Core Viewpoint - The company, Chando, is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant shift from its historically cautious approach to capital markets. The brand has established itself as a leading domestic cosmetics player in China, but faces challenges in innovation and market dependence on a single brand [1][4][11]. Company Overview - Chando Group has developed five main brands, including "Chando," "Pofuyan," "Meisu," "Chunxia," and "Jichu," covering a comprehensive range of skincare, makeup, personal care, and children's products [2]. - The founding family, led by Zheng Chunying, maintains significant control over the company, with the Zheng family holding nearly 87% of the shares post-IPO [2][4]. Financial Performance - The company reported revenues of 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and projected 46.01 billion RMB in 2024, with a net profit of 1.39 billion RMB in 2022, increasing to 3.13 billion RMB in 2023, and a projected 2.03 billion RMB in 2024 [4]. - The gross margin has shown a steady increase from 66.5% in 2022 to 69.4% in 2024, while the net profit margin fluctuated between 3.2% and 6.8% during the same period [4]. Digital Transformation - Chando Group is recognized as the first in the Chinese beauty industry to establish a "one inventory system," enhancing its digital operations and supply chain management [5]. - The company has received strategic support from investors like Cathay Capital, which has facilitated its digital transformation efforts [5]. Challenges and Risks - The company faces a significant imbalance between marketing and R&D expenditures, with R&D spending decreasing from 2.8% of revenue in 2022 to 1.7% in 2025, while marketing expenses remain high [6]. - Chando's revenue is heavily reliant on its flagship brand, accounting for approximately 95% of total income, indicating a lack of market presence for its other brands [6][7]. Market Position - The domestic beauty market is experiencing growth, with Chando positioned as a leading player. However, the market remains fragmented, with the top five brands holding less than single-digit market shares [11]. - The upcoming IPO is seen as a starting point for Chando, with future growth potential hinging on diversifying its product offerings and reducing reliance on a single brand [11][12].
那个你熟悉的自然堂，要去港股敲钟了
3 6 Ke·2025-10-09 10:26