招股书显示，植物医生以"一个中心，五大基地"的研发架构为支撑，在石斛兰成分的研究上取得关键突破，通过专利工艺将大分子石斛多糖转化为更易吸 收的石斛寡糖，显著提升产品促进胶原蛋白生成的功效。 在"成分党"当道和"中国成分"概念兴起的今天，植物医生对高山植物的专注显得颇具前瞻性。这与贝泰妮深耕云南植物提取物打造"薇诺娜"，以及上海家 化旗下佰草集立足中医汉方有异曲同工之妙。 在渠道方面，植物医生坚持"单品牌连锁经营模式"。截至2025年6月末，其在全国拥有4269家线下门店，其中经销授权店3787家，直营店482家。这一规模 使其在中国连锁经营协会发布的"生活服务业连锁企业TOP100"中，连续两年位列美容美体行业第二。 与依赖线上流量打法的品牌不同，植物医生强调"产品+服务"的体验式消费。门店不仅销售产品，还提供到店护理与会员沙龙服务，增强用户粘性与复购 意愿。报告期内，其会员复购贡献持续提升，成为其对抗流量成本上升的重要屏障。 值得一提的是，其打造的"小植商城"私域平台，正是试图将线下流量引至线上，形成闭环。这与欧美品牌如欧舒丹、Lush的成功路径相似，但在中国市场 上能否规模化和持续盈利，仍需验证。 财务数 ...

Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. is preparing for an IPO, with plans to issue up to 26.67 million shares, accounting for at least 25% of the total share capital post-issue [2] Financial Performance - The company projects revenue of 2.116 billion yuan, 2.150 billion yuan, and 2.155 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 168 million yuan, 229 million yuan, and 242 million yuan for the same years [2] - The gross profit margins for the years 2022, 2023, and 2024 are expected to be 55.22%, 60.34%, and 58.90% respectively [2] Product Segmentation - The main revenue driver is the water and lotion cream segment, projected to generate 1.218 billion yuan in 2024, accounting for 56.52% of total revenue [3] - The essence and essence oil segment is expected to contribute 465 million yuan, representing 21.59% of total revenue, while face masks account for 16.28% [4] Sales Channels - The company employs a mixed sales model, primarily through distribution (66.72%) and supplemented by direct sales (33.28%) [8] - As of the end of 2024, the company operates 4,328 offline chain stores, with 3,830 authorized specialty stores and 498 direct stores [4] Market Position - Plant Doctor holds a 0.8% market share in the Chinese cosmetics market, ranking 9th among domestic brands [8] - The company’s revenue from the distribution model in 2024 is projected to be 1.366 billion yuan, accounting for 63.37% of total revenue [8] R&D and Competitive Edge - The company maintains a stable R&D expense ratio of 3% to 3.5% over the past three years, which is higher than several listed competitors [9] - Collaboration with the Kunming Institute of Botany has led to the development of a star product featuring Dendrobium orchid [9] Challenges - The company faces inventory pressure, with stock increasing from 192 million yuan at the end of 2023 to 223 million yuan at the end of 2024 [9] - Regulatory penalties on some stores due to violations have raised concerns about potential impacts on sales and performance [9]

Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, aiming to raise approximately 9.98 billion yuan, but faces challenges due to its heavy reliance on offline channels and declining online sales [2][3][4]. Group 1: IPO Details - The IPO application was accepted on June 27, 2025, with CITIC Securities as the sponsor [3]. - The company has been preparing for the IPO since 2023, indicating a long-term strategy to enter the public market [3]. Group 2: Business Model and Performance - Plant Doctor operates over 4,000 offline stores but has seen a decline in total store count from 4,664 to 4,328 in 2024, losing 336 stores [4][7]. - In 2024, online direct sales accounted for only 9.3% of total revenue, with the revenue from the "Xiaozhi Mall" declining from 843.9 million yuan in 2022 to 623.3 million yuan in 2024 [6][7]. - The company’s revenue growth has been minimal, increasing from 215.5 billion yuan to 215.57 billion yuan despite store optimization efforts [8]. Group 3: Financial Metrics - The comprehensive gross margin for 2024 was 58.9%, down from 60.35% in 2023, indicating pressure on profitability [9]. - The company’s inventory turnover efficiency decreased from 4.96 times in 2022 to 4.27 times in 2024, with inventory balance at 223 million yuan, representing 16% of current assets [10][11]. Group 4: Market Position and Competition - Plant Doctor's reliance on a high proportion of the distribution model (over 63% of revenue) has negatively impacted its gross margin compared to competitors like Proya and Marubi, which have higher margins due to a focus on direct sales [9]. - The online market share in China's cosmetics sector reached 52.45% in 2024, highlighting the risk of falling behind in digital transformation [8]. Group 5: Future Outlook - The company emphasizes the importance of private traffic and plans to integrate online and offline channels through its "Xiaozhi Mall" platform, although recent revenue trends suggest challenges in achieving this goal [12][14]. - The effectiveness of the private traffic strategy and its potential to drive sustainable revenue growth remains uncertain, requiring further data and strategic clarity from the company [14].

【导读】 植物医生冲击主板，单店模式能否撑起未来？ 中国基金报记者 赵刚 美妆赛道热度持续，又一 " 玩家 " 冲刺 IPO ！ 近日，深交所官网信息披露， 北京植物医生化妆品股份有限公司（以下简称植物医生） 主板 IPO 获受理，保荐机构为中信证券。 | IPO详情 | | | | | | --- | --- | --- | --- | --- | | | ■ 北京植物医生化妆品股份有限公司 | | | | | 已受理 2025-06-27 | 已问询 上市委会议 | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | 公司全称 | 北京植物医生化妆品股份有限公司 | 公司简称 | | 植物医生 | | 受理目期 | 2025-06-27 | 更新日期 | | 2025-06-27 | | 审核状态 | 已受理 | | 预计融资金额(亿元) | 9.9828 | | 保存机构 | 中信证券股份有限公司 | 保荐代表人 | | 康恒溢,李建 | | 会计师事务所 | 北京德皓国际会计师事务所（特殊普 通合火) | 签字会计师 | | 刘晶静,张霞 | | 律师事务所 | 北京植德律师事务 ...