招股书的另一组数据也揭示了净利润增长更直接的原因：2023年、2024年以及2025年前三季度，该公司 销售及分销开支分别为12.68亿元、12.38亿元、8.71亿元，销售及分销开支占收入的比重分别为65.1%、 59.4%、57.6%，呈现下降趋势。换言之，在营收增长的同时，公司可能通过有效控制曾经高昂的市场 费用，快速释放了利润。 对此，HBN相关负责人对中国商报记者回应称，公司已从"战略投入期"迈入"高质量收获期"。与此同 时，针对市场对其多品牌布局的关注，该负责人称，公司对已注册的新品牌"洛可馨"，目前仅为正常的 品牌储备与孵化探索，并不等同于该品牌已进入实质性业务开展阶段。 近日，国内功效护肤品牌HBN的母公司深圳护家科技（集团）股份有限公司（以下简称护家科技）正 式向港交所递交上市申请。此次IPO招股书的部分内容引发市场重点关注：公司净利润增速为何显著高 于营收增速？其收入高度依赖单一品牌，是否存在结构性风险？ 市场关注其利润"剪刀差"与单一品牌风险 招股书数据显示，护家科技在2023年扭亏为盈后，盈利进入快速提升通道。2024年，其净利润从上一年 的约3900万元猛增至1.29亿元，增速超过2 ...

Core Viewpoint - HBN, a domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth journey amid a slowing beauty market and increasing competition [1] Financial Performance - HBN has achieved a revenue milestone of over 2 billion yuan, with revenue growth from 1.948 billion yuan in 2023 to 2.083 billion yuan in 2024, and 1.514 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 10.2% [4] - The net profit margin has significantly improved, rising from 38.8 million yuan (1.9%) in 2023 to 129 million yuan (6.2%) in 2024, and further to 145 million yuan (9.6%) in the first three quarters of 2025, indicating a transition to a profit-driven model [4] User Loyalty and R&D Investment - HBN's high repurchase rates are crucial for its business model, with average repurchase rates of approximately 35.4% on Tmall and 44.0% on Douyin as of September 2025, totaling over 4.6 million repeat customers [5] - The company maintains a high R&D investment ratio of around 3%, which is above the industry average, supporting its innovation capabilities [5][6] - HBN has established a cross-disciplinary R&D team of 103 members and collaborates with over 30 research institutions, leading to significant outputs such as 50 published SCI papers, ranking first among domestic skincare brands [6] Growth Potential - HBN's growth strategy reveals opportunities in online channels, offline expansion, and product category extension, with a solid foundation in online sales but room for deeper engagement and efficiency improvements [8] - The company has successfully entered over 5,000 high-end beauty stores and is exploring further channel network development and regional operations [8] - HBN's ability to leverage its R&D for systematic product innovation allows for continuous introduction and iteration of new products, enhancing its market predictability and sustainability [9] Valuation Outlook - HBN's business model, characterized by a combination of scientific barriers, high customer prices, and strong repurchase rates, is likely to attract investors seeking sustainable growth [11] - The recent trend of profitability improvement alleviates concerns regarding revenue growth without profit, while the skincare sector's growth rate exceeds that of the overall beauty market, providing potential industry benefits [11] - Challenges remain in managing offline channel complexities, brand recognition during category extensions, and the impact of sustained R&D investments on profits [11]

HBN招股书公布的业绩数据显示，2023年、2024年及2025年前三季度，该公司营业收入分别为19.48亿元、20.83亿元、15.14亿元，净利 润分别为0.39亿元、1.29亿元、1.45亿元，毛利率维持在73%—77%之间。 1月26日，国货护肤品牌HBN母公司深圳护家科技（集团）股份有限公司向港交所递交上市申请。招股书显示，厦门美图网科技有限公 司（下称"美图网"）为HBN持股股东之一，占股23.81%。 HBN在招股书中称，美图（01357.HK）系美图网控股股东，美图执行董事长、首席执行官吴泽源已于2025年11月加入HBN任职董事， 2026年1月调任为非执行董事，主要负责向HBN提供战略意见。 HBN创立于2019年，是护家科技旗下唯一品牌，聚焦抗皱紧致、提亮美白等护肤功效。在招股书中，其称"开创了早C晚A护肤理念并实 现大规模产品化"，主要产品标准规格定价在129—689元。 美图对HBN的投资始于2020年。天眼查数据显示，2020年12月，吴泽源完成对HBN的股权投资，美图成为HBN股东，持股比例为 28.2%。该项投资的背景是，面对行业竞争加剧、业绩承压的局面，美图于2018年8月发 ...