Core Viewpoint - Future Health Technology Co., Ltd. is preparing for an IPO in Hong Kong, aiming to raise funds for enhancing its health technology R&D capabilities, brand building, and multi-channel marketing [1][11]. Company Overview - Future Health is a leading company in the smart wearable health device sector in China, known for its massage device brand "SKG" [1][2]. - The company has focused on smart wearable health devices since 2016, utilizing medical-grade technologies such as medium-frequency pulse and transcutaneous electrical nerve stimulation (TENS) [2]. Financial Performance - For the first three quarters of 2025, the company reported a profit of 106 million yuan, with a revenue of 878 million yuan, reflecting a year-on-year growth of 16.22% in revenue and 24.92% in profit [5]. - The company’s revenue for the years 2022, 2023, and 2024 was 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan respectively, with corresponding profits of 119 million yuan, 127 million yuan, and 135 million yuan [4]. Product Segmentation - The core product, neck and shoulder relief wearable devices, accounted for over 40% of revenue but saw a decline in revenue by 1.85% year-on-year in the first three quarters of 2025, generating 385 million yuan [6]. - Revenue from fitness recovery and shaping devices surged by 122.8% year-on-year, reaching 200 million yuan, increasing its revenue share to 23% [6]. R&D and Marketing Expenditure - R&D expenditure as a percentage of revenue decreased from 9.1% in 2022 to 6.6% in the first three quarters of 2025, while sales and marketing expenses increased from 18.2% to 22.6% during the same period [8]. Dividend Distribution - The company has a history of high dividend payouts, distributing 199 million yuan to shareholders in the first nine months of 2025, following previous distributions of 50 million yuan and 30 million yuan in 2022 and 2023 respectively [11].

来源：南财社 顶流王一博代言、年入10亿的网红按摩仪品牌SKG，又向资本市场发起冲击。 近日，未来穿戴健康科技股份有限公司（以下简称"SKG"）正式递交招股书，准备在港交所上市。 从深圳创业板、到北交所，如今再到港交所，SKG的上市路可谓是屡战屡败，相当坎坷。而伴随这个网 红品牌冲击上市的，是其身边围绕的种种争议，每年砸入营收近7成的资金做广告营销、研发费用却常 年位于低位，实控人夫妇还屡屡在上市前进行"掏空式"巨额现金分红．．．．．． 如今SKG再度递表，在港股上市潮中再次出击，这个中专老板，能否如愿？ 01 增长停滞， "王一博同款"也卖不动了？ 未来穿戴科技成立于2007年，老板名叫刘杰，出生于1975年，早年在重庆开餐厅、经营煤矿，赚得了第 一桶金。 直到2007年来到广东顺德，成立了未来穿戴科技的前身。最开始的目标，也并不是做按摩仪的，而是白 色家电。 那些年，不少人涌入广东顺德，挤入家电赛道。比如如今的小熊电器，就是2006年在顺德成立的。刘杰 当时也盯上了这块蛋糕，他瞄准跨境市场，从空调，到冰箱、洗衣机……品类铺得很开，但现实很骨 感。短短几年时间，钱烧得越来越快，库存却越堆越多，最初的4000 ...

Core Viewpoint - The company Future Health is attempting to go public on the Hong Kong Stock Exchange after unsuccessful attempts to list on the A-share market, highlighting concerns over its marketing-heavy strategy and low R&D investment [1][2]. Group 1: Company Performance - Future Health has shown steady net profit growth over the past three years, with high gross margins around 50%, significantly exceeding typical household appliance margins [1][5]. - The company's revenue for 2022, 2023, and 2024 is reported at 904 million, 1.046 billion, and 1.045 billion respectively, with net profits of 119 million, 127 million, and 135 million [2]. - In the first nine months of 2025, the company achieved a revenue of 878 million and a net profit of 106 million [2]. Group 2: Marketing and R&D Strategy - Future Health's marketing expenses have increased, accounting for 22.6% of revenue, while R&D investment has decreased to 6.6% [1][7]. - The company relies heavily on online sales channels, which contributed 60.2% of its revenue in 2022, decreasing to 49.3% by 2025 [6]. - The company employs various marketing strategies, including celebrity endorsements and social media engagement, with marketing expenses rising from 1.64 billion in 2022 to 1.98 billion in the first nine months of 2025 [6][7]. Group 3: Financial Practices and Concerns - Future Health has distributed a total of 280 million in dividends prior to its IPO, raising concerns about its financial practices, especially as it simultaneously increased its debt from 94 million to 204 million [8]. - The company's ownership structure is heavily concentrated, with the founders controlling over 85% of the voting rights, leading to questions about governance and financial transparency [8]. Group 4: Industry Context - The wearable health device market in China is projected to grow from 30.9 billion in 2019 to 61.5 billion by 2024, with a compound annual growth rate of 15.9% expected from 2024 to 2029 [3]. - Future Health is positioned as a leader in the smart wearable health device sector, holding a 21.5% market share in 2024 [2]. - The competitive landscape is characterized by a focus on technology and market segmentation, with leading companies holding over 25% of the market share [4].