定位"高山植物，纯净美肌"的植物医生再次冲刺上市。 近日，植物医生递交招股书，拟发行股票不超过2666.67万股，计划募资约9.98亿元，其中约53%、对应5.26亿元资金将用于营销渠道及品牌建设项 目。 营收降，分红增 根据招股书，植物医生成立于1994年，其致力于高山植物护肤产品的研发、生产和销售，聚焦于"植物医生"品牌，凭借对多种高山植物的持续深度研 发，基于其品类和功效，公司推出了"石斛兰紧致淡纹""积雪草舒缓特护""紫灵芝多效驻颜"等多个产品系列。 从品类来看，"植物医生"品牌的产品包括水乳膏霜、精华及精华油、面膜、彩妆以及身体护理等产品，其中水乳膏霜的业绩贡献常年维持在50%以 上，精华及精华油则在20%以上。 不过，从财务端来看，近年来植物医生的增长已经开始停滞。2022年至2024年，植物医生分别实现营收21.17亿元、21.51亿元、21.56亿元；对应净利 润分别为1.68亿元、2.29亿元、2.42亿元，同比增速从2023年的36.3%降至2024年的5.7%。 截至2025年6月末，植物医生实现营收9.6亿元，不及2024年全年的一半；净利润为0.79亿元，只有2024年全年的32.6 ...

Core Viewpoint - The IPO application of Beijing Plant Doctor Cosmetics Co., Ltd. has been suspended due to outdated financial data, which poses challenges for its ambition to become the first listed single-brand cosmetics store in China [4][3]. Company Overview - Beijing Plant Doctor was established in 1994 and has over 30 years of experience in the cosmetics industry, focusing on skincare products since 2004 [8]. - The company aims to raise approximately 998 million yuan through its IPO, with plans to invest in marketing, brand building, headquarters and R&D center construction, information system upgrades, and production base technology transformation [6]. Financial Performance - The company's revenue has shown steady growth, with projected revenues of 2.12 billion yuan, 2.15 billion yuan, and 2.16 billion yuan for 2022, 2023, and 2024 respectively, and net profits of 170 million yuan, 230 million yuan, and 240 million yuan for the same years [8]. - The revenue composition is primarily from core products such as lotions, creams, serums, and masks, which account for over 99% of total revenue [9]. Market Position - According to Euromonitor data, Plant Doctor ranks 8th among domestic brands in the Chinese cosmetics market and 7th in the skincare segment for 2024 [8]. - If the IPO is successful, the company will have over 4,000 offline stores, solidifying its position as the first single-brand cosmetics stock in China [7]. Competitive Landscape - The Chinese cosmetics market is characterized by a concentration of leading brands, with L'Oréal, Procter & Gamble, and Estée Lauder holding significant market shares of 14.4%, 7.9%, and 5.1% respectively [14]. - Plant Doctor's market share is relatively small at 0.8%, with local competitors like Proya, Naturals, and Pechoin holding a combined market share of 6.3% [14]. Sales Channel Strategy - The company has a significant number of offline stores, totaling 4,328 by the end of 2024, which is much higher than its competitors [15]. - The sales revenue from offline channels accounts for 70-80% of total sales, while online sales contribute around 20% [16]. Profitability Challenges - The reliance on offline sales has led to higher rental liabilities and financial expenses, resulting in a financial expense ratio that exceeds that of competitors [17]. - The company primarily uses a distribution model, with 64% of revenue coming from distributors, which has lower profit margins compared to direct sales [17][18]. R&D and Management - The company has invested in R&D, with expenses of 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan from 2022 to 2024, representing 3.48%, 3.53%, and 3.08% of revenue respectively [25]. - Future plans include increasing R&D investment and optimizing management platforms, although the recent IPO suspension adds uncertainty to these goals [28].

