HBN回应母公司赴港上市，利润“剪刀差”与单一品牌风险引发市场关注

Core Viewpoint - The mother company of the skincare brand HBN, Shenzhen Hujia Technology (Group) Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, raising concerns about the significant disparity between profit and revenue growth, as well as the company's reliance on a single brand for income [1][2] Group 1: Financial Performance - In 2023, Hujia Technology turned a profit, with net profit expected to surge from approximately 39 million yuan in 2023 to 129 million yuan in 2024, representing a growth rate exceeding 200% [2] - The company has achieved a reduction in sales and distribution expenses as a percentage of revenue, from 65.1% in 2023 to 57.6% in the first three quarters of 2025, indicating improved operational efficiency [2][4] Group 2: Brand and Market Strategy - HBN's revenue is heavily dependent on its own brand, which raises concerns about structural risks for long-term growth [2] - The company has registered a new brand, "Luokexin," but clarified that it is still in the exploratory phase and not yet in substantive business operations [3] Group 3: Research and Development - HBN's products are primarily manufactured by third-party manufacturers, which raises questions about the company's research and quality control capabilities [3] - The company claims to have established a comprehensive verification system for product efficacy, supported by a 5,000 square meter integrated research and development center [4] Group 4: Channel Expansion - Hujia Technology's online sales accounted for over 90% of total revenue from 2023 to the first three quarters of 2025, highlighting its reliance on online channels [6] - The company plans to use IPO proceeds to expand offline channels, having already entered over 5,000 high-end beauty stores and aiming to develop core shopping area counters and direct stores [6]