赴港IPO！SKG母公司未来穿戴再冲资本市场，大手笔分红、营销

Core Viewpoint - After two unsuccessful attempts to list on A-shares, the parent company of SKG, Future Wearable Technology Co., Ltd., has turned its attention to the Hong Kong stock market by submitting its IPO application to the Hong Kong Stock Exchange [1][3]. Financial Performance - Future Wearable's revenue for 2022, 2023, and 2024 is approximately RMB 904.23 million, RMB 1.05 billion, and RMB 1.04 billion respectively, with corresponding net profits of about RMB 119 million, RMB 127 million, and RMB 135 million [2][3]. - For the first three quarters of 2025, the company reported revenue of approximately RMB 878 million and a net profit of about RMB 106 million, showing year-on-year growth in both revenue and net profit [3]. Marketing and R&D Expenditure - Sales and marketing expenses have been increasing, accounting for 18.2%, 20.6%, 21.6%, and 22.6% of total revenue from 2022 to the first three quarters of 2025 [5][6]. - In contrast, R&D costs have decreased, representing 9.1%, 9.1%, 7.6%, and 6.6% of revenue during the same periods [6][7]. Dividend Distribution - In the first three quarters of this year, Future Wearable declared dividends totaling RMB 199 million, which is 187.74% of its net profit for the period [1][8]. - The company also distributed dividends of RMB 50 million and RMB 30 million in 2022 and 2023, respectively, which accounted for approximately 42.02% and 23.62% of net profits for those years [8]. Market Position and Product Categories - Future Wearable ranks first in China's smart soothing wearable device industry, with a projected market share of 21.5% in 2024 [3]. - For the first three quarters of this year, the sales breakdown by product category includes approximately RMB 630 million from smart soothing wearable devices, RMB 200 million from fitness recovery and shaping devices, RMB 5.53 million from smart health watches, and RMB 34.02 million from health home products [3].