导语：曾签 约虞书欣、赵露思、王一博等热门明星做代言人的自然堂，在盈利、研发等硬指标上正在落 后同行对手 。 近 日，自然堂全球控股有限公司（ 简称 "自然堂"）向港交所递交招股书，华泰国际与瑞银集团担 任联席保荐人。这家起步于辽宁辽阳、总部位于上海的国货 "老牌" 美妆企业，走到了资本市场的门 前。 自然堂创立于 2001 年 ，创始人 郑春颖 ，早期曾在某地 财政局 做 公务员 ，后下海经商 ，创建 伽蓝集团 （自然堂前身） 。 自然堂成立 24 年 以来 ， 成为 国货化妆品兴衰与复兴 的重要参与者 。从当年电视广告 上的 "你 本来就很美"，到如今的抖音直播、旗舰店、明星代言，自然堂几乎浓缩了 国内 美妆行业的全部变 迁。 根据弗若斯特沙利文数据，以 2024 年零售额计算，自然堂是 国内 第三大国货化妆品集团，其核心 品牌 "自然堂"连续 12 年位居国货化妆品品牌前两名 ，但近年来在营收、净利等指标上增长放缓。 在行业普遍向上、国货品牌崛起的时代，自然堂的递表，既是冲刺资本化的顺势之举，也是一场自 救式求变。 增长曲线放缓 近年来，自然堂这家 "老牌"国货 的增长曲线略显疲软。 招股书数据显示， ...

"你本来就很美"——这句陪伴了中国消费者二十余载的广告语，如今伴随其缔造者自然堂全球控股有限公司（以下称"自然堂集团"）站在了港交所门前。 9月29日，自然堂集团正式向港交所递交招股书，华泰国际与瑞银集团担任联席保荐人。 自然堂集团的资本化进程，相比同行却显得格外谨慎。在珀莱雅、上美股份、巨子生物等竞争对手早已登陆资本市场多年后，自然堂才在IPO（首次公开 募股）前完成了成立24年来的唯一一轮融资。 2024年10月至2025年9月，自然堂集团先后引入欧莱雅和加华资本作为战略投资者。其中，欧莱雅通过美町累计投资4.42亿元，加华资本通过Himalaya International投资3亿元，两者分别持有自然堂控股6.67%和4.20%的股份。 获得欧莱雅与加华资本的投资，无疑为集团注入了技术背书与资本信心，但招股书所揭示的依赖单一品牌、研发投入薄弱、高端化乏力、净利润波动等核 心问题，仍是这家老牌国货化妆品企业必须直面的现实考题。 一个东北男人在化妆品行业的创业远征 公开资料显示，自然堂集团的创始人郑春颖在1964年出生于辽宁省辽阳市一个农村家庭，早年以辽阳市文科第二名的成绩考入东北财经大学商业经济系。 大学 ...

每经记者｜黄婉银 李旭馗 每经编辑｜陈柯名 "你本来就很美"——这句陪伴了中国消费者二十余载的广告语，如今伴随其缔造者自然堂全球控股有限公司（以下称"自然堂集团"）站在了港交所门前。 9月29日，自然堂集团正式向港交所递交招股书，华泰国际与瑞银集团担任联席保荐人。 自然堂集团的资本化进程，相比同行却显得格外谨慎。在珀莱雅、上美股份、巨子生物等竞争对手早已登陆资本市场多年后，自然堂才在IPO（首次公开 募股）前完成了成立24年来的唯一一轮融资。 2024年10月至2025年9月，自然堂集团先后引入欧莱雅和加华资本作为战略投资者。其中，欧莱雅通过美町累计投资4.42亿元，加华资本通过Himalaya International投资3亿元，两者分别持有自然堂控股6.67%和4.20%的股份。 获得欧莱雅与加华资本的投资，无疑为集团注入了技术背书与资本信心，但招股书所揭示的依赖单一品牌、研发投入薄弱、高端化乏力、净利润波动等核 心问题，仍是这家老牌国货化妆品企业必须直面的现实考题。 一个东北男人在化妆品行业的创业远征 公开资料显示，自然堂集团的创始人郑春颖在1964年出生于辽宁省辽阳市一个农村家庭，早年以辽阳市文科第 ...

