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Core Insights - The skincare and cosmetics market in China is rapidly growing, becoming the second largest globally, with significant potential for future growth due to increasing consumer spending and beauty care habits [1][12] - Beijing Plant Doctor Cosmetics Co., Ltd. is preparing for an IPO, focusing on high-altitude plant skincare products, with projected revenue exceeding 2.1 billion yuan in 2024 [1][20] Industry Overview - The cosmetics industry is segmented into various categories, with skincare products accounting for 50.49% of the total market, projected to reach 271.2 billion yuan in 2024 [4] - The market is characterized by intense competition, with both international brands like L'Oréal and domestic brands like Proya and Pechoin vying for market share [12][17] Company Profile - Plant Doctor specializes in skincare, offering products derived from high-altitude plants, with a diverse product range including creams, serums, and masks [4][5] - The company has established a research center in collaboration with the Kunming Institute of Botany and has multiple R&D bases across China and Japan [5] Financial Performance - Plant Doctor's revenue has shown slow growth, with figures of approximately 2.12 billion yuan in 2022, 2.15 billion yuan in 2023, and 2.16 billion yuan in 2024 [14] - The company's gross profit margin has fluctuated, with rates of 55.22% in 2022, 60.34% in 2023, and 58.9% in 2024, which is lower than some competitors [14][15] Sales and Distribution - The company employs a mixed sales model, with 64% of revenue from distribution and 36% from direct sales, indicating a reliance on distributors [6][10] - Despite the growth of e-commerce in the cosmetics sector, Plant Doctor still derives over 70% of its revenue from offline sales [10] Management and Ownership - The company was founded in 2016 and has undergone structural changes, with key management holding significant shares and control over the company [21][22] - Recent cash dividends have primarily benefited major shareholders, raising questions about the allocation of funds [22] Future Outlook - The IPO aims to raise approximately 999.8 million yuan for marketing, brand development, and production upgrades, indicating a strategic focus on enhancing market presence and operational efficiency [20]