Guyu Kicks Off IPO Plans

Guyu Biotechnology Group Co., Ltd., the parent company of skincare brand Guyu, has filed for IPO counseling with the Guangdong branch of the China Securities Regulatory Commission—officially launching its journey toward an A-share listing.

At the center of the company’s business is its namesake skincare line Guyu, a clear-cut revenue driver often described as the firm’s cash cow.

Founded in 2016, Guyu markets itself as a plant-based brightening brand formulated specifically for Chinese skin types. With its hero products priced between RMB 100 to 300, the brand targets students and young professionals. Its marketing strategy is tightly aligned with this positioning. From launching on Taobao Live early on to expanding across platforms like Xiaohongshu, Kuaishou, and Douyin, Guyu has built a strong digital presence from the ground up.

It’s a strategy that’s worked.

From 2021 to 2023, Guyu’s annual sales rose from RMB 1 billion to RMB 3.5 billion. Co-founder Lin Yuting recently shared that the brand’s 2024 GMV topped RMB 5 billion, with revenue reaching around RMB 4 billion—up more than 40% year-over-year. Online channels account for 93% of sales. According to data from Euromonitor and Frost & Sullivan, Guyu ranked as the top domestic brightening skincare brand by retail sales in 2024, with market share on the rise.

In response to rising digital customer acquisition costs, Guyu began building an offline presence in early 2022. The brand now boasts over 20,000 retail points and dedicated counters in select shopping centers.

Even on the strength of Guyu alone, the company ranks among China’s top ten beauty players by revenue. To sustain its upward trajectory, Guyu Biotechnology plans to broaden its product range and introduce new brands—though whether it can replicate Guyu’s breakout success remains to be seen.

Signs of IPO readiness have been evident for years.

Since 2020, Guyu has been actively raising external capital, with five rounds of funding bringing in investors experienced in the beauty space, according to data from Tianyancha.

In early 2024, the company underwent a key restructuring, changing its official name from Guangdong Guyu Biotechnology Group Co., Ltd. to Guyu Biotechnology Group Co., Ltd., while increasing its registered capital to RMB 360 million—moves widely viewed as laying the groundwork for its upcoming IPO.