赴港上市前，网红按摩仪SKG母公司玩起了“左手举债右手分红”

Core Viewpoint - The company Future Health is attempting to go public on the Hong Kong Stock Exchange after unsuccessful attempts to list on the A-share market, highlighting concerns over its marketing-heavy strategy and low R&D investment [1][2]. Group 1: Company Performance - Future Health has shown steady net profit growth over the past three years, with high gross margins around 50%, significantly exceeding typical household appliance margins [1][5]. - The company's revenue for 2022, 2023, and 2024 is reported at 904 million, 1.046 billion, and 1.045 billion respectively, with net profits of 119 million, 127 million, and 135 million [2]. - In the first nine months of 2025, the company achieved a revenue of 878 million and a net profit of 106 million [2]. Group 2: Marketing and R&D Strategy - Future Health's marketing expenses have increased, accounting for 22.6% of revenue, while R&D investment has decreased to 6.6% [1][7]. - The company relies heavily on online sales channels, which contributed 60.2% of its revenue in 2022, decreasing to 49.3% by 2025 [6]. - The company employs various marketing strategies, including celebrity endorsements and social media engagement, with marketing expenses rising from 1.64 billion in 2022 to 1.98 billion in the first nine months of 2025 [6][7]. Group 3: Financial Practices and Concerns - Future Health has distributed a total of 280 million in dividends prior to its IPO, raising concerns about its financial practices, especially as it simultaneously increased its debt from 94 million to 204 million [8]. - The company's ownership structure is heavily concentrated, with the founders controlling over 85% of the voting rights, leading to questions about governance and financial transparency [8]. Group 4: Industry Context - The wearable health device market in China is projected to grow from 30.9 billion in 2019 to 61.5 billion by 2024, with a compound annual growth rate of 15.9% expected from 2024 to 2029 [3]. - Future Health is positioned as a leader in the smart wearable health device sector, holding a 21.5% market share in 2024 [2]. - The competitive landscape is characterized by a focus on technology and market segmentation, with leading companies holding over 25% of the market share [4].