出品：新浪财经上市公司研究院 作者：木予 按摩仪品牌SKG母公司未来穿戴健康科技股份有限公司（简称：未来健康）近日向港交所递表，冲击主板上市，由中信建投国际担任独家保荐人。 如今行至港交所门前，未来健康交出的"成绩单"不俗。2022-2024年，公司分别实现总营收9.05亿元、10.46亿元、10.45亿元；经调整净利润录得1.37亿元、 1.23亿元、1.26亿元，毛利率保持在50%上下，整体表现稳健。 2025年1-9月，未来健康总营收约为8.78亿元，同比增长16.2%，经调整净利润约为1.18亿元，较2024年同期大幅提升58.8%。相较之下，抢先以"智能按摩设 备第一股"登陆资本市场的倍轻松，2025年前三季度营收同比下降34.1%，扣非后归母净亏损666.83万元，最新股价已经跌破发行价。 不过，未来健康的前路也并非坦途。核心产品按摩仪销量近乎停滞、研发费用率不断走低、前五大经销商支撑起约四成收入，公司还在递表前一边高调现金 分红，一边举债维持运营。2022年，未来健康的估值一度高达160亿元，市盈率超过百倍。但随着可比公司倍轻松的市值自最高点蒸发近80%，同赛道的估 值基准已显著下调，港股投资者 ...

Core Viewpoint - Future Health, the parent company of the popular massage device brand SKG, is attempting to enter the capital market through the Hong Kong Stock Exchange after two failed attempts to list on the A-share market. The company has shown steady profit growth over the past three years, with a gross margin of around 50%, significantly higher than typical home appliances. However, concerns arise from its heavy reliance on marketing over research and development, as well as its financial practices of high dividends alongside increasing debt [1][2]. Group 1: Company Performance and Financials - Future Health was established in November 2007 and has made multiple attempts to list on the A-share market, including a withdrawal of its application in August 2023. The company plans to list on the North Exchange after being delisted from the New Third Board in November 2023 [2]. - The company reported revenues of 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 119 million yuan, 127 million yuan, and 135 million yuan for the same years. In the first nine months of 2025, it achieved revenue of 878 million yuan and a net profit of 106 million yuan [2]. - Future Health's gross margins for 2022, 2023, and 2024 were 50.4%, 49.1%, and 48.9% respectively, indicating strong profitability compared to other appliance categories [5]. Group 2: Marketing and R&D Strategy - The company has increasingly focused on marketing, with marketing expenses rising to 22.6% of total revenue by 2025, while R&D spending has decreased to 6.6% of revenue [1][7]. - Future Health's marketing strategy includes partnerships with celebrities and influencers, utilizing platforms like Douyin and Xiaohongshu to enhance user engagement and brand loyalty [6][8]. Group 3: Financial Practices and Governance - Prior to its IPO, Future Health distributed a total of 280 million yuan in dividends, which accounted for 74% of its net profit during that period. This included a significant dividend payout of 199.4 million yuan in the first nine months of 2025 [8]. - The company's debt increased from 94 million yuan at the end of 2022 to 204 million yuan by September 2025, raising concerns about its financial management practices, particularly the juxtaposition of high dividends and rising debt [8].

Core Viewpoint - SKG, a popular massage device brand endorsed by celebrity Wang Yibo, is attempting to go public on the Hong Kong Stock Exchange after previous unsuccessful attempts. The company faces scrutiny over its heavy marketing expenditures, low R&D investment, and significant cash dividends paid to its controlling shareholders before the IPO [1][31]. Group 1: Company Background and Market Position - Founded in 2007 by Liu Jie, SKG initially targeted the white goods market before pivoting to wearable massage devices in 2016, achieving significant online popularity with its neck massager [3][32]. - SKG's product range includes smart wearable relaxation devices, sports recovery products, smart health watches, and health home products [4][32]. - By 2024, SKG is projected to hold a 21.5% market share in China's smart wearable relaxation device sector, leading the industry [7][36]. Group 2: Financial Performance - SKG's revenue has shown growth, with figures of 904.2 million, 1.045 billion, and 1.045 billion RMB for 2022, 2023, and 2024 respectively, and 878.2 million RMB for the first three quarters of 2025. Net profits for the same periods were 119.3 million, 126.5 million, 135.5 million, and 106.4 million RMB [8][36]. - The company's gross margin stands at approximately 50%, which is higher than that of typical home appliance manufacturers [6][34]. Group 3: Marketing and R&D Expenditures - Since 2020, SKG has invested heavily in marketing, spending around 800 million RMB over three and a half years, while R&D expenditures have been significantly lower, totaling less than 80 million RMB [41][45]. - Marketing expenses have increased, constituting 18.2%, 20.6%, 21.6%, and 22.6% of total revenue from 2022 to the first three quarters of 2025, while R&D spending has decreased as a percentage of revenue [16][45]. Group 4: Dividend Practices and Financial Concerns - SKG has distributed a total of 280 million RMB in dividends from 2022 to September 2025, representing 74% of its net profits during that period. In 2023 alone, the company paid out 199.4 million RMB in dividends, exceeding its distributable profits [24][52]. - The controlling shareholders, Liu Jie and Xu Siying, received approximately 235 million RMB from these dividends, raising concerns about the company's financial health as it also increased its bank loans from 94 million to 204 million RMB during the same period [28][56].

