高层变动 IPO“折戟” 相宜本草遇到了哪些“坎”？

Core Insights - The article discusses the challenges faced by the domestic beauty brand, Xiangyi Bencao, which is experiencing a decline in market share and brand appeal due to internal turmoil and external competition [3][4]. Management Changes - Xiangyi Bencao has seen frequent changes in its executive team, including the departure of CEO Zhang He, who served for less than a year, and other key positions such as the Vice President of R&D and Chief Scientist [4][5]. - The instability in leadership adds uncertainty to the company's strategic direction amidst a competitive beauty market [5]. Listing Challenges - Xiangyi Bencao has faced a tumultuous path toward going public, having submitted its prospectus as early as 2012 when its revenue exceeded 1 billion yuan [7]. - The company halted its listing plans in 2014 due to unfavorable market conditions and internal adjustments, and although there were renewed efforts in 2022, the plans were again terminated in 2024 [6][7]. Financial Performance - From 2009 to 2011, Xiangyi Bencao's R&D investments were 11.42 million yuan, 22.97 million yuan, and 27.38 million yuan, representing 3.03%, 3.06%, and 2.05% of revenue, respectively [8]. - Sales expenses during the same period increased significantly, indicating a growing financial burden [8]. Market Position - Xiangyi Bencao's market share has declined sharply, dropping from 2.1% in 2012 to being absent from the top 15 brands by 2021, despite once achieving sales of 2.3 billion yuan at its peak [9]. - The brand's initial reliance on offline sales channels has hindered its ability to compete effectively in the rapidly growing e-commerce space [9]. Product Development - The company has struggled to create standout products, with the "Red Snow Lotus series" being its most recognized line, while other product lines have not gained significant traction [9]. Brand Image Issues - In late 2024, allegations surfaced regarding the use of toxic herbs in some of Xiangyi Bencao's skincare products, damaging its brand reputation [10]. - The company has responded to these allegations, asserting their falsehood and indicating ongoing investigations by regulatory authorities [10].