香港跑出超级隐形冠军：80后大哥卖保健美容品，全港第七

Core Insights - The Hong Kong health and beauty supplement market is undergoing a transformation, driven by joint health, immune regulation, and beauty antioxidants as the main growth drivers [1][10] - The company Zhengpin Holdings is preparing for an IPO, positioning itself as a leading player in this evolving market [1] Company Overview - Zhengpin Holdings operates in the development, sales, marketing, and distribution of health and beauty supplements in Hong Kong [2] - The company has six proprietary brands and several third-party brands, focusing on various health and beauty needs [2][6] - As of 2024, Zhengpin Holdings holds a 1.6% market share in the local health and beauty supplement retail market, ranking seventh, while it leads with a 29.4% share in the retail value of deer-related health products [2][4] Financial Performance - For the fiscal year 2025, Zhengpin Holdings is projected to generate revenue of HKD 130 million and a net profit of approximately HKD 36.26 million [4] - The company's revenue is highly concentrated, with over 98% coming from health and beauty supplement sales, primarily through wholesale channels [8] Market Trends - The Hong Kong health and beauty supplement market is expected to grow from HKD 27 billion in 2024 to HKD 35.4 billion by 2029, with a compound annual growth rate (CAGR) of about 5.5% [9] - The aging population in Hong Kong is driving demand for joint health products, with the number of individuals aged 65 and above increasing from 1.4 million in 2019 to 1.7 million in 2023, reflecting a CAGR of 5.4% [10] Emerging Opportunities - Functional beauty products are gaining traction, shifting from topical applications to ingestible solutions, with younger consumers favoring antioxidant and whitening products [13] - The male health supplement segment is identified as an underdeveloped market, with plans for Zhengpin Holdings to introduce male-specific formulations [15] - There is a growing demand for fast-acting products that provide immediate effects, such as instant NMN and convenient single-dose formats [16] - Local brands are increasingly looking to expand into Southeast Asia, with Zhengpin Holdings establishing a subsidiary in Taiwan and planning further regional expansion [18]