（原标题：东南亚淘金路：美妆出海如何与不确定性共存丨出海观察） 近期，21世纪经济报道记者专访了美尚集团首席财务官兼海外业务负责人赵剑，透过他的讲述，来试图 摸清美妆出海的水温和潮水走向。 "美妆出海东南亚，我们最开始是用跨境电商的方式进去的，但做着做着就会发现不去当地不行，一来 只做电商终归会有规模的天花板，很难放量，二来坐在国内办公室，你根本不知道东南亚的消费者喜欢 什么、流行在发生什么变化。"赵剑回忆起2022年底探索出海业务的情形，当时，走电商的渠道切入东 南亚市场，是投入小、风险也相对低的稳妥之策，但慢慢摸到"天花板"后，他作为海外业务的负责人， 开始调整方向，"出海有一个字就是你得'出'去，不能简单地坐在广州办公室里做出海的生意。" 去到当地后，团队看到了一些传说中的"代差"——东南亚这片市场从流行审美到产品，基本还是由欧 美、日韩这些国际品牌主导，所以不少彩妆护肤品类在色彩、质地、功效上并没有真正贴合当地人，习 惯了欧美、日韩风格的东南亚人之前普遍也对这些差异不敏感。但捕捉到这些空白的中国品牌，寻找到 了突围的突破口，也就是因地制宜地开发和丰富SKU，来精准满足当地市场需求。 南方财经 21世纪 ...

奉贤区位于上海南部，北枕黄浦江，南临杭州湾，拥有21.6公里的江岸线和41.4公里的海岸线，具有通江达海的独特区位。 "十四五"以来，奉贤紧扣"奉贤美、奉贤强"战略目标，聚焦"五美五强"发展蓝图，在经济、战略、城建、生态、乡村、民生六大领域实现跨越式发展。 李窑村：稻田咖啡、田园书院，"整村运营"玩出圈！ 200 Toshing 1994 6.15 and the complete 80万 20 the state r and the state of lle Call 潘洁 摄 近日，上海市政府新闻办组织的"实干绘答卷 接力新蓝图"上海"十四五"规划成果系列集体采访活动，走进奉贤区。 在奉贤区青村镇东南部，藏着一座宝藏村落——李窑村。这里东临卫季村，南接申隆生态园万亩林地，西连姚家村，北靠青村老街历史风貌区，3.18平 方公里的土地上，18个村民小组、827户人家枕水而居，连片稻田随风起伏，河道水系纵横交错，悠久文脉与田园风光在此交融。 李窑村副书记何孝文介绍称，凭借得天独厚的资源禀赋和区位优势，李窑村以"整村运营"为抓手，借着乡村振兴的东风大力升级：农宅改建得雅致宜 居，河道疏浚后清水潺潺，道路黑化提升通 ...

Group 1 - The core point of the article is that Jala Group, known for its brand Naturals, is facing significant challenges despite its upcoming IPO, including weak performance, low profit margins, and heavy reliance on marketing over research and development [1][11][12] - Jala Group's revenue growth has been sluggish, with projected revenues of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting an average annual growth rate of only about 3.5%, significantly lower than the overall growth rate of the domestic beauty industry [4][5][7] - The company's net profit margins are low, with figures of 3.24%, 6.80%, and 4.13% from 2022 to 2024, and only reaching 7.81% in the first half of 2025, indicating operational inefficiencies and cost structure issues [7][8][9] Group 2 - Jala Group has heavily invested in marketing, with sales and marketing expenses reaching 24.45 billion, 24.06 billion, and 27.16 billion from 2022 to 2024, accounting for over 54% of annual revenue, yet this has not translated into significant revenue growth [8][9][10] - The company's research and development spending has decreased, with R&D expenses dropping from 1.2 billion in 2022 to only 0.4 billion in the first half of 2025, resulting in a declining R&D expense ratio from 2.8% to 1.7%, which is well below the 3%-5% standard of international beauty giants [9][10][11] - Jala Group's over-reliance on its core brand Naturals is evident, with revenue contributions from this brand accounting for 94.6%, 95.9%, and 95.4% from 2022 to 2024, indicating a lack of effective growth from its other brands [10][11][12] Group 3 - The company is struggling to transition to a high-end market, with attempts to launch premium products failing to resonate with consumers, as evidenced by poor sales of its high-priced Gold Diamond Micro-sculpting series [11][12][13] - Jala Group's governance structure raises concerns, as the founding family's control over 87% of voting rights may hinder strategic flexibility and professional decision-making, especially in an industry that increasingly values scientific research and data-driven approaches [12][13][14] - The upcoming IPO represents a significant milestone for Jala Group, but achieving a true high-end brand status requires overcoming challenges related to brand dependency, marketing-heavy strategies, and governance issues [13][14]

