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].

Core Viewpoint - 正品控股有限公司 is seeking to raise funds through an IPO to expand its market presence, open self-operated stores, enhance its sales network, and develop new products, while heavily relying on its largest customer, 牛奶有限公司 [1][6]. Financial Performance - The company reported revenues of HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Net profits for the same periods were HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [3]. - Gross profit margins are projected to decline from approximately 81.6% in 2023 to 75% in 2025 [4][5]. Market Position - 正品控股 ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% [2]. - The company primarily sells its own and third-party branded health and beauty products through retail channels, particularly through 万宁 stores [2]. Customer Dependency - The company derives a significant portion of its revenue from its top five customers, with revenues of approximately HKD 39 million, HKD 98 million, and HKD 109 million for the fiscal years 2023, 2024, and 2025, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, 牛奶有限公司, contributed approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenues for the same periods, representing about 89.1%, 76.7%, and 74.5% of total revenue [7]. Cost Structure - The cost of goods sold is expected to increase, with costs of HKD 7.952 million, HKD 23.432 million, and HKD 32.528 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Selling and distribution expenses are projected to rise from HKD 14.912 million in 2023 to HKD 36.435 million in 2025 [3].

Core Viewpoint - Zhengpin Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the health and beauty supplement market in Hong Kong, where it holds a market share of approximately 29.4% in 2024 [1][2]. Group 1: Company Overview - Zhengpin Holdings was established in 2011 and primarily operates in Hong Kong, focusing on health and beauty supplements and products [1]. - The company ranks first in the retail value of health-related supplements in Hong Kong for 2024, with a market share of about 29.4% [2]. - Zhengpin Holdings operates six proprietary brands and six third-party brands, with its own brand "Yantongxiao" being one of the top-selling products in Watsons [2]. Group 2: Business Model and Sales Channels - The company outsources product manufacturing to suppliers and primarily distributes products through Watsons in Hong Kong [2]. - Zhengpin Holdings has a mixed sales network that includes both wholesale and retail operations, with the majority of revenue coming from wholesale, accounting for approximately 89.7% to 93.0% during the reporting period [3]. Group 3: Financial Performance - The company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million over the last three fiscal years, with a compound annual growth rate of about 73.6% [4]. - Net profits for the same periods were approximately HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [4]. - Gross profit margins have shown a declining trend, from approximately 81.6% to 75.0% over the reporting period [4]. Group 4: Customer and Supplier Concentration - The company relies heavily on a few key customers, with revenues from the top five customers accounting for about 90.6% to 83.4% of total revenue during the reporting period [5]. - Sales to the largest customer, Dairy Farm International Holdings, represented approximately 89.1% to 74.5% of total revenue [5]. - Supplier concentration is also high, with the top five suppliers accounting for about 86.3% to 77.3% of total procurement [5]. Group 5: Future Plans and Use of Proceeds - Zhengpin Holdings plans to use the funds raised from the IPO to expand its business in Taiwan, conduct strategic marketing in Hong Kong, open self-operated stores, and develop new product lines [8].

Core Viewpoint - The company, 正品控股, has applied for an IPO on the Hong Kong Stock Exchange, aiming to expand its market presence in Hong Kong and Taiwan amidst competitive pressures in the health and beauty supplement sector [1][3]. Market Position and Performance - 正品控股 ranks seventh among local health and beauty supplement suppliers in Hong Kong with a market share of approximately 1.6% and holds the top position in the deer-related health supplement segment with a market share of about 29.4% [1]. - The deer-related health supplement market in Hong Kong recorded sales of HKD 158.5 million in 2020, projected to grow to HKD 222 million by 2024, reflecting a strong compound annual growth rate (CAGR) of 8.7% [1]. Customer Dependency - The largest customer, Dairy Farm International Holdings Ltd. (牛奶公司), accounts for a significant portion of 正品控股's revenue, contributing approximately HKD 97.1 million in the 2025 fiscal year, which is 74.5% of the total revenue [3][7]. - The company has maintained a stable relationship with Dairy Farm for 12 years, primarily selling products through wholesale channels [2]. Revenue Concentration Risks - The revenue from the top five customers represents a high concentration risk, with contributions of approximately 90.6%, 89.4%, and 83.4% of total revenue from 2023 to 2025 [7]. - The company faces potential cash flow risks due to reliance on a single major customer, as evidenced by increasing product returns from Dairy Farm, which reached HKD 5 million in 2025, over four times the amount in 2024 [8][10]. Supplier Dependency - 正品控股 also exhibits high supplier concentration, with the top five suppliers accounting for approximately 86.3%, 77.3%, and 80.3% of total purchases from 2023 to 2025 [11]. - A notable supplier, identified as Supplier K, was previously an affiliate of the company's controlling shareholder, raising concerns about potential conflicts of interest [11]. Financial Performance - The company's gross margin has been declining, recorded at 81.59%, 78.62%, and 75.02% from 2023 to 2025, attributed to increased promotional discounts and a shift towards lower-margin third-party brand sales [13][15]. - Administrative expenses have been growing at an annual rate of 50%, indicating potential management inefficiencies [16]. Market Outlook - The health and beauty supplement market in Hong Kong is expected to grow from approximately HKD 15.8 billion in 2024 to HKD 19.1 billion by 2029, with a CAGR of about 3.8%, providing growth opportunities for 正品控股 [19]. - However, the market is highly competitive and fragmented, with the top ten suppliers holding only 55.3% of the market share, indicating challenges for new entrants [20][21].

