosting the consumer market [2] Group 1: Company Overview - Tambor Group, a veteran down jacket manufacturer, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to transition into the outdoor products sector [2][4] - The company previously listed on the New Third Board in February 2015 and delisted in December 2017, focusing primarily on down jackets at that time [2] Group 2: Market Potential - The outdoor apparel market in China is projected to grow from 68.8 billion yuan in 2019 to 131.9 billion yuan by 2024, with a compound annual growth rate (CAGR) of 13.9% [3] - The down jacket market is expected to reach 162 billion yuan by 2024, with a CAGR of 8.5%-10% from 2025 to 2030, which is lower than the growth rate of the outdoor apparel market [3] Group 3: Financial Performance - Tambor's revenue has shown steady growth from 732 million yuan in 2022 to 1.302 billion yuan in 2024, with a significant increase of 85.03% in the first half of 2025 [4][5] - The gross profit for the same periods has also increased, maintaining a gross margin above 50% [5] - However, net profit has declined from 139 million yuan in 2024 to 107 million yuan, with a net margin dropping from 13.6% to 8.2% [5] Group 4: Product Line and Sales Channels - Tambor has positioned itself as a "professional outdoor apparel brand," offering three main product lines: top outdoor series, sports outdoor series, and urban light outdoor series [4] - The urban light outdoor series has been the primary revenue driver, contributing 82.7% of total revenue in 2022, though this percentage has decreased over the years [6] - Online sales have increased significantly, with revenue rising from 226 million yuan in 2022 to 626 million yuan in 2024, accounting for 52.7% of total sales in the first half of 2025 [7][8] Group 5: Challenges and Strategic Adjustments - The offline sales channel has seen a decline in revenue contribution, dropping from 62.7% in 2022 to 43.3% in the first half of 2025, despite an increase in the number of physical stores [8][9] - The company has faced rising management costs for offline stores, which increased from 57 million yuan in 2022 to 127 million yuan in 2024 [9] - In response, Tambor has begun closing underperforming stores and optimizing its operational strategy [10][11] Group 6: Brand Recognition and Marketing - Despite significant marketing expenditures, which rose from 31.8 million yuan in 2022 to 113 million yuan in 2024, brand recognition remains low compared to competitors [12][17] - The average selling price of Tambor's products is significantly lower than the suggested retail prices, indicating potential issues with pricing strategy [15] - Customer complaints regarding product quality have been prevalent, indicating challenges in brand perception [19] Group 7: Financial Strategy and IPO Justification - Tambor's cash flow from operating activities has decreased from 250 million yuan in 2024 to a net outflow of 89 million yuan in the first half of 2025, raising concerns about liquidity [22] - The company has distributed substantial dividends, totaling 325 million yuan, which is close to its net profit over the same period, raising questions about the rationale behind its IPO fundraising [22][25]

Core Viewpoint - Tambor Group has submitted its IPO application to the Hong Kong Stock Exchange, positioning itself as the fourth largest outdoor apparel brand in China by retail sales, with significant revenue growth driven by the rising middle-class demand for outdoor products [1][3]. Financial Performance - Tambor's revenue is projected to grow from 732 million yuan in 2022 to 1.302 billion yuan in 2024, representing a 77.9% increase [1][3]. - The company's gross margin has been over 50%, with figures of 50.2%, 56.5%, and 54.9% from 2022 to 2024 [4][11]. - Net profit margins have declined from 11.7% in 2022 to 5.5% in the first half of 2025, indicating profitability challenges despite revenue growth [11]. Product and Market Strategy - Tambor's product lines include premium outdoor, sports outdoor, and urban light outdoor series, with the urban light outdoor series contributing 68.2% of revenue in the first half of 2025 [6][8]. - The average selling prices of products are often below the suggested retail prices, indicating reliance on discounts to drive sales [7][9]. Operational Challenges - The company faces increasing inventory levels, rising from 333 million yuan in 2022 to 931 million yuan in the first half of 2025, with average inventory turnover days extending from 292.2 days in 2022 to 485.4 days in 2025 [12][13]. - Tambor's reliance on third-party manufacturing raises concerns about product quality, as evidenced by customer complaints regarding defects [11][12]. Corporate Governance and Family Dividends - The Wang family, which holds over 92% of shares, has received substantial dividends totaling 328 million yuan over the past three years, raising concerns about the company's financial health and governance practices [15][16]. - The company's net asset value has decreased significantly, from 740 million yuan at the end of 2024 to 490 million yuan in the first half of 2025, following large dividend payouts [16].

