营销费用占比近半 半亩花田递表港交所

Core Viewpoint - The company, Shandong Huawutang Cosmetics Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, with a focus on increasing marketing expenses to boost sales, while the industry is shifting towards R&D and innovation [1][3][8]. Financial Performance - The company reported a revenue of 11.99 billion in 2023, projected to increase to 14.99 billion in 2024, representing a 25% year-on-year growth. By the first three quarters of 2025, revenue is expected to reach 18.95 billion, showing a 76.7% increase [4]. - Adjusted net profit is expected to rise from 23.7 million in 2023 to 82.8 million in 2024, and further to 148 million in the first three quarters of 2025, marking a 197.2% increase [4]. Marketing Strategy - The company has significantly increased its marketing expenses, with monthly marketing costs nearing 100 million. For the periods ending September 30, 2024, and September 30, 2025, marketing expenses were 5 billion and 8.96 billion, respectively, accounting for 46.6% and 47.3% of revenue [5][6]. - The company has successfully leveraged online sales channels, with online revenue reaching 10.27 billion in 2023 and 14.45 billion in the first three quarters of 2025, representing 85.7% and 76.3% of total revenue [7]. R&D and Innovation - Despite the increase in marketing expenses, the company's R&D expenditure as a percentage of revenue has declined, with R&D costs of 22.34 million and 28.14 million for the first three quarters of 2024 and 2025, respectively, representing 2.1% and 1.5% of revenue [8]. - The company has established R&D centers in Shanghai, Jinan, and Guangzhou, accumulating 131 patents, indicating a commitment to enhancing its innovation capabilities [9]. Industry Context - The domestic beauty market is becoming increasingly competitive, with brands shifting focus from marketing to R&D and innovation. The company faces challenges from both established international brands and emerging local competitors [9].