龙丰集团招股书深度解读：2026财年首季净利润暴增130.7% 流动负债净额仍高企3.3亿港元

Core Viewpoint - Long Fung Group, a leading retail pharmacy in Hong Kong, is experiencing rapid revenue growth but faces significant risks due to its heavy reliance on offline sales channels and various operational challenges [1][2][12] Business Overview - Long Fung Group operates 29 physical stores and an online platform, with a product range that includes traditional Chinese medicine, Western medicine, health products, and cosmetics, totaling over 46,000 SKUs [1] - The company holds a 5.2% market share in the pharmacy sector and a 5.8% share in the cosmetics retail sector, making it the largest pharmacy retailer in Hong Kong [1] Revenue Growth - Revenue increased from HKD 1.094 billion in FY2023 to HKD 2.460 billion in FY2025, achieving a compound annual growth rate (CAGR) of 50% [2] - The first quarter of FY2026 saw revenue of HKD 697.4 million, maintaining a year-on-year growth rate of 42.5% [2] - The growth is primarily driven by the expansion of physical stores, with 13 new stores added from FY2023 to FY2025 [2] Profit Performance - Net profit fluctuated significantly, with a loss of HKD 27.14 million in FY2023, turning into a profit of HKD 144.5 million in FY2024, and further increasing to HKD 170.4 million in FY2025 [3] - The first quarter of FY2026 reported a net profit of HKD 47.76 million, a year-on-year increase of 130.7% [3] Gross and Net Margins - Gross margin improved from 24.9% in FY2023 to 31.9% in the first quarter of FY2026, driven by a higher proportion of high-margin products [4] - Despite the increase in gross margin, net margin decreased to 6.9% in FY2025 due to high sales and distribution expenses [4] Revenue Composition - In FY2025, cosmetics accounted for 33.3% of total revenue, followed by pharmaceuticals at 19.2% and health products at 17.6% [5] - The company faces a significant imbalance in its sales channels, with offline sales contributing 97.2% of revenue and online sales only 1.7% [5] Customer and Supplier Dynamics - The customer base is highly diversified, with the top five customers contributing less than 5% of total revenue [6] - However, there is a risk associated with suppliers, as 55.3% of procurement comes from unofficial parallel import channels, which poses compliance risks [6] Shareholding and Governance - The company is predominantly controlled by the Tse family, holding 97.3% of shares, leading to a family-run governance structure [7] - There are concerns regarding the fairness of pricing in related-party transactions, particularly in rental agreements with the controlling shareholder [7] Financial Risks - As of June 30, 2025, the company had a net current liability of HKD 331.6 million and a debt-to-asset ratio of 68% [8] - The reliance on supplier financing for 44.1% of short-term borrowings raises liquidity concerns [8] Operational Risks - There are significant compliance issues with five stores involved in illegal leasing, which could lead to forced relocations [9] - Inventory turnover days increased from 51 days in FY2024 to 61 days in FY2025, indicating declining inventory management efficiency [9] Market Risks - The company is heavily reliant on the Hong Kong market, which contributes over 97% of its revenue, making it vulnerable to local economic fluctuations [10] - The competitive landscape is intensifying, with major players increasing promotional activities, potentially impacting Long Fung's growth sustainability [11]