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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [34][17]. Core Views - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan due to high shipping costs and increased sales expenses [5][6]. - The company is focusing on product innovation and expanding its sales channels, particularly in emerging platforms like TEMU, TikTok, and SHEIN, which have shown significant growth [6][12]. - The logistics optimization strategy, including the establishment of additional warehouses in Europe and the U.S., has improved delivery efficiency and reduced costs [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 2.294 billion yuan, a year-on-year increase of 53.02% [5]. - The gross profit margin for 2024 was 34.65%, a decrease of 1.67 percentage points compared to the previous year [15]. - For Q1 2025, the company achieved a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, with a net profit of 111 million yuan, up 10.30% [5][16]. Revenue Growth Drivers - The revenue growth was driven by strong performance in new and secondary products, which accounted for 37% of total revenue, with a year-on-year growth of 89% [6]. - The furniture and home goods categories saw significant growth, with revenues of 4.198 billion yuan and 2.953 billion yuan, respectively, both showing over 35% growth [7]. - The company has diversified its sales channels, with B2C and B2B revenues of 6.837 billion yuan and 1.196 billion yuan, respectively, reflecting a year-on-year increase of 38.43% and 14.43% [9]. Supply Chain and Logistics - The company has established a global mixed warehousing network, with a self-operated warehouse area of 334,900 square meters by the end of 2024, covering key markets in Europe and the U.S. [10]. - The logistics strategy includes optimizing warehouse locations to enhance delivery speed and reduce costs, with average shipping costs decreasing by 0.7 to 2.4 USD per package [10][11]. - The company is transitioning its supply chain to Southeast Asia to mitigate geopolitical risks and reduce costs, with 20% of shipments to the U.S. already sourced from this region [14]. Future Outlook - The company is projected to achieve net profits of 385 million yuan, 548 million yuan, and 709 million yuan in 2025, 2026, and 2027, respectively, with corresponding EPS of 0.96 yuan, 1.37 yuan, and 1.76 yuan [19][17]. - The ongoing expansion into new sales channels and the optimization of logistics are expected to support sustained revenue growth and improve profitability in the coming years [12][17].