Group 1: Industry Overview - The Z generation is increasingly dominating the consumer market, shifting the beauty industry from a simple consumption slogan to a core driving force for upgrades [1] - The Chinese cosmetics market is facing a slowdown in growth, with retail sales expected to reach 435.7 billion yuan in 2024, a year-on-year decline of 1.1% [1] - Despite overall market pressure, domestic beauty brands are showing resilience, with notable performance from brands like Plant Doctor, which is advancing its IPO process [1] Group 2: Company Profile - Plant Doctor has been focused on high-altitude plant skincare products since its establishment in 1994, emphasizing a single brand strategy [2] - The company has built a comprehensive product matrix, including various series such as "Dendrobium" and "Centella Asiatica," covering multiple product categories [2] - Plant Doctor's revenue has steadily increased from 2.12 billion yuan in 2022 to 2.16 billion yuan in 2024, while net profit has grown from 158 million yuan to 243 million yuan, achieving a compound annual growth rate of 24% [2] Group 3: Market Position and Strategy - Plant Doctor has a strong offline presence with 4,328 stores, enhancing consumer experience and brand influence [3] - The company has received recognition as a "global leader in single-brand skincare specialty stores" from Euromonitor [3] - Plant Doctor is expanding into instant retail, leveraging its offline store network to provide convenient shopping experiences through platforms like Meituan and JD [3] - The ongoing IPO process aims to position Plant Doctor as the first single-brand beauty stock in A-shares, supported by its unique brand positioning and robust performance [3]

Core Viewpoint - The beauty industry is experiencing a surge in IPOs, with companies like Plant Doctor gaining attention for its unique positioning and product offerings in the market [1][16]. Company Overview - Plant Doctor has submitted its IPO application to the Shenzhen Stock Exchange, with CITIC Securities as its sponsor, highlighting its status as a distinctive national beauty brand [1]. - The company has developed a comprehensive product matrix featuring high-altitude plant series, catering to diverse consumer skincare needs and showcasing strong product innovation and market insight [1]. Financial Performance - Plant Doctor's revenue for 2022, 2023, and 2024 is projected to be 2.117 billion, 2.151 billion, and 2.156 billion yuan respectively, with net profits of 158 million, 230 million, and 243 million yuan, indicating stable growth and solid operational capabilities [3]. - The total assets for 2024 are estimated at 1.824 billion yuan, with equity attributable to the parent company at 1.000 billion yuan, and a debt-to-asset ratio of 31% [4]. Market Position - As of the end of 2024, Plant Doctor operates 4,328 stores, ranking first among single-brand cosmetics stores in China based on all-channel retail sales [6]. - The company ranks seventh among domestic brands in the Chinese skincare market in terms of product retail sales for 2024, affirming the success of its single-brand strategy [6]. Business Strategy - Plant Doctor has adopted a single-brand strategy, differentiating itself from mainstream beauty brands that compete heavily in online traffic [6][16]. - The company has established a comprehensive sales model that includes both direct and indirect sales channels, with a focus on offline retail and a growing online presence through platforms like JD, Tmall, Douyin, and Kuaishou [12][16]. Research and Development - The company emphasizes R&D, with a dual approach of independent and collaborative research, and has established a robust R&D framework with multiple bases [13]. - As of May 31, 2025, Plant Doctor holds 212 patents, including 59 invention patents, reflecting its commitment to innovation [13]. Future Outlook - The acceptance of its IPO marks a new beginning for Plant Doctor, which aims to leverage capital market opportunities to enhance its core competitiveness and continue leading in the beauty industry [16].

Core Insights - The brand story of "Plant Doctor" was featured on CCTV-1's "Great National Brands" program, highlighting its unique brand appeal and industry foundation [1] - Since its establishment in 1994, the company has focused on building the "Plant Doctor" brand, positioning itself in the high-altitude plant skincare sector with a commitment to "high-altitude plants, pure beauty" [1] - The company has developed a comprehensive product matrix, including various skincare solutions tailored for different skin types, featuring products like "Qing Ciguo Light Sensitive Moisturizing Repair" and "Black Truffle Revitalizing" [1] Market Expansion - As of the end of 2024, the company operates 4,328 offline chain stores and has been recognized in the "Top 100 Chain Enterprises in Life Services" by the China Chain Store & Franchise Association for two consecutive years [1] - The company ranks first among single-brand cosmetics stores in China based on the 2024 all-channel retail revenue, showcasing its extensive market coverage through online and offline collaboration [1] Brand Recognition - The brand's strength is validated by Euromonitor data, ranking 8th among domestic brands in China's cosmetics market and 7th in the skincare market for 2024 [2] - The company received certifications for "Global Leading Single Brand Skincare Store" in November 2023 and "Global Leading Plant Extract Skincare Brand" in October 2024, reflecting its excellence in the plant extract skincare field [2] Financial Performance - The company's revenue figures from 2022 to 2024 show steady growth, with revenues of 2.117 billion, 2.151 billion, and 2.156 billion yuan respectively, and net profits of 158 million, 229 million, and 243 million yuan [2] - These financial results demonstrate the company's strong development momentum and deep brand heritage [2]

