增长停滞加盟模式问题严重 植物医生“A股美妆单品牌店第一股”难圆梦

Core Viewpoint - The company, Beijing Plant Doctor Cosmetics Co., Ltd., is striving to become the first single-brand beauty stock in A-shares, but faces scrutiny over its business model, core competitiveness, and management issues amidst its capital market ambitions [1]. Expansion Path Anchored by Stores - Since its establishment in 1994, the company has focused on a single-brand strategy in the high-altitude plant skincare segment, collaborating with institutions like the Kunming Institute of Botany to create a differentiated advantage with "Chinese brand, Chinese ingredients" [2]. - As of the end of 2024, the company operates 4,328 chain stores, surpassing the total number of stores of comparable competitors like L'Occitane and Lin Qingxuan [2]. - Offline sales have consistently contributed 70% to 80% of total revenue, with 3,830 authorized franchise stores accounting for about 88% of total stores, generating over 60% of the company's main business income [2]. Stagnation in Growth and Costs of Franchise Model - Despite the large number of stores, the company's revenue has stagnated around 2.1 billion yuan from 2022 to 2024, with a compound annual growth rate of less than 1%, contrasting sharply with competitors like Proya and Marubi, which have around 30% growth [4]. - The franchise model has led to lower profitability, with a gross margin of 58.9% in 2024, significantly lower than competitors like Proya (71.41%) and Beitaini (73.84%) [4]. - The extensive franchise network has created internal control and compliance issues, delaying the company's IPO process by 19 months due to significant deficiencies in internal control systems [4]. Management Crisis from Franchise Model - The franchise model has resulted in product quality and customer experience issues, exemplified by a product that exceeded safety standards by 21 times and ongoing compliance risks with unlicensed stores [5]. - In 2024, the number of franchise stores decreased by 294, indicating a decline in the previously advantageous franchise model [5]. R&D Challenges and Product Future - The company exhibits a tendency to prioritize sales over R&D, with sales expenses totaling 2.185 billion yuan from 2022 to 2024, compared to only 216 million yuan in R&D investment [7]. - The R&D team has shrunk from 166 to 130 members, with a decrease in the proportion of highly educated personnel [7]. - The company relies heavily on external collaborations for core technologies, raising concerns about its long-term product competitiveness [8]. Operational Efficiency and Cash Flow Pressure - Key operational efficiency metrics, such as inventory turnover and total asset turnover, have shown a downward trend from 2022 to 2024, indicating reduced inventory turnover and asset utilization [9]. - Despite stable profit growth, the net cash flow from operating activities dropped by 23.97% in 2024, raising concerns about the quality of revenue [9].