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正品控股港股IPO,聚焦香港保健及美容品市场,毛利率逐年下滑
Ge Long Hui· 2025-08-14 10:59
Core Viewpoint - The health supplement market is expanding due to increased health awareness post-pandemic and an aging population, with 正品控股有限公司 planning an IPO in Hong Kong to capitalize on this growth [1] Company Overview - 正品控股 is headquartered in Kowloon Bay, Hong Kong, focusing on the development, sales, marketing, and distribution of health and beauty supplements, outsourcing production to suppliers [3] - The company generates over 87% of its revenue from its own brands, with a low contribution from third-party brands [3] - It offers products targeting various demographics, including health supplements related to deer, joint pain relief, and beauty products [3] Financial Performance - For the fiscal years 2023, 2024, and 2025, the company's projected revenues are approximately HKD 0.43 billion, HKD 1.10 billion, and HKD 1.30 billion, respectively, with gross margins declining from 81.6% to 75% [10] - The company’s net profits for the same periods are estimated at HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [10] Product Segmentation - Health supplements account for 71.6% of total revenue, while beauty products contribute 26.6% [5] - The product categories include nutritional supplements, herbal supplements, and topical pain relief products [5] Market Position - In the Hong Kong health supplement market, 正品控股 ranks as the seventh largest local supplier with a market share of approximately 1.6% [14] - The company leads in the deer-related health supplement segment with a market share of about 29.4% [14] Supply Chain and Distribution - The company relies heavily on a major client, 牛奶公司, for over 74% of its revenue, with plans to open its first self-operated store in Hong Kong to reduce dependency [8] - The distribution strategy includes retail through major chains like 万宁 and plans for an expanded self-operated store network [8] Industry Trends - The health supplement market in Hong Kong is projected to grow from HKD 78 billion in 2024 to approximately HKD 97 billion by 2029, with a compound annual growth rate of about 4.6% [12] - The market for topical pain relief products is expected to increase from HKD 16 billion in 2024 to HKD 24 billion by 2029, with a CAGR of 7.5% [12]