正品控股拟港股上市，营收高度依赖大客户 毛利率逐年下滑

Core Viewpoint - Zhengpin Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for market expansion, opening self-operated stores, expanding sales networks, and new product development. The company's revenue is highly dependent on its largest customer, Milk Company [1][7]. Financial Performance - Zhengpin Holdings' revenue for the fiscal years 2023, 2024, and 2025 is projected to be HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million, respectively. Corresponding net profits are expected to be HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [2][3]. - The gross profit margins for the same fiscal years are approximately 81.6%, 78.6%, and 75%, indicating a declining trend [4][6]. Market Position - Zhengpin Holdings ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% as of 2024 [2]. - The company relies on outsourcing production to suppliers and primarily distributes its own and third-party brand products through retail stores like Mannings [2][4]. Customer and Supplier Dependency - The company’s revenue is significantly reliant on its top five customers, with revenues from these clients for the fiscal years 2023, 2024, and 2025 being approximately HKD 39 million, HKD 98 million, and HKD 109 million, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, Milk Company, contributes approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenue for the same years, representing about 89.1%, 76.7%, and 74.5% of total revenue [7].