正品控股港股IPO：对最大客户牛奶公司存在重大依赖风险 债台高筑仍持续向实控人“清仓式”分红

Core Viewpoint - Zhengpin Holdings has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for business expansion and marketing efforts, despite facing significant reliance on a single customer and liquidity risks [1][4]. Financial Performance - For the fiscal years 2023, 2024, and 2025, Zhengpin Holdings reported revenues of HKD 43.19 million, HKD 110 million, and HKD 130 million, with net profits of HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million respectively. The growth rate for net profit in 2025 was only 2.18%, indicating insufficient growth momentum [4][11]. - The company has a significant dependency on a single customer, Milk Company, which accounted for over 70% of its sales during the reporting period [4][6]. Customer Dependency - Zhengpin Holdings' revenue from its top five customers was HKD 39.1 million, HKD 98 million, and HKD 108.6 million, representing 90.6%, 89.4%, and 83.4% of total revenue respectively. The largest customer, Milk Company, contributed HKD 38.5 million, HKD 84 million, and HKD 97.1 million, accounting for 89.1%, 76.7%, and 74.5% of total revenue [4][5]. Liquidity and Debt Issues - As of June 2025, Zhengpin Holdings had total liabilities of HKD 613 million and total assets of HKD 842 million, resulting in a debt-to-asset ratio of 72.81%. The current and quick ratios were below the theoretical safety values at 0.92 and 0.86 respectively [11]. - The company’s cash reserves were critically low, with only HKD 81,000 remaining, while interest-bearing loans exceeded HKD 31.48 million, indicating severe short-term repayment pressure [13][14]. Dividend Policy - Zhengpin Holdings has engaged in a "clearance-style" dividend policy, distributing a total of HKD 61.7 million to its controlling shareholder, Zhang Yunyu, from 2023 to 2025, which accounted for 74.29% of the net profit during that period [1][14]. Marketing and Compliance Issues - The company has faced challenges in maintaining brand recognition and reputation, necessitating increased advertising and promotional expenditures, which rose from HKD 1.49 million in 2023 to HKD 3.64 million in 2025 [9]. - Zhengpin Holdings has received warnings from the Hong Kong Department of Health regarding potential violations of advertising regulations, which could lead to fines and impact the company's reputation [9][10].