为什么是高山植物? 植物医生的故事，是从高山植物开始的。 这个品牌的定位很清晰，"高山植物，纯净美肌"。高山植物生长在海拔高、日照长、温差大的特殊环境 里，这样的条件让它们往往含有更丰富的活性成分，且受污染少。 为此，植物医生在云南建立了专门的研究基地，从源头开始培育和研究高山植物。这看似是品牌的一 个"情怀"选择，实际上也构建了其产品差异化的基础，在护肤品同质化严重的今天，独特的原料来源往 往能成为品牌最深的护城河。 最近几年，国内美妆市场有个越来越明显的趋势：消费者不再盲目追求国际大牌，反而对本土品牌、特 别是那些有"中国成分"背景的产品青睐有加。这背后，不仅是消费观念的转变，更有着文化自信的支 撑。 就在这股"国货潮"中，一个专注高山植物护肤的品牌——DR PLANT植物医生，正积极推动IPO进程， 计划登陆A股市场。一个靠"中国成分""单品牌店"起家的国货品牌，如何获得资本市场的认可? 在电商当道的时代，植物医生却依然重视线下门店的布局。 根据公开信息，品牌在全国拥有数千家门店。这些门店不仅是销售点，更是品牌与消费者直接沟通的窗 口。通过门店，消费者可以体验产品、获得护肤咨询，品牌也能更直接地收集市场 ...

随着人们生活水平的提高，以及在颜值焦虑与情绪价值的驱动下，护肤、化妆的人越来越多。如今我国已成为全球第 二大化妆品市场，并在多个细分品类中具备全球领先的增速与规模潜力，成为国际品牌争相布局的重点区域。 从人均消费来看，2024年中国人均化妆品消费金额为53美元，远低于美国（365.9美元）、日本（226.9美元）和韩国 （256.3美元），未来随着居民收入的提高，以及美容护理习惯的普及，仍存在增长空间。 目前，我国化妆品市场中不仅有欧莱雅、宝洁、雅诗兰黛等国际巨头，还有珀莱雅、自然堂、百雀羚等国产品牌，近 期又有国产化妆品公司冲击IPO。 格隆汇获悉，近日，北京植物医生化妆品股份有限公司（简称"植物医生"）更新招股书，拟冲击深主板上市，保荐人 为中信证券。植物医生致力于高山植物护肤产品的研发、生产和销售，2024年营收超21亿元。 如今化妆品生意好做吗？不妨通过植物医生来一探究竟。 1 聚焦护肤品领域，以经销模式为主 化妆品行业可分为护肤品、护发用品、彩妆、口腔护理品、沐浴用品、婴孩童专属用品、男士护理品、防晒用品、香 水等细分子行业。 其中，护肤品兼具美观与皮肤健康管理功能，已从传统的清洁、保湿等基础护理， ...

定位"高山植物，纯净美肌"的植物医生再次冲刺上市。 近日，植物医生递交招股书，拟发行股票不超过2666.67万股，计划募资约9.98亿元，其中约53%、对应5.26亿元资金将用于营销渠道及品牌建设项 目。 营收降，分红增 根据招股书，植物医生成立于1994年，其致力于高山植物护肤产品的研发、生产和销售，聚焦于"植物医生"品牌，凭借对多种高山植物的持续深度研 发，基于其品类和功效，公司推出了"石斛兰紧致淡纹""积雪草舒缓特护""紫灵芝多效驻颜"等多个产品系列。 从品类来看，"植物医生"品牌的产品包括水乳膏霜、精华及精华油、面膜、彩妆以及身体护理等产品，其中水乳膏霜的业绩贡献常年维持在50%以 上，精华及精华油则在20%以上。 不过，从财务端来看，近年来植物医生的增长已经开始停滞。2022年至2024年，植物医生分别实现营收21.17亿元、21.51亿元、21.56亿元；对应净利 润分别为1.68亿元、2.29亿元、2.42亿元，同比增速从2023年的36.3%降至2024年的5.7%。 截至2025年6月末，植物医生实现营收9.6亿元，不及2024年全年的一半；净利润为0.79亿元，只有2024年全年的32.6 ...

