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].