正品控股递表港交所 超七成营收依赖“牛奶公司”

Core Viewpoint - Zhengpin Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the health and beauty supplement market in Hong Kong, where it holds a market share of approximately 29.4% in 2024 [1][2]. Group 1: Company Overview - Zhengpin Holdings was established in 2011 and primarily operates in Hong Kong, focusing on health and beauty supplements and products [1]. - The company ranks first in the retail value of health-related supplements in Hong Kong for 2024, with a market share of about 29.4% [2]. - Zhengpin Holdings operates six proprietary brands and six third-party brands, with its own brand "Yantongxiao" being one of the top-selling products in Watsons [2]. Group 2: Business Model and Sales Channels - The company outsources product manufacturing to suppliers and primarily distributes products through Watsons in Hong Kong [2]. - Zhengpin Holdings has a mixed sales network that includes both wholesale and retail operations, with the majority of revenue coming from wholesale, accounting for approximately 89.7% to 93.0% during the reporting period [3]. Group 3: Financial Performance - The company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million over the last three fiscal years, with a compound annual growth rate of about 73.6% [4]. - Net profits for the same periods were approximately HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [4]. - Gross profit margins have shown a declining trend, from approximately 81.6% to 75.0% over the reporting period [4]. Group 4: Customer and Supplier Concentration - The company relies heavily on a few key customers, with revenues from the top five customers accounting for about 90.6% to 83.4% of total revenue during the reporting period [5]. - Sales to the largest customer, Dairy Farm International Holdings, represented approximately 89.1% to 74.5% of total revenue [5]. - Supplier concentration is also high, with the top five suppliers accounting for about 86.3% to 77.3% of total procurement [5]. Group 5: Future Plans and Use of Proceeds - Zhengpin Holdings plans to use the funds raised from the IPO to expand its business in Taiwan, conduct strategic marketing in Hong Kong, open self-operated stores, and develop new product lines [8].