Core Viewpoint - The company, Plant Doctor, has achieved steady growth in a challenging market by leveraging its unique brand positioning, high-quality products, and innovative operational strategies, expanding from 1 to over 5000 single-brand stores globally [1][4]. Group 1: Brand Positioning and Product Development - Plant Doctor has established a distinctive brand positioning centered around "highland plants and pure skin," which resonates with modern consumers' pursuit of natural and healthy skincare, while also promoting the unique charm of Eastern aesthetics [3][4]. - The company invests significantly in product research and development, collaborating with research institutions like the Kunming Institute of Botany and Jiangnan University to create high-tech skincare products that meet consumer needs [3][4]. Group 2: Operational Strategies and Market Expansion - Innovative operational strategies include engaging consumers through offline events such as sunscreen festivals and tree-planting days, enhancing brand loyalty and recognition [3][4]. - Plant Doctor's sales scale increased from 2.464 billion yuan in 2018 to 3.878 billion yuan in 2022, representing a growth rate of 57.38%, while the number of stores expanded from 3,373 at the end of 2019 to over 5,000 [4][6]. - The company plans to continue its unique brand positioning and innovative strategies, aiming to replicate its single-brand store model globally and introduce more consumers to the appeal of highland plant skincare [4][6].

Core Viewpoint - The company, Plant Doctor, is committed to integrating traditional plant skincare wisdom with modern technology, exploring a unique development path in the Chinese cosmetics market [1][2] Group 1: Brand Positioning - Plant Doctor has established its positioning from the outset, focusing on high-altitude plants as the core of its skincare products, creating a pure beauty brand that resonates with consumer demand for natural ingredients [1] - The brand's high-altitude plant skincare philosophy is particularly appealing in today's market, where consumers increasingly prioritize product ingredients and naturalness [1] Group 2: Research and Innovation - The company emphasizes technological innovation and research strength, collaborating with top research institutions such as the Kunming Institute of Botany and Jiangnan University to develop competitive ingredients and products [1] - An example of their innovation includes successfully extracting active essences from Dendrobium orchids and applying them in skincare products, resulting in significant skincare benefits [1] Group 3: Sales Strategy - Plant Doctor primarily utilizes single-brand store channels to penetrate deeper into the market, establishing closer connections with consumers and enhancing brand awareness and market share [2] Group 4: Corporate Responsibility - The company actively embraces corporate responsibility by focusing on environmental protection and sustainable development, advocating for green and eco-friendly production methods [2] - This responsible approach has garnered respect and support from consumers, laying a solid foundation for the brand's long-term development [2]

Core Insights - The article discusses the growth and challenges faced by the Chinese skincare brand "Plant Doctor," which is preparing for an IPO on the Shenzhen Stock Exchange, despite a competitive market with many closures among peers [1][4]. Group 1: Business Model and Market Position - Plant Doctor operates over 4,000 stores, primarily through a franchise model, which has allowed it to expand while facing challenges from competitors like Innisfree and Sasa [1][3]. - The company generates over 70% of its revenue from offline sales, with 50% coming from franchise stores, indicating a strong reliance on physical retail [5][6]. - The franchise model has low entry barriers, with minimal initial investment required, attracting many franchisees but also leading to a high closure rate of stores [7][8]. Group 2: Financial Performance - In 2024, Plant Doctor reported revenue of 2.156 billion yuan, with a growth rate of less than 1%, and a net profit of 243 million yuan, reflecting a significant slowdown compared to previous years [4][6]. - The company's gross profit margin was 58.9%, lower than the industry average of 70.47%, indicating challenges in profitability [6]. Group 3: Management and Governance - The founder, Jie Yong, received a salary of 11.236 million yuan last year, which is notably high for A-share listed companies, and the company distributed a cash dividend of 100 million yuan [3][4]. - There are concerns regarding the management of franchise stores, including a lack of training and high closure rates, which may impact brand reputation [7][8]. Group 4: Regulatory and Compliance Issues - As of May, 32 subsidiaries of Plant Doctor had not obtained the necessary public health permits for providing in-store services, leading to potential regulatory risks [10]. - The company has faced fines for operating without the required health permits, highlighting compliance challenges in its business operations [10]. Group 5: E-commerce Strategy - Plant Doctor is increasingly focusing on e-commerce, launching an official flagship store on major platforms and developing a new retail model [11]. - The average price of its mask products decreased from 95.84 yuan to 78.98 yuan, reflecting competitive pricing strategies to boost sales [11]. Group 6: Potential Conflicts of Interest - The manager of Plant Doctor's e-commerce subsidiary was previously one of its major clients, raising concerns about potential conflicts of interest [11][12].

