HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Tanboer has rapidly expanded through a model of "affordable products + online marketing-driven", but it lacks core technological barriers and is highly dependent on marketing and channels.</li>
<li>Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.</li>
<li>The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.</li>
</ul>


Tanboer has rapidly expanded through a model of "affordable products + online marketing-driven", but it lacks core technological barriers and is highly dependent on marketing and channels.
Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.
The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.


Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

Hong Kong

Founded in 1994, Tanboer is a leading professional outdoor apparel brand in China. The company’s product portfolio includes professional outdoor clothing (mainly comprising down jackets, hardshell garments, and softshell garments) that cater to activities such as skiing, mountaineering, and hiking in various natural environments. Additionally, it addresses urban scenarios like outings, park leisure, commuting, and redefines trends in outdoor lifestyle.

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Tanboer Group (TANBR HK)

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

​Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...

Xinyao (Criss) Wang

Tanboer's expansion through affordable products+online marketing is hindered by low margin/inventory backlog,leading to lower valuation than...