植物医生冲击主板，单店模式能否撑起未来？

Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, aiming to raise approximately 9.98 billion yuan, but faces challenges due to its heavy reliance on offline channels and declining online sales [2][3][4]. Group 1: IPO Details - The IPO application was accepted on June 27, 2025, with CITIC Securities as the sponsor [3]. - The company has been preparing for the IPO since 2023, indicating a long-term strategy to enter the public market [3]. Group 2: Business Model and Performance - Plant Doctor operates over 4,000 offline stores but has seen a decline in total store count from 4,664 to 4,328 in 2024, losing 336 stores [4][7]. - In 2024, online direct sales accounted for only 9.3% of total revenue, with the revenue from the "Xiaozhi Mall" declining from 843.9 million yuan in 2022 to 623.3 million yuan in 2024 [6][7]. - The company’s revenue growth has been minimal, increasing from 215.5 billion yuan to 215.57 billion yuan despite store optimization efforts [8]. Group 3: Financial Metrics - The comprehensive gross margin for 2024 was 58.9%, down from 60.35% in 2023, indicating pressure on profitability [9]. - The company’s inventory turnover efficiency decreased from 4.96 times in 2022 to 4.27 times in 2024, with inventory balance at 223 million yuan, representing 16% of current assets [10][11]. Group 4: Market Position and Competition - Plant Doctor's reliance on a high proportion of the distribution model (over 63% of revenue) has negatively impacted its gross margin compared to competitors like Proya and Marubi, which have higher margins due to a focus on direct sales [9]. - The online market share in China's cosmetics sector reached 52.45% in 2024, highlighting the risk of falling behind in digital transformation [8]. Group 5: Future Outlook - The company emphasizes the importance of private traffic and plans to integrate online and offline channels through its "Xiaozhi Mall" platform, although recent revenue trends suggest challenges in achieving this goal [12][14]. - The effectiveness of the private traffic strategy and its potential to drive sustainable revenue growth remains uncertain, requiring further data and strategic clarity from the company [14].