Core Viewpoint - The article discusses the growth and challenges of the Chinese cosmetics brand "Plant Doctor," which is preparing for an IPO on the Shenzhen Stock Exchange, highlighting its unique business model and financial performance amidst a competitive market [1][7]. Group 1: Business Model and Market Position - Plant Doctor operates over 4,000 stores, primarily through a franchise model, which has allowed it to expand rapidly while facing challenges such as high closure rates of franchise locations [1][10]. - The company has a low entry barrier for franchisees, with no franchise fees and a minimum investment of 20 million yuan, which attracts many but also leads to a high closure rate [11][14]. - As of last year, 88% of its stores were franchises, with a significant portion of revenue (over 70%) coming from offline sales [11][10]. Group 2: Financial Performance - In 2024, Plant Doctor's revenue growth slowed to below 1%, with total revenue of 2.156 billion yuan and a net profit of 243 million yuan, a significant drop from the previous year's growth of 45.35% [10][11]. - The company's gross profit margin was reported at 58.9%, lower than the industry average of 70.47%, indicating challenges in profitability compared to competitors [11][12]. - The company plans to raise 998 million yuan through its IPO to fund brand development, research center construction, and production facility upgrades [7][8]. Group 3: Challenges and Risks - The franchise model has led to a high turnover rate, with more stores closing than opening in recent years, raising concerns about franchisee confidence and brand reputation [17][14]. - Plant Doctor has faced scrutiny regarding the training and certification of its staff, particularly in providing skincare services without proper hygiene licenses, which could pose regulatory risks [19][18]. - The company has also experienced a decline in average selling prices for its products, with the average price of face masks dropping from 95.84 yuan/kg to 78.98 yuan/kg, impacting its gross margin [20][21]. Group 4: Leadership and Management - The founder, Jie Yong, has been instrumental in the company's growth, receiving a salary of 11.236 million yuan last year, which is notably high for A-share listed companies [6][7]. - There are concerns regarding potential conflicts of interest, as the manager of the company's e-commerce subsidiary was previously one of its major clients, raising questions about governance and transparency [5][23].

Core Viewpoint - The company, Plant Doctor, has officially received approval for its IPO application on the Shenzhen Stock Exchange, aiming to raise 998 million yuan, marking a significant step in its development and potentially revitalizing the beauty industry [1][8]. Group 1: Company Overview - Founded in 1994, Plant Doctor has over 30 years of experience in the Chinese cosmetics market, focusing on high-altitude plant skincare with a brand positioning of "High-altitude plants, pure beauty" [3]. - The company has established a strong differentiation in the competitive beauty market through deep exploration and innovative application of local plant resources, promoting "Chinese brand, Chinese ingredients" [3]. Group 2: Research and Development - Plant Doctor has built a robust R&D system, featuring an innovation structure of "one center, five bases," including a research center in collaboration with the Kunming Institute of Botany [3]. - As of May 31, 2025, the company holds 212 patents, with 59 being invention patents, showcasing its strong technical innovation capabilities [3]. - R&D investments from 2022 to 2024 are projected at 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan, consistently representing over 3% of revenue, reflecting a commitment to technological innovation [3]. Group 3: Product Portfolio - Leveraging its strong R&D capabilities, Plant Doctor has developed a diverse product matrix that includes lotions, creams, serums, and masks, with notable products like "Dendrobium Tightening Anti-Wrinkle" and "Centella Asiatica Soothing Care" [5]. Group 4: Financial Performance - The company's financial data shows a steady increase in revenue from 2.12 billion yuan in 2022 to 2.16 billion yuan in 2024, with net profits rising from 158 million yuan to 243 million yuan during the same period, indicating a compound annual growth rate of 24% [6][7]. - Key financial metrics for 2024 include total assets of 1.82 billion yuan, equity attributable to shareholders of 1 billion yuan, and a net profit margin of 11.27% [7]. - The company has maintained a healthy cash flow, with net cash flow from operating activities reaching 381 million yuan in 2024 [7].