自然堂IPO：利润剧烈波动背后，“高端梦”困于下沉市场

Core Viewpoint - CHANDO, a leading Chinese beauty brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its 24-year journey since its establishment in 2001 [1][4]. Company Development - CHANDO was founded in 2001 by Zheng Chunying with the vision of creating a world-class brand for Chinese consumers, initially targeting lower-tier cities where international brands had less penetration [2][3]. - Over the past two decades, CHANDO has become one of the most recognized brands in China's cosmetics industry, consistently ranking among the top two domestic brands by retail sales from 2013 to 2024 [4]. Financial Performance - The revenue of CHANDO Group for 2022, 2023, and 2024 was RMB 4.29 billion, RMB 4.44 billion, and RMB 4.60 billion, respectively, with growth rates of 3.5% and 3.6% projected for 2023 and 2024 [6]. - The net profit for the same years was RMB 139 million, RMB 302 million, and RMB 190 million, with a significant increase of 117% in 2023 compared to 2022, followed by a decrease of 37.1% in 2024 [6]. - The gross profit margin has shown a steady increase, reaching 70.1% in the first half of 2025 [6]. Brand Strategy - CHANDO's main brand contributes significantly to its revenue, accounting for 94.6% to 95.9% of total income from 2022 to 2025 [8]. - The company has adopted a "fast fashion" development model, focusing on rapid product iteration and marketing, with successful products like the "Little Purple Bottle" and "Polar Water" essence [11]. - CHANDO has expanded its distribution channels, including partnerships with platforms like Pinduoduo and Taobao, aiming to enhance its presence in major cities and diversify its product lines [11][17]. Challenges and Future Outlook - Despite its growth, CHANDO faces challenges such as a lack of proprietary patented ingredients and a heavy reliance on marketing over R&D, with R&D expenditures constituting only 2.0% to 2.8% of total revenue from 2022 to 2024 [10][19]. - The brand's high-end product lines have not achieved significant sales compared to other domestic brands, indicating a gap in perceived brand value [12][17]. - The recent investments from L'Oréal and other capital firms are seen as a boost for CHANDO, but the company must address its reliance on a single brand and improve its R&D efforts to transition from a domestic giant to a recognized high-end player in the global market [18][19].