Core Viewpoint - The Chinese beauty industry is experiencing a significant capital wave, with a simultaneous rise in IPO enthusiasm and an increasing trend of delistings, indicating a "ice and fire" scenario in the capital market [1][10][15] Group 1: IPO Activity - As of August 26, 2023, Proya Cosmetics Co., Ltd. announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking the fourth beauty-related company to initiate an "A+H" dual listing this year [1] - Three beauty-related companies have successfully gone public this year, while at least 30 others are competing for capital market entry, covering various segments such as brands, raw materials, and operations [10][13] Group 2: Delisting Trends - Since 2025, at least nine beauty-related companies have faced delisting or termination risks, with five companies being forcibly removed from the market due to financial misconduct or information disclosure violations [2][4][5] - Companies like Puli Pharmaceutical and Jiu You Co. were forced to delist due to financial fraud, with Puli falsely inflating revenue by 1.029 billion yuan and profits by 669 million yuan over two years [4] - Other companies, such as Xingmei Co. and Senyu Group, faced delisting due to failure to disclose required financial reports, highlighting the increasing regulatory scrutiny in the capital market [5] Group 3: Strategic Withdrawals - Four companies, including Lin Sen Biological and Yasha Co., voluntarily chose to delist, citing reasons such as the high cost of maintaining a public listing and the need for greater operational flexibility [6][8] - The decision to withdraw from the market is often influenced by the perception that the costs and constraints of being listed outweigh the benefits, especially when valuations are low [8][9] Group 4: Market Dynamics - The beauty industry is undergoing a transformation, moving away from rapid growth driven by marketing and traffic to a focus on sustainable development and intrinsic value [15] - The capital market is conducting a "pressure test" and "value reassessment" of the industry, favoring companies with solid product capabilities, clear brand recognition, and sustainable profitability [14][15]

8月26日，珀莱雅化妆品股份有限公司（下称：珀莱雅）发布公告，宣布其正在筹划发行境外上市外资股（H股）股票并申请在香港联交所主板挂牌上 市。至此，今年已有4家美妆相关企业启动"A+H"双地上市计划。 与此同时，中国美妆行业正迎来一场前所未有的资本化浪潮。据青眼不完全统计，截至目前，今年已有3家美妆相关企业成功上市，30家美妆相关企业正 在竞逐资本市场，覆盖品牌、原料、代运营等多个环节。然而另一方面，行业出清也在加速——2025年以来，至少有9家企业面临退市或终止挂牌风险。 一边是IPO热情高涨，一边是"退市潮"愈演愈烈，可以说，中国美妆资本市场正在上演一场"冰与火"的激烈变奏。 5家美妆相关企业被强制"退场" 2025年过半，美妆行业的资本市场已迎来一波前所未有的"退市潮"。 据青眼不完全统计，2025年以来至少有9家化妆品相关企业面临退市/终止挂牌风险。其中，普利制药、龙津药业和九有股份为A股退市企业；森语集团、 幸美股份、林森生物、雅莎股份、创健医疗和欧佩股份则为新三板摘牌企业。 | 企业 | 状态 | 原因 | 美妆相关业务 | | --- | --- | --- | --- | | 林森生物 | 2月 ...