Core Viewpoint - The natural堂 Group, known for its iconic slogan "You are beautiful," has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of operation [1] Group Overview - Founded in 2001 by Zheng Chunying, the natural堂 Group has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple product lines including "美素" and "春夏" [2][3] - The company has strategically navigated through various market channels, becoming a leading brand in cosmetics retail, particularly in second and third-tier cities [3] Financial Performance - The natural堂 brand accounts for approximately 95% of the group's total revenue, indicating a heavy reliance on a single brand [8][9] - Revenue figures for the group show a steady but slow growth, with total revenues of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - The net profit figures from 2022 to 2024 show volatility, with profits of 1.39 billion, 3.02 billion, and 1.90 billion, leading to a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [9][10] Investment and Strategic Partnerships - The group has recently attracted strategic investments from L'Oréal and 加华资本, raising a total of 7.42 billion, which is expected to enhance its technological capabilities and market confidence [1] - The company plans to utilize the funds raised from the IPO to strengthen its direct-to-consumer (DTC) capabilities, expand its brand portfolio, and increase product development investments [11] Challenges and Future Directions - The group faces challenges such as weak R&D investment, which has decreased from 2.8% in 2022 to 1.7% in 2025, while marketing costs remain high [10] - The attempt to enter the high-end market with the 金钻微雕系列 has not performed well, raising concerns about its competitive positioning [11] - The recent rebranding from 伽蓝集团 to natural堂 Group signifies a shift in strategy, aiming to leverage capital market opportunities for transformation into a technology-driven beauty enterprise [11]

Core Insights - Natural堂 Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of establishment [1] - The company has recently secured investments from L'Oréal and Gahua Capital, which provide both financial backing and technological support, but faces significant challenges such as reliance on a single brand and weak R&D investment [1] Company Overview - Founded by Zheng Chunying in 2001, Natural堂 has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple sub-brands over the years [4][5] - The company has successfully navigated various market changes, becoming the leading brand in cosmetics specialty stores within two years of its inception [5] Financial Performance - Natural堂's revenue heavily relies on its flagship brand, accounting for approximately 94.6% to 95.9% of total revenue from 2022 to 2025 [9] - The company's revenue growth has been modest, with figures of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - Net profit has shown volatility, with figures of 1.39 billion, 3.02 billion, and 1.90 billion from 2022 to 2024, resulting in a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [10] Strategic Challenges - The company has faced criticism for its declining R&D investment, which fell from 2.8% in 2022 to 1.7% in the first half of 2025, while sales and marketing costs remain above 54% [10] - Natural堂's attempts to enter the high-end market with its Gold Diamond Micro-sculpting series have not performed well compared to competitors, raising concerns about its market positioning [10] Future Plans - The IPO proceeds are intended to enhance DTC capabilities, diversify the brand portfolio, increase product development investment, and expand overseas [11] - The company is opening flagship stores to improve customer experience and strengthen brand image, with the first store launched in Shenzhen [11]

