从公务员，到美容院老板，再到国货美妆大佬，61岁东北大叔攒起百亿身家，公司正冲刺上市

Core Insights - Natural堂 Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of establishment [1] - The company has recently secured investments from L'Oréal and Gahua Capital, which provide both financial backing and technological support, but faces significant challenges such as reliance on a single brand and weak R&D investment [1] Company Overview - Founded by Zheng Chunying in 2001, Natural堂 has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple sub-brands over the years [4][5] - The company has successfully navigated various market changes, becoming the leading brand in cosmetics specialty stores within two years of its inception [5] Financial Performance - Natural堂's revenue heavily relies on its flagship brand, accounting for approximately 94.6% to 95.9% of total revenue from 2022 to 2025 [9] - The company's revenue growth has been modest, with figures of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - Net profit has shown volatility, with figures of 1.39 billion, 3.02 billion, and 1.90 billion from 2022 to 2024, resulting in a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [10] Strategic Challenges - The company has faced criticism for its declining R&D investment, which fell from 2.8% in 2022 to 1.7% in the first half of 2025, while sales and marketing costs remain above 54% [10] - Natural堂's attempts to enter the high-end market with its Gold Diamond Micro-sculpting series have not performed well compared to competitors, raising concerns about its market positioning [10] Future Plans - The IPO proceeds are intended to enhance DTC capabilities, diversify the brand portfolio, increase product development investment, and expand overseas [11] - The company is opening flagship stores to improve customer experience and strengthen brand image, with the first store launched in Shenzhen [11]