“早C晚A”理念引领者HBN：开启赴港IPO新征程

Core Viewpoint - HBN has established itself as a leading domestic skincare brand in China, particularly known for its effective retinol products and the "early C, late A" skincare philosophy, and is now seeking to go public on the Hong Kong Stock Exchange [1][3]. Group 1: Brand Development and Market Position - HBN was founded in 2019 and chose to focus on the challenging retinol market, which was dominated by international brands, by emphasizing ingredient transparency and authoritative evidence [3][4]. - The brand has successfully positioned itself in the market by introducing a comprehensive product line that includes retinol-based skincare products, achieving the highest sales in its category from 2022 to 2024 [4][6]. Group 2: Research and Development Strategy - HBN has invested heavily in R&D and established a comprehensive verification system to ensure that all product claims are backed by clinical data, making it the only Chinese skincare brand to conduct efficacy testing through international authorities [6][7]. - The company has developed a sustainable innovation system that allows for the efficient reuse of research outcomes, leading to the continuous launch of new products and categories [7][9]. Group 3: Financial Performance and User Engagement - 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 [10]. - Financially, HBN reported total revenue of 2.083 billion yuan in 2024, with net profit rising to 129 million yuan, and a 190.3% year-on-year increase in net profit for the first three quarters of 2025 [10].