而且，值得注意的是，自然堂不仅市场地位领先，更是"长跑"龙头——其是屈指可数的拥有超过20年历 史的中国化妆品企业，拥有穿越周期的能力，并以"为全球消费者的美丽与健康生活提供极致质价比的 产品"为使命，怀揣"成为中国第一、世界领先的科技美妆企业"的远大愿景。 这样的特征充分体现了自然堂在资本市场的稀缺性，使其具有较强投资吸引力。 港股市场或将再度迎来新消费明星企业。 9月29日，自然堂集团(简称：自然堂)正式向港交所递交招股书，拟于香港主板IPO上市。 回望2025年以来，港股新消费板块成为资本市场上一道亮丽的风景线，引领市场行情，催生了一众翻倍 牛股。其中，美妆亦成为牛股频出的领域之一，涌现出毛戈平、上美股份等表现强势的企业。 在此背景下，自然堂作为中国化妆品行业的领军企业之一，自然将承载市场的厚望。 根据弗若斯特沙利文数据，预计2024至2029年中国化妆品行业的市场规模将以6.6%的复合年增长率扩 张，约为同期全球化妆品市场增速的2倍，2029年的市场规模将达到约1.29万亿。 以零售额计，中国化妆品行业市场规模在2019年2024年的复合年增长率达5.9%，表现显著优于国际化 妆品行业，并预计延续领先 ...

Core Viewpoint - The Hong Kong stock market has become a central arena for global capital to invest in China's consumption upgrade, particularly in the beauty and health sectors, driven by strong internal growth dynamics in "self-care" consumption [1] Industry Overview - The Chinese cosmetics industry is experiencing a new phase of structural adjustment, maintaining its position as the second-largest market globally, with expectations of entering a quality improvement stage over the next five years [2] - Chinese beauty brands are no longer content with being alternatives to foreign brands but are now competing on equal footing [2] Company Performance - Natural堂 has shown steady financial growth, with revenue increasing from 4.292 billion RMB in 2022 to 4.601 billion RMB in 2024, and recording 2.448 billion RMB in the first half of 2025 [2] - The company's gross profit rose from 2.852 billion RMB in 2022 to approximately 3.195 billion RMB in 2024, with gross margin increasing from 66.5% to 69.4% during the same period [3] - In the first half of 2025, net profit reached 191 million RMB, with a net profit margin of 7.8%, showing significant improvement compared to 2024 [3] Brand Strength and Market Position - Natural堂 is the second-largest domestic cosmetics brand in China by retail sales in 2024 and has consistently ranked among the top two brands for 12 consecutive years from 2013 to 2024 [4] - The company has launched a multi-brand strategy, covering various market segments from mass to mid-high end, with a total of 522 SKUs as of June 2025 [4] Sales Channels and Growth Strategy - The online sales channel's revenue share increased from 59.7% in 2022 to 68.8% in the first half of 2025, indicating a strong digital presence [4] - The company is enhancing its offline presence by opening flagship stores in major shopping centers, with the first store launched in Shenzhen in July 2025 [5] Research and Development - Natural堂 has invested 392.5 million RMB in R&D from 2022 to the first half of 2025, focusing on developing proprietary ingredients and technology [7] - The company has established a strong R&D team, with over 40% of its 154 professionals holding master's degrees or higher [8] - Natural堂 has developed proprietary ingredients like 喜默因, which has been incorporated into 86 product formulas, showcasing its innovation capabilities [9] Digital Transformation - The company has implemented a digital platform called "One Inventory System," enhancing operational efficiency and inventory management [10] - Natural堂's vertical production system, which includes three factories, ensures product quality and rapid market response [11] Conclusion - The Hong Kong stock market is witnessing a dual opportunity for valuation recovery and growth, with Natural堂 presenting a robust image of a financially sound, brand-strong, and R&D-leading Chinese beauty brand [12] - The company's transformation aligns with industry trends and market expectations, positioning it as a potential leader in the global beauty sector [12]

Core Insights - The skincare brand Chando has entered the competitive food delivery market by integrating with Taobao Flash Purchase, launching one-hour and half-day delivery services in five cities: Shanghai, Suzhou, Wuhan, Tianjin, and Qingyuan [1] Group 1: Product Strategy - Chando has adjusted its product selection strategy, warehousing layout, and supply chain for the flash purchase scenario, designing its inventory with a "6:3:1" ratio: 60% high-repurchase products like masks and serums, 30% seasonal new products like sunscreen, and 10% sample sets [2] - The company has differentiated its warehouse configurations across cities, significantly increasing stock for popular items and employing various delivery methods to achieve one-hour delivery [3] Group 2: Market Positioning - Within two weeks of launching on Taobao Flash Purchase, Chando ranked among the top five in the beauty category, benefiting from exposure on multiple platforms such as Taobao App, Amap, Alipay, and Ele.me, which greatly enhances brand visibility and sales opportunities [3] - The brand recognizes a shift in consumer preferences towards more environmentally friendly products, with 75% of young consumers indicating a preference for sustainable options [3] Group 3: Sustainability Initiatives - Chando has established a raw material fermentation factory to support its sustainable development strategy, aiming to mitigate supply chain vulnerabilities and enhance its green product offerings [3][4] - The company is leveraging five advanced green raw material technologies, including microbial fermentation and ultra-low temperature freeze-drying, to improve the efficiency and sustainability of its production processes [4] - The growth of domestic beauty brands is expected to continue, driven by young consumers, with projections indicating a significant rise in market presence over the next 3-5 years [4]

当"双碳"战略叠加绿色消费浪潮，可持续发展已成为企业战略的核心命题，从而驱动美妆行业纷纷聚焦 包装减量化、生产低碳化、原料可追溯、社会责任显性化、公司治理规范化。 对此，自然堂集团董事长兼总裁郑春颖强调，"履行社会责任是初心，更是恒心。"于自然堂而言，企业 社会责任绝非锦上添花的慈善行为，而是品牌安身立命的必尽之责与长期战略。 同时，深圳市思其晟公司CEO伍岱麒对《华夏时报》记者表示，践行ESG能给品牌带来诸多助益，能增 强消费者对企业品牌的好感度；为了减少因为生产对环境产生的污染或者影响，企业进行技术革新，提 高企业内部能力；还能在品牌宣传上，产生与普通竞争品牌的差异化。 美妆企业的ESG实践 8月11日，自然堂集团正式发布《2024年自然堂集团可持续发展报告》（下称"报告"），以全景视角披 露了集团在环境（Environmental）、社会（Social）、治理（Governance）（ESG）三大核心维度的战 略布局、关键举措与实践成效。 郑春颖表示："自然堂集团自2001年创立以来，树立了'诚信负责、品质可靠、实力强劲、科技领先'的 四大行业口碑，这可以说是我们最重要的企业品牌资产，也是我们坚守使命、 ...