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].

Core Insights - The company, Zhengpin Holdings, primarily engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong, outsourcing production to suppliers [3][4] - Zhengpin Holdings ranks seventh among local suppliers in Hong Kong's health and beauty supplement market with a market share of approximately 1.6% as of 2024 [3] - The company has a diverse product portfolio catering to various age groups and focuses on niche markets such as deer-related health supplements and pain relief products [3][4] Market Position - In the deer-related health supplement market, Zhengpin Holdings holds the top position with a market share of about 29.4% in 2024 [4] - The company's proprietary brand "Yantongxiao" is among the top five best-selling joint and pain relief supplements at Mannings retail stores [4] - Zhengpin Holdings operates six proprietary brands and six third-party brands, indicating a broad market presence [4] Financial Performance - The company reported revenues of approximately HKD 43.19 million, HKD 110 million, and HKD 130 million for the fiscal years 2023, 2024, and 2025, respectively [5][6] - 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] - The gross profit margins for the fiscal years 2023 and 2024 were HKD 35.24 million and HKD 86.19 million, respectively, indicating a significant increase in profitability [6]