国货美妆老将自然堂闯港股：营收毛利稳增长，IPO 聚焦破局年轻化

Core Viewpoint - The company, Chando, is preparing for an IPO after 24 years in the beauty industry, marking a significant shift as it brings in external investors like L'Oréal and Cathay Capital for the first time [1][9]. Company Background - Chando was founded by Zheng Chunying in 2001, initially starting with two brands, Chando and Meisu, and gradually expanding into skincare, makeup, and maternal and infant care [5]. - The Zheng family maintains significant control over the company, with a combined stake of nearly 87% before the IPO [7]. Financial Performance - Revenue is projected to grow from 42.92 billion RMB in 2022 to 46.01 billion RMB in 2024, with 24.48 billion RMB reported in the first half of 2025 [13]. - The gross profit margin has been increasing, surpassing 70.1% in the first half of 2025 [13]. Research and Marketing Discrepancies - Research and development (R&D) spending from 2022 to June 2025 totaled 3.48 billion RMB, with the R&D expense ratio declining from 2.8% to 1.7%, while marketing expenses remained high at 54% to 59% [15]. - The company has faced challenges in adapting to consumer demands for ingredient transparency and efficacy, falling behind competitors like Winona and Proya [18]. Brand and Channel Dependency - Chando heavily relies on its single brand, which accounted for approximately 95% of its revenue from 2022 to the first half of 2025, with other brands contributing only 5% [20]. - The online sales ratio increased from 59.7% in 2022 to 68% in the first half of 2025, but still lags behind competitors like Proya, which has nearly 95% online sales [22]. Strategic Recommendations - The company needs to transform its offline channels from mere sales points to experiential zones, enhancing customer engagement through in-store experiences [26]. - Learning from competitors like Proya, which successfully integrates online live streaming with offline pop-up stores, could help Chando attract more traffic and improve customer experience [28].