Group 1: IPO Dynamics - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the "first stock of snack retail" in Hong Kong with the stock code "1768" [3] - Mingming Hen Mang issued a total of 15,511,200 H-shares, raising a total of HKD 3.67 billion at an issue price of HKD 236.60 per share, with a subscription rate of 1,899.49 times for public offerings and 44.44 times for international offerings [3][4] - The company has a strong cornerstone investor lineup, including Tencent and Temasek, which subscribed for USD 45 million and USD 45 million respectively, and BlackRock for USD 35 million [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operated 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - The company achieved a GMV of RMB 66.1 billion in the first three quarters of 2025, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] - The founder and CEO expressed the company's vision to provide affordable snacks and create a joyful experience for consumers [6] Group 3: Aixin Yuanzhi Semiconductor - Aixin Yuanzhi Semiconductor Co., Ltd. plans to list on the Hong Kong Stock Exchange on February 10, 2026, with the stock code "0600" [7] - The company aims to raise up to HKD 2.958 billion by issuing 104,915,200 H-shares at an issue price of HKD 28.20 per share, with a cornerstone investment of USD 185 million [8][9] - Aixin Yuanzhi has become the fifth largest visual edge AI inference chip supplier globally, with a market share of 24.1% in the high-end segment [9][10] Group 4: Zhuozheng Medical - Zhuozheng Medical Holdings Limited plans to list on the Hong Kong Stock Exchange on February 6, 2026, with an IPO target of over HKD 300 million [11][12] - The company has a diverse cornerstone investor base, including notable figures from the medical and technology sectors [12] - Zhuozheng Medical's revenue from 2022 to 2024 showed a compound annual growth rate of 42.2%, with a significant increase in gross profit [13] Group 5: Robotics and Automation - Tianjin Atonmo Robot Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on January 28, 2026, focusing on high-precision robots [14][15] - The company has maintained the highest market share in domestic parallel robots for five consecutive years, with a revenue increase of 72.5% in the first three quarters of 2025 [15][16] - Atonmo's products have been applied in over 1,000 scenarios across various industries [14] Group 6: Digital MRO Services - Shanghai Xinyi Linhe Technology Co., Ltd. aims to list on the Hong Kong Stock Exchange, focusing on digital MRO procurement services [20] - The company reported a cumulative transaction volume of approximately RMB 8.5 billion in 2023, with a significant increase in revenue [21][22] - Xinyi Linhe has established partnerships with over 3,000 MRO product manufacturers and suppliers, covering more than 220,000 retail hardware stores [20] Group 7: FA Equipment Procurement - YESMRO Holdings Limited submitted its IPO application to the Hong Kong Stock Exchange, focusing on digital transformation in FA equipment procurement [24][25] - The company has achieved over 81.3% in stock availability and 96.5% in on-time delivery rates, setting industry benchmarks [24] - YESMRO has served over 24,000 different scale automation equipment manufacturers across multiple industries [25] Group 8: Skincare Industry - Shenzhen HBN Technology (Group) Co., Ltd. aims to become the "first stock of true efficacy skincare" in China, with a focus on sustainable brand development [28] - HBN has established itself among the top ten domestic skincare brands in China, with a significant market share in the improvement skincare segment [28][29] - The company reported a revenue of RMB 2.08 billion in 2024, with a notable increase in adjusted net profit [29] Group 9: Automotive Technology - Zhejiang Konghui Automotive Technology Co., Ltd. has initiated its A-share IPO process, focusing on air suspension systems [36][37] - The company has delivered over 1 million air suspension systems and established partnerships with more than 20 mainstream automotive brands [36] - Konghui has successfully entered the supply chain of international luxury automotive brands [37]

