HBN冲刺港股：线上营收占比超95%，研发投入持续收缩

Core Viewpoint - HBN, a domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and enhance product innovation [1]. Financial Performance - HBN's revenue for 2023, 2024, and the first nine months of 2025 is projected to be CNY 19.48 billion, CNY 20.83 billion, and CNY 15.14 billion, respectively, with a year-on-year growth of 6.9% in 2024 and 10.2% in the first nine months of 2025 [1][2]. - Net profit for the same periods is expected to be CNY 0.39 billion, CNY 1.29 billion, and CNY 1.45 billion, showing a significant increase of 232.5% in 2024 and 190.3% in the first nine months of 2025, with net profit margin rising from 1.9% to 9.6% [1][2]. Product Lines - HBN offers a range of skincare products, including anti-aging, brightening, repairing, and basic skincare lines, with a total of 36 SKUs available by September 30, 2025 [1]. - The core business of improvement-type skincare products generated revenues of CNY 15.94 billion, CNY 16.31 billion, and CNY 11.90 billion for the years 2023, 2024, and the first nine months of 2025, with gross margins of 76.4%, 72.4%, and 74.5%, respectively [2][3]. Sales Channels - Online sales remain the primary revenue source, accounting for over 95% of total revenue from 2023 to the first nine months of 2025, with revenues of CNY 19.20 billion, CNY 20.34 billion, and CNY 14.39 billion [3]. - Offline sales are emerging as a new growth area, with revenues increasing from CNY 0.28 billion in 2023 to CNY 0.75 billion in the first nine months of 2025, raising its share from 1.4% to 4.9% [3]. Marketing and R&D Expenditure - Sales and distribution expenses for 2023 and 2024 were CNY 12.67 billion and CNY 12.38 billion, representing 65.1% and 59.4% of total revenue, respectively [4]. - R&D expenditures have decreased, with amounts of CNY 0.66 billion, CNY 0.58 billion, and CNY 0.40 billion for 2023, 2024, and the first nine months of 2025, accounting for 3.4%, 2.8%, and 2.6% of total revenue [4]. - The IPO proceeds will be directed towards R&D, product innovation, capacity upgrades, digital operations, and multi-channel expansion [4].