寻求上市“回血”？半亩花田冲刺港股：高毛利、低净利，现有资金结构难支撑高增长

Core Viewpoint - The company "半亩花田" (Shandong Huawutang Cosmetics Co., Ltd.) has submitted its IPO application to the Hong Kong Stock Exchange, marking the first domestic beauty brand to go public in Hong Kong by 2026. The company has shown significant revenue growth but faces challenges with high marketing costs impacting its net profit margins [1][4]. Financial Performance - The company reported a revenue increase from 11.99 billion RMB in 2023 to 14.99 billion RMB in 2024, with a 76.7% growth in the first three quarters of 2025, reaching 18.95 billion RMB [4]. - Adjusted net profit surged from 23.7 million RMB in 2023 to 82.8 million RMB in 2024, a 249.4% increase, and reached 148 million RMB in the first nine months of 2025, up 197.2% year-on-year [4][5]. Profitability Challenges - The company has a high gross margin of over 60%, but its net profit margin remains in single digits, indicating a "high gross, low net" profitability structure due to substantial marketing expenditures [4][6]. - The adjusted net profit margins were 2% in 2023, 5.5% in 2024, and improved to 7.8% in the first nine months of 2025, while gross margins were 65.8%, 62.3%, and 63.3% respectively [5][6]. Marketing Expenditures - Sales and marketing expenses accounted for 53.2% of total revenue in 2023 and 45.2% in 2024, indicating that nearly half of the revenue is consumed by these costs [7][9]. - The company has heavily invested in celebrity endorsements, which have significantly boosted sales, but this has also led to high marketing costs [9][10]. Revenue Channels - Over 75% of the company's revenue comes from online channels, with a notable reliance on platforms like Xiaohongshu and Douyin [10]. - The company is expanding its offline presence, increasing the number of distributors from 187 at the end of 2023 to 454 by September 2025, with offline revenue growing from 13.9% to 23.5% [10]. Product Portfolio - The company has a diverse product range, including body, hair, and facial care products, with body care consistently contributing around 45% of revenue [10][11]. - Hair care products have emerged as a significant growth area, with revenue from shampoo products increasing over 300% from 2022 to 2024 [11]. Funding and Expansion Plans - The company is seeking to optimize its capital structure through the IPO, as its current cash flow situation may not support further rapid expansion [12][13]. - Following a recent capital restructuring, the company plans to establish subsidiaries in Hong Kong, Malaysia, and Vietnam to accelerate its international market presence [15].