东北老板即将干出一个IPO，年入46亿，剑指“中国第一”

Core Viewpoint - The article discusses the upcoming IPO of Naturando, a well-established Chinese beauty brand, highlighting its historical significance, current financial performance, and competitive positioning in the market [2][4][6]. Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion RMB respectively, showing a steady increase [3]. - The adjusted net profit for the same years is expected to be 139 million, 313 million, and 203 million RMB, indicating fluctuations in profitability [2][3]. - In the first half of 2025, Naturando's revenue reached 2.448 billion RMB, with adjusted net profit significantly increasing to 219 million RMB, surpassing the entire profit of 2024 [2]. Market Position - Naturando is currently the third-largest domestic cosmetics group in China, with its flagship brand ranking second among domestic brands [4]. - The brand has a strong consumer recognition, with 37.7 million registered members and a 32.4% repurchase rate, indicating solid market presence [6]. Competitive Landscape - Naturando's compound annual growth rate (CAGR) from 2022 to 2024 is 3.5%, which is significantly lower than competitors like Perlay and Shuangmei, which have CAGRs of 68.8% and 153.9% respectively [3][6]. - The brand's offline sales channels contributed over 30% of its revenue in the first half of 2025, contrasting with competitors who have lower offline revenue contributions [7]. Strategic Initiatives - Naturando has initiated a digital transformation to integrate online and offline sales, addressing issues like price discrepancies and inventory management [12]. - The company has recently accelerated its IPO process and introduced strategic partnerships with international players like L'Oréal, aiming to enhance its market competitiveness [16]. Future Outlook - Naturando aims to become a leading technology-driven beauty enterprise in China and globally, facing significant competition from established players [16]. - The brand is actively expanding its offline presence and exploring new sales channels, such as instant retail, to boost growth [16].