Core Viewpoint - The company Future Health is attempting to go public on the Hong Kong Stock Exchange after unsuccessful attempts to list on the A-share market, highlighting concerns over its marketing-heavy strategy and low R&D investment [1][2]. Group 1: Company Performance - Future Health has shown steady net profit growth over the past three years, with high gross margins around 50%, significantly exceeding typical household appliance margins [1][5]. - The company's revenue for 2022, 2023, and 2024 is reported at 904 million, 1.046 billion, and 1.045 billion respectively, with net profits of 119 million, 127 million, and 135 million [2]. - In the first nine months of 2025, the company achieved a revenue of 878 million and a net profit of 106 million [2]. Group 2: Marketing and R&D Strategy - Future Health's marketing expenses have increased, accounting for 22.6% of revenue, while R&D investment has decreased to 6.6% [1][7]. - The company relies heavily on online sales channels, which contributed 60.2% of its revenue in 2022, decreasing to 49.3% by 2025 [6]. - The company employs various marketing strategies, including celebrity endorsements and social media engagement, with marketing expenses rising from 1.64 billion in 2022 to 1.98 billion in the first nine months of 2025 [6][7]. Group 3: Financial Practices and Concerns - Future Health has distributed a total of 280 million in dividends prior to its IPO, raising concerns about its financial practices, especially as it simultaneously increased its debt from 94 million to 204 million [8]. - The company's ownership structure is heavily concentrated, with the founders controlling over 85% of the voting rights, leading to questions about governance and financial transparency [8]. Group 4: Industry Context - The wearable health device market in China is projected to grow from 30.9 billion in 2019 to 61.5 billion by 2024, with a compound annual growth rate of 15.9% expected from 2024 to 2029 [3]. - Future Health is positioned as a leader in the smart wearable health device sector, holding a 21.5% market share in 2024 [2]. - The competitive landscape is characterized by a focus on technology and market segmentation, with leading companies holding over 25% of the market share [4].

刚刚，"苗药第一股"贵州百灵发布公告，炸响资本市场：因2019-2021年累计虚增利润6.55亿元，2023年又虚减利润4.59亿元， 公司被顶格罚款1000万元。 同时，实控人、原董事长姜伟更是被处以500万元罚款+10年证券市场禁入的重罚，10名相关责任人同步被罚。对时任公司董 事、总经理和董事会秘书牛民给予警告，并处以350万元罚款。 从曾经的"苗药明星企业"到如今的"ST百灵"（公司股票将被实施其他风险警示，12月22日停牌一天后复牌），贵州百灵为何要 冒天下之大不韪财务造假？未来又能否翻身？ 为啥敢造假？ 核心是"拆东墙补西墙"的生存焦虑 财务造假从来不是"一时兴起"，而是企业走投无路后的铤而走险。 贵州百灵的造假逻辑，本质是用虚假财务数据掩盖真实的经营困境，核心原因有三个： 首先是"粉饰业绩"保壳+维稳。 作为上市公司，贵州百灵需要持续的盈利数据来维持股价、安抚投资者，更要避免因业绩连续亏损被"退市"。 从数据上看，2019-2021年它通过少计销售费用虚增利润，2019年虚增利润占当期利润总额的95.73%，2020年更是超过115% ——相当于这两年的"利润"基本都是编出来的。如果不这么操作， ...

