Herb Standard Holdings Limited 正品控股有限公司 （「本公司」） 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。本申請版本為草擬本，其內所載資訊並 不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接納並向本公司、 其保薦人、整體協調人、顧問或包銷銀團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司 ...

Core Viewpoint - Zhengpin Holdings has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for business expansion and marketing efforts, despite facing significant reliance on a single customer and liquidity risks [1][4]. Financial Performance - For the fiscal years 2023, 2024, and 2025, Zhengpin Holdings reported revenues of HKD 43.19 million, HKD 110 million, and HKD 130 million, with net profits of HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million respectively. The growth rate for net profit in 2025 was only 2.18%, indicating insufficient growth momentum [4][11]. - The company has a significant dependency on a single customer, Milk Company, which accounted for over 70% of its sales during the reporting period [4][6]. Customer Dependency - Zhengpin Holdings' revenue from its top five customers was HKD 39.1 million, HKD 98 million, and HKD 108.6 million, representing 90.6%, 89.4%, and 83.4% of total revenue respectively. The largest customer, Milk Company, contributed HKD 38.5 million, HKD 84 million, and HKD 97.1 million, accounting for 89.1%, 76.7%, and 74.5% of total revenue [4][5]. Liquidity and Debt Issues - As of June 2025, Zhengpin Holdings had total liabilities of HKD 613 million and total assets of HKD 842 million, resulting in a debt-to-asset ratio of 72.81%. The current and quick ratios were below the theoretical safety values at 0.92 and 0.86 respectively [11]. - The company’s cash reserves were critically low, with only HKD 81,000 remaining, while interest-bearing loans exceeded HKD 31.48 million, indicating severe short-term repayment pressure [13][14]. Dividend Policy - Zhengpin Holdings has engaged in a "clearance-style" dividend policy, distributing a total of HKD 61.7 million to its controlling shareholder, Zhang Yunyu, from 2023 to 2025, which accounted for 74.29% of the net profit during that period [1][14]. Marketing and Compliance Issues - The company has faced challenges in maintaining brand recognition and reputation, necessitating increased advertising and promotional expenditures, which rose from HKD 1.49 million in 2023 to HKD 3.64 million in 2025 [9]. - Zhengpin Holdings has received warnings from the Hong Kong Department of Health regarding potential violations of advertising regulations, which could lead to fines and impact the company's reputation [9][10].