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Core Viewpoint - The natural堂 Group, known for its iconic slogan "You are beautiful," has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of operation [1] Group Overview - Founded in 2001 by Zheng Chunying, the natural堂 Group has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple product lines including "美素" and "春夏" [2][3] - The company has strategically navigated through various market channels, becoming a leading brand in cosmetics retail, particularly in second and third-tier cities [3] Financial Performance - The natural堂 brand accounts for approximately 95% of the group's total revenue, indicating a heavy reliance on a single brand [8][9] - Revenue figures for the group show a steady but slow growth, with total revenues of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - The net profit figures from 2022 to 2024 show volatility, with profits of 1.39 billion, 3.02 billion, and 1.90 billion, leading to a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [9][10] Investment and Strategic Partnerships - The group has recently attracted strategic investments from L'Oréal and 加华资本, raising a total of 7.42 billion, which is expected to enhance its technological capabilities and market confidence [1] - The company plans to utilize the funds raised from the IPO to strengthen its direct-to-consumer (DTC) capabilities, expand its brand portfolio, and increase product development investments [11] Challenges and Future Directions - The group faces challenges such as weak R&D investment, which has decreased from 2.8% in 2022 to 1.7% in 2025, while marketing costs remain high [10] - The attempt to enter the high-end market with the 金钻微雕系列 has not performed well, raising concerns about its competitive positioning [11] - The recent rebranding from 伽蓝集团 to natural堂 Group signifies a shift in strategy, aiming to leverage capital market opportunities for transformation into a technology-driven beauty enterprise [11]

Core Insights - Natural堂 Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of establishment [1] - The company has recently secured investments from L'Oréal and Gahua Capital, which provide both financial backing and technological support, but faces significant challenges such as reliance on a single brand and weak R&D investment [1] Company Overview - Founded by Zheng Chunying in 2001, Natural堂 has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple sub-brands over the years [4][5] - The company has successfully navigated various market changes, becoming the leading brand in cosmetics specialty stores within two years of its inception [5] Financial Performance - Natural堂's revenue heavily relies on its flagship brand, accounting for approximately 94.6% to 95.9% of total revenue from 2022 to 2025 [9] - The company's revenue growth has been modest, with figures of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - Net profit has shown volatility, with figures of 1.39 billion, 3.02 billion, and 1.90 billion from 2022 to 2024, resulting in a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [10] Strategic Challenges - The company has faced criticism for its declining R&D investment, which fell from 2.8% in 2022 to 1.7% in the first half of 2025, while sales and marketing costs remain above 54% [10] - Natural堂's attempts to enter the high-end market with its Gold Diamond Micro-sculpting series have not performed well compared to competitors, raising concerns about its market positioning [10] Future Plans - The IPO proceeds are intended to enhance DTC capabilities, diversify the brand portfolio, increase product development investment, and expand overseas [11] - The company is opening flagship stores to improve customer experience and strengthen brand image, with the first store launched in Shenzhen [11]

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].

Core Viewpoint - The recent IPO application by Naturando Global Holdings Limited marks a significant move in the Chinese beauty market, reflecting both the company's ambition to prove its strength in the capital market and the competitive pressures faced by mid-tier beauty brands in a saturated market [1][6]. Company Overview - Naturando, established 25 years ago, has submitted its IPO application to the Hong Kong Stock Exchange with a valuation exceeding 7.1 billion RMB, backed by investments from L'Oréal (442 million RMB) and Cahua Capital (300 million RMB) [1][2]. - The company has positioned itself as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [1][3]. Financial Performance - Naturando's revenue figures for 2022 to 2024 are reported as 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a revenue of 24.48 billion RMB in the first half of 2025 [3]. - The gross profit margins have shown a steady increase, from 66.5% in 2022 to 70.1% in the first half of 2025 [3]. Brand Portfolio - The company has developed a diverse brand portfolio, including Naturando, Pofuyan, Chunsummer, Meisu, and Jichu, covering various categories such as skincare, makeup, personal care, men's grooming, and children's care [3]. - Naturando remains the most recognized brand, contributing over 94% of total revenue from 2022 to 2025 [3]. Shareholding Structure - The Zheng family, as the founders, have structured the shareholding to protect their interests, with a complex offshore holding setup ensuring control over the company [4][5]. Market Position and Competition - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating low concentration [7]. - Naturando's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, highlighting the need for enhanced growth strategies [7]. Industry Trends - The domestic beauty market is experiencing a shift, with local brands capturing approximately 55.2% market share by 2024, indicating a growing preference for domestic products among consumers [8]. - The competition is intensifying, with brands engaging in a "scientific arms race" to enhance their research and development capabilities, which is crucial for capital investment [8].

