化妆品企业登陆资本市场，一直以来并非易事。无独有偶，北京植物医生化妆品股份有限公司（下 称"植物医生"）近年来正以其独特的"高山植物，纯净美肌"理念，向着"A股美妆单品牌店第一股"的宝 座发起冲刺。然而，在这场宏大的资本叙事之下，其赖以生存的经营模式、核心竞争力的底色，以及日 益凸显的管理痼疾，正成为市场审视的焦点。 以门店为锚的扩张路径 植物医生自 1994 年创立以来，在中国化妆品行业已耕耘三十余载，走出了一条重仓线下的独特道路。 公司明确聚焦于"植物医生"单一品牌，定位于高山植物护肤细分领域，通过与中国科学院昆明植物研究 所等机构的合作，试图打造出"中国品牌、中国成分"的差异化优势。 其经营模式的核心，正是单品牌连锁经营。截至 2024 年末，植物医生已在全国拥有 4328 家连锁门店， 这一庞大的规模甚至超过了同行业可比公司欧舒丹、林清轩和贝泰妮门店数量的总和。其中，线下渠道 一直是收入的绝对主力，报告期内其线下销售收入占比始终维持在 70%至 80% 的区间。 其次，巨大的加盟网络也成为公司内部控制和合规性上的"软肋"，甚至导致了公司 IPO 进程被拖延长达 19 个月。保荐机构中信证券的报告明确指 ...

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 IPO of DRPLANT, a prominent player in the beauty industry, reflects a shift in consumer behavior from mere product transactions to experiences and emotional connections, highlighting the evolving narrative of the beauty sector [1][2]. Company Overview - DRPLANT has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 998 million yuan, positioning itself as the first single-brand beauty store to go public in A-shares [1]. - As of the end of 2024, DRPLANT plans to have 4,328 offline stores, creating a robust network that enhances its market presence [1][2]. Business Model - The company emphasizes customer experience by transforming shopping into social gatherings, with in-store services like skincare consultations and member salons, which enhance emotional value [2]. - The integration of online and offline channels is crucial, with significant investment planned for upgrading online platforms to create a seamless service experience [2][3]. Market Position - DRPLANT ranks first among domestic single-brand cosmetics stores based on projected retail sales for 2024, underscoring its strong market position [3]. - The company has received multiple industry recognitions, including being named a "global leader in single-brand skincare stores" by Euromonitor, which validates its business model and product quality [4]. Financial Performance - Over the past three years, DRPLANT has maintained stable revenue exceeding 2.1 billion yuan, with net profit increasing from 168 million yuan to 242 million yuan, indicating solid financial health [4]. Future Prospects - The IPO is expected to inject vitality into the beauty industry, with funds directed towards service upgrades, channel expansion, and research and development, all aimed at enhancing user experience [4][5]. - Future developments may include advanced skin detection technology in stores and personalized services in online shopping, reflecting a commitment to innovation and customer satisfaction [5].

Core Viewpoint - The company, Plant Doctor, has initiated its IPO plan with impressive figures of "4,500 stores and 14 million members," but it faces significant internal control issues, stagnant performance, and concerns over R&D investment [1][5][7]. Group 1: Internal Control Issues - Plant Doctor has received 16 administrative penalties during the reporting period for issues such as false advertising and inadequate supply chain supervision [4][5]. - The company has a history of compliance failures, with 32 subsidiaries lacking health permits as of May 31, 2025, raising concerns about governance [6][5]. - The company's reliance on a franchise model has led to systemic risks, as evidenced by penalties against both its subsidiaries and franchisees [5][6]. Group 2: Stagnant Performance and Channel Challenges - From 2022 to 2024, Plant Doctor's revenue showed minimal growth, with figures of 2.117 billion, 2.151 billion, and 2.156 billion respectively, reflecting growth rates of 1.6% and 0.22% [7][8]. - In contrast, comparable companies in the industry have shown significant revenue growth, highlighting Plant Doctor's underperformance [7][8]. - The number of distributors decreased from 3,999 in early 2022 to 3,830 by the end of 2024, indicating a decline in the distribution network [9][10]. Group 3: R&D Investment Concerns - Despite claims of prioritizing R&D, the company reduced its R&D personnel by over 20% in two years, while total staff increased [12][13]. - The company spends significantly more on marketing (7.43 billion) compared to R&D, which raises concerns about its commitment to innovation [14][15]. - Core technologies are increasingly outsourced rather than developed in-house, leading to skepticism about the company's long-term technological capabilities [14][15].

Core Viewpoint - The domestic beauty market is experiencing a surge in "herbal skincare," with the brand Plant Doctor leveraging "high-altitude plant ingredients" for differentiation as it prepares for an IPO, following other domestic brands like Lin Qingxuan and Ximu Yuan [1] Group 1: Industry Trends and Brand Positioning - Plant Doctor has emerged during a consumer shift towards "natural ingredients," effectively combining traditional Chinese herbal culture with modern biotechnology [2] - The flagship product, the "Dendrobium Orchid Series," focuses on high-altitude plant active ingredients, avoiding direct competition with international brands while appealing to Gen Z's demand for "pure beauty" [2] - Collaborations with institutions like the Kunming Institute of Botany aim to create a "production, learning, and research" closed loop, enhancing the technical backing of ingredient sourcing [2] - However, the herbal skincare sector is becoming increasingly competitive, with international brands like L'Oréal and Shiseido accelerating localization efforts [2] Group 2: Channel Strategy and Challenges - Unlike many new consumer brands that focus on online sales, Plant Doctor has adopted a heavy asset model, operating over a thousand offline stores primarily in third to fifth-tier cities [3] - This "downstream market encirclement" strategy initially provided stable cash flow but has led to high costs that erode profits, with rent and labor costs taking a significant share of revenue [3] - The reliance on franchise stores introduces risks in channel management, leading to inconsistent quality and service standards [3] - Recently, Plant Doctor has begun transitioning to a "store broadcasting + private domain" model to enhance customer retention through platforms like WeChat and Douyin [3] Group 3: Growth Dynamics and Product Strategy - The revenue of Plant Doctor heavily relies on the Dendrobium Orchid Series, with the star product "Dendrobium Orchid Fresh Skin Water" selling over one million bottles monthly [4] - This reliance on blockbuster products creates a double-edged sword, providing brand recognition while exposing weaknesses in the product matrix [4] - There is a notable imbalance in research and development investment compared to competitors like Huaxi Biological, raising concerns about the brand's scientific credibility [4] Group 4: Future Outlook and Strategic Considerations - The initiation of the IPO process reflects capital market expectations for differentiated domestic brands, but Plant Doctor must address key issues to avoid becoming another "IPO peak" case [5] - Critical challenges include balancing the scale and quality of offline channels, overcoming raw material limitations in herbal skincare for technological upgrades, and converting market advantages into customer loyalty [5] - Potential strategies may involve leveraging medical endorsements to enhance efficacy trust and considering acquisitions to diversify the product line [5] - The narrative of capital in herbal skincare is ongoing, but transitioning from a "marketing-driven" to a "technology-driven" approach is essential for sustained investor interest [5]