自然堂不分红，61岁辽阳首富郑春颖身家110亿

Core Viewpoint - The article discusses the journey of the Chinese cosmetics brand, Chando, founded by Zheng Chunying and his siblings, highlighting its growth, IPO preparations, and strategic investments from major players like L'Oréal and Himalaya International. Group 1: Company Background and Ownership - Chando was established in 2001 and has grown to become the second-largest domestic cosmetics brand in China, following Proya [1][12] - The Zheng siblings collectively control 87.82% of the voting rights in Chando, with Zheng Chunying holding 55% of the shares [2][12] - Zheng Chunying is recognized as the wealthiest individual in Liaoyang, with a net worth of 11 billion RMB, ranking 2448th on the 2025 Hurun Global Rich List [2] Group 2: IPO and Strategic Investments - Prior to its IPO filing, Chando raised over 700 million RMB by bringing in strategic investors, including L'Oréal and Himalaya International, which provided both capital and technical support [4][5] - The post-investment valuation of Chando is approximately 6.826 billion RMB [4] Group 3: Financial Performance - Chando's revenue has shown consistent growth, with total revenues of 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and 46.01 billion RMB in 2024 [16] - The skincare segment contributes approximately 90% of Chando's total revenue, with the main brand Chando generating 94.6% to 95.9% of total income during the reporting periods [12][14] - Despite revenue growth, net profit has fluctuated, with a significant drop of 37.09% in 2024 to 1.9 billion RMB [16] Group 4: Marketing and Sales Strategy - Chando has invested heavily in marketing, with total marketing expenses reaching 6.534 billion RMB over three and a half years, accounting for over 50% of total revenue during the reporting periods [17][18] - The company has shifted its sales strategy towards online channels, increasing online revenue from 59.7% in 2022 to 68.8% in 2025 [20][21] Group 5: Operational Insights - Chando operates three factories in China, maintaining a high capacity utilization rate of 95.7% and 82.5% for its Shanghai and Linzhi factories, respectively [23] - The company has not declared any dividends since its inception and has a cash-to-short-debt ratio of 10.53, indicating a strong liquidity position [25][26]