然而，高度依赖营销的"网红"模式，亦让未来穿戴面临争议。数据显示，2022年到2025年前三季度，其 销售及营销开支占总收入比重从18.2%攀升至22.6%。同期，研发费用占比却从9.1%下滑至6.6%。 "重营销、轻研发"的特质，或为其此前上市之路坎坷的原因之一。自2021年底启动上市辅导，未来穿戴 经历了从创业板撤回、短暂挂牌新三板、又终止北交所辅导的曲折过程。 为降低对单一品类及营销的依赖，未来穿戴正尝试拓展产品线，如推出具备健康监测功能的血压心电手 表。此外，未来穿戴表示计划持续加大研发投入，深化前沿技术探索，构建更具韧性及前瞻性的创新生 态体系。此次IPO募资用途中，也包括增强研发能力、品牌建设及补充流动资金等。 第三次递表，意味着SKG试图向资本市场讲述一个超越"网红爆款"的新故事。但其能否真正构建起可持 续的技术与产品壁垒，将是决定其此次"逆袭"能否获得认可的关键。 商报讯(记者汪株燚)凭借明星代言出圈的网红按摩仪品牌SKG，再次向资本市场发起冲击。近日，其母 公司未来穿戴健康科技股份有限公司(以下简称"未来穿戴")正式递交港股上市申请。此前，该公司曾两 度折戟A股IPO。 据了解，未来穿戴成立 ...

Core Viewpoint - SKG's parent company, Future Health, has submitted its listing application to the Hong Kong Stock Exchange, marking its third attempt at capital market entry after previous rejections [1][2]. Financial Performance - The company's revenue grew from 904.2 million RMB in 2022 to 1,045.8 million RMB in 2023, but is projected to slightly decline to 1,044.8 million RMB in 2024 [9]. - In the first nine months of this year, the company reported a revenue of 878.2 million RMB, reflecting a year-on-year growth of 16.22% [4][9]. - The adjusted net profit for 2023 was 1.23 billion RMB, down 10.43% from 2022, primarily due to increased sales and marketing expenses [6][7]. Product Segmentation - SKG's product lines include smart soothing wearable devices, fitness recovery and shaping devices, smart health watches, and health home products, with the smart soothing wearable devices contributing the majority of revenue [4][8]. - Revenue from smart soothing wearable devices was 888.3 million RMB in 2023 but is expected to decline by 3.69% to 856.5 million RMB in 2024 [4][9]. Marketing and R&D Investment - The company's sales and marketing expenses increased from 164.5 million RMB in 2022 to 215.9 million RMB in 2023, representing 20.6% of total revenue [8][9]. - In contrast, R&D spending decreased from 82.2 million RMB in 2022 to 79.2 million RMB in 2024, dropping to 6.6% of total revenue in the first nine months of this year [8][9]. Future Outlook - The company plans to use the funds raised from the IPO to enhance its R&D capabilities, accelerate technological innovation, and strengthen brand recognition [10]. - The competitive landscape is becoming increasingly complex as consumers demand more intelligent and personalized products, raising questions about SKG's future appeal without celebrity endorsements [10].