"弹弹弹，弹走鱼尾纹"，这句曾风靡一时的广告语，至今仍是许多人的共同记忆。背后公司"丸美"，近日正计划赴港二次上市。 这家成立于2002年的企业，历经五年冲刺后于2019年成功登陆A股。然而上市后其业绩"变脸"，2020年至2022年净利润连续三年下滑，其 中2021年跌幅高达47.95%，直至2023年才有所回升。 回顾历史过往，这是一家曾争议缠身的公司。近期，丸美因财务核算不准确、相关会计科目存在错误列报、募集资金使用不规范等问 题，被证监局处罚，同时，公司董事长孙怀庆、董事会秘书程迪、公司财务总监王开慧被出具警示函，为此次冲刺蒙上阴影。 目前，丸美在A股的股价为33.16元/股，总市值约133亿元。 01 一半收入用于销售，研发占比不到3% 首先来看看丸美的财务情况。和不少国内美妆品牌类似，丸美也出现了"重营销、轻研发"、增收不增利的现象。 根据招股书，2022年到2024年、2025年前9个月，丸美公司收入分别为17.3亿、22.3亿、29.7亿及24.5亿，净利润分别为1.7亿、2.8亿、3.4 亿及2.5亿。 尽管2025年9个月的收入超出了2023年全年两个亿，但净利润却少了0.3亿。 来源/丸 ...

Core Viewpoint - The company Marubi, known for its beauty products, is planning a secondary listing in Hong Kong after facing financial and governance issues following its initial public offering in A-shares in 2019. The company has experienced a decline in net profit from 2020 to 2022, with a significant drop of 47.95% in 2021, although there has been a recovery in 2023 [1][3]. Financial Performance - Marubi's revenue for the years 2022 to 2024 and the first nine months of 2025 is projected to be 1.73 billion, 2.23 billion, 2.97 billion, and 2.45 billion respectively, with net profits of 170 million, 280 million, 340 million, and 250 million [3]. - The company's revenue is primarily generated from its two brands, Marubi and Lianhuo, with Marubi contributing 70-80% of total revenue. Lianhuo's revenue is expected to grow from 290 million in 2022 to 900 million in 2024 [5]. - Despite an increase in overall gross margin from 67.8% in 2022 to 74.8% in the first nine months of 2025, the net profit margin has remained around 10% due to rising sales and distribution expenses, which increased from 850 million in 2022 to 1.63 billion in 2024 [6]. Governance and Compliance Issues - Marubi has faced scrutiny for financial irregularities, including inaccurate revenue recognition and improper accounting practices. The company has been penalized for these issues, which include misreporting funds held in third-party payment platforms and misclassifying consulting fees as research and development expenses [10][11]. - The management of raised funds has also been criticized, as Marubi failed to separate the accounting for projects funded by raised capital from those funded by its own resources, leading to non-compliance with regulations [11][15]. Dividend Practices - Since its IPO in 2019, Marubi has distributed cash dividends totaling 1.08 billion, with significant amounts flowing to the founder and his spouse, raising concerns about the sustainability of such practices in relation to the company's financial health [16][19]. Brand Trust and Historical Controversies - Marubi has a history of controversies, including misleading claims about its Japanese origins and product quality issues. Although these past issues have diminished in public discourse, current concerns have shifted to financial data integrity and governance practices [30][31].

Core Viewpoint - The stock price of Harbin Fulejia Technology Co., Ltd. has significantly declined since its IPO, reflecting poor financial performance and a challenging market environment [2][4][26]. Financial Performance - Since its listing on August 1, 2023, at an initial price of 55.68 yuan per share, the stock reached a peak of 80.04 yuan but has since fallen sharply, with a current price of 23.88 yuan, representing a near 50% decline from the IPO price [4][25]. - In 2023, the company reported a revenue increase of 9.29% to 1.934 billion yuan, but net profit fell by 11.56% to 749 million yuan [6][27]. - The downward trend continued in 2024, with revenue of 2.017 billion yuan (up 4.32%) and net profit dropping 11.77% to 661 million yuan [6][27]. - For the first nine months of 2025, revenue was 1.297 billion yuan, down 11.54%, and net profit was 325 million yuan, a significant drop of 36.73% [8][29]. Business Segments - The medical device segment, once a key revenue driver, saw a dramatic decline in revenue, dropping 48.1% to 238 million yuan in the first half of 2025, reducing its contribution to total revenue from 48.8% to 27.6% [8][30]. - Conversely, the cosmetics segment reported a revenue of 625 million yuan, a 30% increase, but this growth was accompanied by soaring marketing expenses [31][32]. Marketing and R&D Strategy - The company has adopted a "heavy marketing, light R&D" approach, with sales expenses reaching 420 million yuan, a 39.56% increase, resulting in a sales expense ratio of 48.7% [11][32]. - This strategy has led to diminishing returns, as marketing costs have outpaced revenue growth, eroding profit margins [33][34]. - The reliance on high-risk online marketing channels, particularly on platforms like Douyin, poses additional risks if costs increase or platform rules change [33][34]. Competitive Position - Fulejia's patent portfolio is limited, with only 31 patents, of which only 9 are invention patents, significantly lower than competitors like Huaxi Biological and Beitaini [37]. - The company faces challenges in the face of regulatory changes that restrict the marketing of its medical device products, leading to a sharp decline in sales [37][39]. Strategic Responses - In response to declining sales, the company has implemented a price reduction strategy, with significant discrepancies between official and online prices for its products [39]. - The company is also exploring ways to reposition its products and enhance its marketing strategies to adapt to regulatory changes and market demands [39][40].

