西子健康冲刺港股IPO：FoYes收入暴增364%，研发投入不足1%引担忧

Core Viewpoint - The company has successfully transformed its business model from third-party brand agency to self-owned brand operation, significantly increasing its revenue and profitability through a strong focus on its proprietary brands [1][5][17]. Business Operations and Model - Xizi Health is a sports nutrition and functional food company with products including protein powder, creatine, and functional gummies, operating under four proprietary brands: FoYes, fiboo, Gu Ben Ri Ji, and Hot Rule [1]. - The revenue share from self-owned brands surged from 42.4% in 2023 to 97.3% in the first nine months of 2025, becoming the main revenue driver [1]. Revenue and Growth - The company reported a revenue of 1.692 billion yuan in 2024, a 17.0% increase from 1.447 billion yuan in 2023, with revenue for the first nine months of 2025 reaching 1.609 billion yuan, reflecting a 23.0% year-on-year growth [2][3]. - The core brand FoYes showed exceptional performance, generating 562 million yuan in the first nine months of 2025, a staggering increase of 364.2% year-on-year, accounting for 35.0% of total revenue [2]. Profitability Metrics - The gross margin improved from 44.4% in 2023 to 59.5% in the first nine months of 2025, driven by the higher margin of self-owned brands, which reached 60.3% compared to 30.8% for third-party brands [3][4]. - Net profit for 2024 was 149 million yuan, a significant increase of 59.0% from 94 million yuan in 2023, but only a slight increase of 1.9% to 118 million yuan in the first nine months of 2025 [3][4]. Revenue Structure Changes - Self-owned brand revenue in 2024 was 1.498 billion yuan, a 144.0% increase from 614 million yuan in 2023, and further increased to 1.567 billion yuan in the first nine months of 2025, a 38.7% year-on-year growth [5]. - In contrast, revenue from third-party brands plummeted by 76.5% to 194 million yuan in 2024 and further declined to 43 million yuan in the first nine months of 2025 [5]. Customer and Supplier Concentration - The concentration of customers decreased significantly, with the top five customers accounting for only 8.1% of revenue in the first nine months of 2025, down from 21.6% in 2023 [6]. - Supplier concentration remains high, with the top five suppliers accounting for 45.0% of purchases, indicating potential supply chain risks [6]. Management and Shareholding Structure - The company's shareholding is highly concentrated, with major shareholders controlling 77.85% of the equity, posing a risk of major shareholder influence [7]. - The core management team has an average industry experience of 15 years but lacks international market experience, which may hinder overseas expansion plans [7]. Research and Development Investment - R&D spending is notably low, with only 0.7% of revenue allocated to R&D in 2025, significantly below industry standards [9][10]. Financial Challenges - The company faces financial challenges, including high sales expenses, with a sales expense ratio of 47.0%, which is significantly above the industry average [15]. - Operating cash flow has been declining, dropping from 2.70 billion yuan in 2023 to 0.66 billion yuan in the first nine months of 2025, a decrease of 75.6% [11][12].