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 - Future Health, the parent company of the popular massage device brand SKG, is attempting to enter the capital market through the Hong Kong Stock Exchange after two failed attempts to list on the A-share market. The company has shown steady profit growth over the past three years, with a gross margin of around 50%, significantly higher than typical home appliances. However, concerns arise from its heavy reliance on marketing over research and development, as well as its financial practices of high dividends alongside increasing debt [1][2]. Group 1: Company Performance and Financials - Future Health was established in November 2007 and has made multiple attempts to list on the A-share market, including a withdrawal of its application in August 2023. The company plans to list on the North Exchange after being delisted from the New Third Board in November 2023 [2]. - The company reported revenues of 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 119 million yuan, 127 million yuan, and 135 million yuan for the same years. In the first nine months of 2025, it achieved revenue of 878 million yuan and a net profit of 106 million yuan [2]. - Future Health's gross margins for 2022, 2023, and 2024 were 50.4%, 49.1%, and 48.9% respectively, indicating strong profitability compared to other appliance categories [5]. Group 2: Marketing and R&D Strategy - The company has increasingly focused on marketing, with marketing expenses rising to 22.6% of total revenue by 2025, while R&D spending has decreased to 6.6% of revenue [1][7]. - Future Health's marketing strategy includes partnerships with celebrities and influencers, utilizing platforms like Douyin and Xiaohongshu to enhance user engagement and brand loyalty [6][8]. Group 3: Financial Practices and Governance - Prior to its IPO, Future Health distributed a total of 280 million yuan in dividends, which accounted for 74% of its net profit during that period. This included a significant dividend payout of 199.4 million yuan in the first nine months of 2025 [8]. - The company's debt increased from 94 million yuan at the end of 2022 to 204 million yuan by September 2025, raising concerns about its financial management practices, particularly the juxtaposition of high dividends and rising debt [8].