Core Viewpoint - The company, 半亩花田, is preparing for an IPO in Hong Kong, aiming to become the leading domestic personal care brand in the market, with a strong revenue growth of 76.7% in the first nine months of 2025, driven largely by high marketing expenditures [4][6][7]. Financial Performance - The company's revenue for 2023 and 2024 is projected to be 1.199 billion RMB and 1.499 billion RMB, respectively, with a growth rate of 25.05% [6][7]. - In the first nine months of 2025, revenue reached 1.895 billion RMB, marking a year-on-year increase of 76.7% [6][7]. - Adjusted net profit (non-IFRS) is expected to grow from 23.71 million RMB in 2023 to 82.83 million RMB in 2024, and further to 148 million RMB in the first nine months of 2025, reflecting a growth of 197.41% [8]. Marketing and Sales Strategy - The company allocates a significant portion of its revenue to marketing, with expenses reaching 637 million RMB in 2023, 677 million RMB in 2024, and 896 million RMB in the first nine months of 2025, accounting for 53.2%, 45.2%, and 47.3% of total revenue, respectively [10][11]. - The marketing strategy includes collaborations with KOLs and celebrities, which has proven effective in driving sales, with monthly marketing expenses nearing 1 billion RMB in 2025 [16][17]. Product and Market Position - 半亩花田 is recognized as the leading domestic brand in body care products, with a strong market presence in body lotion, body scrub, and facial cleansing mousse [7][21]. - The company’s product pricing strategy remains competitive, with average prices around 20 RMB, while maintaining a gross margin above 60% [15][21]. Challenges and Risks - The company faces challenges due to a high dependency on online sales channels, which accounted for 85.7% of total revenue in 2023, making it sensitive to changes in platform policies and rising customer acquisition costs [20][21]. - R&D investment is notably low, with expenses constituting only 2.39% to 1.49% of total revenue from 2023 to 2025, raising concerns about the company's technological competitiveness [11][22]. Future Outlook - The company plans to use the funds raised from the IPO to expand sales channels, increase R&D investment, build a global talent team, and enhance digital and intelligent upgrades [28]. - The competitive landscape in the personal care market is intensifying, with both international giants and emerging domestic brands posing significant challenges [21][22].

Core Viewpoint - Banmu Huatian is positioned to become the leading domestic personal care brand in Hong Kong's stock market, with a comprehensive product range and strong market presence in body, hair, and facial care categories [2][3]. Company Overview - Founded in 2010, Banmu Huatian has evolved from a single star product to a full-category brand in skin and personal care, achieving leading positions in multiple categories within the Chinese market [3]. - As of 2024, Banmu Huatian is the top domestic brand for body lotion, body scrub, and facial cleansing mousse based on retail sales [3]. Product Development - The company has successfully launched key products such as body scrubs and body lotions, with cumulative sales of approximately 37.7 million bottles for body scrubs and 56.9 million bottles for body lotions by September 30, 2025 [5]. - The whitening body lotion has sold around 8 million bottles since its launch [5]. - Banmu Huatian has expanded its product lines into hair and facial care, with hair care revenue growing by 496.1% year-on-year in the first three quarters of 2025 [5]. Sales Channels - The company has transitioned from a single online channel to a comprehensive omnichannel strategy, utilizing platforms like Tmall, Douyin, and JD for brand building and customer engagement [6]. - As of September 30, 2025, Banmu Huatian has 17 million registered online members [6]. Financial Performance - Banmu Huatian's revenue reached 1.199 billion yuan in 2023 and is projected to grow to 1.499 billion yuan in 2024, reflecting a year-on-year increase of 25% [10]. - In the first three quarters of 2025, revenue surged by 76.7% to 1.895 billion yuan compared to the same period in 2024, with adjusted net profit increasing by 197.2% to 148 million yuan [10]. Research and Development - The company invested 28.6 million yuan and 32 million yuan in R&D in 2023 and 2024, respectively, with a 25.91% increase in R&D spending in the first three quarters of 2025 [9]. - Banmu Huatian has established a comprehensive R&D system, focusing on raw material development, technology transfer, and product efficacy verification [8]. Future Plans - The funds raised from the IPO will be allocated to channel development, product marketing, enhancing R&D capabilities, building a diverse global talent pool, and improving digital infrastructure [11].

Core Viewpoint - The company, Banmu Huatian, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, aiming to capitalize on its strong market position in the skin and personal care industry in China [1] Group 1: Business Overview - Banmu Huatian is a rapidly growing skin and personal care brand in China, focusing on the innovative application of Eastern floral ingredients and fragrances [2] - The company has established itself as a leading domestic brand in multiple categories, including body care, hair care, and facial care, achieving significant market presence [2] - According to Frost & Sullivan, Banmu Huatian is the top domestic brand in body lotion, body scrub, and facial cleansing mousse based on retail sales projected for 2024 [2] Group 2: Growth Drivers - The body care segment serves as the company's cornerstone, with successful products like whitening body lotion and ice cream smooth fragrance scrub meeting unmet consumer needs [2] - The hair care segment has shown remarkable growth, with a revenue increase of 496.1% year-on-year for the first nine months ending September 30, 2025, establishing it as the company's second growth curve [3] - Banmu Huatian has evolved from a single market leader to a multi-growth engine brand, leveraging a diverse product matrix [3] Group 3: Sales and Distribution Strategy - The company has developed a consumer-centric, synergistic sales network that enhances consumer reach and brand loyalty [5] - Online channels, including Tmall, Douyin, and JD.com, are central to brand building and demand capture, while offline channels cover a wide range of retail formats across 31 provinces in China [5] - Banmu Huatian employs a supply chain model that emphasizes strong control over raw material procurement and product quality, ensuring operational efficiency and profitability [5] Group 4: Financial Performance - The company achieved revenues of CNY 1.199 billion and CNY 1.499 billion in 2023 and 2024, respectively, reflecting a growth rate of 25% [6] - For the first nine months of 2025, Banmu Huatian reported revenues of CNY 1.895 billion, a year-on-year increase of 76.7%, with adjusted net profit growing by 197.2% during the same period [6] Group 5: Industry Outlook - The skin and personal care market in China is expected to maintain stable and high-quality growth, projected to grow at a compound annual growth rate of 6.5% from 2024 to 2029 [7] - With its multi-category layout and channel synergy, Banmu Huatian is positioned to become the first domestic personal care brand listed on the Hong Kong Stock Exchange, marking a new chapter in the capital market for domestic brands [7]