The direct answer is that the supplied brief supports a disclosure-consistency concern, not a final conclusion of wrongdoing. Dr. Plant says its authorized stores are distributors and argues that it does not charge franchise fees, management fees, or brand-use fees. The brief also says its website used franchise-support language and described support covering site selection, store image design, opening preparation, training, software support, launch activities, and later operations coaching. Because distribution contributed more than 60% of 2025 revenue, the classification and wording matter for how readers assess business model transparency, channel control, and IPO risk.
| 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 Happened
According to the supplied brief, Beijing Dr. Plant Cosmetics Co., Ltd. updated its IPO prospectus and continued its push for the Shanghai Main Board. The company reported 2025 revenue of 21.67 billion yuan, up 0.53%, and net profit attributable to shareholders of 2.18 billion yuan, down by more than 10%.
The attention is not only on growth. The brief says Dr. Plant had 4,268 offline chain stores at the end of 2025, including 480 directly operated terminal stores and 3,788 authorized stores opened by distributors. The distribution model generated 14.02 billion yuan of 2025 revenue and accounted for more than 60% of revenue.
Why The Wording Matters
The brief says regulators asked Dr. Plant to explain whether its sales model was a franchise model by considering factors such as trademark and brand use, operational control, whether store opening involved franchise fees, profit sources, and risk bearing.
Dr. Plant denied that its sales model was a franchise model. Its stated reason, as summarized in the brief, was that it does not charge franchise fees, management fees, or brand-use fees, and that profit mainly comes from selling products to distributors.
Where The Tension Appears
The tension comes from the merchant-facing side. The brief says Dr. Plant’s website had a franchise-support page under a join-us section. That page reportedly described support for store location assessment, store image design, cashier software, pre-opening training, monthly training, opening preparation, opening activities, and later operational coaching.
On the facts supplied, that does not by itself prove a franchise classification. It does mean readers should compare the language used for regulators with the language used for potential merchants, especially because the same network is central to the company’s revenue base.
Business Model Signals
The brief describes a company with a clear offline base. Unlike some beauty companies with higher online revenue shares, Dr. Plant relies heavily on stores and has a large authorized store network using a unified brand image and selling company-supplied products.
The company is also adjusting the model. The brief says authorized distributor stores fell by 336 compared with 2023, and Dr. Plant attributed the decline from 2024 onward to stronger single-store cost-benefit assessment and negotiated closures of some low-performing distributor stores.
Online Shift
The brief says Dr. Plant is trying to combine offline stores with online repeat purchase rather than replacing the store system entirely. Xiaozhi Mall is described as a key tool: consumers can scan a store or sales associate QR code, bind with the relevant store, and choose store pickup using store inventory or direct company delivery.
Xiaozhi Mall generated 1.83 billion yuan in 2025 revenue, close to 10% of total revenue. The brief presents this as a possible extension of the offline network, while also noting that balancing online and offline pricing may become a challenge.
Evidence Limits
This article uses only the supplied event and brief. It does not rely on the full prospectus, the full regulatory inquiry reply, the live company website, later company clarification, regulator follow-up, listing timetable, allocation details, valuation data, or market pricing data.
The supported conclusion is therefore limited: the brief identifies a disclosure-consistency question and channel-risk question. It does not establish misconduct, predict listing approval or failure, or support a claim about future share price, traffic, ranking, registration, or conversion outcomes.
Practical Checks
A careful reader should compare the updated prospectus, inquiry replies, and merchant-facing recruitment materials on the same points: fee structure, trademark use, store control, pricing rules, inventory ownership, return obligations, training support, software use, store closure control, and risk bearing.
Readers should also track whether Dr. Plant clarifies the franchise-support wording, whether further questions are raised, whether low-efficiency store closures continue, and whether Xiaozhi Mall can grow without damaging offline distributor economics.
OKX Context
For readers using this as an OKX guide, the useful lesson is process discipline. Do not turn an IPO disclosure issue into a crypto trade signal. Separate verified facts from interpretation, identify the exact risk, and avoid treating marketing language as the same thing as regulatory disclosure.
If you choose to continue through the supplied OKX path, the brief provides OKX official destination and code 7nfg8123. Use it only after your own suitability, security, fee, and jurisdiction checks. No reward, registration, trading, ranking, or investment outcome is claimed here.
Risk Disclosure
This is informational content based only on the supplied brief. It is not financial advice and does not consider any reader’s investment objectives, financial condition, risk tolerance, or specific needs.
Market, IPO, and company disclosure information can change. The brief itself says whether the two communication lines amount to inconsistent information disclosure still awaits further explanation from Dr. Plant.
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Review OKXAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What is the main issue in the Dr. Plant IPO brief?
The main issue is whether Dr. Plant’s regulatory-facing description of its authorized store network as distribution is consistent with merchant-facing website language that uses franchise-support wording and describes broad store support.
Did the brief prove that Dr. Plant operates a franchise model?
No. The brief says Dr. Plant denied having a franchise model and argued that it does not charge franchise, management, or brand-use fees. The brief raises a consistency question but does not provide a final legal or regulatory conclusion.
Why do the store numbers matter?
They matter because the offline network is central to the business. At the end of 2025, the brief says Dr. Plant had 4,268 offline chain stores, including 480 directly operated stores and 3,788 authorized stores opened by distributors.
What financial signals should readers notice?
The brief highlights slow revenue growth and profit pressure in 2025: revenue was 21.67 billion yuan, up 0.53%, while net profit attributable to shareholders was 2.18 billion yuan and fell by more than 10%.
What is Xiaozhi Mall’s role in the brief?
Xiaozhi Mall is described as an online extension of the offline store network. Consumers can bind to stores or sales associates through QR codes, and 2025 Xiaozhi Mall revenue was 1.83 billion yuan, close to 10% of total revenue.
How should an OKX reader use this information?
Use it as a disclosure-reading checklist, not as a trading signal. Confirm the source, define the exact claim, separate operational facts from interpretation, and avoid decisions based on unsupported outcomes.