Core Viewpoint - The beauty industry in China is experiencing a surge in IPO activity, driven by supportive policies, strong market demand, and the success of existing public companies [1][6]. Industry Overview - The beauty industry is valued in the hundreds of billions, with significant support from regions like Shanghai and Jiangsu [1]. - Over 30 beauty-related companies are preparing for IPOs this year, with three already listed and others in various stages of the IPO process [1]. - The types of companies preparing for IPOs include brand manufacturers, raw material suppliers, e-commerce service providers, and medical beauty enterprises, with brand manufacturers being the primary focus [1][2]. Company Highlights - Notable brands such as Plant Doctor, Gu Yu, and Lin Qingxuan are among those preparing for IPOs, with Plant Doctor aiming to raise 998 million yuan [2]. - Gu Yu Bio has initiated its A-share IPO process, targeting approximately 4 billion yuan in revenue for 2024 [2]. - Companies like He Yuan Bio, which focuses on biopharmaceuticals and beauty product raw materials, are also entering the IPO market, seeking to raise 2.4 billion yuan [3]. Market Trends - The Hong Kong Stock Exchange has become a preferred destination for beauty companies, with several firms transitioning from A-share listings to pursue opportunities in Hong Kong [4][5]. - The successful IPOs of companies like Mao Ge Ping and Ying Tong Holdings have inspired more beauty companies to consider listing in Hong Kong [4]. Driving Factors for IPO Surge - Three main factors are driving the IPO enthusiasm in the beauty industry: 1. **Industry Dynamics**: The domestic market is seeing a shift towards local brands, with increased consumer confidence and demand for high-quality, cost-effective products [6]. 2. **Company Performance**: Publicly listed beauty companies are demonstrating strong growth, with a reported revenue growth rate of 7.3% for key players in the first half of the year [6]. 3. **Policy Support**: Recent reforms by the Hong Kong Stock Exchange and favorable regulatory policies are creating a more conducive environment for new listings [6].

Core Viewpoint - The rise of domestic skincare brands like Plant Doctor is highlighted, with its upcoming IPO seen as a significant step in the competitive landscape of the beauty industry in China [1][10]. Group 1: Company Overview - Plant Doctor, founded by Jie Yong, has been operating for over 30 years, focusing on "highland plant skincare" [1]. - The company has established a comprehensive sales model that includes both distribution and direct sales, ensuring a robust channel for its IPO [3]. - As of the end of 2024, Plant Doctor has expanded to 4,328 offline chain stores, which serve as both brand showcases and consumer service points [7]. Group 2: Financial Performance - The company reported revenues of 2.12 billion yuan, 2.15 billion yuan, and 2.16 billion yuan for the years 2022, 2023, and 2024, respectively [7]. - Net profits attributable to the parent company were 158 million yuan, 230 million yuan, and 243 million yuan for the same years, showing a compound annual growth rate of 24% [8]. Group 3: Market Position and Recognition - Plant Doctor received the "Global Leading Single Brand Skincare Store" certification from Euromonitor in November 2023, enhancing its credibility ahead of the IPO [5]. - The company ranked first among single-brand cosmetic stores in China according to a report by the China Fragrance and Cosmetic Industry Association for the year 2024 [5]. - It also achieved the status of "Global Leading Plant Extract Skincare Brand" from Euromonitor in October 2024, showcasing its strong position in the plant-based skincare market [5]. Group 4: Strategic Initiatives - The company is actively developing its online presence through its "Xiaozhi Mall" new retail model and partnerships with major e-commerce platforms like JD, Tmall, Douyin, and Kuaishou [3]. - Plant Doctor aims to leverage the capital market to enhance its R&D capabilities and improve product quality, aligning with the trends of "ingredient-focused" and "effective skincare" [10].

Group 1 - The article highlights that from June 25 to June 28, 56 new IPOs were accepted by the three major exchanges in China, marking a new high for the year with a total of 109 accepted IPOs by June 28 [1][2] - The total number of accepted IPO projects across the three exchanges has reached 136, significantly exceeding last year's total of 77 [2] Group 2 Company: China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. - The company was established in October 1992 and transformed into a joint-stock company on December 30, 2022, with a registered capital of 1.563 billion yuan [3] - The main business involves the research, production, and sales of electric energy products and systems, covering applications from deep sea (1 km underwater) to deep space (225 million km from Earth) [4] - The controlling shareholder is China Electronics Technology Group, holding 48.97% of the shares directly and controlling a total of 84.50% of the voting rights [5] - The company reported revenues of 252.11 million yuan, 352.40 million yuan, and 312.70 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 20.05 million yuan, 14.70 million yuan, and 29.30 million yuan [6] Company: Jiangxi Hongban Technology Co., Ltd. - The company was established in October 2005 and transformed into a joint-stock company on August 5, 2021, with a registered capital of 653.75 million yuan [12] - The company focuses on the research, production, and sales of printed circuit boards, targeting the mid-to-high-end application market [13] - The controlling shareholder is Hongban Holdings, which holds 95.12% of the shares [14] - The company achieved revenues of 220.46 million yuan, 233.95 million yuan, and 270.25 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 11.99 million yuan, 8.70 million yuan, and 19.35 million yuan [15] Company: Guangzhou Huigu New Materials Technology Co., Ltd. - The company was established in October 1999 and transformed into a joint-stock company on November 28, 2023, with a registered capital of 47.34 million yuan [21] - The main business includes the research, production, and sales of functional resins and coatings, focusing on core technology development [22] - The actual controller is Tang Jing, who controls 59.02% of the voting rights [23] - The company reported revenues of 66.36 million yuan, 71.74 million yuan, and 81.69 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 2.68 million yuan, 9.60 million yuan, and 14.17 million yuan [24] Company: Hunan Chuyuan New Materials Co., Ltd. - The company was established in November 2017 and transformed into a joint-stock company on September 11, 2023, with a registered capital of 325.67 million yuan [37] - The main business focuses on the research and production of photosensitive dry film [38] - The actual controller is Xiao Zhiyi, who controls 52.14% of the voting rights [39] - The company achieved revenues of 90.97 million yuan, 89.02 million yuan, and 105.66 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 14.85 million yuan, 14.87 million yuan, and 14.98 million yuan [40] Company: Jiangsu Yadian Technology Co., Ltd. - The company was established in March 2019 and transformed into a joint-stock company on December 1, 2023, with a registered capital of 83.97 million yuan [46] - The company is a leading supplier of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [47] - The actual controller is Qian Cheng, who controls 41.29% of the voting rights [48] - The company reported revenues of 12.07 million yuan, 44.18 million yuan, and 58.04 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 81.01 million yuan in 2022, followed by profits in subsequent years [49]