“化妆品连锁第一股”植物医生IPO：以授权专卖行“加盟”之实？

Core Viewpoint - The IPO application of Beijing Plant Doctor Cosmetics Co., Ltd. has been accepted, indicating a growing acceptance of diverse business models in the cosmetics industry [1][3]. Group 1: Company Overview - Plant Doctor focuses on plant extraction and offers a range of cosmetics including lotions, creams, and serums, with projected revenues and net profits of 2.156 billion yuan and 243 million yuan respectively for 2024 [1]. - The company primarily expands its performance through authorized dealers who open offline specialty stores, with a total of 3,830 authorized stores expected by the end of 2024, generating 1.111 billion yuan, accounting for over 50% of total revenue [1][5]. - Plant Doctor's business model includes both direct-operated stores and authorized specialty stores, with direct-operated stores contributing nearly 25% to total revenue in 2024 [3]. Group 2: Financial Performance - By the end of 2024, Plant Doctor plans to have 498 direct-operated stores, generating 527 million yuan, with an average annual revenue of 1.0575 million yuan per store [4]. - The authorized specialty stores are the main revenue drivers, expected to generate 1.111 billion yuan in 2024, which is about 50% of total revenue [5]. - The average annual revenue per authorized store increased from 276,200 yuan in 2022 to 289,700 yuan in 2024, although the revenue per direct-operated store is 3.65 times higher than that of authorized stores [12][13]. Group 3: Market Strategy and Expansion - Plant Doctor's IPO aims to raise 998 million yuan for marketing and the establishment of research and development centers [1]. - The company has been expanding its offline presence rapidly, with a net increase of 170 authorized stores in 2023, pushing the total number of stores past 4,000 [10]. - Despite the rapid expansion, Plant Doctor has begun closing underperforming stores, reducing the number of authorized stores by 294 by the end of 2024 [11]. Group 4: Industry Context and Challenges - The acceptance of Plant Doctor's IPO comes amid a cautious regulatory environment for franchise and chain businesses, which may explain the company's avoidance of the term "franchise" in its prospectus [7][19]. - The company is also exploring the beauty salon business model, offering in-store services to enhance customer experience, which may signal a shift in its business strategy [17][18]. - Plant Doctor is diversifying its sales channels by establishing online platforms and collaborating with e-commerce giants, with online sales projected to reach 519 million yuan in 2024, accounting for nearly 25% of total revenue [18].