Core Viewpoint - Chando Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant transformation opportunity for the company as it aims to evolve into a technology-driven beauty enterprise with the support of capital markets [1][8]. Company Overview - Founded by Zheng Chunying in 2001, Chando Group has established itself as a prominent domestic cosmetics brand in China, initially focusing on high-end anti-aging products and later expanding its brand portfolio [3][4]. - The company has historically capitalized on various market trends, successfully navigating through different retail channels, including specialty stores and e-commerce [4]. Financial Performance - Chando Group's revenue has shown steady but slow growth, with figures of 4.292 billion, 4.442 billion, and 4.601 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of only 3.5% [6]. - The company's net profit has exhibited volatility, with figures of 139 million, 302 million, and 190 million for the years 2022, 2023, and 2024 respectively, resulting in a net profit margin of 7.8% in the first half of 2025, which is significantly lower than its competitors [7]. Brand Dependency - Chando Group relies heavily on its single brand, which accounted for approximately 94.6% to 95.9% of total revenue from 2022 to 2025, indicating a failure in its multi-brand strategy [6][2]. - The rebranding from "Jialan Group" to "Chando Group" in January 2024 highlights the company's struggle to diversify its brand portfolio [6]. Investment and Strategic Moves - The recent investments from L'Oréal and Himalaya International, amounting to 442 million and 300 million respectively, have provided the company with both capital and technological backing [1][2]. - The company plans to utilize the funds raised from the IPO to enhance its direct-to-consumer capabilities, expand its brand matrix, increase product development investment, and explore international markets [8]. Market Position - Chando Group is recognized as one of the top domestic cosmetics brands in China, having ranked among the top two in retail sales for 12 consecutive years from 2013 to 2024 [4].

Core Viewpoint - The news highlights the IPO application of CHANDO, a well-established Chinese beauty brand, aiming to enter the Hong Kong stock market with a valuation exceeding 7.1 billion RMB, backed by significant investments from L'Oréal and other capital firms [3][5][6]. Company Overview - CHANDO has been in operation for 25 years and is now the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [4][7]. - The company has a diverse brand portfolio, including CHANDO, Biorrier, MAYSU, SPRING SUNMER, and others, covering various product categories such as skincare, makeup, and personal care [7][8]. - The flagship brand, CHANDO, has consistently contributed over 94% of the company's total revenue from 2022 to 2025 [7][11]. Financial Performance - Revenue figures for CHANDO from 2022 to 2025 are projected to be 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a significant increase in gross margin from 66.5% in 2022 to 70.1% in the first half of 2025 [7][11]. - The company has a registered membership of 37.7 million, with a repurchase rate of 32.4%, indicating a stable customer base [8]. Investment Backing - L'Oréal invested 442 million RMB and Cahua Capital invested 300 million RMB in CHANDO, holding 6.67% and 4.20% of shares, respectively, leading to a pre-IPO valuation exceeding 7.1 billion RMB [6][10]. Market Position and Challenges - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating a low concentration [11]. - CHANDO's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, which have higher growth rates [11]. - The brand's international recognition and market share are limited, with a need to leverage L'Oréal's backing to expand overseas [11][12]. Industry Trends - The domestic beauty market is evolving, with Chinese brands capturing approximately 55.2% market share by 2024, reflecting a growing preference for local products among consumers [12]. - The competition is intensifying, with brands focusing on research and development, emphasizing patent acquisition and scientific investment [12].

记者丨刘婧汐 编辑丨高梦阳 刘雪莹 "你本来就很美"，这句广告语你是否熟悉？没想到这个老牌美妆背后，站着一个东北汉子。 近日，成立25年的自然堂全球控股有限公司正式向港交所递交上市申请。此次IPO自然堂带着 欧莱雅4.42亿元、加华资本3亿元的投资背书， 以超71亿元的估值入场。 | 编纂]項下的[编纂]數目 | | : [編纂](視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | | : [編纂](可予重新分配) | | [編纂]數目 | | : [編纂](可予重新分配 | | | | 及視乎[編纂]行使與否而定) | | 最高[編纂] | : . | 每股[編纂]港元,另加1.0% | | | | 經紀佣金、0.0027％證監會交易徵費、 | | | | 0.00015%會財局交易徵費及 | | | | 0.00565%聯交所交易費(須於[編纂] | | | | 時以港元繳足且多繳股款可予退還) | | 面值 | . . | 每股股份[0.00002]美元 | 据弗若斯特沙利文数据，以2024年零售额计，自然堂已跻身 中国第三大国货化妆品集团，年 营收超45亿元。 ...

