格隆汇新股 毛利率高达75%！在香港卖保健及美容产品年入过亿，冲击IPO 原创 阅读全文 ...

Core Viewpoint - 正品控股有限公司 is seeking to raise funds through an IPO to expand its market presence, open self-operated stores, enhance its sales network, and develop new products, while heavily relying on its largest customer, 牛奶有限公司 [1][6]. Financial Performance - The company reported revenues of HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Net profits for the same periods were HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [3]. - Gross profit margins are projected to decline from approximately 81.6% in 2023 to 75% in 2025 [4][5]. Market Position - 正品控股 ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% [2]. - The company primarily sells its own and third-party branded health and beauty products through retail channels, particularly through 万宁 stores [2]. Customer Dependency - The company derives a significant portion of its revenue from its top five customers, with revenues of approximately HKD 39 million, HKD 98 million, and HKD 109 million for the fiscal years 2023, 2024, and 2025, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, 牛奶有限公司, contributed approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenues for the same periods, representing about 89.1%, 76.7%, and 74.5% of total revenue [7]. Cost Structure - The cost of goods sold is expected to increase, with costs of HKD 7.952 million, HKD 23.432 million, and HKD 32.528 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Selling and distribution expenses are projected to rise from HKD 14.912 million in 2023 to HKD 36.435 million in 2025 [3].

Core Viewpoint - Zhengpin Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the health and beauty supplement market in Hong Kong, where it holds a market share of approximately 29.4% in 2024 [1][2]. Group 1: Company Overview - Zhengpin Holdings was established in 2011 and primarily operates in Hong Kong, focusing on health and beauty supplements and products [1]. - The company ranks first in the retail value of health-related supplements in Hong Kong for 2024, with a market share of about 29.4% [2]. - Zhengpin Holdings operates six proprietary brands and six third-party brands, with its own brand "Yantongxiao" being one of the top-selling products in Watsons [2]. Group 2: Business Model and Sales Channels - The company outsources product manufacturing to suppliers and primarily distributes products through Watsons in Hong Kong [2]. - Zhengpin Holdings has a mixed sales network that includes both wholesale and retail operations, with the majority of revenue coming from wholesale, accounting for approximately 89.7% to 93.0% during the reporting period [3]. Group 3: Financial Performance - The company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million over the last three fiscal years, with a compound annual growth rate of about 73.6% [4]. - Net profits for the same periods were approximately HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [4]. - Gross profit margins have shown a declining trend, from approximately 81.6% to 75.0% over the reporting period [4]. Group 4: Customer and Supplier Concentration - The company relies heavily on a few key customers, with revenues from the top five customers accounting for about 90.6% to 83.4% of total revenue during the reporting period [5]. - Sales to the largest customer, Dairy Farm International Holdings, represented approximately 89.1% to 74.5% of total revenue [5]. - Supplier concentration is also high, with the top five suppliers accounting for about 86.3% to 77.3% of total procurement [5]. Group 5: Future Plans and Use of Proceeds - Zhengpin Holdings plans to use the funds raised from the IPO to expand its business in Taiwan, conduct strategic marketing in Hong Kong, open self-operated stores, and develop new product lines [8].