国货排名第七的自然堂赴港股IPO，招股书透露两大隐忧

Core Viewpoint - The Chinese beauty brand Natureround is set to go public on the Hong Kong Stock Exchange, following the trend of domestic beauty brands seeking IPOs, despite facing challenges such as reliance on its main brand and decreasing R&D expenditure rates [1][5]. Group 1: IPO Details - Natureround Global Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on September 29, aiming for a main board listing, with Huatai International and UBS Group as joint sponsors [1]. - The company has attracted significant strategic and financial investors, including L'Oréal, which invested 442 million yuan for a 6.67% stake, and Hua Capital, which invested 300 million yuan for a 4.20% stake [1]. Group 2: Market Position and Performance - Natureround claims to be the third-largest domestic cosmetics group in China by retail sales for 2024, although its actual ranking is sixth when compared to other listed domestic brands [5][6]. - The flagship brand, Natureround, has maintained a top-two position in retail sales among domestic brands for 12 consecutive years, but has missed the rapid growth opportunities since 2017 [6][7]. Group 3: Financial Performance - Natureround's revenue has shown stable growth over the past three years, with figures of 4.292 billion yuan in 2022, 4.442 billion yuan in 2023, and projected 4.601 billion yuan in 2024, reflecting growth rates of 3.49% and 3.58% for 2023 and 2024 respectively [6][10]. - The company reported a revenue of 2.448 billion yuan in the first half of 2025, marking a year-on-year increase of 6.43% [6][10]. Group 4: Brand Dependency and R&D - Natureround heavily relies on its main brand, which contributed 94.6% to 95.9% of total revenue from 2022 to 2024, indicating a lack of diversification [8]. - The R&D expenditure rate has been declining, from 2.8% in 2022 to 1.7% in the first half of 2025, raising concerns about the company's innovation capabilities [10]. Group 5: Profitability Challenges - Despite a rising gross profit margin from 66.5% in 2022 to 70.1% in the first half of 2025, the net profit margin remains low, with figures around 7.80% for the first half of 2025 and 4.13% for 2024, primarily due to high sales and marketing costs [10].