Group 1 - The beauty industry is experiencing a significant wave of capital influx, with over 30 beauty-related companies expected to pursue IPOs in the first half of 2025, nearly three times the total for 2023 [5][6][9] - The number of beauty companies waiting for IPOs continues to rise, with more than 20 companies rapidly advancing their IPO processes, including 8 companies that made progress in June alone [2][4] - The recent policy changes from regulatory bodies, including the support for quality enterprises in the consumption sector, have created a favorable environment for beauty companies to access capital markets [7][8][16] Group 2 - The beauty industry has seen a drastic reduction in IPO activity during 2023-2024, with only 10 companies listed compared to 17 in 2021-2022, indicating a cold market sentiment [6][7] - The Hong Kong Stock Exchange has become a popular choice for listings, with many companies, including Ying Tong Holdings and Lin Qingxuan, opting for this market due to its favorable conditions and high international capital recognition [14][16][17] - The competition for being the "first stock" in various segments of the beauty industry is intensifying, with companies like Lin Qingxuan and Gu Yu aiming for significant titles in the market [9][11][18] Group 3 - The beauty industry is entering a phase of high-quality development, with the market size exceeding 1 trillion yuan for two consecutive years, making it the largest cosmetics market globally [20][21] - Companies are increasingly focusing on technological innovation and brand building, which are essential for gaining capital market recognition and achieving sustainable growth [28][30][32] - The future competitive landscape will favor companies that can establish strong research and development capabilities and effective multi-channel operations, as these will be key to long-term success [30][32]

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].