登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经记者 | 陶知闲 2025 年上半年营收同比增长 15.82%，净利润同比增长 19.43%—— 趣睡科技（301336.SZ）这份看似亮眼的业绩报表背后，是股东密集清仓式减持、募投项 目全线延期等种种问题。叠加超六成线上收入依赖小米渠道的 "单腿模式"，趣睡科技这家小米生态链企业的增长故事，正被越来越多的隐患侵蚀。 股东开启减持潮 9月，趣睡科技密集披露股东减持计划，从实际控制人、一致行动人，再到首发前股东、小米系投资机构，多股减持力量持续行动。 9月29日，公司公告股东李亮（实际控制人一致行动人、持股 5% 以上股东、董事、高级管理人员）与陈林（实际控制人一致行动人）拟通过询价转让方 式，合计转让 128.24 万股公司股份，占总股本的 3.21%，占两人合计持股的 36.41%。以 43.56 元 / 股的转让价格计算，此次转让总金额约 5586 万元。智通 财经记者注意到，该转让价格仅为询价当日收盘价51.82元/股的84%，存在16%的折价。 股东以低于市场价16%的价格转让股份，和此前的 "清仓式减持" 潮如出一辙。 9月15日，趣睡科技披 ...

Core Viewpoint - 正品控股有限公司 is seeking to go public in Hong Kong, focusing on the development, sales, and distribution of health and beauty supplements, with a notable market presence but facing challenges in profitability and reliance on a single distribution channel [1][6]. Group 1: Company Overview - 正品控股主要在香港从事保健及美容补充品与产品的开发、销售、营销及分销 [1]. - The company ranks seventh among local suppliers in Hong Kong's health and beauty supplement market, with a market share of approximately 1.6% [1]. - The company has a diverse product portfolio catering to various demographics, focusing on niche markets such as deer-related supplements and pain relief products [2]. Group 2: Financial Performance - The company reported revenues of approximately HKD 43.19 million, HKD 109.62 million, and HKD 130.22 million for the fiscal years 2023, 2024, and 2025, respectively [4]. - Net profit for the same periods was approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [4]. - The gross profit margin has been declining, recorded at 81.59%, 78.62%, and 75.02% over the three fiscal years [3]. Group 3: Market Position and Challenges - The health and beauty supplement market in Hong Kong is characterized by oligopoly, with the top 10 companies holding a market share of 31.1% [6]. - 正品控股's business model is heavily reliant on the retail channel 万宁, which holds a dominant market share of 34.4% [6][7]. - The company faces challenges in negotiating pricing power due to its dependence on a single distribution channel, which may impact its profitability [7]. Group 4: Industry Growth Outlook - The health and beauty supplement market in Hong Kong is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2029, providing a moderate industry tailwind for 正品控股 [9][11]. - The market size is expected to increase from HKD 2,709 million in 2024 to HKD 3,537.6 million by 2029 [9].