Core Viewpoint - SKG Health Technologies Co., Ltd. is attempting its third IPO journey by submitting an application to the Hong Kong Stock Exchange after previous failures in 2022 and 2024, aiming to become the largest massage equipment company in the Hong Kong market if successful [2]. Group 1: Company Overview - SKG, established in 2007 and headquartered in Shenzhen, focuses on developing wearable health products such as neck, eye, and waist massagers, holding over 21% market share in China's small massage device market for five consecutive years [4]. - The company has faced criticism regarding product effectiveness, research investment, marketing strategies, and significant dividends distributed to its controlling shareholders [4][11]. Group 2: Financial Performance - For the first three quarters of 2025, SKG's sales and marketing expenses rose to 22.6%, while R&D investment decreased to 6.6%, indicating a trend of prioritizing marketing over research [11][14]. - Revenue from smart wearable devices was 630 million yuan, a slight increase of 0.2% year-on-year, with core products like neck massagers seeing a revenue decline of 1.85% [14]. Group 3: Market Position and Future Prospects - The fitness recovery and shaping equipment line generated 200 million yuan in revenue, a 122.8% year-on-year increase, contributing to a gross margin of 50.2% for the first three quarters of 2025 [17]. - The global market for smart wearable devices is projected to grow from $4.5 billion in 2019 to $8.4 billion in 2024, with expectations to reach $17.8 billion by 2029 [18]. - SKG aims to enhance its technological innovation and product differentiation to strengthen its market position, focusing on areas like medical electronics and digital therapy [19].