It will be the mother of all IPOs.
当时的年轻消费者热衷于彩妆，且有着明显的“想用大牌质感、但不愿承担高价”的痛点，因此完美日记以大牌平替为核心定位，聚焦眼影、口红、粉底液等入门级彩妆大单品，用极具亲和力的价格快速打开市场。动物眼影盘、小细跟口红等产品，凭借高颜值包装与贴近大牌的配色思路，迅速成为爆款。
。爱思助手对此有专业解读
“快看，窑洞！”9岁的广东孩子马一凡小脸紧贴车窗。窗外，黄土高原的沟壑峁梁映入眼帘。
Yuanji Yunjiao has also run into a growth bottleneck and has kept trying to break through. On the one hand, growth has been heavily dependent on store count. In the first three quarters of 2025, per-store revenue efficiency fell 4.3% year on year, while average spend per order dropped from RMB 26.1 in 2023 to RMB 22.8. In lower-tier markets, the company also faced challenges such as pricing that is perceived as too high (an average of RMB 23, close to the upper limit of the price band in lower-tier cities) and difficulties in flavor localization—its southern-style, fresher and slightly sweeter taste profile has not been well accepted in lower-tier northern cities.