Core Viewpoint - The company, Tambor Group Co., Ltd., has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, marking a significant step in its capital journey after nearly five years since delisting from the New Third Board. Company History and Transformation - Founded in 1999, Tambor initially started as a shoe manufacturer before transitioning into the down jacket industry by acquiring a struggling down jacket factory and its technical staff [1][3] - The company was officially established in 2004 with a registered capital of 10 million yuan, focusing on high-cost performance down jackets [1][3] Leadership Changes - In July 2022, the founder Wang Yongping transferred all his shares to his spouse Wang Lili, who now serves as the chairperson, executive director, and general manager [2][3] - Wang Lili and her son Wang Runji represent the controlling shareholders, holding approximately 96.64% of the voting rights [3] Financial Performance - Tambor's revenue for 2022, 2023, and projected for 2024 are 732 million yuan, 1.021 billion yuan, and 1.302 billion yuan respectively, with profits of 86 million yuan, 139 million yuan, and 107 million yuan [6] - The company experienced a situation of "increased revenue but decreased profit" in the previous year, with rising sales costs, financing costs, and administrative expenses [6] Market Position and Strategy - Tambor aims to reposition itself as a "professional outdoor apparel brand," currently ranking as the fourth largest domestic brand in this category with a market share of approximately 1.5% [4] - The company has launched three major product lines targeting different price ranges, with the cheapest down jacket priced at 299 yuan and the highest at 3,299 yuan [4][5] - Despite efforts to shift towards high-end outdoor products, the top-tier outdoor series accounted for only 4.6% of revenue, while the cheapest urban light outdoor series made up about 68.2% [6] Marketing and Brand Development - Tambor has engaged in marketing strategies including celebrity endorsements and collaborations with key opinion leaders (KOLs) to enhance brand visibility among younger consumers [4] - The company has also closed smaller stores and opened new ones in high-end shopping centers to improve its brand image and market positioning [6]