【IPO前哨】花物堂携“半亩花田”闯关港交所，巨额营销引关注

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings from beauty companies, with Shandong Huawutang Cosmetics Co., Ltd. planning to go public, leveraging its popular brand "Banmu Huatian" known for affordable natural skincare products targeting young consumers [2][3]. Company Overview - Huawutang, established in 2018, focuses on a brand philosophy of "flower-based skincare" and has developed a comprehensive product matrix covering body, hair, and facial care [3]. - The brand "Banmu Huatian" has gained popularity due to its competitive pricing, with products averaging around 20 RMB, which has been crucial for capturing market share [5]. Market Position - According to Frost & Sullivan data, Huawutang has become the leading domestic brand in body lotion, body scrub, and facial cleansing mousse by retail sales in 2024, with significant sales figures: 37.7 million bottles of body scrub and 56.9 million bottles of body lotion sold cumulatively by September 2025 [3][4]. - The company has successfully diversified its product offerings, with hair care revenue reaching 482 million RMB in the first nine months of 2025, a nearly 500% increase year-on-year, now accounting for 25.4% of total revenue [3]. Financial Performance - Revenue has shown rapid growth, increasing from 1.199 billion RMB in 2023 to 1.499 billion RMB in 2024, and reaching 1.895 billion RMB in the first nine months of 2025, representing a year-on-year growth of 76.7% [8][9]. - Despite the growth in revenue, the company faces challenges with profitability, as its gross margin was only 62.3% in 2024, significantly lower than competitors like Maogeping and Linqingxuan, which exceed 80% [9][10]. Marketing Strategy - Huawutang's growth is heavily driven by substantial marketing investments, with expenses reaching 637 million RMB in 2023 and increasing to 896 million RMB in the first nine months of 2025, resulting in a marketing expense ratio of 47.3% [7][9]. - The company employs celebrity endorsements and social media marketing strategies to enhance brand visibility and consumer engagement [7]. Challenges Ahead - The company’s reliance on low-priced products and high marketing costs raises questions about the sustainability of its growth model, especially as competition intensifies in the beauty industry [10]. - Huawutang needs to address the declining growth in facial care products, which saw a revenue drop from 50.1% of total revenue in 2023 to 24.4% in the first nine months of 2025, indicating a need for product differentiation and innovation [4][10].