文/瑞财经 李姗姗 1996年左右，郑春颖从当时几乎每个东北家庭都羡慕的辽阳市财政局岗位上离职，他在这里已经干了十 年之久。 郑氏四兄妹控股87.82% IPO前欧莱雅突击入股 自然堂的历史可追溯至2001年5月，郑春颖成立了公司前身上海自然堂生物科技，并推出旗舰品牌"自然 堂"。 公司的成立及发展由郑春颖、郑春彬、郑春威及郑小丹四兄妹带领。 受上海商场里满是外国品牌的化妆品启发，郑春颖决心创立一个源于中国的世界级化妆品品牌，自然堂 便诞生了。 如今，自然堂已发展成为仅次于珀莱雅的第二大国货化妆品品牌。 "你本来就很美"，这句广为流传的广告语陪伴了中国消费者20余载，如今伴随其缔造者自然堂全球控股 有限公司（下称"自然堂"）站在了港交所大门前。 相比同行，自然堂的资本化进程似乎格外谨慎。在珀莱雅（603605.SH）、上海家化（600315.SH）、 贝泰妮（3009757.SZ）等竞争对手早已登陆资本市场多年后，自然堂才有所动作。 此次递表港交所前夕，自然堂先后引入了欧莱雅和加华资本作为战略投资者，吸纳资金超7亿元，为其 IPO之路注入了技术背书与资本信心。 01 辞掉公务员的"铁饭碗"工作后，郑春颖一头扎 ...

Core Viewpoint - The well-known domestic beauty brand, Chando, has initiated its IPO process, marking a significant step towards its market expansion despite recent underwhelming performance in revenue growth and profitability [1][4]. Group 1: Financial Performance - In 2024, Chando reported a revenue of 4.601 billion yuan, reflecting a year-on-year growth of 3.58%, while its net profit decreased by nearly 40% to 190 million yuan [2][5]. - Chando's revenue is significantly lower compared to its competitors, with Proya and Shiseido achieving revenues of 10.778 billion yuan and 6.793 billion yuan respectively in 2024 [2][5]. - Chando's revenue in 2024 was approximately 80% of Beitaini's revenue, which reached 5.7 billion yuan [6]. Group 2: Online Channel Transformation - Chando's slow transition to online sales channels is a critical factor in its performance, with online sales accounting for less than 70% of its revenue, compared to over 80% for Proya [3][10]. - The online channel's contribution to Chando's revenue increased from 59.7% in 2022 to 68.8% in 2024, indicating a gradual but insufficient shift [10]. - In contrast, Proya's online revenue share surged from 70.01% in 2020 to 93.07% in 2023, showcasing a successful adaptation to market changes [8]. Group 3: Marketing and Brand Strategy - Chando has invested heavily in marketing, with total expenditures reaching 7.568 billion yuan from 2022 to 2024, which is significantly higher than the industry average [3][21]. - The marketing expense ratio for Chando was 59% in 2024, compared to an average of 47.78% for its peers, indicating a higher cost burden [21][23]. - Chando is focusing on launching new brands to drive growth, with the brand "Pofenyan" showing promising results, generating 121 million yuan in revenue in 2024, a growth of over 90% [20]. Group 4: Future Outlook - Chando plans to enhance its marketing efforts through collaborations with KOLs and increased advertising on major e-commerce and social media platforms [23]. - The company aims to open more offline flagship stores to strengthen its market presence, with new stores planned in major cities [13][16]. - The effectiveness of Chando's marketing investments and its ability to adapt to changing consumer preferences will be crucial for its future growth [23].