自然堂闯关IPO：家族绝对控股，研发严重“偏科”，代言人陷入风波

Core Viewpoint - Natural Hall, a Chinese beauty brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market after 24 years of operation. However, the company faces challenges due to its heavy reliance on marketing over research and development, which has led to significant risks and volatility in its financial performance [1][2][3]. Financial Performance - Revenue growth has slowed, with figures of 4.292 billion, 4.442 billion, and 4.601 billion yuan for 2022, 2023, and 2024 respectively, indicating a year-on-year growth of approximately 3.5% in 2024. The first half of 2025 saw revenue of 2.448 billion yuan, a year-on-year increase of 6.43% [3][4]. - Net profit has shown instability, with figures of 139 million, 302 million, and 190 million yuan for the same years, reflecting a significant increase of 117% in 2023 but a decline of 37.1% in 2024 [3][4]. - Gross margin has improved from 66.5% in 2022 to 70.1% in the first half of 2025, but net profit margin remains low at 3.2%, 6.8%, 4.1%, and 7.8% for the respective years [4][5]. Marketing vs. R&D Investment - The company has heavily invested in marketing, with expenditures of 2.445 billion, 2.406 billion, 2.717 billion, and 1.347 billion yuan from 2022 to the first half of 2025, accounting for over 50% of total revenue each year [6][7]. - In contrast, R&D investment has been significantly lower, totaling only 348 million yuan over the same period, which is just 13% of the marketing expenditure in 2024. The R&D expense ratio has decreased from 2.8% in 2022 to 1.7% in the first half of 2025 [6][7][8]. Brand Reputation Risks - The reliance on celebrity endorsements has exposed the brand to risks, particularly highlighted by recent controversies involving its global skincare ambassador, Yu Shuxin, which could impact brand reputation during the IPO process [9][10][16]. - Consumer complaints have accumulated to 1,627 on third-party platforms, with many reporting allergic reactions to products, raising concerns about product safety and customer satisfaction [16][18]. Corporate Governance and Family Control - The company is primarily controlled by the Zheng family, holding approximately 87.82% of voting rights, which raises concerns about corporate governance and minority shareholder rights [20][24]. - Despite bringing in external investors like L'Oréal and Jia Hua Capital, the Zheng family maintains absolute control, which may affect the company's ability to modernize its governance structure in response to market expectations [24][26].