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]

Core Viewpoint - 正品控股有限公司 is seeking to go public in Hong Kong, focusing on the health and beauty supplement market, where it ranks seventh among local suppliers with a market share of approximately 1.6% [1][6]. Group 1: Company Overview - 正品控股 primarily engages in the development, sales, marketing, and distribution of health and beauty supplements, outsourcing production to suppliers [1]. - The company has a diverse product portfolio catering to various demographics, with a strong focus on deer-related health supplements and pain relief products [2]. - As of the latest fiscal year, the company operates six proprietary brands and six third-party brands, with nearly all revenue generated from sales in Hong Kong [2][5]. Group 2: Financial Performance - The company's revenue for the fiscal years ending March 31, 2023, 2024, and 2025 was approximately HKD 43.2 million, HKD 109.6 million, and HKD 130.2 million, respectively [4]. - Net profit and total comprehensive income for the same periods were approximately HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [4]. - The gross profit margin has shown a declining trend, from 81.59% in 2023 to 75.02% in 2025, while the net profit margin peaked at 32.37% in 2024 before falling to 27.84% in 2025 [3]. Group 3: Market Position and Challenges - The health and beauty supplement market in Hong Kong is characterized by oligopoly, with the top 10 companies holding a combined market share of 31.1% [6]. - 正品控股's reliance on the Mannings retail channel, which holds a 34.4% market share, presents both advantages and disadvantages, including reduced marketing costs but limited bargaining power [7]. - The company faces challenges in maintaining profitability due to rising sales and administrative expenses, which have increased significantly over the past three years [5]. Group 4: Industry Outlook - The health and beauty supplement market in Hong Kong is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2029, providing a moderate industry tailwind for 正品控股 [9][11]. - The company must leverage its IPO proceeds to transition from being a supplier to Mannings to becoming a builder of a health ecosystem [11].

Core Viewpoint - 正品控股有限公司 has submitted a listing application to the Hong Kong Stock Exchange, with Hongbo Capital Limited as its sole sponsor. The company primarily engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong [1]. Group 1: Company Overview - 正品控股 is ranked seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% based on retail value in 2024 [1]. - The company offers a diverse product portfolio catering to various age groups, focusing on niche markets such as deer-related health supplements, joint and pain relief products, and topical analgesics [1][2]. Group 2: Product and Market Position - In the deer-related health supplement market, 正品控股 holds the top position with a market share of about 29.4% in 2024. Its proprietary brand "炎痛消" includes some of the best-selling joint and pain relief products at Mannings retail stores [2]. - The company's products are categorized into two main types: health supplements and beauty supplements, with sales from these categories accounting for approximately 98.8%, 98.8%, and 98.2% of total revenue during the reporting periods [2]. Group 3: Financial Performance - For the fiscal years 2023, 2024, and 2025, the company reported revenues of approximately HKD 43 million, HKD 110 million, and HKD 130 million, respectively. The net profit and total comprehensive income for the same periods were approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [3].

Core Viewpoint - The company, Zhengpin Holdings, is primarily engaged in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong, with a focus on niche markets such as deer-related health supplements and pain relief products [3][4]. Company Overview - Zhengpin Holdings ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% based on retail value in 2024 [3]. - The company operates six proprietary brands and six third-party brands, with its own brand "Yantongxiao" being one of the top five best-selling joint and pain relief supplements in Mannings retail stores [4]. Product Categories - The products offered by Zhengpin Holdings are categorized into two main types: health supplements and beauty supplements, with sales from these categories accounting for approximately 98.8% of total revenue during the reporting periods [4]. Market Competition - The health and beauty supplement market in Hong Kong is competitive and fragmented, with the top ten suppliers holding a combined market share of 55.3% in 2024 [5]. Financial Performance - The company reported revenues of approximately HKD 43.19 million, HKD 109.62 million, and HKD 130 million for the fiscal years 2023, 2024, and 2025, respectively. The net profit and total comprehensive income for the same periods were approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [5][6].

Core Insights - The company, Zhengpin Holdings, primarily engages in the development, sales, marketing, and distribution of health and beauty supplements and products in Hong Kong, outsourcing production to suppliers [3][4] - Zhengpin Holdings ranks seventh among local suppliers in Hong Kong's health and beauty supplement market with a market share of approximately 1.6% as of 2024 [3] - The company has a diverse product portfolio catering to various age groups and focuses on niche markets such as deer-related health supplements and pain relief products [3][4] Market Position - In the deer-related health supplement market, Zhengpin Holdings holds the top position with a market share of about 29.4% in 2024 [4] - The company's proprietary brand "Yantongxiao" is among the top five best-selling joint and pain relief supplements at Mannings retail stores [4] - Zhengpin Holdings operates six proprietary brands and six third-party brands, indicating a broad market presence [4] Financial Performance - The company reported revenues of approximately HKD 43.19 million, HKD 110 million, and HKD 130 million for the fiscal years 2023, 2024, and 2025, respectively [5][6] - Net profit and total comprehensive income for the same periods were approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million [5][6] - The gross profit margins for the fiscal years 2023 and 2024 were HKD 35.24 million and HKD 86.19 million, respectively, indicating a significant increase in profitability [6]