业绩暴涨，半亩花田正式申请港股上市

Core Viewpoint - The Chinese beauty brand Dream Garden (半亩花田) has officially submitted its application for an IPO on the Hong Kong Stock Exchange, aiming to become the first domestic personal care stock listed in Hong Kong. The company has shown significant growth in revenue and profit, indicating strong market potential and investor interest [3][7][43]. Financial Performance - In the first nine months of 2025, Dream Garden reported a revenue of 1.895 billion RMB, a year-on-year increase of 76.7% [8][9]. - The net profit for the same period surged by 465.22%, reaching 125 million RMB, with a net profit margin of 6.6% [9][11]. - The company’s revenue for 2023, 2024, and the first nine months of 2025 were 1.199 billion RMB, 1.499 billion RMB, and 1.895 billion RMB respectively, indicating a consistent upward trend [9]. Product Categories and Sales - Dream Garden's sales are primarily driven by three categories: body care (41.8%), hair care (25.4%), and facial care (24.4%) [11]. - The body care segment has become the largest revenue contributor, with sales increasing from 522 million RMB in 2023 to 791 million RMB in the first nine months of 2025 [13]. - The hair care segment has also shown remarkable growth, with a revenue increase of 496.1% in the first nine months of 2025, contributing 482 million RMB [19]. Market Position and Brand Strategy - Dream Garden is recognized as the leading domestic brand in body lotion and body scrub, holding a market share of 0.8% and 8.5% respectively in 2024 [16]. - The company has expanded its product line to include various categories, leveraging its core product strategy to enhance brand recognition and market presence [21][39]. - The brand has established a strong online presence, with 76% of its revenue coming from online sales channels, and has been actively expanding its offline distribution network [31][34]. Research and Development - The company has increased its R&D expenditure by 26% in the first nine months of 2025, focusing on product innovation and development [38]. - Dream Garden has set up three R&D centers in Shanghai, Jinan, and Guangzhou, employing a team with diverse academic backgrounds to enhance product development capabilities [42]. Future Outlook - With plans to explore international markets, particularly in Southeast Asia, Dream Garden aims to adapt its products to local needs and expand its global footprint [39]. - The competitive landscape in the domestic beauty market is intensifying, with several leading brands pursuing IPOs, indicating a shift in market dynamics and increased valuation standards [43].