2025年，中国美妆行业的资本化进程呈现出一场结构性的"群体迁徙"。CBO根据公开信息统计，超过30家产业链企业密集涌向全球各大交易所，从上游原 料到下游零售，全产业链集体叩响资本市场大门。 这并非简单的融资热潮，而是行业在流量见顶后，向"硬科技"与"全球化"要增长的一次集体宣誓。资本，正以其苛刻的眼光，重新定义产业的估值体系， 从追捧营销爆款，转向青睐技术壁垒与品牌韧性。 据不完全统计，截至2025年底，美妆产业链已有5家企业成功上市，另有超过25家处于上市进程中的不同阶段。这场资本化运动呈现出清晰的产业链全覆 盖特征： | | | 2025年美妆企业上市/启动上市一览 | | | --- | --- | --- | --- | | 公司名称 | 企业类型 | 目标市场/交易所 | 上市进程 | | 颖通控股 | 美妆运营商 | 港股 | 6月26日上市 | | Pitanium Limited | 美妆零售商 | 美股(纳斯达克) | 5月30日上市 | | 聚水潭 | 电商SaaSERP提供商 | 港股主板 | 10月21日上市 | | 禾元生物 | 生物医药 | A股 (科创板) | 10月28日上市 ...

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].