◎记者 胡嘉树 9月以来，上海、江苏等地先后发布支持美妆产业发展的消息，为千亿级美妆产业赛道注入新动能。在 市场各方的支持下，今年的IPO市场也迎来一道亮丽的风景线。据上海证券报记者不完全统计，今年已 有超30家美妆产业链公司备战IPO，其中3家公司已上市，其余公司均在IPO辅导或审核阶段。 记者关注到，从拟IPO企业类型看，基本覆盖品牌商、原料商、电商服务商、医美企业等美妆全产业链 公司，其中品牌商成为本轮美妆产业链公司IPO的主力队员。从上市板块看，港股是美妆公司的首选 地，部分公司也在冲刺A股、美股的IPO。 中信证券美妆与商业联席首席分析师杜一帆在接受上海证券报记者采访时表示，美妆公司扎堆IPO背后 有三大动因：产业层面，供给和需求多维度推动了化妆品国产替代进程，本土企业市占率进一步提高， 产业步入高速发展期；公司层面，上市公司示范效应强，优质美妆公司增速高于行业平均水平，由此推 动更多企业冲刺IPO；政策层面，港交所推出多项制度改革，鼓励支持新经济企业上市，因此美妆公司 掀起赴港IPO热潮。 美妆公司踊跃备战IPO 自"国货彩妆第一股"毛戈平去年底在港股上市以来，美妆产业链公司便踊跃备战IPO，为今 ...

Core Viewpoint - He Yuan Bio has successfully passed the review for its initial public offering on the Sci-Tech Innovation Board, but it continues to face challenges such as ongoing losses and declining revenue [1][4]. Financial Performance - The company reported a significant decline in revenue, with a 37.88% drop in the first quarter of 2025, resulting in a net loss of approximately 48.2 million yuan, which is a 64.38% increase in losses compared to the same period last year [4]. - From 2022 to 2024, He Yuan Bio's revenue was 13.4 million yuan, 24.3 million yuan, and 25.2 million yuan, while the net losses were 144 million yuan, 187 million yuan, and 151 million yuan, totaling approximately 482 million yuan in cumulative losses over three years [3][4]. Capital Raising and Cash Flow - The company has relied on financing activities to maintain operations, with net cash flow from financing activities of 568 million yuan, 72.6 million yuan, and 104 million yuan from 2022 to 2024, while cash flow from operating activities remained negative [4]. Business Strategy and Product Development - He Yuan Bio attempted to diversify into the cosmetics sector with its brand "San de San Ci Fang," but all product registrations have been canceled, indicating a retreat from this market [5][6][7]. - The company is now focusing on the production of recombinant human fibronectin for beauty products, with revenue from other business segments showing a slight increase but still accounting for less than 5% of total revenue [7].