The direct answer is that the brief does not prove Doctor Plant runs a franchise model, but it does identify a material question for readers to verify: whether the same store cooperation system is being described differently to regulators and to potential merchants. That matters because the distributor channel generated 1.402 billion yuan in 2025 revenue, accounting for more than 60% of total revenue, and because 3,788 of the company's 4,268 offline stores at the end of 2025 were authorized specialty stores opened by distributors. The key due-diligence issue is not the label alone, but the substance: brand use, operating control, fees, profit source, and risk bearing.
| 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 BITGETWhat The Brief Shows
Doctor Plant updated its IPO prospectus and is continuing its push for the Shanghai Main Board, according to the supplied brief. The brief says the company had 4,268 offline chain stores at the end of 2025, including 480 directly operated terminal stores and 3,788 authorized specialty stores opened by distributors.
The financial picture is mixed. Revenue in 2025 was 2.167 billion yuan, up 0.53% year over year, while attributable net profit was 218 million yuan, down by more than 10%. The brief also says the company's 2025 net profit margin was 10.02%, up 1.79 percentage points.
The Core Disclosure Question
The regulatory focus, as described in the brief, is whether Doctor Plant's sales model should be treated as a franchise model. The inquiry reportedly asked the company to explain the model by reference to trademark and brand use, operating control, whether stores paid franchise fees, profit sources, and who bore operating risks.
Doctor Plant's position in the brief is that it does not operate a franchise model because it does not charge franchise fees, management fees, or brand-use fees, and because its profit mainly comes from selling products to distributors. The tension is that the brief says the company's website also had a page labeled "franchise support" under a merchant-joining section.
Why The Channel Model Matters
This is not just a wording issue because the channel is central to the business. The distributor model contributed 1.402 billion yuan in 2025 revenue, accounting for more than 60% of total revenue. If investors misunderstand the economics or control structure of that network, they may misread the durability of revenue, margin quality, and store-level risk.
The brief describes authorized stores using unified brand signage and image while selling Doctor Plant products. It also says the website described support that included store-location evaluation, store-image design, cashier software support, pre-opening training, monthly training, opening preparation, opening activity support, and later operational coaching. Those facts make the exact boundary between distributor support and franchise-like operation important to examine.
Growth And Store Efficiency
The supplied brief frames Doctor Plant as having reached a slower-growth phase. Its 2025 revenue barely increased, and net profit declined by more than 10%. It also says comparable listed beauty companies had average 2025 revenue of 6.098 billion yuan, about 2.8 times Doctor Plant's revenue.
The company is responding by tightening offline store efficiency. Authorized distributor stores totaled 3,788 at the end of 2025, down by 336 from 2023. The brief says the company strengthened single-store cost-benefit assessment and negotiated the closure of some low-performing distributor stores.
Online Transition
Doctor Plant is also trying to extend its offline customer base online. The brief says Xiaozhi Mall lets consumers scan a store or sales associate QR code, bind to a corresponding store, then choose store pickup using store inventory or direct company shipment. Xiaozhi Mall generated 183 million yuan in 2025 revenue, close to 10% of total revenue.
The strategic logic is understandable from the supplied facts: the company has thousands of stores and a large member base, so online repeat purchasing could lift customer frequency without relying only on more store openings. The risk flagged by the brief is channel balance, especially how the company handles online and offline pricing.
Practical Checks For Readers
The first check is documentary consistency. Readers should compare the IPO prospectus, the inquiry response, and the merchant-facing website language to see whether the business substance is described consistently across audiences.
The second check is economic substance. Key questions include whether merchants pay any fees beyond product purchases, who controls daily operations, who bears inventory and store risks, how gross profit is earned, and whether store support changes the practical nature of the relationship.
The third check is execution quality. Store closures, flat revenue growth, profit decline, margin improvement, instant retail expansion, and Xiaozhi Mall revenue should be read together rather than as isolated signals.
Risk Disclosure And Bitget Context
This article is not financial advice and does not recommend buying, selling, or subscribing to any security, token, or product. The supplied brief itself includes a market-risk warning and says investment decisions remain the reader's responsibility.
For the commercial path attached to this article, the supplied CTA is BITGET official destination with code 7nfg8123. Treat that as navigation context only, not as a claim about rewards, rankings, traffic, registration, or investment outcomes.
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Review BITGETAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
Is Doctor Plant proven to be using a franchise model?
No. The supplied brief says Doctor Plant denies that its sales model is a franchise model. The issue raised by the brief is whether the company's merchant-facing "franchise support" wording is consistent with its regulatory-facing distributor explanation.
Why does distributor versus franchise wording matter?
It matters because the label can affect how readers assess control, fees, profit source, store risk, brand use, and disclosure consistency. The supplied brief says regulators asked about these exact types of factors.
How important is the distributor network to Doctor Plant?
Based on the supplied brief, it is central. In 2025, the distributor model generated 1.402 billion yuan of revenue, more than 60% of total revenue, and distributors operated 3,788 authorized specialty stores.
Does Xiaozhi Mall solve the growth problem?
The brief does not support that conclusion. Xiaozhi Mall generated 183 million yuan in 2025 revenue, close to 10% of total revenue, but the brief also says Doctor Plant still faces the challenge of balancing online and offline prices.
What should a reader verify before forming an investment view?
A reader should verify the original IPO filing, the inquiry response, the website's merchant-support language, store cooperation agreements, fee arrangements, operating-control terms, risk-bearing terms, and the trend in store closures and online revenue.
Is this Bitget analysis a trading recommendation?
No. This is a source-limited company-analysis article based only on the supplied brief. It does not provide financial advice, price targets, ranking claims, traffic claims, registration claims, or guaranteed outcomes.