Core Viewpoint - Chando Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant transformation opportunity for the company as it aims to evolve into a technology-driven beauty enterprise with the support of capital markets [1][8]. Company Overview - Founded by Zheng Chunying in 2001, Chando Group has established itself as a prominent domestic cosmetics brand in China, initially focusing on high-end anti-aging products and later expanding its brand portfolio [3][4]. - The company has historically capitalized on various market trends, successfully navigating through different retail channels, including specialty stores and e-commerce [4]. Financial Performance - Chando Group's revenue has shown steady but slow growth, with figures of 4.292 billion, 4.442 billion, and 4.601 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of only 3.5% [6]. - The company's net profit has exhibited volatility, with figures of 139 million, 302 million, and 190 million for the years 2022, 2023, and 2024 respectively, resulting in a net profit margin of 7.8% in the first half of 2025, which is significantly lower than its competitors [7]. Brand Dependency - Chando Group relies heavily on its single brand, which accounted for approximately 94.6% to 95.9% of total revenue from 2022 to 2025, indicating a failure in its multi-brand strategy [6][2]. - The rebranding from "Jialan Group" to "Chando Group" in January 2024 highlights the company's struggle to diversify its brand portfolio [6]. Investment and Strategic Moves - The recent investments from L'Oréal and Himalaya International, amounting to 442 million and 300 million respectively, have provided the company with both capital and technological backing [1][2]. - The company plans to utilize the funds raised from the IPO to enhance its direct-to-consumer capabilities, expand its brand matrix, increase product development investment, and explore international markets [8]. Market Position - Chando Group is recognized as one of the top domestic cosmetics brands in China, having ranked among the top two in retail sales for 12 consecutive years from 2013 to 2024 [4].

来源丨凤凰网财经《IPO观察哨》 近日，自然堂全球控股有限公司（下称"自然堂"）正式向港交所递交招股书。这家拥有24年历史的国货美妆品牌，在家族企业的底 色之下，终于开启资本化进程。 根据招股书，近年其营收增长略显疲软，净利润振幅较大，但以2024年零售额计，自然堂为中国第三大国货化妆品集团。 但值得注意的是，一直将"科技美妆"作为品牌定位的自然堂，"重营销、轻研发"的结构性矛盾突出。2022年到2025年上半年，过去 三年半其累计研发投入仅为3.48亿元，只是2024年单一年度销售及营销开支的13%。 这一商业策略，已为品牌带来切实风险。在过度依赖明星营销的策略下，近期其全球护肤代言人虞书欣陷入家族资产风波，使品牌 面临声誉牵连。 与此同时，消费者端的反馈也值得关注。在第三方投诉平台上，与自然堂相关的投诉词条累计达1627条，其中有多位消费者反映使 用产品后出现过敏等不适症状。 " 科技美妆 " 的悖论： 01 营销投入 "高人一等"，研发投入"矮人一头" 根据招股书，自然堂近年收入虽保持增长，但增速已明显放缓，背后隐藏着利润波动剧烈、营销费用高企、研发投入薄弱 的 问题。 营收方面， 2022 年至 20 ...

