植物医生IPO：门店超4000家，但闭店率也不低 记者实探“0加盟费”模式背后隐忧

Core Viewpoint - The article discusses the growth and challenges of the Chinese cosmetics brand "Plant Doctor," which is preparing for an IPO on the Shenzhen Stock Exchange, highlighting its unique business model and financial performance amidst a competitive market [1][7]. Group 1: Business Model and Market Position - Plant Doctor operates over 4,000 stores, primarily through a franchise model, which has allowed it to expand rapidly while facing challenges such as high closure rates of franchise locations [1][10]. - The company has a low entry barrier for franchisees, with no franchise fees and a minimum investment of 20 million yuan, which attracts many but also leads to a high closure rate [11][14]. - As of last year, 88% of its stores were franchises, with a significant portion of revenue (over 70%) coming from offline sales [11][10]. Group 2: Financial Performance - In 2024, Plant Doctor's revenue growth slowed to below 1%, with total revenue of 2.156 billion yuan and a net profit of 243 million yuan, a significant drop from the previous year's growth of 45.35% [10][11]. - The company's gross profit margin was reported at 58.9%, lower than the industry average of 70.47%, indicating challenges in profitability compared to competitors [11][12]. - The company plans to raise 998 million yuan through its IPO to fund brand development, research center construction, and production facility upgrades [7][8]. Group 3: Challenges and Risks - The franchise model has led to a high turnover rate, with more stores closing than opening in recent years, raising concerns about franchisee confidence and brand reputation [17][14]. - Plant Doctor has faced scrutiny regarding the training and certification of its staff, particularly in providing skincare services without proper hygiene licenses, which could pose regulatory risks [19][18]. - The company has also experienced a decline in average selling prices for its products, with the average price of face masks dropping from 95.84 yuan/kg to 78.98 yuan/kg, impacting its gross margin [20][21]. Group 4: Leadership and Management - The founder, Jie Yong, has been instrumental in the company's growth, receiving a salary of 11.236 million yuan last year, which is notably high for A-share listed companies [6][7]. - There are concerns regarding potential conflicts of interest, as the manager of the company's e-commerce subsidiary was previously one of its major clients, raising questions about governance and transparency [5][23].