上市前豪掷2.9亿分红！又一户外品牌闯IPO，年入13亿

Core Viewpoint - The outdoor market in China continues to attract domestic brands, with local outdoor apparel companies like Tambor actively pursuing capital market opportunities, including an IPO on the Hong Kong Stock Exchange. Financial Performance - Tambor's revenue has shown significant growth, increasing from 732 million RMB in 2022 to 1.302 billion RMB in 2024, with a remarkable 85% year-on-year growth in the first half of 2025 [2][8][10] - However, net profit has been volatile, with figures of 86 million RMB in 2022, 139 million RMB in 2023, and a decline to 107 million RMB in 2024, resulting in a net profit margin decrease from 11.7% in 2022 to 5.5% in the first half of 2025 [10][17] Marketing and Sales Channels - The company has significantly increased its marketing expenses, with sales and distribution costs reaching 508 million RMB in 2024, accounting for 39% of revenue, up nearly 12 percentage points from 2022 [11][12] - Online sales have become a crucial growth driver, with revenue from online channels rising from 226 million RMB in 2022 to 626 million RMB in 2024, representing 48.1% of total revenue [11][12] Inventory Issues - Tambor faces a severe inventory challenge, with inventory value skyrocketing from 257 million RMB at the end of 2023 to 930 million RMB by mid-2025, a 262% increase [13][14] - The inventory turnover days have also worsened, increasing from 242 days in 2023 to 485 days in the first half of 2025, indicating a significant delay in selling products [13][14] Controversial Dividend Distribution - Prior to its IPO, Tambor distributed a substantial dividend of 290 million RMB, which is over eight times the 35 million RMB distributed in 2022, raising concerns about the financial implications of such a large payout [15][17] - This dividend distribution has led to a notable decrease in the company's net assets, dropping from 741 million RMB at the end of 2024 to 487 million RMB by mid-2025 [17][18] Future Plans and Market Sentiment - The company plans to use the funds raised from the IPO for technology research and development, brand building, and network upgrades, but concerns exist regarding the potential use of funds to address short-term liquidity issues due to the recent dividend payout [18][19]