自然堂 “增长悖论”：渠道效率提升，品牌价值停滞

Core Viewpoint - The article discusses the growth logic and investment value of the cosmetics company Chando, highlighting its operational efficiency improvements through inventory management and offline strategy optimization, while noting that its brand equity and consumer perception have not kept pace with these changes [4][5]. Group 1: Industry Overview - The domestic cosmetics industry is transitioning from foreign brand dominance to the rise of domestic brands, driven by increased consumer recognition of domestic quality and brand value, as well as a significant shift towards online sales channels [5][6]. - Online sales in the cosmetics sector have surged from approximately 30%-35% in 2020 to over 65% by 2024, benefiting domestic brands that have heavily invested in online channels [5][6]. Group 2: Chando's Performance - From 2022 to the first half of 2025, Chando's revenue growth was only 3%-6%, significantly lagging behind competitors like Proya and Shiseido, which have seen higher growth rates [7]. - Chando's market share in 2024 was 1.7%, ranking third among domestic brands, while Proya and Shiseido held 3.3% and 1.9%, respectively [7]. Group 3: Financial Metrics - Chando's online channel revenue share increased from 59.7% in 2022 to 68.8% in the first half of 2025, while its marketing expenses as a percentage of revenue rose from 39.8% in 2022 to 44.8% in 2024 [12][19]. - Despite an increase in gross margin from 66.5% in 2022 to 69.4% in 2024, Chando's net margin only slightly improved from 3.2% to 4.1% during the same period [18][19]. Group 4: Operational Strategies - Chando has implemented a "one inventory" system to enhance operational efficiency, which has improved inventory turnover rates from 2.5 in 2022 to 3.5 in the first half of 2025 [30]. - The company is expanding its offline retail presence, with a focus on increasing the number of retail partners and optimizing credit terms to attract more distributors [24][28]. Group 5: Future Outlook - Chando's strategy to enhance offline channels may provide better economic benefits as online growth effects appear to be diminishing [19]. - The company is also expanding production capacity, with a projected increase of 40% by the end of 2025, indicating a focus on volume growth through cost reduction and market share stabilization [35][36].