Core Viewpoint - DR PLANT, a prominent player in the Chinese cosmetics market, has made significant progress in its IPO journey, with its application for listing on the Shenzhen Stock Exchange accepted, moving closer to becoming the first single-brand cosmetics store listed on A-shares [1] Group 1: Company Background and Growth - The foundation of DR PLANT's IPO is rooted in the founder's strategic transformation and over 30 years of experience in the cosmetics industry [3] - The founder, Xie Yong, transitioned from engineering to sales in a French cosmetics company, leading to the establishment of DR PLANT after the brand's withdrawal from the Chinese market due to compliance issues [3] - The company evolved from a brand agent to a retailer, opening its first independent skincare store in 2004, pioneering a multi-brand sales model [3][4] Group 2: Competitive Advantages - DR PLANT's core competitiveness lies in its differentiated positioning focused on high-altitude plant skincare, creating a diverse product matrix that meets various consumer needs [5] - The company ranks first among single-brand cosmetics stores in China by projected retail sales for 2024 and has received international recognition as a leading plant-based skincare brand [5] Group 3: Revenue and Marketing Strategy - The company has adopted a unique channel strategy, with offline stores contributing 75.94% of total revenue, achieving sales exceeding 2.1 billion yuan in 2024 [6] - DR PLANT effectively engages consumers through youthful and scenario-based marketing, collaborating with popular celebrities to enhance brand visibility and drive sales growth [6] Group 4: Research and Development - R&D is a critical driver of DR PLANT's sustainable development, with significant investments in innovation, maintaining over 3% of revenue dedicated to R&D [7] - The company has established a comprehensive R&D framework, including partnerships with research institutions, resulting in 212 patents, enhancing its technological foundation for the IPO [7][8] Group 5: IPO Details - DR PLANT aims to raise approximately 998 million yuan through its IPO, with CITIC Securities as the sponsor, marking a significant milestone in its growth trajectory [8]

Core Viewpoint - The rise of domestic beauty brands in China is highlighted, with the IPO of Plant Doctor adding significant momentum to this trend [1] Group 1: Company Overview - Plant Doctor has been established for over 30 years in the Chinese cosmetics industry, focusing on the development, production, and sales of high-altitude plant skincare products [3] - The brand positions itself with the slogan "High-altitude plants, pure beauty," leveraging unique advantages of "Chinese brand, Chinese ingredients" [3] Group 2: Product and Market Position - Plant Doctor has developed a comprehensive product matrix, including various high-altitude plant series such as "Dendrobium Tightening and Smoothing," "Centella Asiatica Soothing Care," and "Purple Ganoderma Multi-effect Anti-aging," covering a wide range of skincare products [3] - The company has a significant offline presence with 4,328 chain stores by the end of 2024, showcasing its channel advantage [5] - Plant Doctor has received multiple industry recognitions, including being named the second in the beauty and body care sector by the China Chain Store and Franchise Association for 2022 and 2023, and ranking first among cosmetics companies [5] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.12 billion, 2.15 billion, and 2.16 billion yuan respectively, with net profits of approximately 158 million, 230 million, and 243 million yuan, indicating a compound annual growth rate of 24% [5] - The consistent profitability enhances the foundation for Plant Doctor's IPO [5] Group 4: Research and Development - Plant Doctor employs a dual approach of independent and collaborative research and development, with a structure of "one center, five bases," which is a core competitive advantage [7] - As of May 31, 2025, the company holds 212 patents, including 59 invention patents, demonstrating its strong R&D capabilities [7] - R&D investments from 2022 to 2024 were approximately 73.77 million, 75.88 million, and 66.33 million yuan, representing 3.48%, 3.53%, and 3.08% of revenue respectively, ensuring a stable foundation for future innovation [7] Group 5: IPO Significance - The funds raised from the IPO will enhance Plant Doctor's overall strength and are expected to drive further achievements in the beauty industry [9] - The successful IPO will mark a significant milestone for the brand and provide new insights and momentum for the development of the domestic beauty industry [9]

Core Viewpoint - The rise of domestic beauty brands in China is breaking the monopoly of international brands, with the IPO of Plant Doctor marking a significant milestone in this trend [1][12]. Group 1: Company Overview - Plant Doctor has been established since 1994, focusing on high-altitude plant skincare products, which has allowed it to carve out a unique market position [3]. - The brand's core positioning is "High-altitude plants, pure beauty," emphasizing its commitment to Chinese ingredients and brand identity [3]. Group 2: Product Development - Plant Doctor has developed a competitive product matrix, including various high-altitude plant series such as "Dendrobium Tightening and Anti-wrinkle" and "Cordyceps Revitalizing Luxury," catering to diverse consumer needs [3]. - The company offers a wide range of products, including lotions, creams, serums, and masks, showcasing strong product innovation capabilities [3]. Group 3: Financial Performance - The company's revenue from 2022 to 2024 is projected to be 2.12 billion, 2.15 billion, and 2.16 billion yuan, respectively, with net profit increasing from 158 million to 243 million yuan, reflecting a compound annual growth rate of 24% [5]. - This financial performance underscores Plant Doctor's solid market position and growth potential, providing a strong foundation for its IPO [5]. Group 4: Channel Strategy - Plant Doctor has established a robust online and offline channel strategy, with 4,328 retail stores by the end of 2024, enhancing consumer access and service experience [6]. - The brand has received recognition as a leading single-brand skincare store globally, further boosting its IPO prospects [6]. Group 5: Online Presence - The company has actively developed its online presence through platforms like JD, Tmall, Douyin, and Kuaishou, which has significantly contributed to its market share [8]. - Plant Doctor was recognized as the leading single-brand cosmetics store in China by 2024, enhancing its brand strength [8]. Group 6: Research and Development - Plant Doctor emphasizes R&D, with a dual approach of independent and collaborative research, and has established a research center with the Kunming Institute of Botany [10]. - The company holds 212 patents, including 59 invention patents, and has consistently invested in R&D, accounting for approximately 3% of its revenue [10]. Group 7: IPO Fund Utilization - The 998 million yuan raised from the IPO will be allocated to marketing, brand building, R&D center construction, production technology upgrades, and information system enhancements [12]. - These investments are expected to strengthen the company's brand influence, R&D capabilities, and operational efficiency, fueling future growth [12].