Core Viewpoint - Chando, 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 [1] Financial Performance - Chando claims to be the "third largest domestic cosmetics group in China," with projected revenues of RMB 4.292 billion, RMB 4.442 billion, and RMB 4.601 billion for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of only 3.5%, significantly lower than the industry average [2] - Net profits for the same period are projected at RMB 139 million, RMB 302 million, and RMB 190 million, showing considerable volatility [2] - The net profit margin for the first half of 2025 is reported at 7.8%, an improvement from 3.2% in 2022, but still lower than competitors like Betaini and Proya [2] Brand Dependency - Over 94% of Chando's revenue is generated from its core brand, which has ranked among the top two domestic brands for retail sales for 12 consecutive years [2][4] - Despite a multi-brand strategy, Chando's other brands contribute less than 6% of total revenue, indicating a heavy reliance on its main brand [4] Digital Transformation - Chando emphasizes its "full-chain digital business operation model," particularly its self-developed "One Inventory" system, which streamlines the supply chain and reduces inventory risks [5] - This system allows real-time ordering based on retail demand, significantly improving supply chain efficiency and reducing delivery times from weeks to days [5] Marketing and R&D Expenditure - Chando's gross margins are high, at 66.5%, 67.8%, and 69.4% from 2022 to 2024, but its sales and marketing expenses are disproportionately high, accounting for over 50% of revenue [7] - R&D expenditure is notably low, at only 2.8%, 2.1%, and 2.0% of revenue, raising concerns about the sustainability of its growth driven primarily by marketing [7] Cash Flow and Liquidity - Chando has reported negative cash flow from operating activities for 2022 to 2024, with a net outflow of RMB 295 million and RMB 5.58 million, although it turned positive in 2023 and the first half of 2025 [8] - As of June 30, 2025, the company has a net current liability of RMB 729 million, indicating ongoing liquidity pressures despite improvements [9][10] Market Timing and Strategy - The timing of Chando's IPO is seen as critical, as the Hong Kong consumer sector is currently underperforming, and investors are becoming more rational regarding "domestic products" [11] - The company plans to use the proceeds from the IPO to enhance its direct-to-consumer (DTC) capabilities, expand its brand portfolio, invest in R&D, and pursue international expansion [12] Historical Context - Chando was once a leader in the beauty market, but its cautious approach to e-commerce and reliance on traditional channels have left it lagging behind more aggressive competitors [13] - The company is still controlled by the Zheng family, which influences its conservative management style [14]

Core Insights - The article highlights the strategic upgrade of Furuida Bio Co., Ltd. as it navigates the dual transformation of rationalization in the consumer market and the reconstruction of value in the beauty industry, creating historic opportunities for domestic brands to break through foreign barriers [3] Group 1: Financial Performance - In the first half of 2025, Furuida achieved a revenue of 1.79 billion yuan, with a net profit attributable to shareholders of 108 million yuan and a net profit excluding non-recurring items of 105 million yuan [3] - The core brand Yilian generated over 550 million yuan in revenue, reflecting a year-on-year growth rate of 23.78%, demonstrating the effectiveness of its functional value strategy [3] Group 2: Market Position and Strategy - Furuida's cosmetics segment reported a semi-annual revenue of 1.094 billion yuan in 2025, with Yilian and Aier Doctor contributing 554 million yuan and 451 million yuan, respectively [4] - The company is leveraging a three-dimensional driving system of "technology research and development, market insight, and cultural narrative" to convert short-term traffic into long-term brand assets [4][5] Group 3: Technological Innovation - Furuida is advancing in the synthetic biology field with a dual strategy of "hyaluronic acid + recombinant collagen," aiming to build a technological moat for future growth [6] - The recombinant collagen market in China is projected to grow from 1.5 billion yuan in 2017 to 10.8 billion yuan in 2021, with an expected compound annual growth rate of 42.4% by 2027 [6] Group 4: Product Development and Market Trends - The company has launched a medical beauty brand, Kemi, focusing on recombinant collagen, and has invested over 100 million yuan in building the first production line for recombinant collagen in Shandong Province [6][8] - Furuida's innovative approach includes the development of a platform centered on hyaluronic acid, with five innovative raw material systems and two invention patents in transdermal delivery technology [7][8] Group 5: Future Outlook - Furuida's strategic transition from "basic beauty" to "technology beauty" positions it as a potential rule-maker in the evolving beauty industry landscape, characterized by robust cash flow and a focus on high-end brand models [10]

