投向以早期及成长期为主的美业及产业上下游相关领域，兼具科技创新和可持续价值的品 牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 欧莱雅 日前 宣布与天图投资合作成立美丽领航基金，该基金将投向以早期及 成长期为主的美业及产业上下游相关领域，兼具科技创新和可持续价值的品牌，以支持中国蓬勃发展 的美业市场，为中国乃至全球消费者创造更多更美的体验。 作为 中国最早专注于消费领域的投资机构，天图投资在消费领域积累了丰富的行业资源，并形成了 系统化的投研体系。通过行业洞察积累和产业资源链接，此次合作将促进中国美业生态系统的增长和 创新。欧莱雅作为基金的基石投资者，其强大的研发创新能力与全球化视野将为利益相关方的可持续 发展提供助力。 欧莱雅北亚总裁及中国首席执行官博万尚表示： "中国正引领全球美妆市场的未来，因此，'投资中 国，就是投资未来'成为我们的核心战略。此次合作彰显了我们与中国美妆生态圈携手创新、合作共 赢的坚定承诺。我们相信，欧莱雅的全球美妆领导地位与天图投资的专业实力强强联合，必将激发创 新活力，催生突破性美妆理念，推动中国品牌走向世界舞 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][22][29] Core Insights - The report highlights the record-breaking IPO of Mixue Ice City, which raised HKD 1.82 trillion, surpassing Kuaishou's previous record of HKD 1.26 trillion, with a subscription multiple of 5125 times [2][4] - During the 3.8 promotion event on Taobao and Tmall, domestic brands accounted for 41.7% of GMV, showing a year-on-year increase of 6.4% [2][6] - The report notes that the leisure service sector has shown resilience, with a year-to-date increase of 0.97% despite a decline in the broader market [2][19] Summary by Sections Industry Dynamics - Mixue Ice City's IPO set a new record with a subscription amount of HKD 1.82 trillion and a subscription multiple of 5125 times [2][4] - The 3.8 promotion event saw domestic brands contributing 41.7% to GMV, with a notable increase in the number of domestic brands in the top 20 [2][6] Company Updates - Beauty Industry - Babai Co. reported a revenue of CNY 695 million for 2024, up 48.24%, while Huaxi Bio's revenue decreased by 11.6% to CNY 5.371 billion [8] - Jinjian Bio achieved a revenue of CNY 1.447 billion, a growth of 85.4%, and a net profit increase of 144.65% [8] Company Updates - Travel Industry - Ctrip reported a total revenue of CNY 53.294 billion for 2024, a year-on-year increase of 19.73%, with a net profit of CNY 17.067 billion [10] - Huangshan Tourism is set to adjust its resource usage fees, which may reduce annual profits by approximately CNY 50 million during the trial period [10] Company Updates - Commercial Services and Retail - Core International achieved a revenue of CNY 11.793 billion, a growth of 20.6%, while Beijing Human Resources is restructuring to focus on its core business [12][10] Market Performance - The report notes that the Shanghai Composite Index fell by 1.72% during the week, while the leisure service sector saw a slight increase [19][23] - Key companies in the sector, such as Ctrip and Aimeike, experienced significant declines in stock prices, with Ctrip down 14.81% [19][21]