年收21亿，美图，投出了一个网红护肤IPO

Core Viewpoint - HBN, a popular domestic skincare brand, is set to go public, aiming to become "China's first effective skincare stock" [1]. Company Overview - HBN is recognized as a leading dermatological skincare brand in China and is one of the first domestic brands to propose the "Morning C, Evening A" skincare concept [2]. - According to ZhiShi Consulting, HBN is the youngest among the top ten domestic skincare brands in China by retail sales in 2024 and is the largest domestic brand in the improving skincare market [2]. Founder Background - The founder, Yao Zhenan, is an 80s generation entrepreneur who studied in the UK and has a background in design and animation [4][5]. - Yao Zhenan has been a lecturer and graduate advisor at Shenzhen University from 2009 to 2023 while also founding HBN [5][6]. Business Evolution - HBN was established after Yao Zhenan pivoted from a previous venture in women's care products to focus on effective skincare in 2019 [7][8]. - The brand quickly gained market traction by launching products like retinol serums and α-arbutin essence, leveraging the rise of live-stream e-commerce [9]. Financial Performance - The company's total revenue increased from RMB 1.949 billion in 2023 to RMB 2.083 billion in 2024, marking a 6.9% growth [10]. - Net profit surged by 232.5% from RMB 0.388 billion in 2023 to RMB 1.291 billion in 2024, with net profit margins rising from 1.9% to 6.2% [11]. - Adjusted net profits for 2023, 2024, and the first three quarters of 2025 were RMB 0.923 billion, RMB 1.294 billion, and RMB 1.453 billion, respectively [11]. Product Contribution - The majority of revenue comes from improving skincare products, accounting for 81.8%, 78.3%, and 78.6% of total revenue in the respective years [11]. - Gross profit for 2023, 2024, and the first three quarters of 2025 was RMB 14.93 billion, RMB 15.30 billion, and RMB 11.39 billion, with gross margins of 76.6%, 73.4%, and 75.3% [12]. Strategic Partnerships - Meitu, a significant shareholder, plays a crucial role in HBN's growth by providing advantages in traffic and brand operation [13][15]. - Meitu's investment in HBN aligns with its strategic transformation and has contributed to its profitability, with a reported fair value gain from investments between RMB 4.85 billion and RMB 5.65 billion in 2022 [16]. Shareholding Structure - Prior to the IPO, Yao Zhenan holds 35.08% of the shares, his wife holds 13.6%, and Meitu is the largest institutional shareholder with 23.81% [18].