长江商报消息 ●长江商报记者 张璐 "国货护肤品牌"植物医生正冲刺"A股美妆单品牌店第一股"。 近日，植物医生宣布，计划在深圳证券交易所主板发行上市，本次公开发行股票数量不超过2666.67万 股，拟募集资金为9.98亿元，其中保荐机构为中信证券。 长江商报记者注意到，植物医生此前因内控缺陷拖慢上市进程，辅导周期延长19个月。 据了解，植物医生成立于1994年，在中国化妆品行业已耕耘30余载，并走出了一条与众不同的路径，截 至目前已在全国建立逾4000家线下门店网络。 植物医生庞大的加盟网络在带来规模扩张的同时，也让加盟商管理漏洞、品控失守等问题频发。截至11 月23日，在黑猫投诉[下载黑猫投诉客户端]平台公司相关投诉累达311起。 内控缺陷拖延上市进程 尽管植物医生的A股上市之路终于迎来新进展，但这场资本冲刺实则布满荆棘，漫长的等待背后是内控 体系的明显缺位。 时间回溯至2023年8月，植物医生正式启动IPO辅导，按照初期规划，当年11月便可完成辅导验收，但 这一进程最终延迟至2025年6月，整整拉长了19个月。保荐机构中信证券在辅导报告中明确指出，公司 内控制度存在显著缺陷，其中加盟商管理的合规漏洞尤为突 ...

Core Viewpoint - Marubi Biotechnology faces regulatory scrutiny due to financial irregularities while simultaneously reporting a 25.51% revenue growth for Q3 2025, indicating a potential crisis management strategy to mitigate negative impacts from the regulatory warnings [1][7]. Financial Irregularities - The China Securities Regulatory Commission (CSRC) identified two main issues: non-compliance in financial accounting and improper management of raised funds [2][3]. - Specific financial accounting issues include inaccurate revenue recognition, misreporting of construction in progress, and incorrect classification of accounting items [2][3][6]. - The company reported inflated revenue of 4.55 million and net profit of 11.33 million for the first half of 2025, affecting the perceived quality of cash flow and financial strength [6]. Regulatory Actions - The Shanghai Stock Exchange and Guangdong Securities Regulatory Bureau issued corrective measures and warnings to key executives due to the identified financial irregularities [6][7]. - Marubi has committed to rectifying these issues and enhancing compliance awareness, although concerns about potential financial fraud remain [7]. Q3 2025 Performance - In Q3 2025, Marubi reported revenue of 685 million, a year-on-year increase of 14.28%, while net profit grew by 21.16% to 69.48 million [9]. - The company achieved a total revenue of 2.45 billion for the first three quarters, reflecting a 25.51% year-on-year growth, but the net profit only increased by 2.13% [9][10]. Market Position and Challenges - Marubi's performance indicates a troubling trend of "increased revenue without increased profit," highlighting potential weaknesses in core product competitiveness [10][12]. - The company has seen a decline in sales volume for its eye care products, with a significant reliance on price increases to drive revenue growth [12]. - Marketing expenditures have surged, with sales expenses rising from 795 million to 1.415 billion, while R&D spending remains relatively low [15][17]. Strategic Adjustments - Marubi is attempting to refocus its strategy by closing its Spring Diary brand's Tmall flagship store to concentrate resources on core business areas [17][18]. - Analysts predict that Marubi's annual revenue will remain between 3.7 billion and 3.9 billion, struggling to surpass the 4 billion threshold [18].

Core Insights - The core viewpoint of the articles highlights the challenges faced by Proya, a leading domestic beauty brand, as it experiences a significant decline in revenue and profit, coinciding with its application for a Hong Kong IPO [1][2]. Financial Performance - In Q3 2025, Proya reported a revenue of 1.736 billion yuan, a year-on-year decrease of 11.63%, and a net profit of 227 million yuan, down 23.64%, marking the largest quarterly decline in recent years [1]. - The company's revenue growth trajectory reversed significantly starting in 2025, with Q1 and Q2 showing single-digit growth rates, the lowest in five years [11]. - The main brand, Proya, which accounts for 74.27% of total revenue, saw its revenue slightly decline by 0.08% to 3.979 billion yuan in the first half of 2025, marking its first negative growth in five years [12]. Marketing and Sales Strategy - Proya's high marketing expenses are a key factor affecting its profitability, with sales expenses reaching 3.525 billion yuan in the first three quarters of 2025, resulting in a sales expense ratio of 49.66% [14]. - The company heavily relies on online channels for sales, but the diminishing internet traffic dividends and increasing competition have led to rising customer acquisition and sales costs [14]. - Proya's marketing strategy has focused on rapid brand recognition through celebrity endorsements and extensive advertising, often at the expense of long-term product development [6][14]. Industry Context - The decline in Proya's performance reflects broader challenges in the domestic beauty industry, including increased costs due to changes in internet platform rules and intensified competition from international brands [15]. - The shift from a "traffic-driven" model to a "product-driven" approach is a critical challenge not only for Proya but for the entire domestic beauty sector [15].

