HBN提交港股IPO申请，冲刺“中国真功效护肤第一股”

Group 1 - The core viewpoint of the article is that HBN, a domestic skincare brand, has submitted an IPO application in Hong Kong, aiming to become the first stock in the "true efficacy skincare" segment in China [2] - HBN was founded in 2019 with a focus on efficacy-driven skincare products and has ranked among the top ten domestic skincare brands in China by retail sales as of 2024 [5] - The brand has established market recognition in core efficacy ingredients and has been a pioneer in promoting the "morning C, evening A" skincare concept, achieving leading domestic sales in its product categories for three consecutive years from 2022 to 2024 [5] Group 2 - HBN has experienced rapid growth, with projected total revenue of 2.08 billion RMB for 2024 and a 10.2% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.51 billion RMB [7] - The adjusted net profit is expected to grow from 90 million RMB in 2023 to 130 million RMB in 2024, further increasing to 150 million RMB in the first three quarters of 2025, with the adjusted net profit margin rising from 4.7% in 2023 to 9.6% in the first three quarters of 2025 [7] - The Chinese dermatological skincare market is one of the fastest-growing segments, with a compound annual growth rate exceeding 16.7% from 2019 to 2024, and HBN aims to leverage international capital markets for long-term development and to unlock growth potential in the efficacy skincare sector [7]