According to the prospectus, Tanbor stands as a leading professional outdoor apparel brand in China. The company's products are built on exceptional quality, user-friendly design, and advanced technology and craftsmanship, catering to various natural environment activities such as skiing, mountaineering, and hiking, as well as urban scenarios including outings, park leisure, and commuting, while redefining outdoor lifestyle trends.
Based on data from Frost & Sullivan, Tanbor ranks as China's fourth largest domestic professional outdoor apparel brand by retail sales in 2024.
Tanbor's product portfolio is meticulously structured into three major series: premium outdoor series, sports outdoor series, and urban light outdoor series, each designed to meet different wearing scenarios. As of June 30, 2025, the company's product portfolio encompasses 687 SKUs.
The company adheres to a consumer-centric philosophy as the foundation for research and development, focusing on fabric technology and product design. Particularly, the company's products utilize sustainable high-performance fabrics such as nylon (polyamide fiber) fabrics, which offer exceptional strength, durability, and breathability. Based on fabric development achievements, the company creates tailored design solutions for the specific needs of each product series. The company combines practical functionality with minimalist natural aesthetic choices to create professional outdoor apparel that is both functional and attractive.
During the track record period, Tanbor leveraged its mature offline business while strategically expanding online channels, achieving significant growth. Specifically, the company's online channel revenue increased substantially by 54.0% from 226 million yuan in 2022 to 349 million yuan in 2023, then surged by 79.6% to 626 million yuan in 2024, and further increased by 168.5% from 129 million yuan in the six months ended June 30, 2024, to 347 million yuan in the corresponding period of 2025. According to Frost & Sullivan data, based on 2024 online retail sales, the company was the fastest-growing brand in online retail sales among China's top ten professional outdoor apparel brands, with an 80.3% increase compared to 2023.
According to Frost & Sullivan data, China's professional outdoor apparel industry market size grew from 68.8 billion yuan in 2019 to 131.9 billion yuan in 2024, representing a compound annual growth rate of 13.9%, and is expected to reach 287.1 billion yuan by 2029, with a compound annual growth rate of 16.8% from 2024.
Notably, the domestic professional outdoor apparel brand market size grew from 27.0 billion yuan in 2019 to 57.3 billion yuan in 2024, representing a compound annual growth rate of 16.2%, and is expected to reach 137.2 billion yuan by 2029, with a compound annual growth rate of 19.1% from 2024. This reflects both the continued expansion of the professional outdoor apparel market and the rapid growth momentum of domestic brands.
Tanbor sells products through a comprehensive sales network integrating online and offline channels. Leveraging the company's established brand recognition and market share, the company strategically expands its online business by establishing online store portfolios targeting different consumer groups and usage scenarios, enhancing product accessibility.
During the track record period, the company rapidly expanded online channels to meet the evolving needs of online digital users. The company's online channels primarily cover social commerce platforms including Douyin, Tmall, Kuaishou, JD.com, and WeChat Mini Programs. The company's online sales channels mainly include online self-operated stores, e-commerce platform sales, and online distributors.
The company's offline channels play a crucial role in cultivating long-term consumer trust and loyalty. The company's offline channels include direct sales through offline self-operated stores, which encompass both rental and consignment operation models, and sales through offline stores operated by distributors, with whom the company establishes strategic partnerships to jointly sell products to end consumers.
The company operates offline stores through two models to maximize market coverage and adapt to consumer needs. Permanent stores provide continuous brand exposure at core retail locations, offering the full product range year-round, while seasonal offline stores are strategically opened mainly during peak sales periods in the first and fourth quarters of each year.
The company's seasonal stores aim to capitalize on heightened consumer demand during specific periods, responding to market fluctuations through flexible operating models while achieving cost optimization. As of December 31, 2022, 2023, and 2024, and June 30, 2025, the company operated 230, 197, 136, and 50 seasonal offline stores, respectively.
Financially, Tanbor achieved sustained growth during the track record period. In 2022, 2023, and 2024, the company's total revenue was 732 million yuan, 1.021 billion yuan, and 1.303 billion yuan, respectively. Notably, the company's total revenue increased by 85.0% from 356 million yuan in the six months ended June 30, 2024, to 658 million yuan in the six months ended June 30, 2025, driven by growing market demand for the company's product portfolio, continuous expansion of the product portfolio, and effective marketing strategies that enhanced brand recognition.
In 2022, 2023, and 2024, and the six months ended June 30, 2024 and 2025, the company's gross profit was 368 million yuan, 576 million yuan, 715 million yuan, 213 million yuan, and 357 million yuan, respectively, with overall gross profit margins of 50.2%, 56.5%, 54.9%, 59.8%, and 54.2%, respectively.
The proceeds from Tanbor's Hong Kong IPO are intended for the following purposes: advancing the company's technology R&D system; brand building and omni-channel network upgrades; strengthening sustainable supply chain management; strategic acquisitions and expanding the company's brand portfolio; and working capital and general corporate purposes.