Core Viewpoint - The article discusses the recent IPO submission of Tambor Group, highlighting its rapid revenue growth and the challenges it faces in maintaining a competitive edge in the outdoor apparel market, particularly amid concerns over its marketing strategy and family dividend distributions [1][19]. Group 1: Company Overview - Tambor Group, established over 20 years ago, has transitioned from a down jacket brand to a professional outdoor apparel brand, ranking fourth in China by retail sales [1]. - The company's revenue is projected to grow from 732 million yuan in 2022 to 1.302 billion yuan in 2024, marking a 77.9% increase [1][3]. Group 2: Financial Performance - Revenue figures from 2022 to 2024 are 732 million yuan, 1.021 billion yuan, and 1.302 billion yuan, with a 85% year-on-year growth in the first half of 2025 [3]. - Gross margins have been over 50%, with specific figures of 50.2%, 56.5%, and 54.9% from 2022 to 2024 [5][12]. - However, net profit margins have declined from 11.7% in 2022 to 5.5% in the first half of 2025, indicating profitability challenges [12]. Group 3: Market Strategy - The company has shifted its focus to online sales, with revenue from online channels increasing from 226 million yuan in 2022 to 626 million yuan in 2024, accounting for 52.7% of total revenue in the first half of 2025 [4]. - Despite high gross margins, the company relies heavily on marketing and has seen a significant increase in sales and distribution expenses, which reached 39% of total revenue by 2024 [12]. Group 4: Product Pricing and Sales - Tambor's product lines include premium outdoor, sports outdoor, and urban light outdoor categories, with the urban light outdoor series contributing 68.2% of revenue in the first half of 2025 [8]. - Average selling prices are often below the suggested retail prices, indicating reliance on discounts to drive sales [9]. Group 5: Inventory and Operational Challenges - Inventory levels have risen from 333 million yuan in 2022 to 931 million yuan in the first half of 2025, with an average inventory turnover period extending to 485.4 days [14][15]. - Complaints regarding product quality and return issues have been noted, which could impact brand reputation [14]. Group 6: Family Dividend Concerns - The company distributed a total of 325 million yuan in dividends, with the controlling family receiving 268 million yuan, raising concerns about the sustainability of profit reinvestment [16][19]. - The family holds 92.47% of the shares, indicating significant control over the company's financial decisions [17].

Core Viewpoint - Tambor Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its growth as the fourth largest domestic outdoor apparel brand in China, with annual sales exceeding 1 billion RMB [4][10]. Company Background - Founded by a couple from Sichuan, Tambor started from a small down jacket factory and has expanded its reach nationwide, initially focusing on affordable leisurewear to compete with high-end brands like Bosideng and Canada Goose [6][7]. - The company faced challenges after its initial public offering on the New Third Board in 2015, leading to a decline in revenue from approximately 660 million RMB in 2012 to 370 million RMB in 2016 due to insufficient marketing and brand recognition [7]. Business Transformation - In 2022, Tambor began transitioning to an outdoor brand, launching multifunctional apparel and becoming the official off-field apparel supplier for the Austrian Nordic Ski Team in 2024 [7][10]. - The company has redefined itself as a professional outdoor apparel brand, offering three product lines: top outdoor, sports outdoor, and urban light outdoor, with price ranges from 699 RMB to 3299 RMB [8][10]. Financial Performance - Tambor's revenue is projected to grow from 732 million RMB in 2022 to 1.3 billion RMB in 2024, with net profits of 86 million RMB, 139 million RMB, and 107 million RMB for the same years [10][11]. - The urban light outdoor series remains the primary revenue driver, accounting for 70% of total revenue in the previous year, while the top outdoor and sports outdoor series are gradually increasing their contributions [10][11]. Sales Channels - Online sales have surged, with a 79.6% increase expected in 2024, contributing approximately 52.7% of total revenue, while offline sales have stagnated, leading to a reduction in the number of physical stores [12]. - The company relies heavily on third-party manufacturers for over 90% of its products, which has led to increased costs and pressure on profit margins [12].