香港交易所近日迎来又一家中国本土护肤企业的上市申请。1月26日，深圳护家科技（集团）股份有限公司正式向港交所主板递交招股书，由摩根士丹利及 中金公司联席保荐。公司旗下核心品牌HBN，凭借其"早C晚A"护肤理念的先发优势与深厚的科研背景，已在中国竞争激烈的改善型护肤市场占据重要席 位，并展现出清晰的增长轨迹与盈利能力。 根据灼识咨询报告，按2024年零售额计，护家科技已跻身中国护肤品市场前十的国产品牌行列，且为其中最年轻的品牌。更为突出的是，公司已确立其在 中国改善型护肤品市场中皮肤学级国产品牌的龙头地位。在核心成分领域，其A醇产品销量连续三年位居中国市场第一，明星单品α-熊果苷精萃水亦在精华 水品类中实现销量三连冠，显示出强大的产品力与市场认可度。 增长乏力、利润承压：高增长背后的持续性隐忧 根据智通财经APP了解，护家科技在2023至2025年期间的财务表现，虽然部分指标呈现增长，但在持续性与结构性层面存在若干值得警惕的风险与压力。 收入增长方面，公司2024年全年收入同比增长6.9%，2025年前九个月同比增长10.2%，增速虽为正，但整体增长相对平缓，未展现出强劲的成长爆发力，可 能反映其市场空间有限或 ...

Core Viewpoint - HBN's parent company, Shenzhen Hujia Technology Co., Ltd., has officially submitted an application for a mainboard listing on the Hong Kong Stock Exchange, indicating a continued interest in the Chinese skincare market and the potential for growth in domestic brands [1]. Group 1: Company Overview - HBN is recognized as the youngest player among the top ten domestic skincare brands in China, rapidly rising due to its "early C, late A" product strategy and precise online marketing [5]. - The company was founded in 2019 and has quickly established itself with a focus on "true efficacy," achieving significant market presence in the skincare sector [7]. Group 2: Financial Performance - Hujia Technology's total revenue is projected to increase from 1.948 billion RMB in 2023 to 2.083 billion RMB in 2024, reflecting a growth rate of 6.9%. For the first three quarters of 2025, revenue reached 1.514 billion RMB, a year-on-year increase of 10.2% [9]. - The net profit for 2023, 2024, and the first three quarters of 2025 is reported as 39 million RMB, 129 million RMB, and 145 million RMB, respectively, with a remarkable increase of 232.5% in 2024 compared to 2023 [9]. Group 3: Product and Market Strategy - HBN's primary revenue source is from "improvement-type skincare products," contributing approximately 80% of total revenue in recent years, with a steady increase in the share of "maintenance-type skincare products" [10]. - The company has a high repurchase rate and has seen its net profit double over three years, indicating strong customer loyalty and product effectiveness [7]. Group 4: Sales Channels and Marketing - Hujia Technology's sales are heavily concentrated online, with online channel revenue accounting for 98.6%, 97.7%, and 95.1% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [12]. - The reliance on online sales has led to high sales expense ratios, with sales and distribution expenses reaching 1.268 billion RMB, 1.238 billion RMB, and 871 million RMB, representing 65.1%, 59.4%, and 57.6% of total revenue [14]. Group 5: Research and Development - Despite HBN's emphasis on "true efficacy," the company's R&D investment is relatively low, with expenditures of 66 million RMB, 58 million RMB, and 40 million RMB for 2023, 2024, and the first three quarters of 2025, respectively, resulting in a decreasing R&D expense ratio [18]. - The majority of Hujia Technology's products are produced through contract manufacturing, raising questions about the extent of its proprietary technology and innovation capabilities [18][24].

