半亩花田母公司递表港交所：线上收入占比超七成，研发短板凸显

Core Viewpoint - The competition in the skin and personal care market has entered a new phase, with Huawutang's IPO application marking a significant step towards becoming the first domestic personal care stock in Hong Kong [1]. Group 1: Company Overview - Huawutang, formerly known as Shandong Huawutang Biotechnology Co., Ltd., completed its restructuring in December 2025 and has made significant management changes [1]. - The company reported a revenue of 1.895 billion RMB for the first nine months of 2025, representing a year-on-year growth of approximately 76.7% [1][3]. - The profit and total comprehensive income increased from 22.129 million RMB in the previous year to 125 million RMB [1]. Group 2: Product Performance - The body care category is the cornerstone of Huawutang's business, with revenues of 522 million RMB and 700 million RMB for 2023 and 2024, respectively [5]. - For the first three quarters of 2025, body care products generated approximately 791 million RMB, accounting for 41.8% of total revenue [5]. - The company has established a strong brand identity through the integration of floral ingredients and Eastern aesthetics, leading to significant sales of its body scrub products [2]. Group 3: Sales and Marketing Strategy - Online channels remain the primary revenue source for Huawutang, with online sales accounting for 76.3% of total revenue in the first three quarters of 2025 [6]. - The company has invested heavily in sales and marketing, with expenses rising from 500 million RMB to 896 million RMB, a 79.3% increase [7][10]. - Marketing and promotional expenses reached 833 million RMB, representing about 93% of total sales and marketing expenditures [10]. Group 4: Research and Development - Despite the growth in sales and marketing, Huawutang's R&D expenditure has decreased, with a rate of only 1.5% in the first three quarters of 2025 [11]. - The company has established three R&D centers but faces challenges in balancing marketing and R&D investments [11]. Group 5: Quality Concerns - Huawutang has faced quality control issues in the past, notably with a product that failed safety standards due to the presence of a harmful preservative [12]. - The company acknowledges the need to demonstrate its capability in both marketing and R&D as it approaches its IPO [12].