星瞰IPO | 递表前突击分红2亿，网红按摩仪公司还缺钱？

Core Viewpoint - Future Health, the parent company of SKG, has submitted a listing application to the Hong Kong Stock Exchange, but its significant dividend distribution prior to the IPO has raised concerns among observers [1][4]. Group 1: Dividend Distribution - The company declared a dividend of 199 million RMB to its equity shareholders for the nine months ending September 30, 2025, which has already been paid in September and October 2025 [1]. - The net profit for the same period was only 106 million RMB, resulting in a dividend payout ratio of 187.74% of the net profit [1]. - The primary beneficiaries of this dividend are the founders Liu Jie and Xu Siying, who hold 8.82% and 5.45% of the company's shares, respectively, and collectively own 83.94% of the company [1][2]. Group 2: Company Background and Market Position - Future Health has a history of dividend payments, distributing 50 million RMB in 2022 and 30 million RMB in 2023, totaling 235 million RMB for the period from 2022 to the first nine months of 2025 [3]. - The founders established SKG in 2007, initially focusing on home appliances, but pivoted to the health market in 2016, launching a neck massager as their first product in the wearable health device sector [3]. - According to Frost & Sullivan, the company is projected to hold a 4.1% market share in the global smart soothing wearable device market and a 21.5% share in the Chinese market by 2024 [3]. Group 3: IPO Challenges - The company has faced scrutiny from regulatory bodies regarding its cash dividend practices, which contributed to its withdrawal from the ChiNext IPO in 2023 and the termination of its guidance for the Beijing Stock Exchange in August [3]. - The uncertainty surrounding SKG's ability to successfully navigate the Hong Kong Stock Exchange listing process raises questions about whether the dividend distribution is a strategic move for future growth or a premeditated cash-out scheme by the founders [4].