"我们能争取消费者的永远是产品……SKG最重要的优势还是在产品上面，我们不是营销驱动型的。"这是2014年 SKG创始人刘杰对外传递的核心主张。 然而十余年后，当这家靠着颈椎按摩仪走红的企业第三次向资本市场发起冲击，其招股书披露的种种数据，似乎 与这句宣言有不小反差。 2025年底，未来穿戴（SKG母公司）正式向港交所递交上市申请，这已是其继2022年冲击创业板、2024年转战北 交所失败后的第三次IPO尝试。营销与研发的严重失衡、核心产品增长乏力、盈利持续下滑、举债分红等问题浮 出水面，SKG的资本之路，能否成功闯关？ 此次在营收下滑、盈利缩水的经营压力下坚持赴港上市，核心诉求是 "融资救急" 还是 "战略布局"？现金流紧张之 下缘何急分红？如何确保募资真正用于提升企业产品长期竞争力？截至发稿前，南都·湾财社暂未收到回复。 | : [编纂]股H股(視乎[编纂]行使與否 | 编纂]的[编纂]數目 | 而定) | | | | --- | --- | --- | --- | --- | | [编纂]數目 | [编纂]股H股(可予[编纂]) | .. | : [编纂]股H股(可予[编纂]及視乎[编纂]行使與 | [ ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) concluded with impressive results, attracting over 310,000 foreign buyers from 223 countries and regions, marking a 7.5% increase from the previous session, and achieving a record high [1] - The fair generated an intended export transaction volume of $25.65 billion, with over 60% of the transactions involving countries participating in the Belt and Road Initiative [1] - Major cities like Dongguan and Tianjin reported significant intended orders, with Dongguan's delegation achieving $530 million in intended transactions, a 15.2% increase from the last session [1][7] Trade Performance - The fair showcased a strong performance in foreign trade, with companies focusing on technological and brand innovation to adapt to changing market conditions [1] - Guangdong's trade data indicated that in the first three quarters of 2025, China's total import and export volume reached 33.61 trillion yuan, a 4% year-on-year increase, with exports growing by 7.1% [5] Market Trends - The demand for foreign trade is expected to stabilize as the fourth quarter approaches, aided by renewed dialogue on Sino-US trade issues, with projections of over 5% growth in China's total import and export volume for 2025 [2] - Companies are increasingly targeting new markets, with a focus on Southeast Asia and the Middle East, reflecting a diversification in global market strategies [8] Innovation and Product Development - Companies like Guangdong Lingdu Intelligent Technology successfully secured over $1 million in orders by leveraging unique technological advantages in high-risk operational scenarios [6] - The fair highlighted the importance of product innovation, with many exhibitors reporting strong interest in new product lines, such as smart health and wellness products [4][8] Future Outlook - Many companies anticipate stable revenue growth for the year, with expectations of maintaining overseas market revenue levels compared to the previous year, driven by new customer engagements from the fair [9][10] - The Canton Fair serves not only as a trading platform but also as a hub for information exchange, prompting companies to adjust their market strategies based on insights gained during the event [7]