61岁东北百亿富豪，干出一个IPO，毛利超70%

Core Viewpoint - The article discusses the IPO application of CHANDO, a well-established Chinese cosmetics brand, highlighting its valuation of over 7.1 billion RMB and backing from major investors like L'Oréal and China Capital. The move reflects the competitive landscape and survival challenges within the domestic beauty market [1][4][5]. Company Overview - CHANDO has been in operation for 25 years and has positioned itself as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB as of 2024 [4][6]. - The company has a diverse brand portfolio, including CHANDO, Biorrier, MAYSU, SPRING SUNMER, and Bin, covering various product categories such as skincare, makeup, and personal care [6][8]. Financial Performance - Revenue figures for CHANDO from 2022 to 2025 are projected as follows: 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and 46.01 billion RMB in 2024, with a half-year revenue of 24.48 billion RMB in 2025. The gross profit margins have shown a steady increase, reaching 70.1% in the first half of 2025 [6][7]. - The flagship brand, CHANDO, has consistently contributed over 94% of total revenue from 2022 to 2025, indicating its dominant market presence [7][15]. Market Position and Challenges - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share as of 2024. CHANDO's revenue growth rate of 3.6% in 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, which have seen growth rates of 34.6% and 32.3%, respectively [14][15]. - CHANDO faces challenges in expanding its overseas market presence, with low brand recognition and high logistics costs. The backing from L'Oréal may provide opportunities for growth in international markets [14][15]. Brand Structure and Customer Base - CHANDO has a stable customer base with 37.7 million registered members and a repurchase rate of 32.4% [8]. - The brand's reliance on its flagship product line raises concerns about its brand diversification, as other sub-brands contribute minimally to overall revenue [15]. Industry Trends - The domestic beauty market is evolving, with Chinese brands capturing approximately 55.2% market share by 2024. This shift presents opportunities for brands like CHANDO to leverage their product quality to attract consumers [17]. - The competition is intensifying, with brands engaging in a "research arms race" to enhance their patent portfolios and R&D investments, which are crucial for capital-driven growth [17].