Core Insights - Natural Hall Group, a beauty brand based in Shanghai, has completed a new financing round with a valuation exceeding 7 billion RMB, marking its status as a domestic beauty unicorn [4][5] - The investment from Jiahuacapital, amounting to 300 million RMB, signals a recovery in consumer investment, emphasizing the sector's resilience and importance in China's economy [4][6] - Natural Hall has become the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [4][10] Financing and Valuation - Jiahuacapital's investment is part of a larger financing round totaling over 700 million RMB, with a post-investment valuation of 7.14 billion RMB for Natural Hall [5][6] - The financing round includes participation from global beauty giant L'Oréal, indicating strong confidence in the brand's potential [4][5] Company Growth and Strategy - Natural Hall has undergone a significant digital transformation, with online sales accounting for 68.8% of total sales, particularly excelling in the rapidly growing content e-commerce sector [7][10] - The company has developed a comprehensive five-year strategic plan with the support of Jiahuacapital, focusing on enhancing digital decision-making and operational efficiency [7][10] Founder's Background - The founder, Zheng Chunying, transitioned from a civil servant to an entrepreneur, establishing Natural Hall in 2001 with a vision to create a world-class Chinese cosmetics brand [8][10] - The Zheng family holds approximately 87.82% of the voting rights in Natural Hall, with plans for an IPO on the Hong Kong Stock Exchange [11][12] Market Context - The domestic beauty market in China is experiencing significant growth, with a market share of approximately 55.2% for domestic brands as of 2024, indicating a shift towards market concentration [13] - Despite macroeconomic pressures, the beauty sector remains a stable investment area, driven by the fundamental human desire for beauty and self-care [15][16]

Core Viewpoint - The article highlights the successful financing round of the Chinese beauty brand, Chando, which has become a unicorn with a valuation exceeding 70 billion RMB, marking a significant milestone in the domestic beauty industry [3][4][5]. Financing and Valuation - Chando Group recently completed a financing round with a total amount exceeding 700 million RMB, with investment from China Huaxin Capital and global beauty giant L'Oréal [3][4]. - The post-investment valuation of Chando is approximately 71.4 billion RMB, establishing it as a new domestic beauty unicorn [5]. Company Growth and Performance - Chando has emerged as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [3][11]. - The company has shown consistent revenue growth from 4.29 billion RMB in 2022 to 4.60 billion RMB in 2024, with net profits of 1.39 billion RMB, 3.02 billion RMB, and 1.90 billion RMB during the same period [11]. Investment Strategy and Support - China Huaxin Capital has been deeply involved with Chando since 2021, conducting extensive research and providing strategic support, including the establishment of a comprehensive budget management system focused on ROE [6][7]. - The capital firm has positioned itself as a "co-creator" with Chando, helping the company enhance its digital decision-making capabilities and improve advertising efficiency [7]. Market Context and Future Outlook - The domestic beauty market is experiencing a shift towards brand concentration, with local brands capturing approximately 55.2% market share as of 2024, indicating a transition from "group rise" to "leading concentration" [14]. - Despite macroeconomic pressures, the demand for quality and reasonably priced beauty products remains strong, suggesting a robust future for domestic beauty brands [14][15]. - The article notes a resurgence in consumer investment, particularly in the Hong Kong stock market, with several domestic beauty brands preparing for IPOs [14][15].

Group 1: Transportation and Travel - The total cross-regional population flow during the National Day and Mid-Autumn Festival holiday is expected to reach 2.432 billion person-times, with an average of 304 million person-times per day, reflecting a year-on-year increase of 6.2% [1] - Railway passenger volume is projected to be 153 million person-times, averaging 19.24 million per day, with a year-on-year growth of 2.6% [1] - The growth in passenger volumes for railways and civil aviation is expected to boost market expectations for the transportation sector, benefiting tourism and dining industries as travel demand rebounds [1] Group 2: Film Industry - The total box office for the National Day holiday period has surpassed 1.8 billion yuan, indicating sustained enthusiasm in the cultural consumption market [2] - Major films such as "The Volunteer Army: Blood and Peace," "731," and "Assassination Novelist 2" are leading the box office, which may enhance market attention on top film producers [2] Group 3: Beverage Industry - Mixue Group plans to invest approximately 297 million yuan to acquire a 53% stake in Fulu Family (Zhengzhou) Management Co., marking its entry into the fresh beer market [3] - The transaction is classified as a related party transaction, raising potential concerns regarding corporate governance transparency [3] - The move reflects the urgency of leading consumer brands to explore diversification in beverage offerings, providing new growth avenues for the industry [3] Group 4: Cosmetics Industry - Naturals Global Holdings has submitted an IPO application to the Hong Kong Stock Exchange, showcasing the strong capabilities of domestic beauty brands [4] - The company reported a revenue of 2.448 billion yuan and a net profit of 191 million yuan for the first half of 2025 [4] - As the third-largest domestic cosmetics group in China, Naturals' IPO process is expected to attract capital interest in the domestic cosmetics sector, injecting vitality into the Hong Kong consumer market [4]