Core Viewpoint - The recent IPO application by Naturando Global Holdings Limited marks a significant move in the Chinese beauty market, reflecting both the company's ambition to prove its strength in the capital market and the competitive pressures faced by mid-tier beauty brands in a saturated market [1][6]. Company Overview - Naturando, established 25 years ago, has submitted its IPO application to the Hong Kong Stock Exchange with a valuation exceeding 7.1 billion RMB, backed by investments from L'Oréal (442 million RMB) and Cahua Capital (300 million RMB) [1][2]. - The company has positioned itself as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [1][3]. Financial Performance - Naturando's revenue figures for 2022 to 2024 are reported as 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a revenue of 24.48 billion RMB in the first half of 2025 [3]. - The gross profit margins have shown a steady increase, from 66.5% in 2022 to 70.1% in the first half of 2025 [3]. Brand Portfolio - The company has developed a diverse brand portfolio, including Naturando, Pofuyan, Chunsummer, Meisu, and Jichu, covering various categories such as skincare, makeup, personal care, men's grooming, and children's care [3]. - Naturando remains the most recognized brand, contributing over 94% of total revenue from 2022 to 2025 [3]. Shareholding Structure - The Zheng family, as the founders, have structured the shareholding to protect their interests, with a complex offshore holding setup ensuring control over the company [4][5]. Market Position and Competition - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating low concentration [7]. - Naturando's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, highlighting the need for enhanced growth strategies [7]. Industry Trends - The domestic beauty market is experiencing a shift, with local brands capturing approximately 55.2% market share by 2024, indicating a growing preference for domestic products among consumers [8]. - The competition is intensifying, with brands engaging in a "scientific arms race" to enhance their research and development capabilities, which is crucial for capital investment [8].

Core Viewpoint - The Chinese beauty brand Chando, backed by the Zheng family, is preparing for an IPO on the Hong Kong Stock Exchange, with a valuation of approximately 71.4 billion yuan after recent investments from global beauty giant L'Oréal and Capital Group [2][3][8]. Company Overview - Chando, founded in 2001, has grown into a major player in the beauty industry, achieving annual revenues exceeding 4.6 billion yuan [2][4]. - The company is primarily controlled by the Zheng siblings, who hold over 87% of the shares, with Zheng Chunying's personal wealth reaching 11 billion yuan [2][3]. - The brand's marketing slogan, "You are already beautiful," reflects a shift in consumer culture towards confidence and self-identity [5]. Business Development - Zheng Chunying transitioned from a civil servant to an entrepreneur, initially exploring various business ventures before establishing Chando in Shanghai [4]. - The brand's growth strategy involved a gradual expansion from lower-tier cities to higher-end markets, leveraging television advertising and sponsorships, such as with the Chinese diving team during the London Olympics [6][8]. - Chando has maintained a family-oriented management style, which has contributed to its resilience during industry changes [6][8]. Market Context - The Chinese beauty market is projected to reach 1,073.8 billion yuan by 2024, with significant shifts in competition dynamics, including the rise of domestic brands and the decline of foreign brands in the high-end segment [7][8]. - The company faces pressure to adapt to changing consumer preferences and market conditions, necessitating a structural upgrade in branding, research and development, and distribution strategies [7][8]. Financial Position - Chando recently completed a financing round of 742 million yuan, with L'Oréal contributing 442 million yuan, enhancing its capital base and market credibility [8]. - The company's online sales have surged, with online revenue accounting for 68.8% of total sales by 2024, indicating a strong digital presence [8]. - Despite a high gross margin of over 70%, the company has seen a 37.1% decline in net profit due to increased marketing expenditures [9][10]. Governance and Challenges - The company's governance structure is characterized by family control, which can lead to efficient decision-making but may raise concerns among investors regarding minority rights and transparency [10][11]. - Chando's reliance on its flagship brand for over 90% of revenue poses a risk if market dynamics shift or consumer interest wanes [9][10]. - The company must navigate challenges related to research and development investment and regulatory scrutiny over packaging practices as it approaches its IPO [10][11].