欧莱雅、加华资本押注7亿！61岁的辽宁人去港股IPO

Core Viewpoint - The news highlights the IPO application of CHANDO, a well-established Chinese beauty brand, aiming to enter the Hong Kong stock market with a valuation exceeding 7.1 billion RMB, backed by significant investments from L'Oréal and other capital firms [3][5][6]. Company Overview - CHANDO has been in operation for 25 years and is now the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [4][7]. - The company has a diverse brand portfolio, including CHANDO, Biorrier, MAYSU, SPRING SUNMER, and others, covering various product categories such as skincare, makeup, and personal care [7][8]. - The flagship brand, CHANDO, has consistently contributed over 94% of the company's total revenue from 2022 to 2025 [7][11]. Financial Performance - Revenue figures for CHANDO from 2022 to 2025 are projected to be 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a significant increase in gross margin from 66.5% in 2022 to 70.1% in the first half of 2025 [7][11]. - The company has a registered membership of 37.7 million, with a repurchase rate of 32.4%, indicating a stable customer base [8]. Investment Backing - L'Oréal invested 442 million RMB and Cahua Capital invested 300 million RMB in CHANDO, holding 6.67% and 4.20% of shares, respectively, leading to a pre-IPO valuation exceeding 7.1 billion RMB [6][10]. Market Position and Challenges - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating a low concentration [11]. - CHANDO's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, which have higher growth rates [11]. - The brand's international recognition and market share are limited, with a need to leverage L'Oréal's backing to expand overseas [11][12]. Industry Trends - The domestic beauty market is evolving, with Chinese brands capturing approximately 55.2% market share by 2024, reflecting a growing preference for local products among consumers [12]. - The competition is intensifying, with brands focusing on research and development, emphasizing patent acquisition and scientific investment [12].