正品控股冲击港股！万宁独家供应商毛利率连降，1.6%市占率挑战寡头垄断

Core Viewpoint - Zhengpin Holdings submitted an application for listing on the Hong Kong Stock Exchange, focusing on the development and sales of health and beauty supplements, with a market share of 1.6% in Hong Kong [1] Company Summary - The company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million over the reporting periods, indicating revenue fluctuations [1] - The gross profit margin has been declining year by year, while the net profit margin initially increased and then decreased [1] - Rising sales and administrative expenses, along with high financial costs, are identified as "invisible killers" eroding profits [1] Industry Summary - The health and beauty product market in Hong Kong is characterized by "oligopolistic" competition, with Zhengpin Holdings positioned as a "long-tail player" [1] - The company's business model is deeply tied to Mannings for distribution [1] - Despite having low-risk growth advantages, the company lacks bargaining power due to its reliance on a single distribution channel, necessitating the use of IPO proceeds for transformation [1]