Core Viewpoint - The company SKG is attempting to capitalize on the wearable health technology market, but faces significant challenges in revenue growth, profitability, and financial management as it prepares for its IPO in Hong Kong [1][12]. Group 1: Market Position and Growth Potential - SKG is the leading company in China's smart soothing wearable device industry, with a projected market share of 21.5% in 2024 [1]. - The global wearable health device market is expected to grow at a compound annual growth rate (CAGR) of 13.8%, reaching $79.5 billion by 2029, while the Chinese market is projected to reach 61.5 billion yuan in 2024, expanding at a CAGR of 15.9% [2]. Group 2: Financial Performance - SKG's revenue from 2022 to 2024 is reported as 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan, indicating a slight decline in 2024 despite industry growth [2]. - The adjusted net profit decreased from 137 million yuan in 2022 to 123 million yuan in 2023, a drop of 10.2%, with a slight recovery to 126 million yuan in 2024, primarily due to cost-cutting measures rather than revenue growth [2][3]. Group 3: Profit Distribution and Debt Management - SKG has distributed a total of 280 million yuan in cash dividends from 2022 to 2024, with a dividend payout ratio of 57.3%, including an aggressive payout of 199.4% of net profit in the first three quarters of 2025 [4]. - The company's interest-bearing bank loans increased from 70.17 million yuan at the end of 2022 to 180 million yuan by September 2025, indicating a growing reliance on debt for operational funding [5]. Group 4: Product Structure and Innovation - SKG's revenue is heavily reliant on a single product category, the neck massager, which accounted for over 50% of total revenue from 2022 to 2024, with minimal growth observed [8]. - The company's research and development (R&D) expenses have decreased from 82.16 million yuan in 2022 to 79.18 million yuan in 2024, with the R&D expense ratio declining from 9.1% to 7.6% during the same period [9][10]. Group 5: Sales Model and Brand Reputation - SKG's sales model is primarily distributor-driven, which has led to challenges in channel management and brand reputation, with over 500 complaints related to product quality and safety issues reported [11]. - The company's marketing expenses have significantly outpaced R&D spending, raising concerns about the sustainability of its growth strategy [10].

Core Viewpoint - Future Wearable has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Summary - Future Wearable holds a 21.5% market share in China's smart soothing wearable device market in 2024, ranking first among domestic companies [1] - The company also ranks first globally in the smart soothing wearable device market with a 4.1% market share [1] - Since 2016, the company has focused on smart wearable health devices, utilizing innovative medical-grade technologies such as medium-frequency pulse and transcutaneous electrical nerve stimulation (TENS) [1] - The product offerings include diverse smart soothing wearable devices, post-exercise recovery and shaping devices, smart health watches, and health home products [1] Industry Summary - The global smart wearable health device market is projected to grow from $41.7 billion in 2024 to $79.5 billion by 2029, with a compound annual growth rate (CAGR) of 13.8% [1] - The Chinese market is expected to increase from 615 billion RMB in 2024 to 1,283 billion RMB by 2029, with a CAGR of 15.9% [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SKG Health Technologies Co., Ltd. 未來穿戴健康科技股份有限公司 （於中華人民共和國成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向未來穿戴健康科技股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包銷 團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長註冊前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據向香港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 警 告 (a) 本 ...