2026年开年，港股市场迎来国货美妆品牌的冲刺热潮。1月16日，以身体洗护起家的半亩花田母公司山东花物堂化妆品股份有限公司（以下简称"半亩花 田"）正式向港交所递表，拟冲击"港股国货个护第一股"。 招股书披露的18.95亿元前三季度营收、197.2%净利润增幅等亮眼数据，勾勒出一条高速增长曲线，但深究背后的财务结构，不难发现这场上市狂欢的底 色：近五成营收被营销费用吞噬、研发投入持续走低，叠加产品质量投诉频发、现金流承压等问题，半亩花田的IPO之路，实则是一场破解双重困局的艰难 博弈。。 半亩花田的业绩增长神话，始终离不开营销投入的强力托举。招股书数据显示，2023年至2025年前九个月，半亩花田销售及营销开支分别达到6.37亿元、 6.77亿元、8.96亿元，占当期总收入的比例高达53.2%、45.2%和47.3%。这意味着，半亩花田每实现10元营收，就有近5元用于品牌推广、明星代言和KOL营 销。 为维持流量热度，半亩花田构建了"明星代言+KOL矩阵+社媒种草"的营销闭环。2025年初，半亩花田官宣乒乓球奥运冠军孙颖莎为代言人，南方都市报、 北京商报等多家媒体报道，新品香蓬瓶在1小时内GMV突破3000万 ...

Core Viewpoint - The company, Shandong Huawutang Cosmetics Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, with a focus on increasing marketing expenses to boost sales, while the industry is shifting towards R&D and innovation [1][3][8]. Financial Performance - The company reported a revenue of 11.99 billion in 2023, projected to increase to 14.99 billion in 2024, representing a 25% year-on-year growth. By the first three quarters of 2025, revenue is expected to reach 18.95 billion, showing a 76.7% increase [4]. - Adjusted net profit is expected to rise from 23.7 million in 2023 to 82.8 million in 2024, and further to 148 million in the first three quarters of 2025, marking a 197.2% increase [4]. Marketing Strategy - The company has significantly increased its marketing expenses, with monthly marketing costs nearing 100 million. For the periods ending September 30, 2024, and September 30, 2025, marketing expenses were 5 billion and 8.96 billion, respectively, accounting for 46.6% and 47.3% of revenue [5][6]. - The company has successfully leveraged online sales channels, with online revenue reaching 10.27 billion in 2023 and 14.45 billion in the first three quarters of 2025, representing 85.7% and 76.3% of total revenue [7]. R&D and Innovation - Despite the increase in marketing expenses, the company's R&D expenditure as a percentage of revenue has declined, with R&D costs of 22.34 million and 28.14 million for the first three quarters of 2024 and 2025, respectively, representing 2.1% and 1.5% of revenue [8]. - The company has established R&D centers in Shanghai, Jinan, and Guangzhou, accumulating 131 patents, indicating a commitment to enhancing its innovation capabilities [9]. Industry Context - The domestic beauty market is becoming increasingly competitive, with brands shifting focus from marketing to R&D and innovation. The company faces challenges from both established international brands and emerging local competitors [9].