半亩花田母公司，递表港交所！毛利率超60%

Core Viewpoint - The company Shandong Huawutang Cosmetics Co., Ltd., the parent company of Banmu Huatian, has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1]. Group 1: Business Strategy and Product Development - Banmu Huatian has expanded from a single product strategy to a full-category approach, launching facial and hair care products alongside its core body scrub, which has sold 37.7 million bottles as of September 30, 2025 [2]. - The company aims to enhance sustainable profitability by diversifying its product offerings, with a total of 509 main SKUs as of September 30, 2025 [2]. - The top-selling product on its Tmall flagship store is the amino acid cleansing mousse [2]. Group 2: Financial Performance - Banmu Huatian's revenue for the years 2023, 2024, and the first three quarters of 2025 was 1.199 billion, 1.499 billion, and 1.895 billion RMB, respectively, with adjusted net profits of 23.7 million, 82.8 million, and 148 million RMB [2][4]. - The company experienced a revenue growth of 76.7% and an adjusted net profit increase of 197.2% from the first three quarters of 2024 to the first three quarters of 2025 [2]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 65.8%, 62.3%, and 63.3%, respectively [3][4]. Group 3: Revenue Breakdown by Product Category - For the first three quarters of 2025, body care products contributed 791 million RMB, accounting for 41.8% of total revenue, while hair care and facial care products each contributed 482 million RMB and 463 million RMB, representing 25.4% of total revenue [3]. Group 4: Cost Structure and R&D Investment - Sales expenses for 2023, 2024, and the first three quarters of 2025 were 410 million, 566 million, and 695 million RMB, making up 34.2%, 37.7%, and 36.7% of revenue, respectively [5]. - The total R&D expenses from 2023 to the first three quarters of 2025 amounted to only 88.76 million RMB [6]. - The company primarily relies on outsourcing for manufacturing, using specific qualified OEM suppliers for skin and personal care products [7]. Group 5: Fundraising and Future Plans - The funds raised from the IPO will be used for channel development, product marketing, brand building, enhancing R&D capabilities, and general corporate purposes [7].