自然堂赴港上市

Core Viewpoint - Chando Group has officially initiated its IPO process in Hong Kong, attracting significant industry attention as it aims to become one of the top players in the Chinese beauty market [1][2][10]. Financial Performance - Chando Group's revenue for the first half of 2025 is projected to be 2.448 billion RMB, with a year-on-year growth of 6.43%, and an adjusted net profit of 219 million RMB, reflecting a 17.74% increase [5][7]. - The company's revenue from 2022 to 2024 is reported as 4.292 billion RMB, 4.442 billion RMB, and 4.601 billion RMB, with adjusted net profits of 139 million RMB, 313 million RMB, and 203 million RMB respectively [5][7]. Market Position - Chando Group is positioned as the third-largest domestic cosmetics group in China, holding a market share of approximately 10.1% among the top five domestic brands [4][11]. - The company is expected to rank among the top six publicly listed beauty companies in China, with its revenue closely trailing behind the fifth-ranked brand, Maogeping, which reported 2.588 billion RMB in the same period [3][8]. Product Portfolio - Chando Group operates five main brands, including its flagship brand Chando, and offers a comprehensive range of products across skincare, makeup, personal care, and children's care [4][11]. - The skincare category generates the highest revenue, accounting for 87.3% of the total revenue in the first half of 2025, with skincare revenue reported at 2.138 billion RMB [8][12]. Sales Channels - The company has established a robust online and offline sales network, with online sales accounting for 68.8% of total revenue in the first half of 2025, while offline sales contributed 30.9% [13][14]. - Chando Group has over 62,700 retail points, indicating a strong market presence [12][15]. Research and Development - Chando Group has invested significantly in R&D, with expenditures of 120 million RMB, 94 million RMB, 91 million RMB, and 42 million RMB from 2022 to the first half of 2025, representing 2.8%, 2.1%, 2%, and 1.7% of revenue respectively [18][20]. - The company holds 229 patents and has participated in the formulation of 154 national and industry standards, showcasing its commitment to innovation [18][20]. Strategic Initiatives - The IPO proceeds are intended to enhance DTC capabilities, improve online and offline sales synergy, invest in R&D, and expand international market presence [23]. - Chando Group has received investments from major players like L'Oréal, which holds a 6.67% stake, further strengthening its market position [20][22].