近日，国内高山植物护肤品牌DR PLANT植物医生的IPO进程更新，这家以超过4200家线下门店构筑实 体网络、以"高山植物"破局研发同质化的企业，拟登陆深交所主板上市。 在营销驱动的美妆行业，植物医生的招股书罕见地将大量篇幅给予了研发架构与科技成果。这清晰地表 明，其差异化竞争的核心，是系统性的科研能力构建。 植物医生最独特的资产，是其与中国科学院昆明植物研究所的深度绑定。双方联合设立的中科昆植植物 医生研发中心，构成了产品创新的"大脑"。以此为中心，公司在北京、广东、云南、江苏乃至日本东京 布局了五大研发基地，形成了覆盖基础研究、原料开发、配方工艺、临床测试及东方护肤科学研究的全 球化研发网络。截至2025年10月，公司已取得223项专利，其中发明专利68项，这为其构筑了坚实的知 识产权护城河。 最具代表性的成果，是围绕"石斛兰"的深度开发。通过专利技术将大分子石斛多糖转化为更易吸收的石 斛寡糖，并证实其对促进肌肤胶原蛋白再生的功效，相关技术荣获"全国商业科技进步一等奖"。这项从 实验室到产业化的成功转化，验证了其"产学研"模式的效率，也打造了年销售过亿的明星产品系列。这 种以扎实科学背书突破"成分故事" ...

其中，"一个中心"专注于产品基础研究和新品研发;"五大基地"包括昆明植物护肤研发实验室、北京亚 太皮肤科学研究所、广东顺德植物护肤配方及临床研究基地、日本东京汉方护肤科学研究中心和植物医 生-江南大学中国化妆品原料成分研发基地，形成了覆盖原料研究、配方开发、生产工艺、品质保证等 全链条的研发体系。 近日，深圳证券交易所官网更新了植物医生IPO项目动态，正式启动冲刺A股主板上市进程。 植物医生自创立以来始终聚焦于高山植物护肤赛道，坚持"高山植物，纯净美肌"的品牌战略定位。招股 说明书显示，作为国内率先将高山植物理念与产品研发相结合的化妆品企业，其通过持续的技术创新和 市场开拓，已构建起"中国品牌、中国成分"的差异化竞争优势，在消费者中建立起天然、安全、高效的 品牌认知。 品牌与中国科学院昆明植物研究所建立了深度合作关系，联合设立中科昆植植物医生研发中心，并在此 基础上形成了独特的"一个中心、五大基地"研发架构。 值得注意的是，植物医生研发团队在高山植物活性成分研发方面取得了显著成果，尤其在石斛兰领域实 现了重要突破。通过与中国科学院昆明植物研究所的长期合作研究，其创新性地将大分子石斛多糖经过 专利工艺制取为分子 ...

Core Insights - The long-term vitality of the brand is rooted in differentiated core competitiveness, emphasizing the need to build unique value barriers to cultivate a trust-based consumer group [1] - DR PLANT, a brand focused on high-altitude plant skincare, is set to launch an IPO on the Shenzhen Stock Exchange, driven by its brand strategy of "high-altitude plants, pure beauty" and systematic research capabilities [1] Research and Development - The foundation of the brand's competitiveness lies in its deep commitment to research, having established the "Chinese Academy of Sciences Kunming Plant Research Institute R&D Center" in 2014 to conduct systematic studies on high-altitude plant skincare [3] - High-altitude plants possess strong resistance and higher active substance content compared to ordinary plants, aligning with modern consumer demands for "pure beauty" [3] - The brand combines traditional Chinese herbal essence with modern technology, achieving global recognition with products like Dendrobium and Qingci fruit, and has been certified as the "global leader in Dendrobium skincare retail sales" by Euromonitor [3] R&D Infrastructure - The research system has evolved into a "1 center + 5 bases" structure, covering the entire chain from basic research to industrial application [4] - The Tokyo R&D center, established in 2016, serves as an "international bridge," integrating advanced extraction technologies from Japan with Chinese high-altitude plant resources to develop customized products for overseas markets [4] - As of October 31, 2025, this system has generated 223 patents, with the "Key Technology Research and Industrial Application of Dendrobium Active Extract" project winning a national award for commercial technological progress, showcasing industry-leading capabilities [4] Market Channels - The brand has established a unique "experience + sales + service" model through a dense network of 4,269 offline stores, enhancing the synergy between research, products, and channels [6] - The brand has received recognition as the "number one single-brand cosmetics store in China" and has gained loyal users in overseas markets such as Japan and Indonesia [6] IPO and Future Plans - The IPO aims to raise funds, with 260 million yuan earmarked for upgrading the R&D center to further strengthen technological barriers [7] - The brand views the IPO as a new starting point to continuously activate its research potential and deepen its global layout in the single-brand store sector [9] - This research-driven development path injects substantial growth momentum into the brand and propels domestic beauty products from price competition to value competition [9]

