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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	Herbs Generation 02593.HK	Health Care Supplies	3.75-4.15	800	3,353	2024/12/16	2024/12/18	2024/12/19

Summary

We are a multi-brand cosmetics company, focusing on development, manufacturing and sales of skincare and maternity and childcare products. During the Track Record Period, we have successfully launched a couple of cosmetics brands in China, with a focus on the mass market. We focus on the implementation of multi-brand strategy and have remained dedicated to it since our establishment. With an operational history of approximately 20 years, today we are one of the front runners in China’s cosmetics industry, possessing comprehensive multi-brand development and operational capability and expertise, and we have successfully built a variety of popular cosmetic brands. Our decisive move originally to embark on and persist with a multi-brand strategy gives us an advantage to timely grasp market opportunities and sets us apart from our peers. According to the Frost & Sullivan Report, in 2021, we were the only Chinese domestic cosmetics company with two skincare brands each achieving annual retail sales of more than RMB1.5 billion. In addition, the retail sales of Baby Elephant exceeded RMB1.8 billion in 2021, maintaining first in the China market for Chinese branded maternity and childcare products. According to the same source, we have ranked among the top five Chinese domestic cosmetics companies in terms of retail sales for seven years from 2015 to 2021. Based on the observation of global cosmetics industry development, we believe that a multi-brand strategy proves to be essential to building world-class cosmetics enterprises. Over the 20th century, several renowned international cosmetics groups committed to the multi- brand strategy had emerged, and while the global cosmetics industry has changed dramatically, they remain competitive to date. By adopting a multi-brand strategy, cosmetics companies can more effectively broaden the boundaries of their business and capture opportunities arising from different market segments. A multi-brand strategy also enables cosmetics companies to achieve more balanced development, alleviating category concentration risks and adverse impact by market volatilities. According to the Frost & Sullivan Report, in 2021, the ten largest cosmetics companies worldwide measured by retail sales are multi-brand companies. We successfully established a number of household brands in China, such as KANS, One Leaf and Baby Elephant, and accumulated a broad customer base. According to the Frost & Sullivan Report, we were the only company with two brands, namely KANS and One Leaf, that ranked among the top ten Chinese domestic skincare brands in terms of brand awareness, purchase preference, popularity, likelihood of recommendation and willingness to repurchase based on consumer surveys in 2021; according to the same source, Baby Elephant ranked first in two surveys in 2021 on Chinese domestic maternity and childcare brands in terms of popularity and willingness to repurchase. Solid performance and continued success of our brands enable us to maintain sustainable growth and vibrant image through evolutionary changes of China’s cosmetics industry over the past two decades. To address the evolving needs and preferences of consumers, we endeavor to develop and launch new brands focusing on various emerging cosmetics segments with huge growth potential. We continually adjust and enrich our product portfolio to stay attractive to our customers. We endeavor to capture more opportunities in the fast-growing cosmetics market in China. According to the Frost & Sullivan Report, in terms of retail sales, the market size of China’s cosmetics market reached RMB946.8 billion in 2021; it is expected to reach RMB1,482.2 billion in 2026 at a CAGR of 9.4% from 2021 to 2026, significantly higher than the global market’s CAGR of 3.8% during the same period. The improvement of living standards in China continues to drive the increase in demand for high-quality products and evolution of needs for functional products, making China the fastest-growing cosmetics market among the major economies. In addition, the tailwinds of favorable governmental policies as well as the increasing popularity of Chinese domestic cosmetics brands among young consumers will benefit our development in the long run. For example, the “14th Five-Year Plan” has clearly pointed out that it is necessary to incubate premium Chinese domestic cosmetics brands and products. See “Industry Overview – Market Drivers.” Currently, the Chinese cosmetics industry is mainly occupied by mass brands. In the Chinese mass cosmetics market, the international brands account for a relatively small proportion, the main competition is concentrated among domestic brands. We have a market share of 1.6% in the Chinese mass cosmetics market measured by retail sales in 2021. The proportion of domestic brands in Chinese cosmetics industry in terms of retail sales has increased from 44.0% in 2017 to 47.2% in 2021. Based on the consumer survey conducted by Frost & Sullivan in 2021, approximately 90% of the consumers who have increased the usage of domestic cosmetics products since 2020 were young group (aged between 25 and 40), which matches our target consumer positioning. According to the Frost & Sullivan Report, we ranked fourth in the Chinese domestic cosmetics market in China with retail sales of RMB7,556 million in 2021 and with a market share of 1.7% in the domestic cosmetics market. We ranked fourteenth place in overall cosmetics market in China in terms of retail sales and with a market share of 0.8% in 2021. In 2019, 2020 and 2021, our results of operations achieved stable growth. Our revenue increased steadily by 17.6% from RMB2,874.3 million in 2019 to RMB3,381.6 million in 2020, and further increased by 7.0% to RMB3,618.9 million in 2021, primarily due to the increase of revenue of KANS and Baby Elephant as a result of their rising brand awareness and our expanded business scale on online sale channels. Our revenue decreased by 31.1% from RMB1,831.7 million in the six months ended June 30, 2021 to RMB1,262.4 million in the six months ended June 30, 2022, primarily as a result of the impact of COVID-19 on our production and delivery in Shanghai. Our gross profit increased by 25.0% from RMB1,749.4 million in 2019 to RMB2,186.6 million in 2020 and further increased by 8.0% to RMB2,360.6 million in 2021 primarily in line with the increase of our revenue. Our gross profit decreased by 32.8% from RMB1,219.8 million in the six months ended June 30, 2021 to RMB819.5 million in the six months ended June 30, 2022, primarily in line with the decrease of our revenue. Our adjusted profit (Non-IFRS measures) for the year increased significantly from RMB114.3 million in 2019 to RMB264.9 million in 2020, and further increased by 47.4% to RMB390.5 million in 2021 primarily due to the increase in the net profit as a result of the strong performance of KANS and Baby Elephant. Our adjusted profit (Non-IFRS measures) for the period decreased by 59.2% from RMB205.4 million in the six months ended June 30, 2021 to RMB83.9 million in the six months ended June 30, 2022. Source: Chicmax Cosmetic (02145) Prospectus (IPO Date : 2022/12/12)
Listing Market	MAIN
Industry	Beauty & Toiletries Products and Services
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Lyu Yixiong & Associates (Total share: 82.57%); (H share: 66.36%)
Directors	Lyu Yixiong (Chairman and Chief Executive Officer and Executive Director) Feng Yifeng (Executive Director) Luo Yan (Executive Director) Song Yang (Executive Director) Li Hanqiong (Non-Executive Director) Sun Hao (Non-Executive Director) Leung Ho Sun Wilson (Independent Non-Executive Director) Luo Yan (Independent Non-Executive Director) Li Yang (Independent Non-Executive Director)
Company Secretary	Li Kin Wai Lian Ming
Principal Bankers	China Merchants Bank Shanghai Pudong Development Bank Co., Ltd.
Solicitors	Commerce & Finance Law Offices Eric Chow & Co. in Association with Commerce & Finance Law Offices
Auditors	Ernst & Young
Registered Office	5th Floor, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.chicmaxgroup.com
Email Address	[email protected]
Tel No	(86 21) 5203-5333
Fax No

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