Company Overview - Tambor is a leading professional outdoor apparel brand in China, known for its high-quality products, user-friendly designs, and advanced technology, catering to various outdoor activities such as skiing, mountaineering, and hiking, as well as urban leisure and commuting [3] - As of June 30, 2025, Tambor's product system includes 687 SKUs, focusing on consumer-centric development and material technology [5] - Tambor is the fastest-growing brand in terms of online retail sales among the top ten professional outdoor apparel brands in China, projected for 2024 [6] Industry Position - Tambor operates 257 self-operated offline stores and 311 offline stores run by distributors, with video views on social commerce platforms exceeding 2 billion [7] Market Outlook - The global professional outdoor industry is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2019 to 2024 and 12.1% from 2024 to 2029, with apparel growing at 5.8% and equipment at 8.4% [10] - The Chinese professional outdoor industry is projected to grow at a CAGR of 13.9% from 2019 to 2024 and 16.8% from 2024 to 2029, with apparel growing at 9.2% and equipment at 12.0% [14] Business Model - Tambor's product system is divided into three main series: Top Outdoor Series, Sports Outdoor Series, and Urban Light Outdoor Series, designed to meet different wearing scenarios [19] - The Top Outdoor Series targets extreme environments and high-intensity sports, while the Sports Outdoor Series caters to family outdoor activities and advanced outdoor enthusiasts [21] Competitive Advantages - The company maintains a strong commitment to high quality, enhancing its leading position and differentiated competitiveness in the professional outdoor apparel market [22] - An efficient product development system leads to a diverse and vibrant product portfolio [22] - Expertise in fabric technology and production processes improves product performance [22] - Strategic brand building and an omnichannel sales network enhance brand awareness [22] - Integrated supply chain management ensures product quality and operational efficiency [22] - An experienced and dedicated management team drives sustainable growth [22] Financial Data - Revenue for 2022 was 732,419 thousand RMB, increasing to 1,021,042 thousand RMB in 2023, and projected to reach 1,302,479 thousand RMB in 2024 [26][28][30] - Gross profit for 2022 was 367,923 thousand RMB, rising to 576,444 thousand RMB in 2023, and expected to be 715,127 thousand RMB in 2024 [32][34][38]

Core Viewpoint - Tambor Group, a well-known outdoor apparel brand in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the fourth largest domestic professional outdoor apparel brand by retail revenue in 2024 [1] Financial Performance - Tambor's revenue and net profit have shown significant growth from 2022 to 2024, with revenues of 732 million, 1.021 billion, and 1.302 billion RMB, and net profits of 85.77 million, 139.25 million, and 107.31 million RMB respectively [2][3] - In the first half of 2025, Tambor achieved a revenue of 658 million RMB, representing an 85% year-on-year increase, with a net profit of 35.94 million RMB, up 206% from the same period in 2024 [2][3] - The net profit margins for the years 2022 to 2025 are 11.7%, 13.6%, 8.2%, and 5.5% respectively, indicating a decline in profitability [2][3] Online Sales Growth - Tambor's online sales have increased significantly, from 226 million RMB in 2022 to 626 million RMB in 2024, with the online revenue share rising from 30.9% to 48.1% [4][5] - By the first half of 2025, online sales accounted for 52.7% of total revenue, marking a strategic shift towards e-commerce platforms [4][5] Inventory Issues - As of June 30, 2025, Tambor's inventory value reached 931 million RMB, a 262% increase from the end of 2023, with inventory turnover days rising from 242 days in 2023 to 485 days in the first half of 2025 [8] Market Positioning and Strategy - Tambor has shifted its product focus from traditional down jackets to outdoor sports apparel, expanding its product lines to include top-tier outdoor series, sports outdoor series, and urban light outdoor series [7] - The urban light outdoor series, priced between 699 and 1799 RMB, is the most popular, generating approximately 4.49 billion RMB in revenue in the first half of 2025, accounting for 68.2% of total revenue [10][11] Competitive Landscape - The outdoor apparel market is becoming increasingly competitive, with brands like Anta and Li Ning expanding their presence through acquisitions and new product lines [14][18] - The rise of affordable brands like Tambor and Berghaus is attributed to their focus on cost-effectiveness, appealing to young consumers seeking value [12][13]