Core Viewpoint - The company, Banmu Huatian, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, aiming to capitalize on its strong market position in the skin and personal care industry in China [1] Group 1: Business Overview - Banmu Huatian is a rapidly growing skin and personal care brand in China, focusing on the innovative application of Eastern floral ingredients and fragrances [2] - The company has established itself as a leading domestic brand in multiple categories, including body care, hair care, and facial care, achieving significant market presence [2] - According to Frost & Sullivan, Banmu Huatian is the top domestic brand in body lotion, body scrub, and facial cleansing mousse based on retail sales projected for 2024 [2] Group 2: Growth Drivers - The body care segment serves as the company's cornerstone, with successful products like whitening body lotion and ice cream smooth fragrance scrub meeting unmet consumer needs [2] - The hair care segment has shown remarkable growth, with a revenue increase of 496.1% year-on-year for the first nine months ending September 30, 2025, establishing it as the company's second growth curve [3] - Banmu Huatian has evolved from a single market leader to a multi-growth engine brand, leveraging a diverse product matrix [3] Group 3: Sales and Distribution Strategy - The company has developed a consumer-centric, synergistic sales network that enhances consumer reach and brand loyalty [5] - Online channels, including Tmall, Douyin, and JD.com, are central to brand building and demand capture, while offline channels cover a wide range of retail formats across 31 provinces in China [5] - Banmu Huatian employs a supply chain model that emphasizes strong control over raw material procurement and product quality, ensuring operational efficiency and profitability [5] Group 4: Financial Performance - The company achieved revenues of CNY 1.199 billion and CNY 1.499 billion in 2023 and 2024, respectively, reflecting a growth rate of 25% [6] - For the first nine months of 2025, Banmu Huatian reported revenues of CNY 1.895 billion, a year-on-year increase of 76.7%, with adjusted net profit growing by 197.2% during the same period [6] Group 5: Industry Outlook - The skin and personal care market in China is expected to maintain stable and high-quality growth, projected to grow at a compound annual growth rate of 6.5% from 2024 to 2029 [7] - With its multi-category layout and channel synergy, Banmu Huatian is positioned to become the first domestic personal care brand listed on the Hong Kong Stock Exchange, marking a new chapter in the capital market for domestic brands [7]