Market Performance - A-shares showed a slight increase with the Shanghai Composite Index up 0.18% to 4139.9 points, and the Shenzhen Component Index up 0.09%[1] - The Hang Seng Index rebounded, rising 1.35% to 27126.95 points, with the Hang Seng Technology Index up 0.5% and the Hang Seng China Enterprises Index up 1.07%[1] - The total market turnover in Hong Kong was 2543.726 billion HKD[1] Currency and Federal Reserve Insights - Trump downplayed concerns over the dollar's depreciation, leading to a significant drop in the dollar index, with the euro rising above 1.20 against the dollar[1][12] - The Federal Reserve is expected to pause its interest rate cuts, indicating a potential consensus on policy direction[1][12] Economic Sentiment - A survey by the People's Bank of China revealed that more households are looking to increase savings and reduce spending compared to before the latest round of the US-China trade war, reflecting a more pessimistic outlook on income[8][12] - The market is closely monitoring the Federal Reserve's interest rate decision, with expectations of no changes this week[12]

Group 1: Technological Innovation in Guangdong - The economic vitality of Guangdong is driven by numerous innovative enterprises contributing to a "forest of industries" [1] -招商证券 focuses on understanding demand and creating value for investors through technological investments, evolving from trading tools to a comprehensive financial platform [1] - Mingyang Group transforms wind turbines into nodes of a smart energy network, creating a full chain from wind to hydrogen, thus shifting from equipment manufacturing to smart energy services [1] - Taili Technology leverages its C-end advantages to drive innovation in nanomaterials, establishing a dual-driven model to support various industries with high-performance, green solutions [1] Group 2: Diverse Growth in the Beauty Industry - Marubi Bio aims to become a world-class beauty brand by leveraging synthetic biology to develop core ingredients like recombinant double collagen, achieving significant advancements in certain areas [2] - The development paths of these companies illustrate the diversity and vitality of Guangdong's "industrial forest," emphasizing the importance of innovation and adaptation in business [2] - The collective efforts of these enterprises highlight that maintaining a core business involves continuous innovation and exploration of new potentials [2]

同时，维稳型护肤品收入占比从18.2%提升至21.4%，2023年、2024年、2025年1-9月收入分别为3.54亿元、4.52亿元、3.24亿元；毛利分别为2.76亿元、3.50 亿元、2.53亿元；毛利率分别为77.9%、77.4%、78.2%。 渠道方面，线上渠道始终是HBN的营收主力，2023年至2025年前9个月收入分别为19.20亿元、20.34亿元和14.39亿元，占比超95%。招股书显示，除了主流 电商平台，HBN计划进一步渗透线上各电商平台，并进一步拓展线上零售商和分销商的销售网络。 线下渠道则成为HBN新的增长极。2023年至2025年前9个月，线下营收分别为0.28亿元、0.49亿元、0.75亿元，占比从1.4%提升至4.9%。HBN在招股书中透 露，将扩大线下分销及直销渠道，重点拓展一二线城市核心商圈专柜、概念店和快闪店，同时推进直营门店网络布局。 在销售及分销开支上，2023年、2024年HBN分别为12.67亿元、12.38亿元，占总收入比例达65.1%及59.4%，其中推广开支2023年为11.14亿元，占比87.9%， 2024年为10.49亿元，占比84.7%。截至2024 ...

1月26日，国内功效护肤品牌HBN的母公司——深圳护家科技（集团）股份有限公司（下称"HBN"）提 交港股IPO申请，由摩根士丹利、中金公司联席保荐，计划冲刺"中国真功效护肤理念第一股"。 采写：南都N视频记者 杨丽云 据公开资料，HBN品牌创立于2019年，以"让真功效名副其实"为理念，定位功效型护肤品。据灼识咨询 报告，按2024年护肤品零售额计，HBN已位列中国护肤品市场国产品牌前十，并在中国改善型护肤品 细分市场中，成为规模最大的皮肤学级国产品牌。 招股文件显示，HBN在核心功效成分领域建立了市场认知。作为国内较早推广"早C晚A"护肤理念及A 醇抗老产品的品牌之一，其A醇成分护肤品和α-熊果苷焕颜精萃水在各自品类中，已连续三年（2022- 2024年）实现国内销量领先。品牌宣称已积累超过460万复购用户，其2025年在天猫及抖音平台的平均 复购率分别约为35.4%和44.0%。 近年来，HBN获得了快速发展，财务方面呈增长态势。招股书显示，公司2024年总收入为20.8亿元人民 币，2025年前三季度收入为15.1亿元，同比增长10.2%。盈利能力方面，其经调整净利润从2023年的0.9 亿元增长至2 ...

