品牌剖析 深度报告 美周新品 数据榜单 行业扫描 成分专研 趋势洞察 ● > #趋势洞察 @ 0 @ � 4 . ● � � . . 66 . . o e . . . . | 0 . . . . 0 . . . . e e 0 . ● "美妆产业 全链逐鹿IPO" 2025年美妆行业资本化的浪潮未歇，2026年开年便呈现密集发力态势：1月内，国货个护龙头半亩花田母公司山东花物堂、功效护肤代表HBN母公司深圳 护家科技相继向港交所递交招股书，此外，多家媒体披露，零售巨头屈臣氏已确定本轮IPO承销商，也意味着港伦双重上市再迈进了一步。 这些最新动态，为早已硝烟弥漫的美妆行业IPO战场，再添了一把旺火。 据用户说不完全统计，2025年至2026年1月已有近40家美妆企业密集发力，剑指A股、港股及美股市场。此次冲刺呈现出全产业链集体出战的态势：从上 游的原料包材商，到中游的品牌与运营商，再到下游的零售及数字服务商，无一缺席。 但繁荣背后，现实却很骨感。成功敲钟者寥寥，绝大多数企业仍身处上市辅导或递交招股书的漫长候场，在资本门槛前徘徊。即便如此，这些先行探路者 的动作，仍为行业提供了关键参照——它们究竟踩准了怎样的资本 ...

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]

Core Insights - The beauty industry in China is experiencing a significant wave of capital activity, with over 20 beauty-related companies attempting IPOs in the first half of the year, marking a shift from the previous years' downturn [2][3] - The recent listing of Ying Tong Holdings on the Hong Kong Stock Exchange has made it the first publicly traded perfume company in China, highlighting the growing interest in beauty sector IPOs [1][2] Industry Trends - The number of beauty companies seeking IPOs has surged, with 8 companies making progress in June alone, indicating a potential window for listings due to consumer recovery and industry upgrades [1][2] - The capital market's attitude towards beauty companies has shifted from "indifferent" in 2023-2024 to more favorable, following regulatory changes that support quality enterprises in the consumption sector [2][3] Company Developments - Companies like Lin Qingxuan and Gu Yu are in the race for their respective "first stock" titles in niche segments, with Lin Qingxuan reporting a revenue of 1.21 billion yuan for 2024, positioning itself as a leading domestic high-end skincare brand [4] - The raw material sector is also active, with companies like Weiqi Technology and Jia Kai Biological pushing for IPOs, reflecting a comprehensive engagement across the beauty industry supply chain [4] Market Dynamics - The Hong Kong Stock Exchange has become a preferred listing venue for beauty companies, driven by favorable policies and higher international capital recognition, contrasting with previous preferences for the Shenzhen Stock Exchange [5][6] - In the first half of the year, the Hong Kong Stock Exchange raised a total of 106.71 billion HKD, a significant increase of 688.54% compared to the same period in 2024, indicating a robust market for new listings [6]

Core Viewpoint - The beauty industry in China is expected to experience a wave of IPOs, driven by recent supportive policies from the government aimed at encouraging quality consumer companies to go public [1][9]. Group 1: IPO Developments - A total of 25 domestic beauty-related companies have made progress in their IPOs this year, with 7 companies taking steps towards listing on the Hong Kong Stock Exchange [2][6]. - The Hong Kong Stock Exchange has become an ideal destination for beauty companies, with several firms, including Lin Qingxuan and Ying Tong Holdings, preparing for listings [6][7]. - The recent policy changes from six government departments are expected to accelerate the IPO processes for beauty companies that had previously faced stagnation [1][7]. Group 2: Market Trends - The emergence of "first stocks" in various segments of the beauty industry, such as "the first stock of hyaluronic acid" and "the first stock of Chinese perfume," indicates a rising competitive landscape and differentiation among companies [7][8]. - The current trend shows that while some companies are targeting Hong Kong for their IPOs, others are still in the advisory phase for A-share listings, reflecting a diverse approach to market entry [7][13]. Group 3: Policy Implications - The new guidelines from the government encourage equity financing for qualified consumer companies, which may lead to a more favorable environment for beauty brands to list [12][15]. - The shift from a restrictive IPO environment to one that supports consumer brands suggests a potential revitalization of the beauty sector, with expectations of increased activity in the capital markets [11][15].

Core Viewpoint - Gu Yu Biotechnology Group Co., Ltd. has initiated its IPO process, marking a significant step in its growth trajectory within the beauty industry, leveraging unique product offerings and a strong online presence to capture market share [1][2][3]. Company Overview - Gu Yu was founded on March 24, 2010, with a registered capital of 36 million RMB, and is headquartered in Guangzhou [1]. - The company is primarily engaged in the manufacturing of cosmetics, specifically focusing on skincare products with unique ingredients like Glabridin [1][3]. - The founder, Wang Anning, has extensive experience in the cosmetics industry, having worked in his family's supply chain and developed numerous formulations before establishing Gu Yu [3][6]. IPO Progress - Gu Yu has signed a counseling agreement with CITIC Securities on March 27, 2025, to prepare for its IPO, officially starting the process for listing on the A-share market [1][10]. - The company has undergone a name change and shareholding restructuring in early 2024, indicating readiness for public offering [7][10]. Market Position and Performance - Despite being a latecomer compared to established brands like Proya and Han Shu, Gu Yu has rapidly gained recognition, ranking third in the Douyin beauty category in early 2023 [2][11]. - The brand's GMV (Gross Merchandise Volume) has shown significant growth, reaching 9 billion RMB in 2021, doubling to 22 billion RMB in 2022, and projected to reach 35 billion RMB in 2023 [11][13]. - Gu Yu's sales strategy focuses on multi-channel distribution, successfully leveraging platforms like Douyin, Kuaishou, and Tmall to maximize reach and sales [11][21]. Product Strategy - The company has developed a product matrix centered around its unique ingredient, Glabridin, with a focus on "big single products + gift sets" [23][24]. - Gu Yu's best-selling products include the third-generation snow skin water and cream sets, which have sold over 125,800 units [23]. Challenges and Future Outlook - Gu Yu faces challenges related to high dependency on a single brand for revenue, which poses risks compared to competitors with diversified brand portfolios [26][27]. - The company is also navigating the complexities of high-end market positioning, as it attempts to penetrate the premium segment while maintaining its value-oriented brand image [32][34]. - The ongoing development of its research capabilities and potential expansion into offline channels will be crucial for sustaining growth and competitiveness in the evolving beauty market [34][41].