HBN回应赴港上市：业务迈入“高质量收获期”

Core Insights - Shenzhen Hujia Technology (Group) Co., Ltd., the parent company of skincare brand HBN, has submitted its IPO application to the Hong Kong Stock Exchange, raising concerns about the significant disparity between net profit growth and revenue growth, as well as the company's reliance on a single brand [1][2] 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] Brand Strategy - HBN has introduced a new brand, "Luokexin," but the company emphasizes that this brand is still in the early stages of registration and does not yet signify a move into substantive business operations [3] - The company remains focused on the development of its main brand, HBN, and will disclose any significant progress regarding sub-brands or new business initiatives through official channels [3] Manufacturing and R&D - HBN's products are primarily manufactured by third-party manufacturers, raising questions about the company's long-term ability to establish a competitive edge through deep R&D capabilities [3][4] - The company has established a comprehensive product lifecycle verification system and a 5,000-square-meter integrated R&D center to support its product efficacy claims [4] Sales Channels - Hujia Technology relies heavily on online sales, with over 90% of revenue coming from online channels from 2023 to the first three quarters of 2025 [6] - The company plans to use IPO proceeds to expand its offline channels, having already entered over 5,000 high-end beauty stores and aiming to develop core shopping area counters and direct stores [6]