国货美妆借势中国供应链的成熟与社交媒体的红利，完成了从追随者到挑战者的角色转换。 战果渐显后，国货美妆行业顺势迎来了资本化的密集兑现期。 这是继毛戈平、林清轩等之后，又一家向IPO发起冲刺的国货美妆公司。 尽管护家科技在市场间知名度有限，但其核心品牌HBN已然成为国货护肤品赛道的重要玩家。 凭借HBN在线上渠道的"披荆斩棘"，护家科技2024年收入已经突破20亿元大关，同期净利润为1.29亿 元。 但依靠线上流量极速狂奔的护家科技正站在"网红"向"长红"转型的十字路口：流量见顶后的增长焦虑与 渠道博弈的阵痛，成为了其招股书中最隐秘的注脚。 2024年，护家科技收入的同比增速仅为6.93%，落后于同业中位值超10余个百分点。 为此，护家科技正在加码线下渠道，但这也给其管控渠道价格带来更多挑战。 如果说十年前是外资大牌的独角戏，那么近几年则是国货品牌凭借对本土市场的敏锐洞察，从外资巨头 手中抢下市场份额的"替代战"。 日前，深圳护家科技（集团）股份有限公司（下称"护家科技"）向港交所递交了IPO申请。 "全仓"线上渠道 HBN系护家科技的核心品牌。 截至2025年9月末，护家科技共拥有36个品类，均是以HBN的品 ...

Core Viewpoint - HBN, a domestic skincare brand, has gained significant popularity among young consumers with its "early C, late A" concept and is preparing for an IPO to become the first publicly listed company in the domestic efficacy skincare sector, although it faces challenges related to high marketing costs and low R&D investment [1][2][4]. Company Performance - Shenzhen Hujia Technology (Group) Co., Ltd., the parent company of HBN, reported revenues of 1.948 billion yuan, 2.083 billion yuan, and 1.514 billion yuan for the years 2023, 2024, and the first nine months of 2025, respectively, with a year-on-year growth of 6.9% in 2024 and an increase of 10.2% in the first nine months of 2025 [2]. - The net profit showed explosive growth, with figures of 38.835 million yuan, 129 million yuan, and 145 million yuan for the same periods, reflecting a year-on-year increase of 232.5% in 2024 and a 190.3% increase in the first nine months of 2025 compared to the entire year of 2024 [2]. Market Position - The Chinese dermatological skincare market is experiencing a compound annual growth rate (CAGR) of 16.7% from 2019 to 2024, significantly outpacing the overall skincare market growth of approximately 8.6% [4]. - HBN ranks first among domestic brands in both improvement skincare products and dermatological skincare segments, with its core product "glow water" consistently leading the domestic essence water category [4]. Customer Engagement - As of September 2025, HBN has accumulated over 4.6 million repeat customers, with average repurchase rates of 35.4% on Tmall and 44% on Douyin, indicating strong customer loyalty [4]. Marketing and Sales Expenses - Hujia Technology's sales and distribution expenses have been rising, with figures of 1.267 billion yuan, 1.238 billion yuan, and 871 million yuan for 2023, 2024, and the first three quarters of 2025, respectively, accounting for 65.1%, 59.4%, and 57.6% of total revenue [4][6]. - Promotion expenses, which include advertising on e-commerce platforms and KOL/KOC fees, are the largest expenditure, amounting to approximately 1.048 billion yuan, 721 million yuan, and 720 million yuan during the same periods, representing 57.2%, 50.4%, and 47.6% of total revenue [6]. R&D and Product Complaints - Despite its strong market performance, Hujia Technology's R&D investment is relatively low, with R&D expenses of 65.979 million yuan, 57.834 million yuan, and 39.981 million yuan, leading to a decline in R&D expense ratio from 3.4% to 2.64%, which is below the industry average [10]. - The company has faced consumer complaints, with 948 reported cases on Black Cat Complaints, primarily concerning false advertising and allergic reactions, raising concerns about its "allergy-free guarantee" service [11][15]. Founder's Background and Shareholder Structure - The founder, Yao Zhenan, transitioned from academia to entrepreneurship, initially launching a sanitary napkin brand before entering the skincare market with HBN in 2019, focusing on anti-aging products [16][18]. - Meitu, the largest external shareholder, holds a 23.81% stake in Hujia Technology, and the company has announced a cash dividend plan of 100 million yuan ahead of its IPO [19][21].