近期，北京植物医生化妆品股份有限公司在深交所主板IPO审核状态更新为"已问询"，即将登陆A股市 场，展示了DR PLANT植物医生如何通过三十年的战略定力、科研深耕与格局拓展，构建起穿越产业周 期的强大品牌力。 植物医生品牌公司创立于1994年，多年来深耕"高山植物护肤"这一核心赛道。 这种坚守并非固步自封，而是基于对消费趋势的深刻洞察。通过将中国传统高山植物智慧与现代护肤科 技相结合，植物医生成功打造了"石斛兰""紫灵芝""冬虫夏草"等标志性产品系列，在消费者心中建立 了"天然、安全、有效"的鲜明认知。值得注意的是，即使在2022年至2024年行业充满挑战的时期，公司 仍实现了营收的稳定增长与净利润的持续提升，这种穿越周期的韧性，正是长期专注所带来的必然回 报。 植物医生的"长期"除了体现在时间跨度上，更体现在对核心技术"十年磨一剑"的耐心上。 2014年，植物医生与中国科学院昆明植物研究所签订了长达20年的战略合作协议，双方联合成立的研发 中心，是实实在在的科研攻坚。值得一提的是，经过多年持续投入，团队成功从特有铁皮石斛中提取出 高活性的石斛寡糖成分，并验证了其在促进胶原蛋白生成方面的显著功效。这项"石斛 ...

4269家门店背后，是深度关系的基石 当许多品牌沉迷于流量变现，植物医生却选择了一条看似"笨重"的道路——深耕线下。截至2025年6月 末，其线下门店数量达4269家，覆盖国内核心市场，并逐步延伸至日本、泰国、印尼等地。这个数字的 意义，不只在于规模本身，更在于它揭示了一个商业本质：真实场景中的消费体验，仍是品牌与用户建 立深度关系的基石。 "门店不只是销售终端，更是品牌触达用户的情感接口。"一位行业观察者指出。植物医生的门店系统之 所以能成为护城河，正在于其构建了"产品-服务-社交"三位一体的场域。消费者在此不仅能选购产品， 更能体验专业的护理服务，参与会员沙龙，获得超越商品价值的情绪满足。这种回归"人"与"空间"的互 动模式，让品牌在数字时代的洪流中，反而找到了更为稳固的价值锚点。 2025年深秋，植物医生的IPO进程更新为"已问询"。翻开其招股书，我们所看到的不仅是一家企业走向 资本市场的足迹，更是一份对"长期主义"的深刻诠释与坚定践行。 "我们做的不是'成分故事'，而是'成分科研'。"植物医生研发负责人曾在访谈中强调。截至2025年10 月，品牌已获得专利223项，其中发明专利68项。这些数字背后，是 ...

Core Viewpoint - DR PLANT, a Chinese cosmetics brand known for its "high mountain plants, pure skin," is set to go public on the Shenzhen Stock Exchange, marking a new phase of capital empowerment for the company [1] Offline Channel as a "Moat" - As of June 2025, DR PLANT has established 4,269 offline stores across various markets, including Japan, Indonesia, Thailand, and Hong Kong, demonstrating its scale advantage and deep understanding of offline channels [2] - The offline stores serve not just as sales points but as core areas for brand experience, user service, and emotional connection, enhancing customer loyalty and word-of-mouth [2] - The brand has ranked second in the beauty and body care sector of the "Top 100 Chain Enterprises in the Service Industry" for two consecutive years and is the top single-brand cosmetics store in China based on 2024 multi-channel retail revenue [2] Research and Innovation Driving Product Strength - Research and innovation are central to DR PLANT's strategy, with a focus on "high mountain plants" and collaboration with authoritative institutions like the Kunming Institute of Botany [3] - The company has established a research framework consisting of one center and five bases, covering all aspects of research and development [3] - As of October 31, 2025, DR PLANT has obtained 223 patents, including 68 invention patents, showcasing its strong R&D capabilities [3] Comprehensive Product Matrix - DR PLANT has successfully launched multiple product lines, including Dendrobium, Centella Asiatica, and others, covering skincare, makeup, and body care, creating a complete product matrix [4] Brand Culture and Social Responsibility - The brand is influenced by the wisdom of the Naxi ethnic group's herbal medicine, integrating respect for nature, scientific principles, and social responsibility into its core values [5] - DR PLANT actively engages in biodiversity protection and promotes the cultural concept of harmony between humans and nature [5] - The brand has been recognized as a "global leader in single-brand skincare stores" for three consecutive years, highlighting its leading position in the global single-brand store market [5] International Expansion - DR PLANT is steadily advancing its international presence, with a flagship store opening in Bangkok, Thailand, marking its entry into the fourth overseas market [6] - The brand aims to promote the vision of "the world loving Chinese cosmetics" through product offerings, store designs, and cultural exports [6] - The IPO process is seen as a milestone for the company and a potential turning point for the Chinese cosmetics industry, shifting from a marketing-driven approach to a dual-driven model of technology and brand [6]

