Core Viewpoint - Zhengpin Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for market expansion, opening self-operated stores, expanding sales networks, and new product development. The company's revenue is highly dependent on its largest customer, Milk Company [1][7]. Financial Performance - Zhengpin Holdings' revenue for the fiscal years 2023, 2024, and 2025 is projected to be HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million, respectively. Corresponding net profits are expected to be HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [2][3]. - The gross profit margins for the same fiscal years are approximately 81.6%, 78.6%, and 75%, indicating a declining trend [4][6]. Market Position - Zhengpin Holdings ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% as of 2024 [2]. - The company relies on outsourcing production to suppliers and primarily distributes its own and third-party brand products through retail stores like Mannings [2][4]. Customer and Supplier Dependency - The company’s revenue is significantly reliant on its top five customers, with revenues from these clients for the fiscal years 2023, 2024, and 2025 being approximately HKD 39 million, HKD 98 million, and HKD 109 million, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, Milk Company, contributes approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenue for the same years, representing about 89.1%, 76.7%, and 74.5% of total revenue [7].

Core Viewpoint - Zhengpin Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for market expansion, opening self-operated stores, expanding sales networks, and new product development. The company's revenue is highly dependent on its largest customer, Milk Company [1][8]. Financial Performance - Zhengpin Holdings operates primarily in Hong Kong, focusing on the development, sales, marketing, and distribution of health and beauty supplements and products. The company ranks seventh among local suppliers in Hong Kong with a market share of approximately 1.6% [2][5]. - The projected revenues for the fiscal years 2023, 2024, and 2025 are approximately HKD 43.2 million, HKD 110 million, and HKD 130.2 million, respectively. Corresponding net profits are expected to be HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [2][3]. Profitability Metrics - The gross profit margins for the fiscal years 2023, 2024, and 2025 are approximately 81.6%, 78.6%, and 75%, indicating a declining trend. This decline is attributed to increased promotional discounts for self-owned brand products and a rise in revenue from third-party brand products, which generally have lower margins [5][6]. Customer and Supplier Dependency - The company relies heavily on its top five suppliers, with total procurement amounts of approximately HKD 6.2 million, HKD 22.2 million, and HKD 22.3 million for the fiscal years 2023, 2024, and 2025, respectively. The largest supplier accounts for about 55.6%, 34.5%, and 27.8% of total procurement [8]. - Revenue from the top five customers is projected to be approximately HKD 39 million, HKD 98 million, and HKD 109 million for the fiscal years 2023, 2024, and 2025, representing about 90.6%, 89.4%, and 83.4% of total revenue. The largest customer, Milk Company, contributes approximately HKD 39 million, HKD 84 million, and HKD 97 million, accounting for about 89.1%, 76.7%, and 74.5% of total revenue [9].

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) reported that seven companies submitted applications for listing, with two companies passing the hearing and one company currently in the process of an initial public offering (IPO) without any new stocks listed during the week. Group 1: Companies Submitting Applications - **Wenzhi Traditional Chinese Medicine**: The largest AI-assisted TCM service provider in mainland China, with projected revenues of approximately 621.69 million RMB in 2022 and a loss of about 154 million RMB in the same year [2] - **Zhengpin Holdings Limited**: Engaged in the development and distribution of health and beauty supplements in Hong Kong, with revenues projected to reach approximately 110 million HKD in 2025 and a profit of about 35.5 million HKD in the same year [3] - **YunTian LiFei Technology Co., Ltd.**: A leading AI company focusing on AI inference chips, with revenues expected to be around 5.46 billion RMB in 2022 and a loss of approximately 4.47 billion RMB [4] - **Xinnengda Electronics Co., Ltd.**: A global leader in lithium battery technology, with projected revenues of about 521.62 billion RMB in 2022 and a profit of approximately 7.63 billion RMB [5] - **Danno Pharmaceutical (Suzhou) Co., Ltd.**: A biotech company focused on innovative drug development, with losses projected to be around 1.22 billion RMB in 2023 [6] - **Innovation International Industrial Group**: Engaged in the production of aluminum products, with revenues expected to reach approximately 134.90 billion RMB in 2022 and a profit of about 9.13 billion RMB [7] - **Wangshan Wangshui Biopharmaceutical Co., Ltd.**: Focused on small molecule drug development, with revenues projected to be around 200 million RMB in 2023 [8] Group 2: Companies Passing Hearings - **Shandong Tianyue Advanced Technology Co., Ltd.**: A leading manufacturer of silicon carbide substrates, with revenues projected to be approximately 4.17 billion RMB in 2022 and a loss of about 1.76 billion RMB [8] - **Guangzhou Yinnuo Pharmaceutical Group Co., Ltd.**: Focused on innovative drug development for metabolic disorders, with no recorded revenue in 2023 and a loss of approximately 733 million RMB [9] Group 3: IPO and Market Updates - **Zhonghui Biotechnology-B**: Plans to offer 33.44 million H-shares with a price range of 12.9 to 15.5 HKD per share, aiming for a total of approximately 1.02 billion HKD from cornerstone investors [10] - **HKEX New IPO Regulations**: New rules effective from August 4 aim to enhance the pricing and allocation framework for IPOs, requiring at least 40% of shares to be allocated to book-building investors [11] - **A+H Listing Trends**: Regulatory considerations are underway to increase the minimum market capitalization requirement for A-share companies seeking to list in Hong Kong from 10 billion to 20 billion RMB [12]

