国货美妆超级独角兽要上市了！郑春颖家族迎来资本盛宴！

Core Viewpoint - Chando Global Holdings Limited, a Chinese beauty unicorn, has applied for a listing on the Hong Kong Stock Exchange, marking a significant milestone for the company and its founder, Zheng Chunying, after 24 years in the capital market [1][3]. Group 1: Company Overview - Founded in 2001 by Zheng Chunying, Chando has grown from a beauty chain in Northeast China to a major player in the beauty industry, launching brands like "Meisu" and flagship brand "Chando" [3]. - Chando has established a multi-brand matrix, including five main brands: Chando, Peffy, Meisu, Chunxia, and Jichu, covering skincare, color cosmetics, and personal care categories [3]. - As of 2024, Chando is the third-largest domestic cosmetics group in China by retail sales, with its single brand ranking second among domestic brands, just below Pechoin [3]. Group 2: Financial Performance - Chando's revenue has shown consistent growth, with reported revenues of 4.292 billion, 4.442 billion, 4.601 billion, and 2.448 billion yuan for the years 2022 to 2025 H1, respectively, with a year-on-year growth of 6.4% in the first half of 2025 [3][4]. - The net profit for the same periods was 139 million, 302 million, 190 million, and 191 million yuan, indicating a stable profit trajectory [3]. Group 3: Market Position and Strategy - The growth in revenue is primarily attributed to the expansion of online channels and an increase in the number of offline retailers, with online revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025 [4]. - Chando's gross margin improved from 66.5% to 70.1%, although it remains lower than some high-end competitors, indicating potential for further premiumization [4]. Group 4: IPO and Future Plans - The IPO proceeds will be used to enhance direct-to-consumer capabilities, improve online and offline sales synergy, expand the multi-brand matrix, invest in R&D, and strengthen digital capabilities in membership, supply chain, and sales management [7]. - The company aims to enhance its production facilities and expand its international market presence to increase brand recognition and penetration [7].