Core Viewpoint - The domestic outdoor brand Tambor is preparing for an IPO in Hong Kong, following a significant pre-IPO dividend distribution of 290 million yuan, which has raised concerns about its financial health and cash flow management [2][12][14]. Financial Performance - Tambor has demonstrated impressive revenue growth, with revenues increasing from 732 million yuan in 2022 to 1.302 billion yuan in 2024, reflecting a compound annual growth rate of over 33%. In the first half of 2025, revenue reached 658 million yuan, marking an 85% year-on-year increase [5][6]. - Despite the revenue growth, Tambor's net profit has shown significant volatility, with net profit decreasing from 139 million yuan in 2023 to 107 million yuan in 2024, a decline of 23%. The net profit margin has also decreased from 13.6% in 2023 to 8.2% in 2024 and further to 5.5% in the first half of 2025 [6][10][14]. Market Position - The Chinese outdoor apparel market is rapidly expanding, with the market size projected to grow from 688 billion yuan in 2019 to over 2.87 trillion yuan by 2029. Tambor is currently the fourth largest domestic professional outdoor apparel brand based on retail sales in 2024 [6][8]. Channel Transformation - Tambor has been actively transforming its sales channels, with online sales increasing from 226 million yuan in 2022 to 626 million yuan in 2024, accounting for 48.1% of total revenue. In the first half of 2025, online sales surpassed offline sales for the first time [8][9]. - However, the rapid growth of online channels has led to increased marketing expenses, which reached 508 million yuan in 2024, representing 39% of total revenue, up nearly 12 percentage points from 2022 [9][10]. Inventory Challenges - As of June 30, 2025, Tambor's inventory value surged to 931 million yuan, a 262% increase from the end of 2023. The inventory turnover days have also significantly increased from 242 days in 2023 to 485 days in the first half of 2025, indicating potential inefficiencies in inventory management [10][11]. Pre-IPO Dividend and Financial Strategy - Prior to its IPO, Tambor distributed a substantial dividend of 290 million yuan, which is over eight times the 35 million yuan distributed in 2022. This distribution has reduced the company's net assets from 741.5 million yuan at the end of 2024 to 487.5 million yuan by June 30, 2025 [12][14]. - The company plans to use the funds raised from the IPO for technology research and development, brand building, channel upgrades, and strategic acquisitions, although the recent dividend may necessitate some funds to address short-term liquidity issues [15].