县城贵妇的“护肤柜”，不再吸金了

Core Viewpoint - The company, Beijing Plant Doctor Cosmetics Co., Ltd., is preparing for its IPO, aiming to become the first single-brand beauty stock in A-shares, despite facing significant challenges and complaints regarding its products and sales practices [2][5][21]. Company Overview - Founded by Jie Yong in 1994, the company transitioned from a brand agent to a retailer, launching its official brand "Plant Doctor" in 2014 with a focus on natural plant extracts [6][8]. - The brand has achieved significant recognition in the domestic market, becoming a leading single-brand beauty company [2]. Financial Performance - The company distributed a total of 180 million yuan in cash dividends in 2024 and 2025, which is approximately equal to half of its net profit for 2024 [5][21]. - Despite the cash distribution, the company has faced stagnant revenue growth, with a compound annual growth rate of only 0.92% from 2022 to 2024 [20]. Market Position and Strategy - The company has primarily focused on offline sales, with over 70% of its revenue coming from offline channels as of 2024, and a significant portion from franchise stores [9][12]. - The brand has expanded rapidly in lower-tier cities, leveraging lower operational costs and a zero-threshold franchise policy [9][12]. Challenges and Complaints - The company has faced numerous complaints regarding product efficacy, aggressive sales tactics, and poor customer service, leading to a negative consumer perception [4][14][17]. - The number of franchise stores decreased for the first time in 2024, indicating potential issues in maintaining its franchise model [12][13]. Industry Context - The Chinese cosmetics market is experiencing a shift towards e-commerce, with online sales accounting for 47% of the market by 2024, contrasting with the company's reliance on offline sales [11][22]. - The competitive landscape is intensifying, with leading brands investing heavily in research and development, while the company has lagged in R&D investment, spending only 3.08% of its revenue on R&D in 2024 [18][20]. Future Outlook - The company is attempting to adapt to changing consumer preferences by entering the instant retail market and developing its online shopping platform, although results are yet to be seen [20][21]. - The ongoing challenges highlight the need for improved compliance management and innovation to sustain growth in a highly competitive market [21].