Core Viewpoint - The article discusses the upcoming IPO of the Chinese cosmetics brand, Chando Global Holdings, following the successful listing of another domestic brand, Mao Geping, which saw a significant increase in stock price. The market is optimistic about the potential of domestic cosmetics brands in the Hong Kong stock market [1][2]. Industry Overview - China is the second-largest cosmetics market globally, with a market share of approximately 11.4% of the global cosmetics industry retail sales in 2024. The market size of China's cosmetics industry is projected to grow from RMB 779.4 billion in 2019 to RMB 934.6 billion in 2024, representing a compound annual growth rate (CAGR) of 3.7% [5]. - The domestic cosmetics industry is expected to maintain a stable growth trajectory, with an anticipated CAGR of 6.6% from 2024 to 2029, which is about twice the growth rate of the global cosmetics market during the same period [5]. Company Profile - Chando Global Holdings, established in 2001, is one of the few domestic cosmetics companies with over 20 years of history. Its flagship brand, Chando, has ranked among the top two domestic cosmetics brands in retail sales for 12 consecutive years from 2013 to 2024, demonstrating strong resilience throughout industry cycles [2][8]. - The company has received over RMB 700 million in investments from global cosmetics giant L'Oréal and well-known institution, Cahua Capital, prior to its IPO [3]. Financial Performance - Chando's revenue has shown consistent growth, with figures of RMB 4.292 billion, RMB 4.442 billion, RMB 4.601 billion, and RMB 2.448 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. The net profits for the same periods were RMB 1.39 billion, RMB 3.02 billion, RMB 1.9 billion, and RMB 1.91 billion [13][14]. Product and R&D Strategy - Chando has developed a diversified brand portfolio that includes five main brands, offering a comprehensive range of products across skincare, makeup, personal care, and children's care. The company emphasizes a multi-brand strategy to cater to different consumer needs [10]. - The company is the first domestic cosmetics firm in China to possess proprietary rights to yeast ingredients and has initiated space skincare research projects. It has established three major research systems and four technical platforms to enhance its innovation and product development capabilities [12]. Sales Channels - Online sales have been a core channel for Chando, accounting for 68.8% of revenue in the first half of 2025. However, the company is increasingly focusing on offline channels as online traffic reaches saturation [15][16]. - Chando plans to strengthen its offline presence by opening flagship stores in major shopping centers, with the first store launched in Shenzhen in July 2025, followed by additional stores in Shanghai, Wuhan, and Chongqing [18]. Investment and Future Plans - The funds raised from the IPO will primarily be used to enhance the company's direct-to-consumer (DTC) capabilities, improve online and offline sales network synergy, invest in R&D and product development, and strengthen digital capabilities in membership management and supply chain management [20].

Core Viewpoint - The article discusses the upcoming IPO of China's beauty brand "Chando" and its significance in the market, highlighting its growth and the strategic moves made by its parent company, Jala Group, led by founder Zheng Chunying [1][4]. Group 1: Company Overview - Chando, a leading Chinese beauty brand, has applied for a listing on the Hong Kong Stock Exchange, with Huatai International and UBS serving as joint sponsors [1]. - Founded by Zheng Chunying in 2001, Chando has expanded its presence across China, with over 62,700 retail points and more than 45,000 stores nationwide [5]. - The company operates a multi-brand matrix, including Chando, Pechoin, Meisu, and others, covering skincare, makeup, and personal care products [5]. Group 2: Financial Performance - Chando's revenue has shown consistent growth, with figures of 4.292 billion yuan, 4.442 billion yuan, 4.601 billion yuan, and 2.448 billion yuan for the years 2022 to the first half of 2025, respectively, with a year-on-year growth of 6.4% in the first half of 2025 [5][6]. - The company's net profit for the same periods was 139 million yuan, 302 million yuan, 190 million yuan, and 191 million yuan, indicating a stable profit trajectory [5]. Group 3: Market Position and Strategy - Chando ranks as the third-largest domestic cosmetics group in China by retail sales in 2024, with its brand being the second-largest among domestic brands, following Pechoin [5]. - The growth in revenue is attributed to the expansion of online channels, with online sales increasing from 59.7% in 2022 to 68.8% in the first half of 2025 [6]. - The company aims to enhance its direct-to-consumer (DTC) capabilities and improve the synergy between online and offline sales networks through the funds raised from the IPO [10]. Group 4: Ownership and Corporate Structure - Zheng Chunying and family hold approximately 87.82% of the voting rights in Chando, following a red-chip restructuring to facilitate the IPO [9]. - The company has a strategic partnership with L'Oréal, which holds a 6.67% stake in Chando [10].