拆解HBN招股书：如何借研发的长坡，滚出复购的利润雪球与估值想象？

Core Viewpoint - HBN, a domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth journey amid a slowing beauty market and increasing competition [1] Financial Performance - HBN has achieved a revenue milestone of over 2 billion yuan, with revenue growth from 1.948 billion yuan in 2023 to 2.083 billion yuan in 2024, and 1.514 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 10.2% [4] - The net profit margin has significantly improved, rising from 38.8 million yuan (1.9%) in 2023 to 129 million yuan (6.2%) in 2024, and further to 145 million yuan (9.6%) in the first three quarters of 2025, indicating a transition to a profit-driven model [4] User Loyalty and R&D Investment - HBN's high repurchase rates are crucial for its business model, with average repurchase rates of approximately 35.4% on Tmall and 44.0% on Douyin as of September 2025, totaling over 4.6 million repeat customers [5] - The company maintains a high R&D investment ratio of around 3%, which is above the industry average, supporting its innovation capabilities [5][6] - HBN has established a cross-disciplinary R&D team of 103 members and collaborates with over 30 research institutions, leading to significant outputs such as 50 published SCI papers, ranking first among domestic skincare brands [6] Growth Potential - HBN's growth strategy reveals opportunities in online channels, offline expansion, and product category extension, with a solid foundation in online sales but room for deeper engagement and efficiency improvements [8] - The company has successfully entered over 5,000 high-end beauty stores and is exploring further channel network development and regional operations [8] - HBN's ability to leverage its R&D for systematic product innovation allows for continuous introduction and iteration of new products, enhancing its market predictability and sustainability [9] Valuation Outlook - HBN's business model, characterized by a combination of scientific barriers, high customer prices, and strong repurchase rates, is likely to attract investors seeking sustainable growth [11] - The recent trend of profitability improvement alleviates concerns regarding revenue growth without profit, while the skincare sector's growth rate exceeds that of the overall beauty market, providing potential industry benefits [11] - Challenges remain in managing offline channel complexities, brand recognition during category extensions, and the impact of sustained R&D investments on profits [11]