Core Viewpoint - The IPO of Plant Doctor, a company focused on high-altitude plant skincare and a single-brand chain model, reflects a significant shift in the Chinese cosmetics industry towards brand value and sustainable business models after a period of intense competition and marketing frenzy [1] Group 1: Company Overview - Plant Doctor has over 30 years of experience and integrates traditional wisdom from the Naxi culture into its modern brand strategy, emphasizing "high-altitude plants for pure skin" [3] - The company has established a robust research and development network, collaborating with the Kunming Institute of Botany since 2014, and has created a global R&D network with five bases [3] - Plant Doctor has developed a core ingredient, "Dendrobium oligosaccharides," through extensive research on high-altitude plants, which has led to market success for its flagship product line [3] Group 2: Business Model - The company focuses on a single-brand chain model, maintaining over 4,200 stores globally, which enhances brand experience and customer trust [4] - This model creates significant channel control and operational efficiencies, supported by a large network that provides valuable consumer data for product development [4] - Plant Doctor has been recognized as a leading single-brand skincare store by Euromonitor International for three consecutive years, validating the effectiveness of its business model [4] Group 3: Market Context - The cosmetics industry is moving away from rapid expansion driven by traffic and price competitiveness, with increasing pressure from homogenization and profit margins [5] - Investors and consumers are now favoring brands with clear differentiation, solid technological foundations, and sustainable profit models [5] Group 4: IPO and Future Prospects - The funds raised from the IPO will be used to enhance R&D and upgrade the global store network, reinforcing the company's competitive advantages [6] - The successful expansion into markets like Japan and Thailand demonstrates the cross-cultural appeal of its "high-altitude plant" positioning and single-brand model [6] - The journey of Plant Doctor's IPO signifies a broader trend in the Chinese cosmetics industry towards high-quality development, emphasizing brand value and operational focus [6]

Core Viewpoint - The IPO review status of Beijing Plant Doctor Cosmetics Co., Ltd. has been updated to "inquired," marking a critical stage in its journey to list on the Shenzhen Stock Exchange, representing a significant leap for a Chinese brand rooted in technology and culture to go global [1] Group 1: Brand Philosophy and Strategy - The brand's philosophy is deeply influenced by the wisdom of the Naxi ethnic group's herbal medicine, emphasizing the use of natural plant resources for skincare [3] - Plant Doctor has established a differentiated strategy by combining traditional high-altitude plant resources with modern skincare technology, creating a unique path for "Chinese brand, Chinese ingredients" [3] - The brand has successfully built a strong image of being natural, safe, and effective in the minds of global consumers, laying a solid foundation for market expansion [3] Group 2: Research and Development - The company has established the "Chinese Academy of Sciences Kunming Plant Research Institute Plant Doctor R&D Center," which serves as the cornerstone of its research capabilities [3] - Plant Doctor has developed a global R&D network with a structure of "one center, five bases," covering various locations including Beijing, Kunming, Shunde, Wuxi, and Tokyo, ensuring a complete closed-loop from basic research to industrial application [3] - The innovative transformation of large molecular Dendrobium polysaccharides into more absorbable Dendrobium oligosaccharides exemplifies the company's strong R&D capabilities, contributing to the success of its flagship product series with annual sales exceeding 5.8 billion yuan [5][6] Group 3: Market Presence and Sales Channels - Plant Doctor has adopted a unique channel model that deeply integrates products and services, focusing on offline chain operations rather than relying solely on online traffic [6] - As of June 2025, the company has over 4,200 single-brand stores globally, serving more than 30 million members across multiple countries and regions [6] - The brand has been recognized as a leader in the beauty and body care industry in China for three consecutive years and has received certification as a "global leader in single-brand skincare specialty stores" from Euromonitor International since 2023 [6] Group 4: Global Expansion and Corporate Responsibility - The company has made steady progress in its global expansion, with successful entries into markets such as Japan, Singapore, and Thailand, showcasing its vision of making the world love Chinese cosmetics [8] - Plant Doctor adheres to the philosophy of respecting nature, valuing science, and giving back to society, aligning its actions with the goals of the United Nations Development Programme (UNDP) [8] - The funds raised from the IPO will be used to enhance R&D innovation, upgrade brand image, and expand global marketing channels, positioning the company as a cultural ambassador and a responsible enterprise [8]

