植物医生冲击主板，单店模式能否撑起未来？

Core Viewpoint - The article discusses the IPO application of Beijing Plant Doctor Cosmetics Co., Ltd., highlighting its challenges in transitioning from a predominantly offline retail model to a more balanced online presence in the beauty industry [1][3]. IPO Details - Beijing Plant Doctor's IPO has been accepted by the Shenzhen Stock Exchange, with a projected fundraising amount of approximately 9.98 billion yuan [2]. - The company signed an IPO counseling agreement in 2023 and has only recently received acceptance from the exchange [2]. Business Model and Market Position - Plant Doctor operates over 4,000 offline stores and is considered a strong competitor for the title of "first beauty single brand stock" [3]. - The company has been criticized for its heavy reliance on offline channels, which has led to missed opportunities in the online market [3]. - In 2024, online direct sales accounted for only 9.3% of total revenue, indicating a significant lag behind competitors [6]. Revenue and Store Performance - The total number of stores decreased from 4,664 to 4,328 in 2024, with a net reduction of 336 stores [7]. - Despite the reduction in store count, revenue growth was minimal, increasing from 21.55 billion yuan to 21.557 billion yuan [7]. - The company has been optimizing its store network by closing underperforming locations, but this has not translated into revenue growth [7]. Online Sales and Competitor Comparison - Plant Doctor's online sales growth is significantly behind competitors like Proya, whose online direct sales accounted for over 75% of its revenue in 2024 [6]. - The company's online retail platform, "Xiaozhi Mall," has seen a decline in revenue from 839 million yuan in 2022 to 623 million yuan in 2024 [6]. Gross Margin and Distribution Model - The company primarily uses a distribution model, with over 63% of its revenue coming from this channel over the past three years, which has negatively impacted its gross margin [9]. - In 2024, Plant Doctor's overall gross margin was 58.9%, compared to Proya's 71.41% [9]. Inventory and Financial Metrics - As of May 31, 2025, 32 subsidiaries and stores have not obtained the necessary health permits for providing in-store services [10]. - The company's inventory turnover efficiency has declined from 4.96 times to 4.27 times from 2022 to 2024, with inventory balance at 223 million yuan [10]. - Key financial metrics include a current ratio of 2.21 and a debt-to-asset ratio of 44.97% [11]. Private Traffic Strategy - Plant Doctor emphasizes the importance of private traffic in its growth strategy, aiming to integrate offline and online channels through its private platform [13]. - The company claims that its private traffic team has developed standardized procedures that have generated significant revenue, although recent data shows a decline in revenue from its online platform [14].