摘要： 当市场需要科技时，它在分红。 2025年11月下旬，北京植物医生化妆品股份有限公司在深交所更新的招股说明书显示审核状态已变更为"已问询"，这一消息让深耕美妆行业30年的国货品 牌再次站到聚光灯下，股市亦或将迎来"A股美妆单品牌店第一股"。 据悉，早在2023年，植物医生就已经委托中信证券辅导冲刺IPO，但时隔两年，才在今年6月正式递交招股书。 植物医生曾提出了"高山植物、纯净美肌"的理念，借着从天然植物中提取精华成分噱头，主打天然养肤概念深得女性消费者认知，成为了国内知名化妆品 品牌，也拿下了单品牌第一的成绩。 可现实的困境一样不少，植物医生多次陷入产品致敏、强制推销、售后服务等多方面的投诉漩涡。"隔三岔五叫你买产品"、"强买强卖"、"推销的东西越 来越贵"、"脸都用成敏感肌了"、"严重过敏"等相关词条在社交平台蔓延，声浪持续高涨。 有已经离职的店员告诉凤凰网科技："大部分产品功效都不怎么明显，有些产品的核心成分其实就是水而已。"另一位在职店员也表示，"都想辞职了，因 为我没法开口边推销边做脸。" "如果你想亏钱，就加盟植物医生"，已经离开植物医生的晓娜告诉凤凰网科技，"看起来，植物医生就像是上个时代 ...

Core Insights - The skincare industry in China is expanding rapidly, driven by increasing consumer demand for safety and efficacy in product ingredients, making product quality a key competitive barrier [1] - Plant Doctor is set to launch an IPO on the Shenzhen Stock Exchange in November 2025, aiming to raise 999.8 million yuan by issuing up to 26.67 million shares, marking a significant step for the brand after 30 years in the high-altitude plant skincare market [1] Company Research - Plant Doctor focuses on the unique skincare needs of East Asian consumers, developing products that address common issues such as hydration, anti-aging, and sensitivity through a comprehensive R&D framework [3] - The brand has established a collaborative R&D center with the Kunming Institute of Botany, focusing on the active ingredients derived from high-altitude plants, supported by five additional research bases [3] - The company has achieved significant breakthroughs, including a patented technology for extracting small-molecule components from Dendrobium, which has led to the creation of a star product series that has garnered widespread consumer recognition [5][6] - As of October 2025, Plant Doctor holds a total of 223 patents, including 68 invention patents, reinforcing its competitive edge in the Eastern skincare market [6] Quality Control and Production - Product quality is a cornerstone of Plant Doctor's valuation and development, with a strict selection of high-altitude plant materials and a state-of-the-art production facility in Guangdong [8] - The company has invested in a 38,000 square meter factory to enhance its R&D, manufacturing, storage, and logistics capabilities, with 109 million yuan from the IPO earmarked for technological upgrades [8] - A rigorous three-tier testing system exceeding national standards ensures that every product batch undergoes safety, stability, and efficacy evaluations, minimizing quality risks [8] Future Outlook - The IPO will serve as a catalyst for Plant Doctor to intensify its research on high-altitude plants and new product development, while optimizing its integrated online and offline retail strategy [10] - The company aims to increase market penetration of its core product matrix and work towards its vision of making Chinese cosmetics globally loved, contributing to the high-quality development of domestic beauty brands [10]

Core Viewpoint - The company, Beijing Plant Doctor Cosmetics Co., Ltd., is striving to become the first single-brand beauty stock in A-shares, but faces scrutiny over its business model, core competitiveness, and management issues amidst its capital market ambitions [1]. Expansion Path Anchored by Stores - Since its establishment in 1994, the company has focused on a single-brand strategy in the high-altitude plant skincare segment, collaborating with institutions like the Kunming Institute of Botany to create a differentiated advantage with "Chinese brand, Chinese ingredients" [2]. - As of the end of 2024, the company operates 4,328 chain stores, surpassing the total number of stores of comparable competitors like L'Occitane and Lin Qingxuan [2]. - Offline sales have consistently contributed 70% to 80% of total revenue, with 3,830 authorized franchise stores accounting for about 88% of total stores, generating over 60% of the company's main business income [2]. Stagnation in Growth and Costs of Franchise Model - Despite the large number of stores, the company's revenue has stagnated around 2.1 billion yuan from 2022 to 2024, with a compound annual growth rate of less than 1%, contrasting sharply with competitors like Proya and Marubi, which have around 30% growth [4]. - The franchise model has led to lower profitability, with a gross margin of 58.9% in 2024, significantly lower than competitors like Proya (71.41%) and Beitaini (73.84%) [4]. - The extensive franchise network has created internal control and compliance issues, delaying the company's IPO process by 19 months due to significant deficiencies in internal control systems [4]. Management Crisis from Franchise Model - The franchise model has resulted in product quality and customer experience issues, exemplified by a product that exceeded safety standards by 21 times and ongoing compliance risks with unlicensed stores [5]. - In 2024, the number of franchise stores decreased by 294, indicating a decline in the previously advantageous franchise model [5]. R&D Challenges and Product Future - The company exhibits a tendency to prioritize sales over R&D, with sales expenses totaling 2.185 billion yuan from 2022 to 2024, compared to only 216 million yuan in R&D investment [7]. - The R&D team has shrunk from 166 to 130 members, with a decrease in the proportion of highly educated personnel [7]. - The company relies heavily on external collaborations for core technologies, raising concerns about its long-term product competitiveness [8]. Operational Efficiency and Cash Flow Pressure - Key operational efficiency metrics, such as inventory turnover and total asset turnover, have shown a downward trend from 2022 to 2024, indicating reduced inventory turnover and asset utilization [9]. - Despite stable profit growth, the net cash flow from operating activities dropped by 23.97% in 2024, raising concerns about the quality of revenue [9].

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]