Core Viewpoint - The recent launch of the "Scouring Pad Cake" by Tao Li Bread has sparked significant attention on social media, raising concerns about its resemblance to actual cleaning products and potential safety risks for children. The company is facing ongoing challenges with declining performance and a heavy reliance on marketing over research and development [2][3][8]. Marketing and Product Launch - The "Scouring Pad Cake" closely resembles a kitchen cleaning pad, with packaging explicitly stating "Scouring Pad Cake." It is a sponge cake product sold in boxes of six bags, each weighing 50 grams, priced at 29.9 yuan. The product is currently available for pre-sale online [5]. - The pre-sale strategy allows the company to gauge market acceptance before large-scale production, reducing inventory risks and ensuring supply chain efficiency [5]. - Consumer reactions to the product are mixed, with some praising its creativity while others express concerns about its appearance and potential confusion for children. Some consumers reported dissatisfaction with the taste and texture [8][10]. Financial Performance - Financial data indicates that in the first half of 2025, Tao Li Bread's advertising expenses surged over 40% to 42.96 million yuan, while R&D investment decreased by 30.81% to only 10.66 million yuan, accounting for just 0.4% of revenue [11][12]. - The company has experienced a continuous decline in revenue and net profit, with total revenue for the first three quarters of 2025 at approximately 4.049 billion yuan, down 12.88% year-on-year, and net profit at about 298 million yuan, down 31.49% [13]. - The decline in performance is attributed to increased competition from traditional baking giants and the rise of new consumption models that challenge the company's existing business strategy [13]. Shareholder Activity - The controlling shareholders of Tao Li Bread have been frequently reducing their stakes in the company, raising concerns in the capital market. As of the end of September 2025, the family collectively held 56.36% of the shares, down from 68.09% at the end of 2018 [14]. - The stock price has significantly dropped, closing at 5.45 yuan per share, a decline of approximately 78% from its peak of 24.71 yuan in 2020, resulting in a market capitalization of 8.72 billion yuan [13]. Recommendations - There is a call for the company to shift focus from abstract marketing strategies to core business practices, emphasizing the need for substantial investment in R&D to develop products that genuinely meet consumer demands [15].

Core Viewpoint - The recent launch of the "Scouring Pad Cake" by Taoli Bread has sparked significant attention on social media, raising concerns about its resemblance to actual cleaning products and potential safety risks for children [2][14]. Financial Performance - Taoli Bread's advertising expenses surged over 40% in the first half of 2025, reaching 42.96 million yuan, while R&D investment decreased by 30.81% year-on-year, accounting for only 0.4% of revenue [8][20]. - The company has faced continuous revenue decline for one and a half years, with net profit shrinking for four and a half years [2][14]. - For the first three quarters of 2025, Taoli Bread reported total revenue of approximately 4.049 billion yuan, down 12.88% year-on-year, and a net profit of about 298 million yuan, down 31.49% year-on-year [21][22]. Market Position and Strategy - Taoli Bread is experiencing a "mid-life crisis" as it faces increasing competition from traditional baking giants and the rise of new consumption models, which have eroded its market share [2][10]. - The company's reliance on a "central factory + wholesale" model, which previously facilitated rapid expansion, is now being challenged by emerging retail channels such as e-commerce and convenience stores [22]. - Analysts suggest that the company's poor performance is largely due to its failure to adapt strategies in a timely manner, focusing too much on marketing rather than product development [22]. Shareholder Activity - The controlling shareholders of Taoli Bread have frequently reduced their holdings, raising concerns in the capital market. As of the end of September 2025, the family collectively held 56.36% of the shares, down from 68.09% at the end of 2018 [9][23]. - The stock price has dropped approximately 78% from its peak of 24.71 yuan per share in 2020, with a current market capitalization of 8.72 billion yuan [21][22].