9退30进！美妆IPO风向变了

Core Viewpoint - The Chinese beauty industry is experiencing a significant capital wave, with a simultaneous rise in IPO enthusiasm and an increasing trend of delistings, indicating a "ice and fire" scenario in the capital market [1][10][15] Group 1: IPO Activity - As of August 26, 2023, Proya Cosmetics Co., Ltd. announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking the fourth beauty-related company to initiate an "A+H" dual listing this year [1] - Three beauty-related companies have successfully gone public this year, while at least 30 others are competing for capital market entry, covering various segments such as brands, raw materials, and operations [10][13] Group 2: Delisting Trends - Since 2025, at least nine beauty-related companies have faced delisting or termination risks, with five companies being forcibly removed from the market due to financial misconduct or information disclosure violations [2][4][5] - Companies like Puli Pharmaceutical and Jiu You Co. were forced to delist due to financial fraud, with Puli falsely inflating revenue by 1.029 billion yuan and profits by 669 million yuan over two years [4] - Other companies, such as Xingmei Co. and Senyu Group, faced delisting due to failure to disclose required financial reports, highlighting the increasing regulatory scrutiny in the capital market [5] Group 3: Strategic Withdrawals - Four companies, including Lin Sen Biological and Yasha Co., voluntarily chose to delist, citing reasons such as the high cost of maintaining a public listing and the need for greater operational flexibility [6][8] - The decision to withdraw from the market is often influenced by the perception that the costs and constraints of being listed outweigh the benefits, especially when valuations are low [8][9] Group 4: Market Dynamics - The beauty industry is undergoing a transformation, moving away from rapid growth driven by marketing and traffic to a focus on sustainable development and intrinsic value [15] - The capital market is conducting a "pressure test" and "value reassessment" of the industry, favoring companies with solid product capabilities, clear brand recognition, and sustainable profitability [14][15]