Group 1 - The company, Zhengpin Holdings Limited, has submitted a listing application to the Hong Kong Stock Exchange, with Hongbo Capital Limited as its sole sponsor [1] - Zhengpin Holdings operates in the health and beauty supplements and products sector in Hong Kong, outsourcing production and distributing its own and third-party brands through Mannings retail stores [1] - According to Frost & Sullivan data, Zhengpin Holdings ranks seventh among health and beauty supplement suppliers in Hong Kong for 2024, with a market share of 1.6% [1] Group 2 - The company holds the top position in the retail value of deer-related health supplements and products in Hong Kong, with a market share of approximately 29.4% [1] - Zhengpin Holdings manages six proprietary brands, including "Zhengpin" and "Yantongxiao," as well as six third-party brands [1] - The proprietary brand "Yantongxiao" features joint and pain relief products, which are among the top five best-selling related products at Mannings in 2024 [1]

Core Viewpoint - 正品控股有限公司 has submitted a listing application to the Hong Kong Stock Exchange, with Hongbo Capital Limited as its sole sponsor. The company primarily engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong [1]. Group 1: Company Overview - 正品控股 is ranked seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% based on retail value in 2024 [1]. - The company offers a diverse product portfolio catering to various age groups, focusing on niche markets such as deer-related health supplements, joint and pain relief products, and topical analgesics [1][2]. Group 2: Product and Market Position - In the deer-related health supplement market, 正品控股 holds the top position with a market share of about 29.4% in 2024. Its proprietary brand "炎痛消" includes some of the best-selling joint and pain relief products at Mannings retail stores [2]. - The company's products are categorized into two main types: health supplements and beauty supplements, with sales from these categories accounting for approximately 98.8%, 98.8%, and 98.2% of total revenue during the reporting periods [2]. Group 3: Financial Performance - For the fiscal years 2023, 2024, and 2025, the company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million, respectively. The net profit and total comprehensive income for the same periods were approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [3].

Core Viewpoint - The company, Zhengpin Holdings, is primarily engaged in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong, with a focus on niche markets such as deer-related health supplements and pain relief products [3][4]. Company Overview - Zhengpin Holdings ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% based on retail value in 2024 [3]. - The company operates six proprietary brands and six third-party brands, with its own brand "Yantongxiao" being one of the top five best-selling joint and pain relief supplements in Mannings retail stores [4]. Product Categories - The products offered by Zhengpin Holdings are categorized into two main types: health supplements and beauty supplements, with sales from these categories accounting for approximately 98.8% of total revenue during the reporting periods [4]. Market Competition - The health and beauty supplement market in Hong Kong is competitive and fragmented, with the top ten suppliers holding a combined market share of 55.3% in 2024 [5]. Financial Performance - The company reported revenues of approximately HKD 43.19 million, HKD 109.62 million, and HKD 130 million for the fiscal years 2023, 2024, and 2025, respectively. The net profit and total comprehensive income for the same periods were approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [5][6].