Half Mu Hua Tian is making a push for the Hong Kong Stock Exchange, potentially becoming the 'first Chinese domestic personal care stock in Hong Kong'

Ranked by retail sales in 2024, Half Mu Flower Field is the leading domestic brand in body lotion, body scrubs, and facial cleansing mousses.

According to IPO early insights, Shandong Flower & Thing Hall Cosmetics Co., Ltd. (the parent company of 'Half Mu Flower Field,' hereinafter referred to as 'Half Mu Flower Field') officially submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, planning to list on the main board, with CITIC Securities serving as the sole sponsor.

This means that Half Mu Flower Field could become the 'first domestic personal care stock in the Hong Kong stock market.'

Founded in 2010, Half Mu Flower Field, a Chinese skin and personal care brand originating from Jinan, Shandong, known as China's 'Rose Hometown,' expanded from a single star product to a full-category portfolio covering body, hair, and facial care, emerging as one of the few domestic brands to achieve leading positions across multiple categories in China's skin and personal care market.According to Frost & Sullivan, ranked by retail sales in 2024, Half Mu Flower Field is the top domestic brand in body lotion, body scrubs, and facial cleansing mousses.

Specifically, let's take a look at Half-Mu Flower Field.Development strategy led by core blockbuster products and expanded through multi-category replication：

In 2015, Half Mu Flower Field launched its body scrub product line, which had sold approximately 37.7 million bottles by September 30, 2025. The body lotion product line was introduced in 2012 and further enhanced by the whitening body lotion launched in 2023 and upgraded versions released in 2024 and 2025. By September 30, 2025, this product line had sold approximately 56.9 million bottles, successfully creating hit products such as whitening body lotion and ice cream brightening fragrant body scrub. For instance, since its launch, the whitening body lotion has sold around 8 million bottles by September 30, 2025.

After establishing successful product and business models in body care, Half Mu Flower Field replicated its proven methodology into hair and facial care sectors, quickly capturing new markets through products like floral essence shampoo and rice fermentation amino acid facial cleansing mousse. Notably,In the first three quarters of 2025, revenue from Half Mu Flower Field’s hair care category increased by 496.1% year-on-year, clearly emerging as the second growth curve., the Fresh Floral Essence series of shampoos has sold approximately 8.1 million bottles cumulatively. According to Frost & Sullivan, in terms of retail sales in 2024, Banmu Hutian has also become the second-largest facial cleansing mousse brand among all international and domestic brands in China and the largest domestic brand.

On the channel front, Banmu Hutian has also achieved a channel transformation from a single online platform to an omnichannel layout — for online channels, Banmu Hutian uses Tmall, Douyin, JD.com, and other shelf-based e-commerce platforms as its core base for brand building and demand capture, while strengthening content seeding and live streaming conversion through platforms like Douyin and Xiaohongshu, continuously amplifying brand influence. Currently, Banmu Hutian operates online membership programs on major e-commerce platforms such as Tmall, JD.com, and Douyin, with a total of 17 million registered members as of September 30, 2025.

In terms of offline expansion, since accelerating its offline layout in 2021, Banmu Hutian's offline network has comprehensively covered various terminals including supermarkets, cosmetic specialty stores, new retail stores, and OTC drugstores. Sales outlets cover all 31 provinces, autonomous regions, and municipalities across the country.In 2024 and the first three quarters of 2025, Banmu Hutian’s offline channel revenue reached RMB 356 million and RMB 446 million respectively, representing year-over-year growth of 112.7% and 71.2%, respectively.

In addition,Banmu Hutian adheres to the core development concept of 'Source of Flowers, Efficacy of Flowers, Joy of Flowers,' establishing a full-chain R&D system covering raw material development, fundamental research, technology transformation, product implementation, and efficacy validation, providing solid technical support for its 'Hero Product + Full Category' strategy.Currently, Banmu Hutian has set up three major R&D centers in Shanghai, Guangzhou, and Jinan, focusing on cutting-edge research, raw material and formula development, and testing and evaluation, forming a complete closed loop from scientific exploration to product implementation.

Leveraging research into Eastern botanicals, proprietary raw material processing plants, and breakthroughs in foundational technologies, Banmu Hutian further strengthens its differentiated advantages by developing proprietary ingredients and technologies, such as FloaferMin Huarong Factor (an active compound derived from flowers) and RIVETOR PRO Repair Technology, which are applied across multiple product lines via a standardized efficacy evaluation system, achieving the commercialization of R&D outcomes.

In 2023 and 2024, Banmu Hutian's R&D investments were RMB 28.616 million and RMB 32.003 million respectively, marking a year-over-year increase of 11.9%. In the first three quarters of 2025, R&D investment grew by 25.91% year-over-year to RMB 28.138 million.

In summary, through substantial R&D investment, supply chain control, and consumer insight, Banmu Hutian has truly built sustainable brand competitiveness, offering a vivid example for the development of domestic brands.

In terms of financial data.In 2023 and 2024, Banmu Hutian’s revenues were RMB 1.199 billion and RMB 1.499 billion, respectively, representing a year-over-year increase of 25.0%. In the first three quarters of 2025, Banmu Hutian’s revenue increased by 76.7% year-over-year from RMB 1.072 billion to RMB 1.895 billion, with adjusted net profit surging 197.2% year-over-year to RMB 148 million. Based on this, Banmu Hutian’s full-year revenue in 2025 is expected to exceed RMB 2 billion at least.

As a consumer goods company with a strong cash flow position,Semi-Mu Hua Tian has not brought in many external investors over its 16 years since establishment, only introducing several investment institutions specializing in the consumer sector—such as Huatai Zijin Investment, Qicheng Capital, and Jinding Capital—at the end of 2025.

Semi-Mu Hua Tian stated in its prospectus that the net proceeds from the IPO will be primarily used for channel development, product marketing and promotion, and brand building; strengthening R&D capabilities; establishing a globally diversified talent pool; enhancing digital and intelligent infrastructure to improve end-to-end management capabilities and operational efficiency; as well as for working capital and general corporate purposes.

This article is an original piece by IPO Early Insights

Author｜Stone Jin

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