祥康控股港股IPO：严重依赖单一客户及缺乏长期采购承诺

Core Viewpoint - Xiangkang Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a strategic partner for high-end luxury sports and fashion brands in the technical apparel manufacturing sector [1] Group 1: Company Overview - Xiangkang Holdings was established in 1968 and has over 50 years of experience in the technical apparel manufacturing industry [1] - According to a Frost & Sullivan report, Xiangkang Holdings is the third-largest technical apparel manufacturer in Asia based on production value in 2024 [1] - The company has developed business relationships with over 10 internationally renowned high-end luxury sports and fashion brands, with partnerships lasting between 5 to 20 years [1] Group 2: Financial Performance - For the fiscal year 2023 and 2024, the company's revenue was approximately HKD 1,275.6 million and HKD 1,231.6 million, respectively [2] - The profit attributable to the owners of the company increased significantly from approximately HKD 8.3 million in 2023 to HKD 41.5 million in 2024 [2] - The number of sales orders during the same periods was approximately 3.3 million and 2.6 million, respectively [2] Group 3: Customer Concentration Risk - Xiangkang Holdings faces significant customer concentration risk, heavily relying on Client A, a global sports and outdoor brand group, which has been a partner for over 12 years [2] - Revenue from Client A accounted for approximately HKD 666.9 million and HKD 766.3 million in the fiscal years 2023 and 2024, representing 52.3% and 62.2% of total revenue, respectively [2] - The majority of the company's business comes from a limited number of key clients, with the top five clients contributing approximately 96.3% and 94.9% of revenue in 2023 and 2024 [2] Group 4: Business Uncertainties - The company does not have long-term procurement commitments from clients, which may lead to revenue volatility and uncertainty [3] - Business operations could be significantly affected by seasonal factors, changes in U.S. international trade policies, and ongoing conflicts and trade wars [3] - A substantial reduction in orders from Client A could severely impact the company's ability to secure new business opportunities, adversely affecting its financial condition [3]