新股预览：草姬集团

Investment Rating - The report assigns a rating of ★★★☆☆ to the company, indicating a moderate investment outlook [5]. Core Insights - The company has been operating in the Hong Kong health and beauty market for over 25 years, establishing a well-known brand image and a diversified sales network through multiple channels [3]. - The health supplement market in Hong Kong is competitive and evolving, with the top ten suppliers holding approximately 68.7% market share as of 2023 [2]. - The company ranks fifth in the retail sales of immune system health products with a market share of about 4.9% and tenth in overall health supplement retail sales with a market share of approximately 3.6% [2]. - The online health supplement market in Hong Kong has shown significant growth, increasing from HKD 1 billion in 2019 to HKD 1.4 billion in 2023, with a compound annual growth rate (CAGR) of 9.0% [2]. - The market is projected to reach HKD 2 billion by 2028, with a CAGR of 7.9% from 2023 [2]. Financial Summary - The company's revenue has shown a steady increase from HKD 1.89 billion in 2021 to HKD 2.51 billion in 2023 [4]. - Shareholder profit has also risen from HKD 0.23 billion in 2021 to HKD 0.40 billion in 2023 [4].