自然堂冲刺IPO，能否突破“流量依赖症”

Core Viewpoint - Chando Global Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market as China's third-largest domestic cosmetics group, aiming to raise funds for brand upgrading, technology research, and channel expansion [2] Company Structure - The company is characterized by a family-controlled governance model, with the founder Zheng Chunying and his siblings holding 87.82% of the voting rights, raising concerns about minority shareholder rights [2][6] - The board consists of nine members, with four executive directors from the Zheng family, indicating a high degree of control and decision-making concentration [6][8] Financial Performance - The company reported annual revenue exceeding 4.6 billion RMB, with a significant reliance on its main brand "Chando," which contributed approximately 95% of total revenue in recent years [8][10] - The gross profit margin for the first half of 2025 was 70.1%, lower than industry leaders, and the net profit margin stood at 7.8%, highlighting profitability challenges [12][13] Market Position and Challenges - The company faces structural risks, including an over-reliance on a single brand and insufficient development of its sub-brands, which collectively contribute less than 5% of total revenue [7][8] - The beauty industry is becoming increasingly competitive, with a shift towards technology-driven products, posing a challenge for Chando due to its lack of proprietary raw materials [10][12] Investment and Future Outlook - The company has attracted strategic investors, including a 300 million RMB investment from CVC Capital, but family control remains strong [6][13] - The ability to balance family governance with market-oriented management will be crucial for Chando's long-term competitiveness and investor appeal [6][13]