护肤品牌HBN赴港上市

Core Viewpoint - HBN, a skincare brand, has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to become the first stock representing "true efficacy skincare" in China and to leverage international capital markets for long-term development [1] Group 1: Company Overview - HBN was founded in 2019 with a commitment to the philosophy of "true efficacy" and a belief in the long-termism of "slow research" [2] - The brand has established itself among the top ten domestic skincare brands in China and is the largest domestic brand in the improvement skincare market [2] - HBN is recognized as a pioneer in the domestic retinol anti-aging sector and was one of the first brands to propose the "morning C, evening A" skincare concept [2] Group 2: Market Position and Performance - HBN's retinol and α-arbutin products have ranked first in sales in their categories for three consecutive years (2022-2024), creating a rare series of enduring bestsellers among domestic brands [2] - The company has accumulated over 4.6 million repeat customers, with average order values steadily increasing [3] - HBN's average repurchase rates on platforms like Tmall and Douyin are 35.4% and 44.0% respectively, significantly exceeding industry averages [3] Group 3: Financial Performance - HBN has experienced steady revenue growth, with total revenue reaching 2.08 billion yuan in 2024 and 1.51 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 10.2% [4] - Adjusted net profit increased from 90 million yuan in 2023 to 130 million yuan in 2024, and further to 150 million yuan in the first three quarters of 2025 [4] - The adjusted net profit margin improved from 4.7% in 2023 to 6.2% in 2024, and reached 9.6% in the first three quarters of 2025, indicating a transition to a sustainable growth phase [4] Group 4: Research and Development - HBN has published 50 SCI-indexed papers, ranking first among domestic skincare brands for papers published as the first author [3] - The company ranks third among domestic brands in the number of new cosmetic raw materials registered by its own research and development as of September 2025 [3] - HBN has established a rigorous efficacy verification system and is the only skincare brand in China to conduct real-world efficacy testing for its entire product line through an international authority [3] Group 5: Future Outlook - HBN aims to establish a comprehensive multi-dimensional efficacy verification system throughout the product lifecycle, expanding verification from laboratories to real-world settings [4] - The company is promoting the establishment of industry standards for cosmetic efficacy evidence assessment, which is expected to lead to more standardized and transparent efficacy claims across the industry [4] - The upcoming listing in Hong Kong is seen as a critical step for HBN to transform its systematic research capabilities into broader market influence [5]