“你本来就很美”的自然堂启动港股IPO，引入欧莱雅能否助其向科技美妆转型？

Core Viewpoint - Chando Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant transformation opportunity for the company as it aims to evolve into a technology-driven beauty enterprise with the support of capital markets [1][8]. Company Overview - Founded by Zheng Chunying in 2001, Chando Group has established itself as a prominent domestic cosmetics brand in China, initially focusing on high-end anti-aging products and later expanding its brand portfolio [3][4]. - The company has historically capitalized on various market trends, successfully navigating through different retail channels, including specialty stores and e-commerce [4]. Financial Performance - Chando Group's revenue has shown steady but slow growth, with figures of 4.292 billion, 4.442 billion, and 4.601 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of only 3.5% [6]. - The company's net profit has exhibited volatility, with figures of 139 million, 302 million, and 190 million for the years 2022, 2023, and 2024 respectively, resulting in a net profit margin of 7.8% in the first half of 2025, which is significantly lower than its competitors [7]. Brand Dependency - Chando Group relies heavily on its single brand, which accounted for approximately 94.6% to 95.9% of total revenue from 2022 to 2025, indicating a failure in its multi-brand strategy [6][2]. - The rebranding from "Jialan Group" to "Chando Group" in January 2024 highlights the company's struggle to diversify its brand portfolio [6]. Investment and Strategic Moves - The recent investments from L'Oréal and Himalaya International, amounting to 442 million and 300 million respectively, have provided the company with both capital and technological backing [1][2]. - The company plans to utilize the funds raised from the IPO to enhance its direct-to-consumer capabilities, expand its brand matrix, increase product development investment, and explore international markets [8]. Market Position - Chando Group is recognized as one of the top domestic cosmetics brands in China, having ranked among the top two in retail sales for 12 consecutive years from 2013 to 2024 [4].