Core Insights - Shanghai FLYCO Electric Co., Ltd. reported a decline in both revenue and net profit for the third quarter of 2025, raising concerns about its business model and consumer trust [1][2]. Financial Performance - For the first three quarters of 2025, FLYCO's revenue was CNY 3.04 billion, a year-on-year decrease of 8.46%, while net profit was CNY 457 million, down 1.61% [2]. - In Q3 alone, revenue was CNY 924 million, with a net profit of CNY 136 million, reflecting declines of 7.75% and 8.76% respectively [2]. Cost Structure - The company's sales expenses reached CNY 10.12 billion in the first three quarters, which is 14 times higher than its R&D expenses of CNY 0.71 billion [3]. - The sales expenses have increased significantly from CNY 7.698 billion in 2021 to CNY 14.86 billion in 2024, while R&D expenses decreased from CNY 1.32 billion to CNY 964 million during the same period [3]. Market Position and Brand Strategy - FLYCO operates under a dual-brand strategy with "FLYCO" and "POREE," but the expected benefits of this strategy have not materialized in 2025 [1]. - The sales proportion of mid-to-high-end products dropped from 60.78% in 2024 to 56.37% in the first half of 2025, indicating a reversal in growth [5]. Consumer Complaints and Quality Issues - FLYCO has received over 1,200 consumer complaints, with issues related to product quality and after-sales service, including long repair times and difficulties in obtaining refunds [6][8]. - The sub-brand "POREE" experienced a revenue decline of 18.07%, with its sales proportion decreasing by 2.22 percentage points [5].

Core Insights - The core viewpoint of the article highlights the significant slowdown in the growth of Proya, a leading domestic beauty brand, with a notable decline in both revenue and net profit in the third quarter, raising concerns about its marketing-heavy strategy and lack of technological innovation [1][3][16]. Financial Performance - In the first three quarters, Proya achieved revenue of 7.098 billion yuan, a year-on-year increase of 1.89%, and a net profit of 1.026 billion yuan, up 2.65%. However, these growth rates have significantly slowed compared to the first half of the year [3][5]. - The third quarter saw a dramatic decline, with revenue dropping 11.63% year-on-year to 1.736 billion yuan and net profit plummeting 23.64% to 227 million yuan, marking a rare double-digit negative growth for the company [3][5]. - The main brand, Proya, reported a slight revenue decrease of 0.08% in the first half, which is the first negative growth in five years, indicating a troubling trend for the brand that contributes over 74% of total revenue [5][9]. Marketing and R&D Expenditure - Proya's sales expense ratio reached a historical high of 49.66%, meaning nearly half of every 100 yuan in revenue is spent on marketing, while R&D expenses accounted for only about 2% of revenue, highlighting a significant imbalance [1][7][9]. - In the first half of 2025, Proya's sales expenses amounted to 2.659 billion yuan, with a sales expense ratio of 49.59%, which did not improve in the third quarter [7][9]. - The company’s R&D expenses were only 141.89 million yuan in the first three quarters, representing about 2% of revenue, which is significantly lower than other domestic beauty brands and international giants [9][12]. Market Position and Consumer Behavior - Proya's attempt to transition to high-end products has been met with challenges, as consumer preferences are shifting towards medical beauty solutions rather than high-priced skincare products [1][16]. - The brand's reliance on low-margin categories like hair care to maintain growth reflects a weakening competitive position in its core skincare segment, which accounts for 78.31% of revenue [5][12]. - The average selling price of skincare products decreased by 1.37% year-on-year, indicating a need to lower prices to drive sales [6][9]. Corporate Governance and Market Reactions - Proya's announcement of its application for a Hong Kong listing raised questions about its financial health, especially given the frequent turnover of senior executives, including the resignation of the financial head just three months before the listing plan [1][19]. - The market reacted negatively to the listing news, with Proya's A-share price dropping over 4% following the announcement [19]. - Notably, Proya's executives and shareholders have collectively cashed out over 5 billion yuan, equivalent to the company's total net profit from 2016 to the third quarter of 2024, raising concerns about the company's commitment to its growth strategy [19].

