自然堂冲刺港交所：第二大国货化妆品品牌，今年获欧莱雅、加华超7亿投资

Core Viewpoint - CHANDO Global Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, with a pre-IPO valuation exceeding 7.1 billion RMB, aiming to enhance its market presence and operational capabilities [3][7]. Company Overview - Founded in 2001, CHANDO has become the third-largest domestic cosmetics group in China, offering a comprehensive range of products across five main brands, including its flagship brand CHANDO [3][4]. - As of June 30, 2025, CHANDO's main brands provide a total of 522 SKUs, with the flagship brand accounting for a significant portion of the group's revenue [4][5]. Financial Performance - Revenue figures for CHANDO from 2022 to 2024 are 4.292 billion RMB, 4.442 billion RMB, and 4.601 billion RMB, respectively. In the first half of 2025, revenue increased from 2.301 billion RMB in 2024 to 2.448 billion RMB [7]. - Adjusted net profits for the same period were 139 million RMB, 313 million RMB, and 203 million RMB, with the first half of 2025 showing an increase from 186 million RMB in 2024 to 219 million RMB [7]. Market Position and Brand Recognition - CHANDO is recognized as the second-largest domestic cosmetics brand in China based on retail sales for 2024 and has maintained a top-two position for 12 consecutive years [4][5]. - The brand leads in consumer recognition, purchase frequency, and repurchase intention among surveyed domestic cosmetics brands [4]. Digital and Operational Strategy - CHANDO has established a comprehensive digital operation model, leveraging a unique inventory system to enhance supply chain, inventory, production, sales, and consumer data analysis [5]. - As of June 30, 2025, CHANDO has over 3.77 million registered members, with a repurchase rate of approximately 32.4%, surpassing the industry average [5]. Sales Channels and Expansion - The company has a robust presence across major e-commerce platforms in China and has established over 62,700 retail points nationwide, including various retail formats [6]. - CHANDO is also expanding its international market presence, with products now available in North America and Southeast Asia [6][7]. IPO Fund Utilization - The net proceeds from the IPO will be primarily used to enhance direct-to-consumer (DTC) capabilities, improve online and offline sales network synergy, invest in R&D, and expand overseas market operations [8].