王一博代言网红按摩仪未来穿戴科技IPO，中专老板夫妻“掏空式”分红2.35亿

Core Viewpoint - SKG, a popular massage device brand endorsed by celebrity Wang Yibo, is attempting to go public on the Hong Kong Stock Exchange after previous unsuccessful attempts. The company faces scrutiny over its heavy marketing expenditures, low R&D investment, and significant cash dividends paid to its controlling shareholders before the IPO [1][31]. Group 1: Company Background and Market Position - Founded in 2007 by Liu Jie, SKG initially targeted the white goods market before pivoting to wearable massage devices in 2016, achieving significant online popularity with its neck massager [3][32]. - SKG's product range includes smart wearable relaxation devices, sports recovery products, smart health watches, and health home products [4][32]. - By 2024, SKG is projected to hold a 21.5% market share in China's smart wearable relaxation device sector, leading the industry [7][36]. Group 2: Financial Performance - SKG's revenue has shown growth, with figures of 904.2 million, 1.045 billion, and 1.045 billion RMB for 2022, 2023, and 2024 respectively, and 878.2 million RMB for the first three quarters of 2025. Net profits for the same periods were 119.3 million, 126.5 million, 135.5 million, and 106.4 million RMB [8][36]. - The company's gross margin stands at approximately 50%, which is higher than that of typical home appliance manufacturers [6][34]. Group 3: Marketing and R&D Expenditures - Since 2020, SKG has invested heavily in marketing, spending around 800 million RMB over three and a half years, while R&D expenditures have been significantly lower, totaling less than 80 million RMB [41][45]. - Marketing expenses have increased, constituting 18.2%, 20.6%, 21.6%, and 22.6% of total revenue from 2022 to the first three quarters of 2025, while R&D spending has decreased as a percentage of revenue [16][45]. Group 4: Dividend Practices and Financial Concerns - SKG has distributed a total of 280 million RMB in dividends from 2022 to September 2025, representing 74% of its net profits during that period. In 2023 alone, the company paid out 199.4 million RMB in dividends, exceeding its distributable profits [24][52]. - The controlling shareholders, Liu Jie and Xu Siying, received approximately 235 million RMB from these dividends, raising concerns about the company's financial health as it also increased its bank loans from 94 million to 204 million RMB during the same period [28][56].