Banmuhuatian's Parent Company Huawutang Submits Listing Application to HKEX; IPO Valuation Remains Undisclosed

Based on currently available public information, details regarding the listing valuation of

, the parent company of Banmuhuatian, are as follows:

• Application Submission Date
  : Submitted listing application to HKEX on January 16, 2026 [1]
• Sponsor
  : CITIC Securities acts as the exclusive sponsor [2]
• Goal
  : If successfully listed, it will become the “first domestic personal care stock on HKEX” [3]

Indicator	2023	2024	First Three Quarters of 2025
Operating Revenue	RMB 1.199 billion	RMB 1.499 billion	RMB 1.895 billion
Adjusted Net Profit	RMB 23.7 million	RMB 82.8 million	RMB 148 million
Gross Profit Margin	65.8%	62.3%	63.3%

[1][2]

Prior to submitting its listing application to HKEX, Huawutang completed

[4]:

• Series A Financing
  : Suqian Huatai, Nanjing Huatai, DiscounterSeedHK, Qingdao Maoda, and Wenzhou Yuanfeiyizhan invested a total of approximately
  RMB 110 million
  [4]
• Series A+ Financing
  : Shanghai Fangjiaoshi invested approximately
  RMB 4.9999 million
  [4] (with participation from Sun Laichun, founder of Lin Qingxuan)

. According to the usual prospectus process:

1. The final valuation is typically not directly listed in the prospectus
2. Valuation is usually determined based on market feedback during the subsequent roadshow phase
3. The final fundraising amount is determined by combining the number of shares issued and the issue price

According to Frost & Sullivan data, based on 2024 retail sales, Banmuhuatian is the

[1], and ranks among the in China’s body care market.

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: Huawutang is currently in the listing application stage, and the specific listing valuation amount has not been determined. Considering the company’s expected 2025 operating revenue exceeding RMB 2 billion, rapid growth in net profit, and the popularity of the domestic beauty and cosmetics sector, its valuation is expected to reach a high level. For accurate valuation data, it is recommended to follow subsequent prospectus updates disclosed by HKEX or listing roadshow information.

:
[1] DoNews - Domestic Beauty Brand Banmuhuatian Files for HKEX IPO (https://www.donews.com/news/detail/1/6381376.html)
[2] Eastmoney - Banmuhuatian’s Parent Company Huawutang Pursues HKEX Listing (https://hk.eastmoney.com/a/202601173622587789.html)
[3] Sohu - The First Domestic Personal Care Stock on HKEX is Coming (https://m.sohu.com/a/977626578_329832)
[4] Sina Finance - Banmuhuatian Submits Listing Application to HKEX (https://finance.sina.com.cn/jjxw/2026-01-18/doc-inhhttqr8635096.shtml)