增速掉队、线下难行，HBN母公司护家科技冲刺港股IPO

Core Viewpoint - The domestic beauty brand, HBN, is transitioning from a follower to a challenger in the market, capitalizing on the maturity of the Chinese supply chain and the benefits of social media, while facing challenges in maintaining growth as it approaches a saturation point in online channels [1][9]. Group 1: Company Overview - HBN, a core brand of Shenzhen Hujia Technology (Group) Co., Ltd., has become a significant player in the domestic skincare market, achieving over 2 billion yuan in revenue for 2024, with a net profit of 129 million yuan [1]. - The brand has rapidly grown since its establishment in 2019, becoming one of the top ten domestic skincare brands in China within just seven years [5]. - HBN's growth is attributed to its strategic positioning in high-tech, low-penetration, and high-growth segments of the skincare market, focusing on key efficacy areas such as anti-wrinkle and brightening products [5]. Group 2: Market Dynamics - The shift of consumer traffic to online platforms due to macroeconomic changes has provided an opportunity for domestic beauty brands to outperform international giants [7]. - Hujia Technology has heavily invested in online channels, with nearly 100% of its revenue coming from online sales in 2024 and the first three quarters of 2025 [8]. - The success of other domestic brands, such as Perlay and Betaini, highlights a broader trend of domestic beauty brands leveraging online channels to gain market share [10][11]. Group 3: Financial Performance - Hujia Technology's revenue growth for 2024 is projected at only 6.93%, significantly below the industry median growth rate of over 21% [15]. - The company has incurred substantial marketing costs, with sales expenses amounting to 1.238 billion yuan and 871 million yuan for 2024 and the first three quarters of 2025, respectively, representing over 50% of its revenue [14]. Group 4: Challenges and Strategies - As online growth slows, Hujia Technology is exploring offline channels to drive revenue, with offline sales reaching 75 million yuan in the first three quarters of 2025, a 150% increase year-on-year [19]. - The company faces challenges in managing price discrepancies between online and offline channels, which could hinder its ability to expand offline effectively [21][22]. - Successfully integrating online and offline strategies is crucial for HBN to transition from a "viral" brand to a sustainable long-term player in the market [26].