Core Viewpoint - Shenzhen HBN Technology (Group) Co., Ltd. is set to list on the Hong Kong Stock Exchange, aiming to become the first stock representing "true efficacy skincare" in China, showcasing a model of sustainable growth driven by systematic innovation in research and development [2][12]. Group 1: Company Overview - Founded in 2019, HBN adheres to the philosophy of "true efficacy" and believes in a long-term approach to research, focusing on building a healthy and sustainable brand development path [4]. - HBN has established itself among the top ten domestic skincare brands in China and is the largest domestic brand in the improvement skincare market, according to a report by ZhiShi Consulting [5]. Group 2: Market Position and Product Leadership - HBN has achieved a leading market position, particularly in the A-retinol anti-aging category, being one of the first domestic brands to propose the "morning C, evening A" skincare concept. Its A-retinol products have ranked first in sales for three consecutive years from 2022 to 2024 [7]. - The company has published 50 papers in SCI-indexed journals, ranking first among domestic skincare brands for first-author publications, demonstrating its strong research capabilities [8]. Group 3: User Trust and Financial Performance - HBN has accumulated over 4.6 million repeat customers, with average transaction values steadily increasing. The brand's average repurchase rates on platforms like Tmall and Douyin reached approximately 35.4% and 44.0% in 2025, significantly exceeding industry averages [10]. - The company reported a total revenue of 2.08 billion yuan in 2024, with a year-on-year growth of 10.2% in the first three quarters of 2025, and adjusted net profits increased from 90 million yuan in 2023 to 150 million yuan in the first three quarters of 2025 [10]. Group 4: Industry Growth and Future Potential - The skincare market in China is experiencing structural growth, with the top ten dermatological skincare brands projected to exceed 30 billion yuan in retail sales by 2024, reflecting a compound annual growth rate of over 16.7% from 2019 to 2024, outpacing the overall industry growth rate of approximately 8.6% [13]. - HBN is establishing a comprehensive efficacy verification system that spans the entire product lifecycle, aiming to enhance the credibility of efficacy claims and promote a more standardized approach within the industry [13][14].

(於中華人民共和國註冊成立的股份有限公司) [编纂] [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) [編纂]數目 [編纂]股H股(可予重新分配) :: [編纂]數目 [編纂]股H股(可予重新分配及視乎[編 : 纂]行使與否而定) 最高[編纂] : 每股H股[編纂]港元,另加1%經 紀佣金 · 0.0027%證監會交易徵 費 · 0.00015% 會財局交易徵費及 0.00565%聯交所交易費(須於[編纂] 時繳足,多繳款項可予[編纂]) 面值 : 每股H股人民幣0.20元 [糟플] [贈養] : 聯席保薦人·[編纂]· [編纂]·[編纂]及[編纂] 据港交所1月26日披露，深圳护家科技(集团)股份有限公司(简称：护家科技)向港交所主板递交上市申请 书，摩根士丹利、中金公司（601995）为其联席保荐人。据招股书，护家科技是中国领先的皮肤学级护 肤品牌，亦在改善型护肤品市场中位居前列。2019年，HBN品牌为看得见的真功效而生,"让真功效名 副其实",满足消费者对具科学实证护肤效果的目益增长需求。 (R) Shenzhen HBN Technology (Group) Compan ...

fund 智通财经APP获悉，据港交所1月26日披露，深圳护家科技(集团)股份有限公司 (简称：护家科技)向港交 所主板递交上市申请书，摩根士丹利、中金公司为其联席保荐人。据招股书，护家科技是中国领先的皮 肤学级护肤品牌，亦在改善型护肤品市场中位居前列。2019年，HBN品牌为看得见的真功效而生，"让 真功效名副其实"，满足消费者对具科学实证护肤效果的日益增长需求。 （原标题：新股消息 | 护家科技递表港交所） ...