（来源：中国医药报） 产业链各环节企业纷纷入局 转自：中国医药报 □ 陆春燕 6月26日，香水巨头颖通控股正式登陆港交所，摘得"中国香水第一股"桂冠。这是2024年底至今年上半 年我国成功上市的第三家美妆相关企业，另外两家分别是高端个人护理产品零售公司Pitanium Limited 和皮肤管理品牌朴荷生物。 而等待IPO的美妆企业数量还在攀升。仅今年6月，就有8家公司传来冲击IPO进度的好消息，超过7家公 司已经开始递交招股书或申请被受理，涵盖品牌、原料、电商服务等全产业链。自2023年美妆类IPO数 量进入寒冬后，伴随消费复苏与产业升级浪潮，美妆企业或将迎来前所未有的上市窗口期。 行业复苏信号强烈 当前，美妆行业正迎来前所未有的资本化浪潮。据统计，今年上半年冲击IPO的美妆相关企业超过20 家。颖通控股、Pitanium Limited等企业捷报频传，林清轩、植物医生、维琪科技、谷雨等企业蓄势待 发，我国美妆产业的资本版图加速重构，高质量发展路径愈发明晰。 相比于2021年、2022年共计17家企业扎堆上市，2023—2024年美妆企业上市数量急转直下，尤其是2024 年，仅有4家企业上市，却有9家企业选 ...

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].