护家科技递表港交所 为最早提出“早C晚A”护肤理念的国产护肤品牌之一

Company Overview - Shenzhen Hujia Technology (Group) Co., Ltd. is a leading skincare brand in China, focusing on improvement-type skincare products and is one of the first domestic brands to propose the "Early C, Late A" skincare concept [1][3] - The HBN brand, launched in 2019, aims to meet the growing consumer demand for scientifically proven skincare efficacy, offering products for anti-wrinkle, firming, and brightening [3] - As of September 30, 2025, HBN will have 36 SKUs available, catering to various skin types and needs [3] - Hujia Technology has become the largest domestic skincare brand in the improvement-type skincare market and a leading brand in A-retinol skincare products in China [3] Research and Development - The company invests continuously in R&D to drive innovation in skincare products, focusing on skin physiology, active ingredients, innovative formulations, and advanced delivery technologies [4] - Hujia Technology has published the highest number of papers as the first author in SCI-indexed journals among domestic skincare brands [4] - The company has developed China's first A-retinol synthetic ingredient approved for new cosmetic raw material registration and is a leader in peptide research [4] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 1.948 billion, with a gross profit of RMB 1.493 billion, resulting in a gross margin of 76.6% [5][8] - The net profit for the same period was approximately RMB 38.8 million [6] - The company expects revenues of RMB 2.083 billion for the fiscal year 2024, with a projected net profit of RMB 129.1 million [5][6] Industry Overview - China's cosmetics market is one of the largest globally, with a market size growing from RMB 531.1 billion in 2019 to an estimated RMB 688.6 billion by 2024, reflecting a compound annual growth rate (CAGR) of 5.3% [9] - Despite steady growth, per capita cosmetics spending in China remains significantly lower than in the US and Europe, indicating substantial growth potential [9] - The mid-to-high-end skincare segment is experiencing rapid growth, with its market size projected to increase from RMB 156 billion in 2019 to RMB 254.2 billion by 2024, at a CAGR of 10.3% [12]