星瞰IPO | 顶流王一博，又将捧出一家上市公司？

Core Viewpoint - SKG's parent company, Future Health, has submitted its listing application to the Hong Kong Stock Exchange, marking its third attempt at capital market entry after previous rejections [1][2]. Financial Performance - The company's revenue grew from 904.2 million RMB in 2022 to 1,045.8 million RMB in 2023, but is projected to slightly decline to 1,044.8 million RMB in 2024 [9]. - In the first nine months of this year, the company reported a revenue of 878.2 million RMB, reflecting a year-on-year growth of 16.22% [4][9]. - The adjusted net profit for 2023 was 1.23 billion RMB, down 10.43% from 2022, primarily due to increased sales and marketing expenses [6][7]. Product Segmentation - SKG's product lines include smart soothing wearable devices, fitness recovery and shaping devices, smart health watches, and health home products, with the smart soothing wearable devices contributing the majority of revenue [4][8]. - Revenue from smart soothing wearable devices was 888.3 million RMB in 2023 but is expected to decline by 3.69% to 856.5 million RMB in 2024 [4][9]. Marketing and R&D Investment - The company's sales and marketing expenses increased from 164.5 million RMB in 2022 to 215.9 million RMB in 2023, representing 20.6% of total revenue [8][9]. - In contrast, R&D spending decreased from 82.2 million RMB in 2022 to 79.2 million RMB in 2024, dropping to 6.6% of total revenue in the first nine months of this year [8][9]. Future Outlook - The company plans to use the funds raised from the IPO to enhance its R&D capabilities, accelerate technological innovation, and strengthen brand recognition [10]. - The competitive landscape is becoming increasingly complex as consumers demand more intelligent and personalized products, raising questions about SKG's future appeal without celebrity endorsements [10].