业绩一年狂飙214%，正品控股还有后劲吗？

Core Viewpoint - 正品控股有限公司 is seeking to go public on the Hong Kong Stock Exchange, showcasing strong financial growth but heavily reliant on a major client, "Milk Company" [1][6]. Company Overview - 正品控股 primarily engages in the development, sales, marketing, and distribution of health and beauty supplements in Hong Kong, outsourcing production to suppliers and distributing products through retail channels like Mannings [3]. - The company ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% [3]. Financial Performance - Over the past three fiscal years, 正品控股 achieved a compound annual growth rate (CAGR) of 79% in net profit and maintained a gross margin of 75% [1][6]. - Revenue figures for the fiscal years 2023 to 2025 are projected at HKD 0.43 billion, HKD 1.10 billion, and HKD 1.30 billion, respectively, with a CAGR of about 73.6% [5][6]. - The company experienced significant revenue and profit growth in fiscal year 2024, with increases of 155% and 214%, respectively, although growth is expected to slow in 2025 [6]. Product Portfolio - 正品控股 offers a diverse range of products targeting various demographics, focusing on niche markets such as deer-related health supplements and pain relief products [3][4]. - The company operates six proprietary brands and six third-party brands, with its proprietary brand "炎痛消" being one of the best-selling products in its category [4]. Market Dynamics - The health supplement market in Hong Kong is projected to reach HKD 7.8 billion in 2024 and exceed HKD 9.7 billion by 2029, driven by increased health awareness and an aging population [5]. - The external pain relief product market is also expected to grow, reaching HKD 1.6 billion in 2024 and HKD 2.4 billion by 2029 [5]. Client Dependency - A significant portion of 正品控股's revenue comes from sales to "Milk Company," which accounted for approximately 89.1%, 76.7%, and 74.5% of total revenue over the past three fiscal years [9]. - The company acknowledges the risk associated with its reliance on "Milk Company" for sales and the potential impact on its business if this relationship falters [9]. IPO Plans - The funds raised from the IPO will be used to expand operations in Taiwan, conduct strategic marketing in Hong Kong, open self-operated stores, and develop new product lines [9].