近期，北京植物医生化妆品股份有限公司在深交所主板IPO审核状态更新为"已问询"，即将登陆A股市 场，展示了DR PLANT植物医生如何通过三十年的战略定力、科研深耕与格局拓展，构建起穿越产业周 期的强大品牌力。 植物医生品牌公司创立于1994年，多年来深耕"高山植物护肤"这一核心赛道。 这种坚守并非固步自封，而是基于对消费趋势的深刻洞察。通过将中国传统高山植物智慧与现代护肤科 技相结合，植物医生成功打造了"石斛兰""紫灵芝""冬虫夏草"等标志性产品系列，在消费者心中建立 了"天然、安全、有效"的鲜明认知。值得注意的是，即使在2022年至2024年行业充满挑战的时期，公司 仍实现了营收的稳定增长与净利润的持续提升，这种穿越周期的韧性，正是长期专注所带来的必然回 报。 植物医生的"长期"除了体现在时间跨度上，更体现在对核心技术"十年磨一剑"的耐心上。 2014年，植物医生与中国科学院昆明植物研究所签订了长达20年的战略合作协议，双方联合成立的研发 中心，是实实在在的科研攻坚。值得一提的是，经过多年持续投入，团队成功从特有铁皮石斛中提取出 高活性的石斛寡糖成分，并验证了其在促进胶原蛋白生成方面的显著功效。这项"石斛 ...

Core Viewpoint - DR PLANT, a Chinese cosmetics brand known for its "high mountain plants, pure skin," is set to go public on the Shenzhen Stock Exchange, marking a new phase of capital empowerment for the company [1] Offline Channel as a "Moat" - As of June 2025, DR PLANT has established 4,269 offline stores across various markets, including Japan, Indonesia, Thailand, and Hong Kong, demonstrating its scale advantage and deep understanding of offline channels [2] - The offline stores serve not just as sales points but as core areas for brand experience, user service, and emotional connection, enhancing customer loyalty and word-of-mouth [2] - The brand has ranked second in the beauty and body care sector of the "Top 100 Chain Enterprises in the Service Industry" for two consecutive years and is the top single-brand cosmetics store in China based on 2024 multi-channel retail revenue [2] Research and Innovation Driving Product Strength - Research and innovation are central to DR PLANT's strategy, with a focus on "high mountain plants" and collaboration with authoritative institutions like the Kunming Institute of Botany [3] - The company has established a research framework consisting of one center and five bases, covering all aspects of research and development [3] - As of October 31, 2025, DR PLANT has obtained 223 patents, including 68 invention patents, showcasing its strong R&D capabilities [3] Comprehensive Product Matrix - DR PLANT has successfully launched multiple product lines, including Dendrobium, Centella Asiatica, and others, covering skincare, makeup, and body care, creating a complete product matrix [4] Brand Culture and Social Responsibility - The brand is influenced by the wisdom of the Naxi ethnic group's herbal medicine, integrating respect for nature, scientific principles, and social responsibility into its core values [5] - DR PLANT actively engages in biodiversity protection and promotes the cultural concept of harmony between humans and nature [5] - The brand has been recognized as a "global leader in single-brand skincare stores" for three consecutive years, highlighting its leading position in the global single-brand store market [5] International Expansion - DR PLANT is steadily advancing its international presence, with a flagship store opening in Bangkok, Thailand, marking its entry into the fourth overseas market [6] - The brand aims to promote the vision of "the world loving Chinese cosmetics" through product offerings, store designs, and cultural exports [6] - The IPO process is seen as a milestone for the company and a potential turning point for the Chinese cosmetics industry, shifting from a marketing-driven approach to a dual-driven model of technology and brand [6]

Core Insights - The skincare industry in China is expanding rapidly, driven by increasing consumer demand for safety and efficacy in product ingredients, making product quality a key competitive barrier [1] - Plant Doctor is set to launch an IPO on the Shenzhen Stock Exchange in November 2025, aiming to raise 999.8 million yuan by issuing up to 26.67 million shares, marking a significant step for the brand after 30 years in the high-altitude plant skincare market [1] Company Research - Plant Doctor focuses on the unique skincare needs of East Asian consumers, developing products that address common issues such as hydration, anti-aging, and sensitivity through a comprehensive R&D framework [3] - The brand has established a collaborative R&D center with the Kunming Institute of Botany, focusing on the active ingredients derived from high-altitude plants, supported by five additional research bases [3] - The company has achieved significant breakthroughs, including a patented technology for extracting small-molecule components from Dendrobium, which has led to the creation of a star product series that has garnered widespread consumer recognition [5][6] - As of October 2025, Plant Doctor holds a total of 223 patents, including 68 invention patents, reinforcing its competitive edge in the Eastern skincare market [6] Quality Control and Production - Product quality is a cornerstone of Plant Doctor's valuation and development, with a strict selection of high-altitude plant materials and a state-of-the-art production facility in Guangdong [8] - The company has invested in a 38,000 square meter factory to enhance its R&D, manufacturing, storage, and logistics capabilities, with 109 million yuan from the IPO earmarked for technological upgrades [8] - A rigorous three-tier testing system exceeding national standards ensures that every product batch undergoes safety, stability, and efficacy evaluations, minimizing quality risks [8] Future Outlook - The IPO will serve as a catalyst for Plant Doctor to intensify its research on high-altitude plants and new product development, while optimizing its integrated online and offline retail strategy [10] - The company aims to increase market penetration of its core product matrix and work towards its vision of making Chinese cosmetics globally loved, contributing to the high-quality development of domestic beauty brands [10]

随着人们生活水平的提高，以及在颜值焦虑与情绪价值的驱动下，护肤、化妆的人越来越多。如今我国已成为全球第 二大化妆品市场，并在多个细分品类中具备全球领先的增速与规模潜力，成为国际品牌争相布局的重点区域。 从人均消费来看，2024年中国人均化妆品消费金额为53美元，远低于美国（365.9美元）、日本（226.9美元）和韩国 （256.3美元），未来随着居民收入的提高，以及美容护理习惯的普及，仍存在增长空间。 目前，我国化妆品市场中不仅有欧莱雅、宝洁、雅诗兰黛等国际巨头，还有珀莱雅、自然堂、百雀羚等国产品牌，近 期又有国产化妆品公司冲击IPO。 格隆汇获悉，近日，北京植物医生化妆品股份有限公司（简称"植物医生"）更新招股书，拟冲击深主板上市，保荐人 为中信证券。植物医生致力于高山植物护肤产品的研发、生产和销售，2024年营收超21亿元。 如今化妆品生意好做吗？不妨通过植物医生来一探究竟。 1 聚焦护肤品领域，以经销模式为主 化妆品行业可分为护肤品、护发用品、彩妆、口腔护理品、沐浴用品、婴孩童专属用品、男士护理品、防晒用品、香 水等细分子行业。 其中，护肤品兼具美观与皮肤健康管理功能，已从传统的清洁、保湿等基础护理， ...

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].