斯坦德冲刺“美妆检测第一股”：增收不增利，坏账风险待解

Core Viewpoint - The increasing consumer focus on cosmetic ingredients is driving the demand for testing and inspection services, positioning Stand Testing Group as a key player in the industry as it prepares for its IPO [1][2]. Group 1: Company Overview - Stand Testing Group, established in 2014, aims to become an "international first-class testing and R&D institution" and has obtained numerous qualifications, including those for cosmetic filing [2]. - The company has a diverse client base, providing product R&D testing services to over 3,000 clients, including major brands like Unilever and Estée Lauder [3]. Group 2: Financial Performance - From 2022 to 2024, Stand achieved revenues of 607 million, 760 million, and 751 million yuan, with net profits of approximately 45.57 million, 51.17 million, and 72.27 million yuan, respectively, showing a rising gross margin trend [4]. - In the first half of 2025, revenue grew by 8.29% to 346 million yuan, but net profit plummeted by 70.77% to 5.76 million yuan, indicating a significant divergence between revenue and profit [5]. Group 3: Risks and Challenges - The company faces a substantial risk of bad debts, with accounts receivable and contract assets totaling approximately 303 million yuan, of which 35.78% are over one year old [8]. - The testing and inspection services account for over 82% of the company's revenue, but the industry is experiencing increased competition, with over 53,000 testing institutions in China [8]. Group 4: Industry Context - The testing and inspection industry is undergoing transformation towards scale, intensification, and specialization, yet it also faces challenges such as excessive competition in certain areas [8]. - Recent reports highlight the importance of professional capability and credibility for testing institutions, as evidenced by a recent announcement revealing shortcomings in some institutions' testing capabilities [9].