近日，国内领先的皮肤学级护肤品牌HBN所属母公司——深圳护家科技（集团）股份有限公司（以下简称HBN）正式向港交所递交上市申请，由摩根士丹 利、中金国际联合保荐。 招股书显示，HBN收入保持稳健增长，2025年前三季度实现收入人民币15.14亿元（人民币，下同），同比增长10.2%。净利润从2023年的0.39亿元提升至 2024年的1.29亿元，净利润率在2025年前三季度攀升至9.6%。 稳健增长的背后，是HBN选择的一条更"慢"的"科研驱动"路径，因其发展路径显著区别于传统美妆品牌的发展模式，HBN也被越来越多的观察者视为一种更 具"抗周期"特性的范本。 据其招股书内容显示，随著全球消费者日益重视护肤产品的专业性和功效宣称的可信度，皮肤学级化妆品正迅速成为全球化妆品行业的重要增长引擎及核心 焦点。其中，皮肤学级护肤品牌通常以科学验证的原料及配方研发为基础，并由具备医学或临床背景的研发团队提供支持，具备从原料开发至临床验证的研 发能力。该类产品被普遍认为具备较高专业属性，持续获得消费者信赖。 作为中国改善型护肤品市场中最大的皮肤学级国产护肤品牌，HBN多年坚实的科研投入构筑了其技术护城河，更通过产品力的转 ...

Core Insights - HBN, a domestic skincare brand, emphasizes efficacy in its products and has made significant advancements in research and development, showcasing the potential of Chinese brands in scientific innovation [1][3][9] Group 1: Company Overview - HBN was established in 2019 in Shenzhen, focusing on "efficacy skincare" and is the first domestic brand to advocate for true efficacy in skincare products [3] - The brand's R&D center spans over 5,000 square meters and integrates research and production, facilitating rapid validation and application of innovative ideas [3][5] Group 2: Research and Development - HBN has a multidisciplinary R&D team of over 100 members, with 85% holding master's or doctoral degrees, covering fields such as pharmacy, medicine, and computational biology [5] - The company collaborates with over 40 top domestic and international institutions to enhance its technological innovation capabilities [5] Group 3: Achievements in Research - HBN has published 46 international SCI papers as the first author or completing unit, focusing on cutting-edge topics like skin aging mechanisms and whitening activities [7] - The company has successfully registered four self-developed new raw materials, creating a diverse matrix of plant extracts, peptide synthesis, and global innovative ingredients [9] Group 4: Strategic Vision - HBN's CEO emphasizes the importance of foundational research and application transformation in the skincare industry, believing that sustained investment in research will uncover significant user value [9] - The company aims to establish a "research-driven" development path, asserting that Chinese brands can compete with international brands in the high-value efficacy skincare sector [9]