1. Report Industry Investment Rating - No information provided about the industry investment rating. 2. Core Viewpoints of the Report - The company's online sales channels, including those managed by the Shanghai and Hangzhou teams, have improved in terms of personnel, expertise, and operational efficiency, and the online sales performance meets expectations. The company will continue to recruit professionals to enhance operational efficiency [21]. - The proportion of non - patch products is increasing year by year, and the company will continue to diversify product forms to meet consumer needs [21]. - The online sales proportion has exceeded the offline proportion. The company's offline market has great potential, and it will increase efforts to expand the offline market in the future [21][23]. - The ROI of the Douyin platform improved significantly in 2025 through refined operations, and the company aims to further improve and stabilize it [21]. - In 2025, the company launched dozens of new products, including the Centella asiatica series, the oil - based skin - care series, etc. [23]. - The company has set internal sales targets for 2026 but has no publicly available performance guidance [23]. - The company's recombinant type III humanized collagen freeze - dried fiber has completed clinical trials, and the injection - type recombinant type III humanized collagen gel plans to start clinical trials this year [23]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Fuerjia. The reception time was on March 17, 2026. The listed company's reception personnel included Director and Board Secretary Deng Baijiao, Securities Affairs Representative Wu Hong, and Investor Relations Management IR Qi Xinxin [16]. 3.2 Detailed Research Institutions - The research institutions include Guohai Securities Co., Ltd. (represented by Li Yuchen), Rongtong Fund Co., Ltd. (represented by Ma Chunxuan), and Caitong Securities (represented by Yang Jiarui). Guohai Securities Co., Ltd. participated twice [17]. 3.3 Research Institution Proportion - No information provided about the research institution proportion. 3.4 Main Content Information - **Sales channels**: The Shanghai team is responsible for interest e - commerce platforms like Douyin, and the Hangzhou team is responsible for shelf e - commerce platforms like Tmall. The offline sales channels are divided into three teams for CS & KA channels, professional channels, and OTC channels [21]. - **Non - patch product proportion**: The proportion of non - patch products is increasing, and the company will continue to diversify product forms [21]. - **Online - offline proportion trend**: Initially, the offline proportion was higher, but now the online proportion has exceeded the offline proportion [21]. - **Douyin ROI**: The ROI on Douyin improved significantly in 2025, and the company aims to further improve and stabilize it [21]. - **New products in 2025**: Dozens of new products were launched, such as the Centella asiatica series, the oil - based skin - care series, etc. [23]. - **Performance guidance**: The company has set internal sales targets for 2026 but has no publicly available performance guidance [23]. - **Medical aesthetic product planning**: The recombinant type III humanized collagen freeze - dried fiber has completed clinical trials, and the injection - type recombinant type III humanized collagen gel plans to start clinical trials this year [23]. - **Offline market outlook**: The offline market has great potential, and the company will increase efforts to expand it in the future [23].

Sales Channels - The company has optimized its offline sales channels, which are now stable and divided into three teams: CS and KA channels, professional channels, and OTC channels [2] - The online sales team has improved in personnel configuration, professional capabilities, and operational efficiency, with sales performance meeting company expectations [2][3] - Initially, offline sales accounted for a larger share, but due to the rapid development of online channels, online sales now exceed offline sales [3] Product Strategy - The company has seen a gradual increase in the proportion of non-patch products as its product matrix diversifies [2][3] - In 2025, the company launched several new products, including the Centella Asiatica series and oil-based skincare products, available on major online flagship stores [3] Financial Performance - The company has set clear internal sales targets for 2026 and is optimistic about achieving good performance, although there are currently no public earnings guidance [3] - The ROI from Douyin (TikTok) has significantly improved in 2025 through refined operations, aligning with company expectations [3] Market Potential - The company perceives significant potential in the offline market, which currently has a relatively low coverage rate [3] - In 2025, the company laid a solid foundation for offline business through sales channel optimization, transformation of the distributor model, and expansion of the sales team [3] Medical Aesthetics - The company is progressing with the development of recombinant type III humanized collagen dry fibers, having completed clinical trials and preparing to submit application materials [3]

Core Insights - The company, Plant Doctor, is accelerating its IPO amidst intensifying competition in the Chinese cosmetics industry, focusing on high-altitude plant skincare as its niche market [1] - The brand's positioning of "high-altitude plants, pure beauty" aligns with consumer demand for natural, safe, and effective skincare ingredients, establishing a unique competitive advantage [1] Financial Performance - From 2021 to the first half of 2024, the company's revenue has consistently exceeded 2.1 billion yuan, with net profit increasing from 158 million yuan to 243 million yuan in 2023, reflecting a compound annual growth rate of 24% from 2022 to 2024 [2] - The net profit scale significantly surpasses the median level of industry peers, indicating strong profitability and industry representation [2] Channel Strategy - The company has developed a multi-channel strategy, with a focus on offline single-brand stores and an extensive online presence, achieving 4,269 offline stores by June 2025 [2] - The offline network not only generates substantial sales revenue but also serves as a brand image showcase and customer experience center, enhancing customer loyalty [2] Online Growth - Online channels act as a growth engine, with deep operations on platforms like Tmall and Douyin, and the introduction of the "Little Plant City" new retail model, which effectively channels offline traffic to online private domains [3] - This integration of online and offline sales has positioned the company as the top single-brand cosmetics store in China [3] R&D Investment - The company has invested nearly 250 million yuan in R&D during the reporting period, establishing a comprehensive research framework that includes basic plant research, formula development, and clinical testing across multiple locations [3] - As of October 2025, the company has secured 223 patents, ensuring continuous product innovation and rapid market responsiveness [3] Future Strategy - The IPO proceeds will be allocated to brand marketing, upgrading the R&D center, technological transformation of production bases, and information system development, outlining a clear strategic path for future growth [3] - By leveraging its focus on high-altitude plants, ongoing R&D, differentiated channel strategies, and clear brand positioning, the company aims to establish a competitive moat in the skincare market [3]