Core Insights - The Chinese beauty industry is undergoing a significant transformation driven by consumer upgrades and cultural confidence, with local brands focusing on cultural empowerment and technological innovation to build core competitiveness [1][3] - The IPO of Plant Doctor represents a crucial milestone for the brand and serves as a model for the feasibility of "cultural capitalization" in the beauty sector, providing a new financial perspective and industry reference for the high-quality development of domestic beauty brands [1][4] Industry Development - The cultural empowerment of domestic beauty brands has evolved from superficial symbol integration to a systematic approach that spans research, production, and marketing [1] - According to iResearch, 72% of Generation Z consumers consider brand cultural connotation when choosing beauty products, and 68% are willing to pay a premium for "cultural recognition," pushing brands to delve deeper into local culture [1][2] Plant Doctor's Strategy - Plant Doctor has transformed cultural resources, such as traditional skincare wisdom from "Compendium of Materia Medica" and local skincare secrets from Yunnan, into core inspirations for product development [2] - The establishment of the "Chinese Academy of Sciences Kunming Plant Research Institute Plant Doctor R&D Center" has led to over 200 research projects, validating the skincare efficacy of local plant ingredients scientifically [2] - The annual sales of the Dendrobium series have exceeded 1 billion yuan, showcasing the successful integration of cultural core, modern technology transformation, and market emotional resonance [2] Capitalization Process - The strategic significance of Plant Doctor's IPO extends beyond its own development, addressing the slow capitalization process in the beauty industry, which is characterized by light assets and high margins [3] - Plant Doctor's unique highland plant culture creates a differentiated advantage in market competition, allowing it to maintain a gross margin above 60% and ensuring sustainable profitability [3] - The IPO is expected to set a benchmark for the cultural empowerment track of domestic beauty brands, with a valuation potentially exceeding 10 billion yuan [3] Market Outlook - The ongoing recovery of the national economy and increasing consumer confidence provide a favorable market environment for the capitalization of the beauty industry [4] - The Chinese beauty sector is projected to increase its global market share to over 15% by 2025, breaking the monopoly of international brands in the high-end market [4] - Plant Doctor aims to leverage its IPO as a new starting point to integrate global R&D resources and channel networks, promoting highland plant culture and Eastern skincare wisdom worldwide [4]

Core Insights - The IPO of Plant Doctor is seen as a significant event marking the transition of the domestic beauty industry from a focus on traffic to value competition [1][8] - The integration of cultural empowerment and scientific research is becoming a core competitive advantage in the beauty industry [3][6] Financial Performance - Plant Doctor's revenue projections for 2022-2024 are 3.26 billion, 3.58 billion, and 3.85 billion yuan, with a compound annual growth rate (CAGR) of 8.9% [5] - The net profit attributable to the parent company for the same period is projected to be 410 million, 480 million, and 590 million yuan, with a CAGR of 24%, significantly exceeding the industry average [5] - The company's debt-to-asset ratio is expected to decrease from 42% in 2022 to 31% in 2024, indicating strong financial health [5] Strategic Initiatives - The IPO aims to raise 999.8 million yuan, with allocations of 520 million for marketing and brand building, 310 million for upgrading the research center, and 168 million for production base renovation [5] - The establishment of a 20-year strategic partnership with the Kunming Institute of Botany to create a research center demonstrates a commitment to cultural and scientific integration [3][6] Market Positioning - Plant Doctor has obtained 212 patents, including 48 invention patents, enhancing its technological barriers and product premium capabilities [6] - The brand's recognition and customer loyalty are bolstered by its certification as the top global retail brand in the iron skin orchid skincare category by Euromonitor [6] Industry Implications - The progress of Plant Doctor's IPO signifies a new phase of "value pricing" in the domestic beauty industry, moving away from reliance on traffic [8] - As brands like Plant Doctor continue to explore cultural and scientific integration, the domestic beauty sector is expected to gain a stronger presence on the global stage [8]

