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 Viewpoint - The natural堂 Group, known for its iconic slogan "You are beautiful," has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of operation [1] Group Overview - Founded in 2001 by Zheng Chunying, the natural堂 Group has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple product lines including "美素" and "春夏" [2][3] - The company has strategically navigated through various market channels, becoming a leading brand in cosmetics retail, particularly in second and third-tier cities [3] Financial Performance - The natural堂 brand accounts for approximately 95% of the group's total revenue, indicating a heavy reliance on a single brand [8][9] - Revenue figures for the group show a steady but slow growth, with total revenues 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] - The net profit figures from 2022 to 2024 show volatility, with profits of 1.39 billion, 3.02 billion, and 1.90 billion, leading to a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [9][10] Investment and Strategic Partnerships - The group has recently attracted strategic investments from L'Oréal and 加华资本, raising a total of 7.42 billion, which is expected to enhance its technological capabilities and market confidence [1] - The company plans to utilize the funds raised from the IPO to strengthen its direct-to-consumer (DTC) capabilities, expand its brand portfolio, and increase product development investments [11] Challenges and Future Directions - The group faces challenges such as weak R&D investment, which has decreased from 2.8% in 2022 to 1.7% in 2025, while marketing costs remain high [10] - The attempt to enter the high-end market with the 金钻微雕系列 has not performed well, raising concerns about its competitive positioning [11] - The recent rebranding from 伽蓝集团 to natural堂 Group signifies a shift in strategy, aiming to leverage capital market opportunities for transformation into a technology-driven beauty enterprise [11]