植物医生冲刺A股：内控隐忧与增长瓶颈下的上市之路

Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. (referred to as "Plant Doctor") is facing significant challenges in its IPO process, including prolonged guidance periods, management issues, and controversies surrounding its marketing practices, which have raised concerns about its future competitiveness and growth prospects [4][5][9]. Group 1: IPO Process and Market Concerns - The IPO guidance period for Plant Doctor has been extended by 19 months, with the company expected to be accepted by the Shenzhen Stock Exchange by the end of June 2025 [5]. - Issues such as "franchisee violations, false advertising, and supply chain management loopholes" have been cited as primary reasons for the delayed IPO process [5][6]. - The founder's involvement in Shanghai Jahwa's top shareholders list has sparked speculation about potential competition within the industry [4]. Group 2: Marketing and Brand Image Issues - Plant Doctor has faced backlash due to its "pseudo-national gift" controversy, where it falsely claimed its products were given to foreign dignitaries without official authorization [5][6]. - The brand has been penalized for false advertising, including a fine of 5,000 yuan for misleading claims about its products [6]. - Quality control issues have also emerged, with products like the "Purple Ganoderma Multi-Effect Cleansing Milk" found to have bacterial counts exceeding standards by 21 times [6]. Group 3: Franchise Management Challenges - Over 70% of Plant Doctor's stores are franchises, but management issues have led to a significant trust crisis and market challenges [7]. - The company has received 16 administrative penalties related to various compliance issues, including false advertising and lack of health permits [7][8]. - Inconsistent service quality across franchise stores has negatively impacted consumer experience and brand perception [7][8]. Group 4: Financial Performance and Dividend Concerns - Despite stagnant revenue growth, Plant Doctor distributed a total of 180 million yuan in dividends in 2024, raising questions about the rationality of its capital allocation [9][10]. - The company's revenue figures from 2022 to 2024 show minimal growth, with 21.17 billion yuan, 21.50 billion yuan, and 21.55 billion yuan, reflecting growth rates of 1.6% and 0.22% [9]. - The high dividend payout ratio of 41.5% of net profit in 2024 is significantly higher than industry peers, leading to skepticism about the company's focus on long-term development [10]. Group 5: Strategic Recommendations - To address market concerns, Plant Doctor needs to balance shareholder interests with long-term development, ensuring rational capital use and enhancing R&D capabilities [11]. - Improving product quality and brand image is essential for regaining consumer trust and competitiveness in the market [11].