Core Viewpoint - The beauty industry is experiencing a surge in IPOs, with companies like Plant Doctor gaining attention for its unique positioning and product offerings in the market [1][16]. Company Overview - Plant Doctor has submitted its IPO application to the Shenzhen Stock Exchange, with CITIC Securities as its sponsor, highlighting its status as a distinctive national beauty brand [1]. - The company has developed a comprehensive product matrix featuring high-altitude plant series, catering to diverse consumer skincare needs and showcasing strong product innovation and market insight [1]. Financial Performance - Plant Doctor's revenue for 2022, 2023, and 2024 is projected to be 2.117 billion, 2.151 billion, and 2.156 billion yuan respectively, with net profits of 158 million, 230 million, and 243 million yuan, indicating stable growth and solid operational capabilities [3]. - The total assets for 2024 are estimated at 1.824 billion yuan, with equity attributable to the parent company at 1.000 billion yuan, and a debt-to-asset ratio of 31% [4]. Market Position - As of the end of 2024, Plant Doctor operates 4,328 stores, ranking first among single-brand cosmetics stores in China based on all-channel retail sales [6]. - The company ranks seventh among domestic brands in the Chinese skincare market in terms of product retail sales for 2024, affirming the success of its single-brand strategy [6]. Business Strategy - Plant Doctor has adopted a single-brand strategy, differentiating itself from mainstream beauty brands that compete heavily in online traffic [6][16]. - The company has established a comprehensive sales model that includes both direct and indirect sales channels, with a focus on offline retail and a growing online presence through platforms like JD, Tmall, Douyin, and Kuaishou [12][16]. Research and Development - The company emphasizes R&D, with a dual approach of independent and collaborative research, and has established a robust R&D framework with multiple bases [13]. - As of May 31, 2025, Plant Doctor holds 212 patents, including 59 invention patents, reflecting its commitment to innovation [13]. Future Outlook - The acceptance of its IPO marks a new beginning for Plant Doctor, which aims to leverage capital market opportunities to enhance its core competitiveness and continue leading in the beauty industry [16].

Core Viewpoint - The company, Plant Doctor, has officially received approval for its IPO application on the Shenzhen Stock Exchange, aiming to raise 998 million yuan, marking a significant step in its development and potentially revitalizing the beauty industry [1][8]. Group 1: Company Overview - Founded in 1994, Plant Doctor has over 30 years of experience in the Chinese cosmetics market, focusing on high-altitude plant skincare with a brand positioning of "High-altitude plants, pure beauty" [3]. - The company has established a strong differentiation in the competitive beauty market through deep exploration and innovative application of local plant resources, promoting "Chinese brand, Chinese ingredients" [3]. Group 2: Research and Development - Plant Doctor has built a robust R&D system, featuring an innovation structure of "one center, five bases," including a research center in collaboration with the Kunming Institute of Botany [3]. - As of May 31, 2025, the company holds 212 patents, with 59 being invention patents, showcasing its strong technical innovation capabilities [3]. - R&D investments from 2022 to 2024 are projected at 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan, consistently representing over 3% of revenue, reflecting a commitment to technological innovation [3]. Group 3: Product Portfolio - Leveraging its strong R&D capabilities, Plant Doctor has developed a diverse product matrix that includes lotions, creams, serums, and masks, with notable products like "Dendrobium Tightening Anti-Wrinkle" and "Centella Asiatica Soothing Care" [5]. Group 4: Financial Performance - The company's financial data shows a steady increase in revenue from 2.12 billion yuan in 2022 to 2.16 billion yuan in 2024, with net profits rising from 158 million yuan to 243 million yuan during the same period, indicating a compound annual growth rate of 24% [6][7]. - Key financial metrics for 2024 include total assets of 1.82 billion yuan, equity attributable to shareholders of 1 billion yuan, and a net profit margin of 11.27% [7]. - The company has maintained a healthy cash flow, with net cash flow from operating activities reaching 381 million yuan in 2024 [7].