Summary of Key Points from Conference Call Records Industry Overview - The beauty industry is currently experiencing a transformation, with a focus on technological beauty, refined operations, and AI assistance as highlighted during the recent 聚美丽大会 (Beauty Conference) held in Shanghai [1][3] - The conference emphasized the need for innovation in raw materials and operational excellence to enhance competitiveness in the market [4] Company Insights Shanghai Jahwa (上海家化) - For the year 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss of 833 million yuan, a significant drop of 266.60% [2] - In Q1 2025, the company recorded a revenue of 1.704 billion yuan, down 10.59%, with a net profit of 217 million yuan, a decrease of 15.25% [2] - The personal care segment generated 2.379 billion yuan, down 3.42%, while the beauty segment saw a revenue of 1.050 billion yuan, down 29.81% [2] - A 2025 employee stock ownership plan aims to incentivize 45 mid-to-senior level employees, with targets set for profitability recovery and growth in the following years [2] Estée Lauder (雅诗兰黛) - Estée Lauder reported net sales of 3.55 billion USD (approximately 25.808 billion yuan) for Q3 of fiscal year 2025, reflecting a 10% decline, while net profit decreased by 53% [5] - Despite the overall decline, the gross margin has improved for four consecutive quarters, increasing by over 300 basis points, indicating effective recovery and growth strategies [5] - The skincare and haircare segments saw significant declines, while the fragrance segment experienced a 10% increase in revenue [5] - In the Asia-Pacific region, net sales fell by 1%, but China saw single-digit growth, helping to offset some market declines [5] Competitive Landscape - Domestic brands are aggressively competing in the beauty market, leading to a rebound in international brands, which is expected to drive demand growth [2] - The conference highlighted the importance of leveraging AI and refined operations to maintain competitiveness in a challenging market environment [4] Additional Insights - The 聚美丽大会 served as a platform for industry leaders to discuss trends and challenges, including the potential of emerging markets and the impact of tariffs [4] - Recommendations for investment include companies with strong brand matrices and innovative products, such as 上美股份, 珀莱雅, and 丸美生物, as well as e-commerce platforms like 若羽臣 [5]

Investment Rating - The report maintains an "Overweight" rating for the cosmetics and medical beauty sector, with specific recommendations for various companies based on their market positions and growth potential [5][12][17]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.7% from April 30 to May 9, 2025, which is lower than the Shenwan A Index by 0.6 percentage points [5][6]. - The "Jumeili Conference" held in Shanghai highlighted the industry's development direction amidst a challenging environment, emphasizing the importance of technology-driven beauty, refined operations, and AI assistance [5][12]. - Domestic brands are gaining traction, while international brands are also experiencing growth, with Estee Lauder reporting a return to positive growth in key brands in China during Q1 2025 [5][12][28]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance has been below market expectations, with the Shenwan Cosmetics Index increasing by 2.8%, outperforming the Shenwan A Index by 0.5 percentage points [5][6]. - The report notes a competitive landscape where domestic brands are aggressively entering the market, prompting international brands to rebound [5][12]. Company Analysis - Shanghai Jahwa's Q1 2025 results showed a revenue of 1.704 billion yuan, down 10.59% year-on-year, with a net profit of 217 million yuan, down 15.25% [5][13]. - Estee Lauder's Q3 2025 results indicated a net sales figure of 3.55 billion USD (approximately 25.8 billion yuan), a 10% decline year-on-year, but with a notable increase in gross margin [5][28]. - The report highlights the employee stock ownership plan at Shanghai Jahwa, aimed at binding key personnel and setting profit recovery targets for 2025 [5][17]. Market Trends - The report indicates that the retail sales of cosmetics in Q1 2025 reached 114.9 billion yuan, with a year-on-year growth of 3.2% [22][26]. - The domestic skincare market is projected to continue growing, with local brands capturing a significant market share, reflecting a shift in consumer preferences towards domestic products [36][38]. E-commerce Insights - The report provides data on the performance of domestic brands on e-commerce platforms, with notable growth in GMV for brands like Proya and Marubi [20][19]. - The overall e-commerce landscape for cosmetics is evolving, with brands leveraging social media platforms to enhance visibility and sales [5][12].