HBN赴港上市：构建“科研驱动增长”的稳健模型

Core Viewpoint - The Chinese skincare brand HBN, under Shenzhen Hujia Technology (Group) Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange, highlighting a growth model driven by deep research and rigorous validation, transitioning from "ingredient claims" to "evidence-based support" [1] Group 1: Research-Driven Innovation - HBN was founded in 2019 with the brand philosophy of "making true efficacy a reality," adhering to a long-term development path of "slow research" [4] - As of September 30, 2025, HBN's R&D team will consist of 103 members with diverse backgrounds in dermatology, medicine, cell biology, and synthetic biology, showcasing interdisciplinary collaboration [5] - HBN ranks third among domestic brands in the number of new cosmetic ingredients registered as of September 2025, indicating innovation extending from product formulation to the source ingredient [7] Group 2: Market Position and Product Innovation - HBN has become the youngest brand among the top ten domestic skincare brands in China, leading the market in the segment of improvement skincare products [7] - HBN's A-alcohol skincare products and α-arbutin essence have ranked first in sales within their category for three consecutive years (2022-2024), establishing a clear category advantage [7] Group 3: Building User Trust and Business Health - HBN has developed a comprehensive "full-link multi-dimensional verification system," recognized as the only skincare brand in China to conduct efficacy testing on all products through international authoritative testing agencies [8] - As of September 2025, HBN has accumulated over 4.6 million repeat customers, with average repurchase rates of approximately 35.4% on Tmall and 44.0% on Douyin, significantly higher than industry averages [9] - In 2024, HBN achieved total revenue of 2.083 billion yuan and a net profit of 129 million yuan, with a net profit margin increasing from 3.5% to 9.6% in the first three quarters of 2025 [9] Group 4: Strategic Significance of IPO - HBN's IPO in Hong Kong marks a critical milestone in its development model of "research-driven innovation and evidence-based trust building," providing a reference for domestic brands to achieve sustainable growth in a competitive market [11]