Core Viewpoint - 正品控股有限公司 has submitted an IPO application to the Hong Kong Stock Exchange, with a strong financial performance highlighted by a compound annual growth rate (CAGR) of 79% in net profit over the past three fiscal years and a gross margin of 75%, although over 70% of its revenue relies on a major client, "Milk Company" [1][2][6]. Financial Performance - The company achieved revenue of HKD 0.43 billion, HKD 1.10 billion, and HKD 1.30 billion for the fiscal years 2023, 2024, and 2025, respectively, with a CAGR of approximately 73.6% [3][4]. - Net profit attributable to shareholders for the same period was approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million, with a CAGR of about 79% [3][4]. - Significant growth was observed in fiscal year 2024, with revenue and net profit increasing by 155% and 214%, respectively, although growth is expected to slow in fiscal year 2025 [3][4]. Market Position - 正品控股 ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% [2]. - The company holds the top position in the retail value of deer-related health supplements in Hong Kong, with a market share of about 29.4% [3]. Product Portfolio - The company offers a diverse product range catering to various demographics, focusing on niche markets such as deer-related health supplements, joint pain relief, and topical analgesics [2][3]. - 正品控股 operates six proprietary brands and six third-party brands, with proprietary brands including "正品," "炎痛消," and "Organicpharm" [2]. Sales Channels - The majority of the company's revenue comes from wholesale business, accounting for approximately 89.7%, 93.0%, and 88.8% of total revenue during the reporting period [6]. - Sales to the major client, "Milk Company," represented approximately 89.1%, 76.7%, and 74.5% of total revenue over the three fiscal years, indicating a high dependency on this client [6]. Future Plans - The company plans to use the funds raised from the IPO to expand its business in Taiwan, conduct strategic marketing and promotional activities in Hong Kong, open self-operated stores, and develop new product lines [7].

Core Viewpoint - 正品控股有限公司 is seeking to go public on the Hong Kong Stock Exchange, showcasing strong financial growth but heavily reliant on a major client, "Milk Company" [1][6]. Company Overview - 正品控股 primarily engages in the development, sales, marketing, and distribution of health and beauty supplements in Hong Kong, outsourcing production to suppliers and distributing products through retail channels like Mannings [3]. - The company ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% [3]. Financial Performance - Over the past three fiscal years, 正品控股 achieved a compound annual growth rate (CAGR) of 79% in net profit and maintained a gross margin of 75% [1][6]. - Revenue figures for the fiscal years 2023 to 2025 are projected at HKD 0.43 billion, HKD 1.10 billion, and HKD 1.30 billion, respectively, with a CAGR of about 73.6% [5][6]. - The company experienced significant revenue and profit growth in fiscal year 2024, with increases of 155% and 214%, respectively, although growth is expected to slow in 2025 [6]. Product Portfolio - 正品控股 offers a diverse range of products targeting various demographics, focusing on niche markets such as deer-related health supplements and pain relief products [3][4]. - The company operates six proprietary brands and six third-party brands, with its proprietary brand "炎痛消" being one of the best-selling products in its category [4]. Market Dynamics - The health supplement market in Hong Kong is projected to reach HKD 7.8 billion in 2024 and exceed HKD 9.7 billion by 2029, driven by increased health awareness and an aging population [5]. - The external pain relief product market is also expected to grow, reaching HKD 1.6 billion in 2024 and HKD 2.4 billion by 2029 [5]. Client Dependency - A significant portion of 正品控股's revenue comes from sales to "Milk Company," which accounted for approximately 89.1%, 76.7%, and 74.5% of total revenue over the past three fiscal years [9]. - The company acknowledges the risk associated with its reliance on "Milk Company" for sales and the potential impact on its business if this relationship falters [9]. IPO Plans - The funds raised from the IPO will be used to expand operations in Taiwan, conduct strategic marketing in Hong Kong, open self-operated stores, and develop new product lines [9].