国货美妆“第二梯队”暗涌资本野心

Core Viewpoint - The recent surge in interest for IPOs among domestic beauty brands in China is highlighted by the cases of 毛戈平 and 谷雨, indicating a potential new wave of listings in the beauty sector despite challenges in the A-share market [1][5]. Group 1: IPO Attempts and Challenges - 东方妍美 has submitted its prospectus for a Hong Kong IPO, projecting revenues of 12.88 million yuan and 14.52 million yuan for 2023 and 2024, respectively, with a growth rate of 12.7% in 2024 [1]. - 毛戈平 has faced multiple failed attempts to list on the A-share market, ultimately shifting its focus to the Hong Kong market after years of effort [2][3]. - Other beauty brands like 环亚科技 and 相宜本草 have also encountered significant hurdles in their IPO journeys, with the latter terminating its listing plans after several attempts [3][4]. Group 2: Market Conditions and Regulatory Environment - The new "国九条" policy has raised the listing thresholds for A-share companies, making it increasingly difficult for beauty brands to go public [4]. - The recent success of beauty companies like 芭薇股份 and 敷尔佳 in A-share listings contrasts with the struggles of others, indicating a selective market environment [6]. Group 3: Growth and Performance of 谷雨 - 谷雨 has shown rapid growth, with sales reaching 5 billion yuan in 2024, positioning it among the top beauty brands in China [6][7]. - The brand's reliance on a single product line and online sales channels poses potential risks, as indicated by its heavy dependence on e-commerce platforms [7][8]. - 谷雨's marketing strategy involves significant spending on promotions and collaborations, raising concerns about sustainability and profitability [8]. Group 4: Other Brands and Future IPO Plans - Brands like 林清轩 and 伽蓝集团 are reportedly preparing for IPOs, with 林清轩 experiencing a 50% growth in sales despite a challenging market [9][10]. - 花西子 has shown strong sales performance but has not pursued external funding, leading to speculation about its IPO intentions [11]. - 橘宜集团 has completed multiple financing rounds and is preparing for a potential IPO, indicating a trend among beauty brands to consider public listings [12].