Pitanium Ltd (NASDAQ: PTNM)

Pitanium Limited is a holding company incorporated under the laws of the British Virgin Islands on October 22 2024. The company does not carry out material operations on its own and conducts all business activities through its wholly owned subsidiary Here We Seoul Limited. Here We Seoul Limited was incorporated in Hong Kong on December 9 2013 and operates as a retailer of skincare and personal care products. The subsidiary sells proprietary brand products under the PITANIUM and BIG PI labels with a particular emphasis on haircare items. PITANIUM was launched in 2019 and BIG PI was introduced in 2023. The company offers its products through both an online shop and a network of physical retail stores located in prime shopping districts of Hong Kong. Product design and development is managed by an in house team that collaborates with OEM and ODM suppliers to create formulations and packaging. This approach allows the company to control creative aspects while benefiting from the speed and cost efficiency of external manufacturers.

Revenue is generated chiefly from the sale of skincare haircare cosmetic and other personal care products to retail customers. The subsidiary’s product portfolio as of September 30 2025 comprised 102 stock keeping units including 59 skincare items 16 haircare items 11 cosmetic items and 16 other items. Skincare products are sold at retail prices ranging from approximately HK$780 to HK$1,480 while haircare products range from HK$480 to HK$1,280. Cosmetic products are priced between roughly HK$298 and HK$820 and other items between HK$168 and HK$1,180. Sales are conducted via the company’s online shop at www pitanium com and through its physical retail stores. During the fiscal year ended September 30 2025 customers placed 60,492 orders generating sales of approximately HK$66,080,673 which is equivalent to about US$8,805,666. In the prior fiscal years the subsidiary recorded 68,406 orders with sales of HK$68,196,877 (US$8,805,666 approximate) for 2023 and 77,101 orders with sales of HK$74,964,698 for 2024. Additional revenue streams include the customer membership program which provides members with discounts exclusive promotions and contributes to a high share of repeat purchases. The company also runs promotional events offers pre order sales of upcoming products and operates a subscription program for items such as shampoo and health supplements that delivers regular recurring income.

Pitanium Limited operates in the beauty and personal care sector of Hong Kong where it faces competition from large multinational corporations such as L’Oréal Unilever Procter & Gamble Estée Lauder Amore Pacific and Shiseido. These global players benefit from extensive research and development budgets broad product portfolios and worldwide distribution networks. The company also faces competition from local small and medium sized brands including The Group Amber Be Younique Nude Story and SKIN NEEDS as well as private label retailers like Sasa Mannings and Watsons. Despite this competitive environment Pitanium Limited has built several advantages. Its in house product development team works closely with OEM and ODM suppliers to formulate new products while retaining control over design scent texture and packaging. This collaboration shortens time to market and allows rapid response to emerging consumer trends. The subsidiary has invested in package design sourcing certain components independently to improve cost management and brand consistency. A strong digital presence supported by approximately twenty two thousand Instagram followers six point eight million YouTube views and three hundred twenty thousand Facebook followers helps drive traffic to the online shop and enables direct consumer feedback. The membership program which had more than eighty six thousand six hundred ninety two registered members as of September 30 2025 generates a large portion of revenue and fosters brand loyalty. Physical retail stores located in premier shopping districts provide opportunities for personal consultations product demonstrations and immediate purchase. Quality control measures are applied at every stage from supplier selection to post delivery customer feedback to ensure product safety and regulatory compliance. These factors collectively enhance the company’s position within the Hong Kong beauty and personal care market.

The company serves retail customers who are individuals from the general public residing primarily in Hong Kong. Its core audience consists of millennials and females aged twenty five and older who are health conscious and interested in premium skincare and haircare offerings. As of September 30 2025 the subsidiary reported more than eighty six thousand six hundred ninety two registered members under its loyalty program. Approximately ninety five percent of total revenue in the fiscal year ended September 30 2025 was generated from these members indicating a high reliance on repeat business. The filing does not disclose specific names of corporate or institutional customers and the business model is focused on direct to consumer sales. Consequently the customer base is composed of individual shoppers who purchase products through the online shop the retail stores or the subscription service.