Core Viewpoint - The article discusses the challenges faced by Bear Electric, highlighting quality issues and declining consumer trust, which have impacted the company's market performance and stock price significantly [1][32][41]. Group 1: Product Quality Issues - Bear Electric initially gained popularity with its yogurt maker, appealing to young consumers seeking affordable and functional small appliances [1]. - Despite positive reviews for some products, there are numerous complaints regarding product quality, including malfunctioning and safety hazards, such as appliances exploding [10][24][25]. - Specific examples include complaints about the soy milk maker not blending beans properly, a tea maker arriving damaged, and a rice cooker emitting smoke [12][15][18][21]. Group 2: Financial Performance - In 2022, Bear Electric reported a revenue of approximately 4.118 billion yuan, a year-on-year increase of 14.18%, with a net profit of about 386 million yuan, up 36.31% [33]. - However, growth slowed in 2023, with revenue increasing by only 14.43% to 4.712 billion yuan, while net profit growth decelerated to 15.24% [33]. - The 2024 financial report showed a mere 0.98% revenue increase to 4.758 billion yuan, with a significant net profit decline of 35.37% to 288 million yuan, marking the largest drop since the company went public [33][34]. Group 3: Stock Market Performance - Bear Electric's stock price has fallen approximately 70% from its peak, reaching a historical low of 35 yuan per share in September 2024 [41]. - Despite a reported increase in revenue and profit in the first half of 2025, the market reacted negatively, with stock prices dropping over 7% on the day of the earnings report [41]. - The company's stock performance has been further pressured by insider selling, raising concerns among investors about the company's future prospects [43][45].

Core Viewpoint - The beauty brand Proya's recent financial report reveals a significant slowdown in growth, leading to a decline in stock prices and raising concerns about its marketing-heavy strategy over research and development [1][3][18] Group 1: Financial Performance - Proya announced a revenue growth of only 7.21% in its 2025 mid-year report, marking the first time in five years that growth has fallen below double digits [3][18] - The main brand, Proya, experienced a slight decline in revenue of -0.08%, which is a concerning trend for the company [3][18] - Despite the slowdown, Proya declared a substantial mid-term dividend of 315 million yuan, which accounts for nearly 40% of its net profit [5][18] Group 2: Marketing vs. R&D - Proya's marketing expenses have surged to nearly 50% of its revenue, with over 2.6 billion yuan spent in the first half of the year on advertising [11][18] - Research and development expenditures have remained below 2%, indicating a heavy reliance on marketing rather than innovation [11][18] - The company's strategy has been criticized for being more focused on marketing than on developing a technological edge, likening it to selling pre-packaged meals at gourmet prices [9][13] Group 3: Leadership Changes and Market Sentiment - The transition of leadership to the second generation, with Hou Yamen taking over as general manager, has raised concerns among investors, especially as key founding members have been selling off shares [16][18] - The departure of several senior executives, including the financial officer and chief marketing officer, has further fueled market anxiety regarding the company's stability [16][18] - The overall sentiment in the market reflects a growing frustration with Proya's inability to balance its marketing-heavy approach with necessary investments in research and development [14][18]

Core Viewpoint - Dongpeng Beverage, known as the "first stock of energy drinks" in A-shares, has submitted a new IPO application to the Hong Kong Stock Exchange after its previous application expired, raising questions about the necessity of its fundraising efforts amid high cash reserves and frequent shareholder sell-offs [1][7][14] Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2][6] - For the first half of 2025, the company achieved revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing growth rates exceeding 36% [2] Dividend Policy - Since its A-share listing in 2021, Dongpeng Beverage has distributed a total of 6.6 billion yuan in cash dividends, with a cumulative payout ratio exceeding 60% [8][9] - The cash dividends from 2021 to the first half of 2025 were 1.2 billion yuan, 800 million yuan, 1 billion yuan, 2.3 billion yuan, and 1.3 billion yuan, with payout ratios of 100.59%, 55.54%, 49.03%, 69.14%, and 54.74% respectively [9] Shareholder Behavior - Since the lifting of the lock-up period in May 2022, Dongpeng Beverage has issued seven announcements regarding share reductions, with major shareholders and executives frequently cashing out, leading to concerns about the company's governance [10][12] - The largest shareholder, Lin Muqin, and his family hold approximately 67.71% of the company's shares, benefiting significantly from the high dividend payouts [9][10] Product Dependency and R&D Investment - Dongpeng Beverage's revenue is heavily reliant on its core product, Dongpeng Special Drink, which contributed 77.91% of total revenue in the first half of 2025 [2][6] - The company's R&D expenditure is notably low, with a projected R&D expense ratio of only 0.4% in 2024, raising concerns about its ability to diversify its product offerings [3][4][6] Financial Structure - As of the end of 2024, Dongpeng Beverage had cash and cash equivalents exceeding 5.65 billion yuan, yet its short-term borrowings increased significantly from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, indicating a "high cash and high debt" financial structure [7][12] - The company's strategy of maintaining high dividends while accumulating debt has led to speculation about potential financial engineering practices that may shift risks to minority shareholders [12][14]

