老牌国货美妆自然堂港股IPO解码：3年砸超70亿营销，依旧难破增长困局

Core Viewpoint - The well-known domestic beauty brand, Chando, has initiated its IPO process, marking a significant step towards its market expansion despite recent underwhelming performance in revenue growth and profitability [1][4]. Group 1: Financial Performance - In 2024, Chando reported a revenue of 4.601 billion yuan, reflecting a year-on-year growth of 3.58%, while its net profit decreased by nearly 40% to 190 million yuan [2][5]. - Chando's revenue is significantly lower compared to its competitors, with Proya and Shiseido achieving revenues of 10.778 billion yuan and 6.793 billion yuan respectively in 2024 [2][5]. - Chando's revenue in 2024 was approximately 80% of Beitaini's revenue, which reached 5.7 billion yuan [6]. Group 2: Online Channel Transformation - Chando's slow transition to online sales channels is a critical factor in its performance, with online sales accounting for less than 70% of its revenue, compared to over 80% for Proya [3][10]. - The online channel's contribution to Chando's revenue increased from 59.7% in 2022 to 68.8% in 2024, indicating a gradual but insufficient shift [10]. - In contrast, Proya's online revenue share surged from 70.01% in 2020 to 93.07% in 2023, showcasing a successful adaptation to market changes [8]. Group 3: Marketing and Brand Strategy - Chando has invested heavily in marketing, with total expenditures reaching 7.568 billion yuan from 2022 to 2024, which is significantly higher than the industry average [3][21]. - The marketing expense ratio for Chando was 59% in 2024, compared to an average of 47.78% for its peers, indicating a higher cost burden [21][23]. - Chando is focusing on launching new brands to drive growth, with the brand "Pofenyan" showing promising results, generating 121 million yuan in revenue in 2024, a growth of over 90% [20]. Group 4: Future Outlook - Chando plans to enhance its marketing efforts through collaborations with KOLs and increased advertising on major e-commerce and social media platforms [23]. - The company aims to open more offline flagship stores to strengthen its market presence, with new stores planned in major cities [13][16]. - The effectiveness of Chando's marketing investments and its ability to adapt to changing consumer preferences will be crucial for its future growth [23].