营销重于研发 SKG母公司转战港股

Core Viewpoint - After two unsuccessful attempts to list on the A-share market, 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]. Group 1: Company Performance - Future Wearable has shown steady growth in net profit for the first three quarters of 2023, 2024, and 2025 [1]. - The company achieved revenues of approximately 9.04 billion, 10.46 billion, and 10.45 billion for the years 2022, 2023, and 2024, respectively, with corresponding net profits of about 1.19 billion, 1.27 billion, and 1.35 billion [3]. - For the first three quarters of 2025, the company reported revenues of approximately 8.78 billion and a net profit of about 1.06 billion, both showing year-on-year growth [3]. Group 2: Product and Market Position - Future Wearable ranks first in China's smart soothing wearable device industry, with a projected market share of 21.5% in 2024 [3]. - The product matrix includes smart soothing wearable devices, fitness recovery and shaping devices, smart health watches, and health home products, with sales figures for the first three quarters of this year being approximately 6.3 billion, 2 billion, 553.1 million, and 340.18 million, respectively [3]. Group 3: Financial Strategy and Concerns - The company has been criticized for its heavy marketing and light R&D approach, with sales and marketing expenses rising while R&D costs have decreased [6]. - In the first three quarters of this year, the company's sales and marketing expenses were approximately 1.98 billion, which is 3.4 times the R&D costs of 581 million [7]. - The company declared a significant dividend of 1.99 billion for the first three quarters, which accounted for 187.74% of its net profit during that period [8]. Group 4: Corporate Governance and Control - The controlling shareholders, including Liu Jie, Xu Siying, and others, hold approximately 85.94% of the voting rights due to a concerted action arrangement [9].