Core Insights - The article highlights the journey of women entrepreneurs in China, particularly through the lens of the brand "Plant Doctor," which serves as a platform for these women to achieve economic independence and personal fulfillment [1][4][9]. Group 1: Company Overview - "Plant Doctor," established in 1994, is a high-end domestic beauty brand that collaborates with the Kunming Institute of Botany to create a research and development center, emphasizing scientific innovation and a franchise model [1][6]. - The brand has expanded to 4,328 stores nationwide, becoming a significant player in the beauty retail sector and a starting point for many female entrepreneurs [1][6]. Group 2: Entrepreneurial Journey - The article narrates the stories of women like Xie Qiaoli and Fu Yuanrong, who transitioned from challenging personal circumstances to becoming successful franchise owners of "Plant Doctor," showcasing resilience and determination [2][3][4]. - The brand provides a supportive environment for new entrepreneurs, offering training and financial incentives, such as waiving initial product costs and reducing startup expenses, which lowers the barrier to entry for aspiring businesswomen [7][8]. Group 3: Scientific Backing and Product Development - "Plant Doctor" benefits from a strong scientific foundation, having developed proprietary ingredients like Dendrobium polysaccharides, which have received European patent approval, enhancing the brand's credibility and product efficacy [6][12]. - The brand's commitment to quality and safety is reflected in its track record, with franchisees reporting no allergic reactions among customers, which builds trust and confidence in the products [6][12]. Group 4: Community and Ecosystem - The entrepreneurial ecosystem fostered by "Plant Doctor" emphasizes collaboration and shared success, with a clear promotion structure that encourages team members to grow together, creating a supportive community among female entrepreneurs [11][12]. - The brand's network of nearly 30 million members and extensive store presence not only facilitates product sales but also promotes a shared belief in beauty and wellness, enhancing the overall brand mission [12][13].

Core Viewpoint - The seminar on biodiversity protection, co-hosted by the UN Development Programme and Beijing Plant Doctor Co., highlighted the importance of biodiversity conservation and China's pivotal role in global efforts [1][2]. Group 1: Biodiversity Protection Initiatives - Since 2014, the company has collaborated with the Kunming Institute of Botany to promote biodiversity protection, launching various projects including the "High Mountain Plant Protection Action Project" in 2017 and upgrading it to the "UNDP-Plant Doctor Biodiversity Protection and Sustainable Development Project" in 2020, achieving significant results [2]. - By 2024, the project has restored 5,590 acres of alpine ecological environment in Yunnan, established a "Rare and Endangered Plant Resource Collection Garden" and a "Wild Alpine Flower Protection Base," and bred over 100,000 plants, alleviating the endangerment pressure on certain species [2]. Group 2: Community and Economic Impact - Community practices in Man Yuan Village, Xishuangbanna, have led to the restoration of the Longshan ecological environment through the cultivation of local medicinal plants, promoting eco-tourism and improving villagers' livelihoods [2]. - The flea grass planting project in Da Ka Lao Zhai and Gong Bing Xin Village has generated over 3 million yuan in income for 84 households, with a female participation rate of 50% [2]. Group 3: Business Model and Product Development - The company has benefited from the establishment of biodiversity protection guidelines for cosmetic raw materials, integrating local high-altitude resources into its supply chain, and developing high-altitude plant extract products that meet consumer demand for high-quality natural skincare [3]. - Cumulative sales of the Dendrobium series products have surpassed 5 billion yuan, demonstrating the commercial viability of sustainable practices [3]. - The founder emphasized that philanthropy should be viewed as an investment, with the Dendrobium patented products funding ecological initiatives and empowering local women through the flea grass industry, showcasing a sustainable model that harmonizes commercial value with ecological protection [3].

Core Viewpoint - The company, Plant Doctor, is pursuing an A-share listing while expanding its offline store presence, contrasting with competitors focusing on direct sales and online channels [2][3]. Group 1: Business Strategy - Plant Doctor has nearly 5,000 stores in less than 10 years since its establishment in 2016, with a strategy focused on offline expansion, adding over 500 stores annually [2][3]. - The company operates 4,328 stores as of the end of 2024, with 3,830 being authorized franchise stores and only 498 being directly operated [5][9]. - The franchise model allows Plant Doctor to provide comprehensive support to franchisees, including site selection and training, without taking a cut from their sales [7][10]. Group 2: Financial Performance - From 2022 to 2024, Plant Doctor's revenue was 21.17 billion, 21.51 billion, and 21.56 billion respectively, with net profits of 1.58 billion, 2.3 billion, and 2.43 billion [18]. - The company's gross margin from 2022 to 2024 was 55.23%, 60.35%, and 58.90%, which is lower than industry averages of 66.69%, 68.28%, and 70.47% [19][20]. - The company plans to raise 998 million for marketing and brand building, with 526 million allocated for marketing channels and brand construction [14][15]. Group 3: Market Positioning - Plant Doctor emphasizes emotional value in its customer service, offering free skincare services to customers who purchase products, which enhances customer loyalty [10][11]. - The company has engaged in significant brand-building efforts, including celebrity endorsements and media appearances, to enhance its market presence [16]. Group 4: Challenges - The franchise model has led to management challenges, with several franchise stores facing penalties for regulatory violations and product quality issues [16]. - Customer complaints regarding product safety and service quality have been noted, indicating potential risks to brand reputation [16].