植物医生IPO，研发成果怎样影响市场预期

Core Viewpoint - The skincare industry is increasingly competitive, and brands that invest in research and development (R&D) are more likely to succeed in the long term [1][3]. R&D Structure - The company has established a dual approach to R&D, combining independent and collaborative efforts, with a structure known as "one center, five bases" [2]. - "One center" refers to the joint establishment of the Zhongke Kunzhi Plant Doctor R&D Center with the Kunming Institute of Botany, which focuses on fundamental research and new product development [2]. - The "five bases" include various research facilities across China and Japan, responsible for active ingredients, product formulation, production processes, and quality assurance [2]. Patent Achievements - As of May 31, 2025, the company has obtained 212 patents, including 59 invention patents, showcasing its commitment to technological innovation [2]. R&D Investment - The company's R&D expenditures for recent periods were 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan, consistently representing over 3% of its revenue [2]. - Maintaining such a high percentage of R&D investment in the skincare industry reflects the brand's dedication to research and consumer responsibility [2]. Market Position - With 31 years of experience and substantial R&D achievements, the company emphasizes that strong R&D capabilities are essential for gaining long-term consumer trust in a competitive market [3].