皮脂 is read as ひし (hishi) and means sebum.
ひし
hishi
ひかしぼう
subcutaneous fat
ひしせん
sebaceous gland
しろうせいひふえん
seborrheic dermatitis
かわ
mask (hiding one's true nature)
ひにく
(only) surface
ひふ
skin
かわきり
beginning
ひふびょう
skin disease
ひかく
leather
かわざんよう
over-optimistic calculation
ひふか
dermatology
ひか
subcutaneous