“全链”上市！美妆企业争做“第一股” 去年40多家相关企业冲刺IPO，也有10家告别资本市场

Core Insights - The beauty industry is experiencing a surge in IPO activity, with over 41 beauty-related companies aiming for IPOs since 2025, covering various segments of the supply chain [1][2] - The trend of companies seeking to become the "first stock" in their respective niches is prominent, with several brands targeting specific categories such as whitening and anti-hair loss [3] - Despite the IPO enthusiasm, there are challenges as 10 beauty-related companies have exited the capital market, indicating a stricter selection process by investors [4] IPO Activity - Numerous companies are preparing for IPOs, with notable brands like Gu Yu, Lin Qingxuan, and Plant Doctor submitting applications in 2025 [2][3] - The IPO wave includes not only brand companies but also raw material suppliers and packaging companies, indicating a comprehensive industry interest [2] - Specific milestones include Lin Qingxuan becoming the first high-end domestic skincare stock in Hong Kong and other brands aiming for dual listings [1][2] Financial Performance - In the first three quarters of 2025, eight listed beauty companies reported a total revenue of 27.707 billion yuan and a net profit of 3.753 billion yuan [5] - The leading company, Proya, achieved a revenue of 7.098 billion yuan, showing only a slight year-on-year increase of 1.89%, while Shanghai Jahwa reported a 10.83% growth [5] Industry Challenges - The beauty industry faces significant challenges, including a heavy reliance on marketing over research and development, which could hinder long-term growth [6][7] - Companies like Natural Hall and Lin Qingxuan have shown a concerning trend of low R&D investment compared to their marketing expenditures, with R&D costs declining as a percentage of revenue [6][7] - The industry's dependency on flagship products poses risks, as seen with Lin Qingxuan's reliance on its essence oil for revenue [7]