冲刺港股IPO！自然堂半数收入砸向销售及营销，研发投入持续收缩

Core Viewpoint - The Chinese beauty brand Naturando has submitted its IPO application to the Hong Kong Stock Exchange, citing the current market environment, industry competition, and its strategic development phase as key considerations for this move [1][2]. Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion CNY respectively, with net profits of 139 million, 302 million, and 190 million CNY [2]. - The revenue growth rates for 2023 and 2024 are expected to be 3.5% and 3.6%, while net profit growth rates are projected at 117% and -37% respectively [2]. - In the first half of 2025, Naturando's revenue reached 2.448 billion CNY, showing a year-on-year growth of 6.4%, with net profit at 191 million CNY, a 7.1% increase [2]. Brand Dependency - Naturando heavily relies on its main brand, contributing approximately 95% of its revenue, with skincare products accounting for 87.3% of its product line [3]. - Despite launching new brands like Chunxia and Peifuyan, the revenue contribution from these brands remains minimal, with Peifuyan generating only 93.1 million CNY in the first half of 2025, representing 3.8% of total revenue [3]. Marketing and R&D Expenditure - Naturando's sales and marketing expenses have consistently accounted for a significant portion of its revenue, with figures of 2.445 billion, 2.406 billion, and 2.717 billion CNY from 2022 to 2024, representing 57%, 54.2%, and 59% of total revenue respectively [4]. - In contrast, R&D spending has been relatively low, with expenditures of 120 million, 94 million, and 91 million CNY from 2022 to 2024, accounting for only 2.8%, 2.1%, and 2% of revenue [5]. Channel Strategy - Naturando's online sales have increased, with the revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025, while offline sales have declined from 17.2 billion CNY in 2022 to 14.2 billion CNY in 2024 [5][6]. - To enhance its offline presence, Naturando has opened four flagship stores in major cities since July 2025, aiming to improve customer experience and brand image [6].