「港股IPO观察」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 well-known domestic beauty brand, Naturando, has submitted its IPO application to the Hong Kong Stock Exchange, citing the current capital market environment, industry competition, and its strategic development stage as key considerations for the listing [2][3] Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion respectively, with net profits of 139 million, 302 million, and 190 million [3] - 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 [3] - In the first half of 2025, Naturando's revenue reached 2.448 billion, showing a year-on-year growth of 6.4%, with net profit at 191 million, a 7.1% increase [3] Brand Dependency - Naturando's product line includes skincare, makeup, and personal care, with skincare accounting for 87.3% of its revenue in the first half of 2025 [5] - The company heavily relies on its main brand, Naturando, which contributes approximately 95% of its revenue [5] - Despite efforts to diversify its brand portfolio, the new brands launched have not significantly impacted overall revenue, with the best-performing new brand, Peifuyan, contributing only 3.8% of total revenue in the first half of 2025 [5] Marketing and R&D Expenditure - Naturando's sales and marketing expenses have consistently accounted for a significant portion of its revenue, with figures of 24.45 billion, 24.06 billion, and 27.17 billion for 2022 to 2024, representing 57%, 54.2%, and 59% of revenue respectively [6][7] - In contrast, R&D spending has been relatively low, with expenditures of 1.2 billion, 0.94 billion, and 0.91 billion for the same period, accounting for only 2.8%, 2.1%, and 2% of revenue [7] - The company has acknowledged the need to enhance its R&D capabilities, stating that it has established six major R&D platforms to improve innovation and product development [7] Channel Strategy - Naturando's online revenue has been increasing, rising from 59.7% of total revenue in 2022 to 68.8% in the first half of 2025, while offline revenue has been declining [7] - To counteract the decline in offline sales, Naturando has opened four flagship stores in major cities since July 2025, aiming to enhance brand experience and customer engagement [8]