61岁东北百亿富豪，干出一个IPO，毛利超70%

Core Viewpoint - Natural Hall, a well-established Chinese cosmetics brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a valuation exceeding 7.1 billion RMB, backed by investments from major players like L'Oréal and China Capital [1][4]. Company Overview - Founded 25 years ago, Natural Hall has become the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB as of 2024 [3]. - The company has a diverse brand portfolio, including Natural Hall, Biorrier, MAYSU, Spring Summer, and GB, covering various product categories such as skincare, makeup, and personal care [5][6]. Financial Performance - Revenue figures for Natural Hall from 2022 to 2025 are projected as follows: 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and 46.01 billion RMB in 2024, with 24.48 billion RMB in the first half of 2025 [5]. - The gross profit margin has shown a steady increase, from 66.5% in 2022 to 70.1% in the first half of 2025 [5]. Investment Backing - The IPO is supported by significant investments from L'Oréal (442 million RMB) and China Capital (300 million RMB), which hold 6.67% and 4.20% of the company, respectively [4][5]. Market Position and Challenges - Natural Hall's market share is under pressure from competitors, with the top five domestic cosmetics groups holding only about 10.1% of the market share as of 2024 [11]. - The company faces challenges in revenue growth, with a projected growth rate of only 3.6% for 2024, significantly lower than competitors like Mao Ge Ping and Lin Qingxuan [11][12]. Brand Recognition and Customer Base - Natural Hall has a stable customer base, with 37.7 million registered members and a repurchase rate of 32.4% [7]. - The flagship brand, Natural Hall, consistently contributes over 94% of the company's total revenue from 2022 to 2025 [5][12]. Future Outlook - The IPO represents a strategic move for Natural Hall to strengthen its position in the competitive beauty market and potentially expand its presence in overseas markets, leveraging L'Oréal's endorsement [11][14]. - The company is entering a phase of heightened competition, with a focus on research and development becoming crucial for survival and growth in the evolving beauty industry [14].