0加盟费引乱象，产品菌落总数超标21倍！植物医生的上市梦有点“悬”

Core Viewpoint - The company "Plant Doctor" is preparing for an IPO, aiming to raise approximately 998 million yuan by issuing up to 26.67 million shares, with over 53% of the funds allocated for marketing and brand development [1]. Financial Performance - Plant Doctor's revenue has stagnated, with reported revenues of 2.117 billion yuan, 2.151 billion yuan, and 2.156 billion yuan from 2022 to 2024, while net profits were 168 million yuan, 229 million yuan, and 242 million yuan, showing a decline in growth rate from 36.3% in 2023 to 5.7% in 2024 [6]. - By mid-2025, the company achieved revenue of 960 million yuan, less than half of the total revenue for 2024, with a net profit of 79 million yuan, only 32.6% of the previous year's total [6]. - Despite declining revenue and profits, the company increased cash dividends to 80% of the total for 2024 in the first half of 2025, amounting to 80 million yuan [6]. Product and Production Insights - The production capacity utilization rates for core products indicate stagnation, with the utilization for water and cream products at 95.26% and essence products at 87.52% as of mid-2025 [7]. - The mask products achieved a record high capacity utilization of 108.15%, but the sales rate was only 65.27%, marking a new low [7]. Marketing and R&D Expenditure - The company has significantly increased marketing expenditures, spending 743 million yuan in 2024, which accounted for 34.47% of revenue, and 3.65 billion yuan in the first half of 2025, rising to 38% of revenue [11][12]. - In contrast, R&D spending has decreased, with expenditures of 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan from 2022 to 2024, representing only 3.08% of revenue in 2024 [12]. - The number of R&D personnel has decreased by nearly 50, from 166 in 2022 to 117 in mid-2025, with a low proportion of advanced degrees among staff [13][14]. Franchise and Compliance Issues - The company has expanded its franchise model to 4,269 stores, with 3,787 authorized stores and 482 direct stores, but this model has led to compliance issues and complaints [17][19]. - There have been 394 complaints regarding product safety and marketing practices, highlighting significant internal control deficiencies, particularly in franchise management [16][18]. - The company has faced regulatory scrutiny, with multiple instances of non-compliance regarding product safety and marketing practices, including the sale of banned substances and unlicensed operations [24][25].