复购率超行业一倍？从HBN赴港IPO看国货美妆的价值重估

Core Viewpoint - The IPO application of HBN, a domestic skincare brand, signifies a shift in the beauty industry towards a focus on sustainable product innovation and core technological barriers, moving away from mere GMV growth and marketing volume [7] Group 1: Company Overview - HBN's parent company, Shenzhen Hujia Technology (Group) Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, aiming to be the "first stock of true efficacy skincare" [1] - The company has established a rigorous efficacy verification system and is the only skincare brand in China to conduct real-person efficacy testing on all its products through an international authority [5] Group 2: Financial Performance - HBN's revenue is projected to grow from 1.948 billion yuan in 2023 to 2.083 billion yuan in 2024, with a 10.2% increase in the first three quarters of 2025, reaching 1.514 billion yuan [3] - The net profit is expected to rise significantly from 39 million yuan in 2023 to 129 million yuan in 2024, and has already reached 145 million yuan in the first three quarters of 2025, with the net profit margin increasing from approximately 2% to nearly 10% [3] Group 3: User Engagement - HBN has accumulated over 4.6 million repeat customers, with average repurchase rates of 35.4% on Tmall and 44.0% on Douyin, significantly higher than the industry average of 20% [3] - The success of HBN's high repurchase rates is attributed to its strong product matrix, including top-selling items like the α-arbutin essence and caffeine eye cream, which have consistently ranked first in their categories [3] Group 4: Research and Development - HBN has made substantial investments in R&D, with a focus on building a comprehensive research chain covering basic research, raw material innovation, and efficacy validation [4] - The company has published 50 SCI papers, ranking first among domestic skincare brands, and has successfully registered four new self-developed cosmetic raw materials, placing third in the domestic skincare brand category [4] Group 5: Market Trends - The market is shifting towards "scientific-driven growth," with a focus on effective skincare products that address specific skin issues, indicating a move away from generalized marketing concepts [7] - HBN's approach demonstrates that long-term investment in research can build "hard power" and drive high-quality growth and user trust, providing a viable path for domestic beauty brands to compete and move upscale [7]