The direct answer is that the supplied brief does not prove Plant Doctor runs a franchise model, but it does identify a disclosure-consistency question. Plant Doctor told regulators its model is distribution and said it does not collect franchise fees, management fees, or brand-use fees. At the same time, the brief says the company's website used franchise-support language for prospective merchants and described support across site selection, store design, opening preparation, training, and later operations. Until the company gives a fuller explanation, the issue is best read as an unresolved channel-disclosure risk rather than a settled regulatory conclusion.
| Primary source | Wallstreetcn |
|---|---|
| Reported at | 2026-07-14T11:06:00.000Z |
| Topic | 公司 |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
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Review OKXWhat The IPO Question Is
The supplied July 14, 2026 brief says Beijing Plant Doctor Cosmetics Co., Ltd. updated its IPO prospectus and continued its push for a Shanghai main board listing. The controversy centers on how its store network is described: as distributor-operated in IPO materials, but with franchise-support wording in merchant-facing website materials.
Plant Doctor's response to the first-round inquiry was that it did not operate a franchise model. The reason given in the brief was that the company does not charge franchise fees, management fees, or brand-use fees, and its profit mainly comes from selling products to distributors.
Why The Store Network Matters
The store network is material because it supports most of the company's revenue. By the end of 2025, Plant Doctor had 4,268 offline chain stores, including 480 direct stores and 3,788 authorized stores opened by distributors.
The brief says these authorized stores use a unified Plant Doctor signboard and brand image and sell products supplied by the company. That operating appearance is why the distributor-versus-franchise distinction became important in the first-round inquiry.
Financial Pressure In The Brief
The company was not showing strong growth in the supplied 2025 figures. Revenue was RMB 2.167 billion, up only 0.53% year over year, while net profit attributable to the parent was RMB 218 million, down by more than 10%.
The brief also says the average 2025 revenue of comparable listed beauty companies named in the report was RMB 6.098 billion, about 2.8 times Plant Doctor's revenue. That comparison frames why channel quality, store productivity, and online growth matter to the IPO story.
Offline Retrenchment And Online Extension
Plant Doctor is described as tightening offline store economics rather than simply adding more stores. The number of authorized distributor stores at the end of 2025 was 3,788, down 336 from 2023, after the company strengthened single-store cost-benefit assessment and closed some underperforming distributor stores.
The brief says the company is also extending the offline network online through Xiaozhi Mall. Customers can enter through store or sales-associate QR codes, bind to a store, and choose store pickup, store inventory consumption, or direct company delivery. Xiaozhi Mall generated RMB 183 million in 2025, close to 10% of revenue.
Evidence Limits
This article is based only on the supplied event brief. It does not independently verify the full IPO prospectus, the regulator's complete inquiry record, the company's live website, or any later company response.
The brief supports a narrow conclusion: there is a reported mismatch between regulatory-facing distribution language and merchant-facing franchise-support language. It does not establish final regulatory treatment, legal liability, listing approval odds, or future business performance.
Practical Checks For Readers
A useful reading checklist starts with the economics: whether fees are charged, where profit is earned, who controls store operations, who bears inventory and operating risk, and how brand and trademark use are governed.
A second check is consistency. If a company uses one set of terms in securities filings and another set in merchant recruitment, readers should look for a clear bridge explaining why the two descriptions are not contradictory. Without that bridge, the disclosure question remains open.
Risk And OKX Context
Nothing in the supplied brief should be treated as a recommendation to buy or sell securities, crypto assets, or any related product. Market news can help readers ask better questions, but it does not replace their own risk review.
The supplied OKX route for this page is OKX official destination with code 7nfg8123. Treat it as a navigation option only, not as a performance claim, reward claim, ranking claim, or investment recommendation.
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Review OKXAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
Is Plant Doctor definitely operating a franchise model?
The supplied brief does not establish that. It says Plant Doctor denied having a franchise model and argued that it does not collect franchise fees, management fees, or brand-use fees. The unresolved issue is the contrast with franchise-support language used toward prospective merchants.
Why does the distributor-versus-franchise distinction matter for an IPO?
It matters because the store model affects how readers understand revenue sources, operating control, brand obligations, risk sharing, and disclosure consistency. In this brief, distributor-mode revenue contributed more than 60% of 2025 revenue.
What were Plant Doctor's main 2025 financial figures in the brief?
The brief says 2025 revenue was RMB 2.167 billion, up 0.53% year over year, and net profit attributable to the parent was RMB 218 million, down by more than 10%. It also says 2025 net margin was 10.02%, up 1.79 percentage points.
How many stores did Plant Doctor have by the end of 2025?
The brief says Plant Doctor had 4,268 offline chain stores at the end of 2025. Of those, 480 were direct terminal stores and 3,788 were authorized stores opened by distributors.
What is Xiaozhi Mall's role in the story?
Xiaozhi Mall is described as an online extension of Plant Doctor's offline store network. Customers can enter through store or guide QR codes, bind to a store, and place orders for pickup, store inventory use, or direct company delivery. The brief says it generated RMB 183 million in 2025.
Does this article provide financial advice?
No. It summarizes and analyzes the supplied brief only. It does not recommend buying, selling, subscribing to, or avoiding any security, crypto asset, or platform product.