Core Viewpoint - Dongpeng Beverage, known as the "first stock of energy drinks in A-shares," has submitted a new IPO application to the Hong Kong Stock Exchange, raising questions about the necessity of its fundraising amid high cash reserves and frequent shareholder sell-offs [1][6][13] Financial Performance - In 2024, Dongpeng Beverage reported revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2][5] - For the first half of 2025, the company achieved revenue of 10.737 billion yuan and a net profit of 2.375 billion yuan, both showing growth rates exceeding 36% [2] Dividend Policy - Since its A-share listing in 2021, Dongpeng Beverage has distributed a total cash dividend of 6.6 billion yuan, with a cumulative payout ratio exceeding 60% [7][8] - The cash dividends from 2021 to the first half of 2025 were 1.2 billion yuan, 800 million yuan, 1 billion yuan, 2.3 billion yuan, and 1.3 billion yuan respectively, with payout ratios of 100.59%, 55.54%, 49.03%, 69.14%, and 54.74% [8] Shareholder Behavior - Since the lifting of the lock-up period in May 2022, Dongpeng Beverage has issued seven announcements regarding share reductions, with major shareholders and executives frequently cashing out, amounting to tens of billions [9][10] - The largest shareholder, Lin Muqin, and his family hold approximately 67.71% of the company's shares, benefiting significantly from the high dividend payouts [8][9] Product Dependency - Dongpeng Beverage's revenue is heavily reliant on its core product, Dongpeng Special Drink, which accounted for 77.91% of total revenue in the first half of 2025 [5] - Despite efforts to diversify, the company has struggled to establish a stable second growth curve, with new products like "Brew Water" contributing only 13.9% of total revenue [5] Research and Development Investment - The company's R&D expenditure from 2022 to 2024 totaled only 161 million yuan, while sales expenses reached 6.086 billion yuan, indicating a significant imbalance [3] - In 2024, R&D expenses were merely 0.63 billion yuan, representing about 0.4% of revenue, which is low compared to industry standards [3][4] Financial Structure - As of the end of 2024, Dongpeng Beverage had cash and cash equivalents exceeding 5.65 billion yuan, with total cash assets surpassing 10 billion yuan [6] - The company has also seen a significant increase in short-term borrowings, rising from 2.996 billion yuan in 2023 to 6.551 billion yuan in 2024, marking an increase of 118.69% [6] Governance Concerns - The combination of high dividends, frequent shareholder sell-offs, and low retained earnings raises concerns about corporate governance and long-term strategic planning [11][13] - The financial structure suggests a potential risk of using low-interest loans for high-yield investments, which may transfer risks to minority shareholders [11]

Core Viewpoint - The Chinese beauty brand Naturando has submitted its IPO application to the Hong Kong Stock Exchange, citing the current market environment, industry competition, and its strategic development phase as key considerations for this move [1][2]. Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion CNY respectively, with net profits of 139 million, 302 million, and 190 million CNY [2]. - The revenue growth rates for 2023 and 2024 are expected to be 3.5% and 3.6%, while net profit growth rates are projected at 117% and -37% respectively [2]. - In the first half of 2025, Naturando's revenue reached 2.448 billion CNY, showing a year-on-year growth of 6.4%, with net profit at 191 million CNY, a 7.1% increase [2]. Brand Dependency - Naturando heavily relies on its main brand, contributing approximately 95% of its revenue, with skincare products accounting for 87.3% of its product line [3]. - Despite launching new brands like Chunxia and Peifuyan, the revenue contribution from these brands remains minimal, with Peifuyan generating only 93.1 million CNY in the first half of 2025, representing 3.8% of total revenue [3]. Marketing and R&D Expenditure - Naturando's sales and marketing expenses have consistently accounted for a significant portion of its revenue, with figures of 2.445 billion, 2.406 billion, and 2.717 billion CNY from 2022 to 2024, representing 57%, 54.2%, and 59% of total revenue respectively [4]. - In contrast, R&D spending has been relatively low, with expenditures of 120 million, 94 million, and 91 million CNY from 2022 to 2024, accounting for only 2.8%, 2.1%, and 2% of revenue [5]. Channel Strategy - Naturando's online sales have increased, with the revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025, while offline sales have declined from 17.2 billion CNY in 2022 to 14.2 billion CNY in 2024 [5][6]. - To enhance its offline presence, Naturando has opened four flagship stores in major cities since July 2025, aiming to improve customer experience and brand image [6].