Core Viewpoint - Tambor Group Co., Ltd. is seeking to go public on the Hong Kong main board, positioning itself as a leading professional outdoor apparel brand in China [2] Financial Performance - Revenue is projected to grow from RMB 732 million in 2022 to RMB 1.302 billion in 2024, with a compound annual growth rate (CAGR) of 33% [2] - For the first half of 2025, revenue reached RMB 658 million, representing an 85% increase compared to the same period last year [2] - Online revenue surged from RMB 226 million in 2022 to RMB 347 million in the first half of 2025, accounting for 52.7% of total revenue [2][4] Channel Strategy - The company is optimizing its offline channels by terminating partnerships with 83 distributors and focusing on efficient outlets in lower-tier cities [4] - As of June 30, 2025, Tambor operates 568 permanent offline stores, including 257 self-operated and 311 distributor-operated stores [4] Product Portfolio - Tambor has expanded from a domestic down jacket brand to include a comprehensive outdoor sports product line, with 687 SKUs as of June 30, 2023 [5] - The urban light outdoor series generated approximately RMB 448 million in revenue for the first half of 2025, making up 68.2% of total revenue [5] Market Position - Tambor is recognized as the fastest-growing brand among the top ten professional outdoor apparel brands in China, with an 80.3% increase in online retail sales compared to 2023 [5] Dividend Policy - The company declared a total dividend of RMB 35 million for the year 2022 and plans to distribute RMB 290 million in dividends for 2025 [5] Profitability - Net profit margins for the years 2022 to 2025 are reported as 11.7%, 13.6%, 8.2%, and 5.5% respectively, indicating a downward trend in profitability [6]