销售费用“天花板”，研发“地板价”，自然堂IPO的资本迷局

Core Viewpoint - Chando is attempting to redefine its position through an IPO, having submitted its listing application to the Hong Kong Stock Exchange on September 29, 2023, while also bringing in strategic investors like L'Oréal and CVC Capital from October 2024 to September 2025 [1][3]. Financial Performance - In 2024, Chando's sales and marketing expenses rose to 2.7 billion RMB, marking a three-year high, while revenue only grew by 3.6% to 4.601 billion RMB, indicating a stagnation in growth [3][5]. - Net profit decreased from 302 million RMB in 2023 to 190 million RMB in 2024, a decline of 37.1%, following a significant increase of 117% the previous year [3][5]. - The net profit margin fluctuated, with a drop from 6.8% in 2023 to 4.1% in 2024, while the adjusted net profit margin fell from 7.0% to 4.4% during the same period [3][5]. Marketing and Cost Structure - The increase in sales and marketing costs was attributed to heightened marketing activities, with marketing and promotion expenses rising to 75.8% of total sales and marketing costs in 2024, up from 70.0% in 2022 [7][9]. - Despite the increase in marketing expenses, the company has seen a stable gross margin around 70%, indicating effective pricing and cost control [10][11]. Brand and Product Portfolio - Chando operates multiple brands, including Chando, Maysu, and others, but the main brand Chando accounts for over 90% of total revenue, highlighting a reliance on a single brand for income [5][6]. - The product mix is heavily skewed towards skincare, which contributes 87.3% of total revenue, with other categories making up less than 13% [5][6]. Research and Development - R&D expenses have been declining, with the R&D expense ratio dropping from 2.8% in 2022 to 1.7% in 2025, raising concerns about the company's long-term competitiveness in a rapidly evolving market [12][13]. - The company faces challenges in maintaining innovation and product development, which are crucial for sustaining consumer trust and market relevance [12][13]. Strategic Outlook - The IPO presents an opportunity for Chando to redefine its business focus amidst increasing competition and market share erosion from emerging brands [14]. - The company's ability to manage funds, adjust investment priorities, and establish a balanced growth path will be critical for its future positioning in the capital and consumer markets [14].