坦博尔IPO前突击分红2.9亿元，实控人王丽莉家族分2.68亿元，账上现金仅余2601万元

Core Viewpoint - Tambor Group has submitted its prospectus to the Hong Kong Stock Exchange, marking its second attempt to access capital markets after previously listing on the New Third Board in 2015 and subsequently delisting [2]. Financial Performance - Revenue growth from 2022 to 2024 increased from 732 million RMB to 1.302 billion RMB, with a 2025 first-half revenue of 658 million RMB, reflecting an 85% year-on-year increase [2][3]. - Net profit showed volatility, with 857 million RMB in 2022, rising to 1.39 billion RMB in 2023, then declining to 1.07 billion RMB in 2024, a 23% year-on-year decrease. The net profit for the first half of 2025 was only 359 million RMB, with a net profit margin dropping from 11.7% in 2022 to 5.5% in the first half of 2025 [2][3]. Cost Structure - Sales cost as a percentage of revenue decreased from 49.8% in 2022 to 45.1% in 2024, while gross profit margin improved from 50.2% to 54.9% during the same period [3]. - Sales and distribution expenses reached 508 million RMB in 2024, accounting for 39% of revenue, indicating high marketing costs associated with online sales growth [4]. Inventory and Cash Flow Issues - Inventory value increased from 931 million RMB at the end of June 2025 to 1.103 billion RMB by the end of August 2025, with inventory turnover days rising from 242 days in 2023 to 485 days in the first half of 2025 [4]. - A significant dividend payout of 290 million RMB prior to the IPO, which is over eight times the 35 million RMB dividend in 2022, has led to a decrease in net assets from 741.5 million RMB at the end of 2024 to 487.5 million RMB by mid-2025, with cash and cash equivalents dropping to 26 million RMB [4]. Shareholding Structure - The Wang Lili family controls approximately 96.64% of the voting rights in the company, with significant dividends benefiting them [4][6]. - Major shareholders include Shanghai Lanyin with 67.14% and Wang Lili with 25.33% of the shares [6]. Future Plans - The company plans to use the funds raised from the IPO for technology research and brand development, although there are concerns that the recent dividend payout may lead to cash shortfalls affecting liquidity [6].