半亩花田递表港交所 保荐人为中信证券

Core Viewpoint - Hanmu Huatian has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sponsor, aiming to enhance its market presence and expand its operations in the skin and personal care industry [1]. Group 1: Company Overview - Hanmu Huatian is a leading Chinese brand in skin and personal care, covering body care, hair care, and facial care [1]. - According to Frost & Sullivan data, Hanmu Huatian is the top domestic brand in body lotion, body scrub, and facial cleansing mousse based on retail sales in 2024 [1]. - The company ranks among the top ten in the overall Chinese body care market and has the highest growth rate among the top ten brands from 2022 to 2024 [1]. Group 2: Product Development and R&D - The company focuses on core star products, such as body scrubs and body lotions, while gradually expanding its product matrix to include all categories of body, hair, and facial care [1]. - As of September 30, 2025, Hanmu Huatian has 509 main SKUs and emphasizes a consumer-centric integrated product development process [1]. - The company has been recognized as a national high-tech enterprise and a specialized and innovative enterprise in Shandong Province, with a comprehensive R&D system covering raw material development, basic research, technology transfer, product implementation, and efficacy verification [1]. Group 3: Sales Network - Hanmu Huatian has successfully transformed its sales network from a single online channel to a fully integrated online and offline sales network [1]. - Online sales revenue has consistently accounted for 75% to 85% during the historical record period, while the offline channel has accelerated its layout since 2021, covering all 31 provinces, autonomous regions, and municipalities in China [1]. Group 4: Use of Proceeds from IPO - The company plans to use the net proceeds from the IPO primarily for channel development, product marketing, brand building, enhancing R&D capabilities, establishing a global diversified talent pool, strengthening digital and intelligent infrastructure, and for working capital and general corporate purposes [2].