近日，中国知名美妆企业自然堂全球控股有限公司正式向港交所递交招股书，迈出资本化重要一步。招股书显示，2022年至2025年上半年，公司收入从 42.9亿元增至24.2亿元，呈现出稳步增长的态势。然而，在这份亮眼财报的背后，一系列结构性问题正悄然浮现——品牌结构单一、研发投入不足、产品 质量投诉频发、劳动合规问题屡现，这些问题共同构成了自然堂上市之路上的多重隐忧。 信任危机：产品质量与售后服务双重失守 消费者端的反馈进一步暴露了自然堂在产品质量管控和售后服务方面的短板。黑猫投诉平台上累计1229条相关投诉中，直接指向商家的达607条，集中反 映了产品使用后严重过敏、质量瑕疵、发货错漏及售后推诿等突出问题。 多位消费者投诉使用产品后出现红肿、长痘等过敏反应，却难以获得及时赔偿；有消费者质疑产品保质期存疑、发货少件错件；更有多位消费者指出客服 态度不友好、处理拖延，直言"对自然堂售后很失望"。这些具体案例不仅反映了产品质量管控的漏洞，更揭示了品牌在消费者关系管理上的系统性缺失。 图片来源：黑猫投诉 图片来源：黑猫投诉 尤其值得关注的是，2023年上海市市场监督管理局的化妆品包装监督抽查中，自然堂四款礼盒及套装因包装 ...

Core Viewpoint - The Hong Kong stock market is expected to welcome a new consumer star, Chando Group, which has officially submitted its IPO application to the Hong Kong Stock Exchange [1][2]. Industry Overview - The Chinese cosmetics industry is entering a new growth cycle, benefiting from changing consumer demands and supply upgrades, with Chando positioned to gain significantly [4]. - The market is witnessing a shift towards quality, diversity, and personalization in consumer preferences, leading to increased demand for domestic brands [4][5]. - The market size of the Chinese cosmetics industry is projected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2029, reaching approximately 1.29 trillion by 2029 [4]. Company Positioning - Chando is recognized as a leading player in the Chinese cosmetics sector, ranking as the third-largest Chinese cosmetics group by retail sales in 2024, and has maintained a strong market presence for over 12 years [8][9]. - The brand has achieved top rankings in consumer awareness, purchase frequency, and repurchase intention among mass-market cosmetics brands [8]. Competitive Advantages - Chando has established a robust research and development (R&D) capability, focusing on product quality and efficacy, which is crucial in the competitive cosmetics market [11][12]. - The company has developed unique ingredients, such as the "Extreme Yeast" component, which significantly reduces production costs while enhancing product effectiveness [14][16]. - Chando's comprehensive multi-channel strategy includes extensive online and offline sales networks, ensuring broad market coverage and consumer engagement [17][18]. Strategic Outlook - The company is well-positioned to become the next new consumer star, supported by its strong market position and unique strategic layout [19].