智通财经APP获悉，高盛发布报告，重申对化妆品零售商Ulta Beauty(ULTA.US)的"买入"评级，最新目 标价为 642 美元。该行认为，市场对Ulta的增长潜力和可持续性存在低估，其当前动能有望延续至2026 年。 通过整合分析谷歌趋势、HundredX、Bloomberg另类数据及Placer等多方数据源，高盛发现Ulta在第四季 度至今呈现出积极的势头。 具体表现为：谷歌搜索量在本季度呈上升趋势；衡量客户满意度的净推荐值（NPS）同比保持高位；同 时，Bloomberg数据与线下客流量趋势也均为正向。这些高频数据共同印证了其业务在近期维持了强劲 表现。 公司认为 Ulta 的同店销售加速得益于美妆行业的健康发展和公司强大的执行力。公司在营销、人工及 服务方面的投入已转化为市场份额的增长。此外，美妆行业依然保持稳健。 消费者行为分析公司 Circana 指出，美国零售业中最健康的板块是美妆，其金额和销量均在增长，这主 要受到产品创新以及行业向社交电商转型的驱动。 根据 Circana 的数据，在黑五和网络星期一期间，除高端美妆(由护发、彩妆和香水领涨)外，所有零售 类别的需求均未达预期。因此，高 ...

Group 1 - The core viewpoint of the article is that the IPO market for consumer companies in Hong Kong is expected to become active again in 2025, following a period of slowdown due to various regulatory and economic factors [2][3] - Since 2021, the capital market for consumer companies has faced challenges due to US-China trade tensions and a regulatory focus on "hard technology," leading to a significant slowdown in the capitalisation process for consumer enterprises [2][3] - In June 2024, a joint announcement by six government departments in China aimed to support quality consumer enterprises in financing through IPOs, which has led to a resurgence in consumer market confidence and activity [2][3] Group 2 - According to PwC data, 34% of new companies listed on the Hong Kong stock exchange in the first half of 2025 were in the retail, consumer goods, and services sectors [4] - From January to October 2025, at least 15 consumer companies successfully listed on the Hong Kong Stock Exchange, covering various sub-sectors such as beverages, food, and personal care [4][6] - The listing pace of consumer companies on the Hong Kong Stock Exchange has accelerated significantly in 2025, with multiple companies going public in concentrated periods throughout the year [6] Group 3 - The food and beverage sector remains the hottest area for IPOs, with companies like Mixue Ice City and Gu Ming representing successful capitalisation in the ready-to-drink beverage market [7] - Despite the overall enthusiasm for consumer stocks, the beauty sector has seen a lack of successful IPOs, with only one company, Yingtong Holdings, managing to list in 2025 [8][9] - As of October 30, 2025, 20 domestic beauty-related companies have initiated the IPO process, with many choosing the Hong Kong Stock Exchange as their primary listing venue [12] Group 4 - The beauty industry faces challenges in successfully listing on the Hong Kong Stock Exchange, with only a few companies completing the process despite a high number of applications [13][14] - Factors contributing to the difficulties include high competition for IPO slots and the need for companies to meet stringent financial and operational criteria set by the exchange [14][15] - Many beauty companies exhibit low R&D investment relative to industry averages, which may hinder their long-term growth potential and ability to sustain cash flow [16][17]