中国经济网北京2月26日讯林清轩(02657.HK)港股今日收报68.55港元，跌幅6.735%。目前林清轩港股股 价已跌破发售价。 林清轩的基石投资者包括富达基金(香港)有限公司、Mega Prime Development Limited、正心谷资本、 Duckling Fund,L.P.、SynerSuccess Capital Ltd.、大家人寿保险股份有限公司、Yield Royal Investment Holding。 林清轩2025年12月30日在港交所上市。配发结果公告显示，林清轩全球发售项下的发售股份数目 13,966,450股H股，香港发售股份数目1,396,650股H股，国际发售股份数目12,569,800股H股。林清轩的 联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中信证券、华泰国 际。 林清轩的发售价为77.77港元，所得款项总额1,086.2百万港元，扣除发售价计算的估计应付上市开支89.1 百万港元，所得款项净额997.1百万港元。 ...

这套体系如同精密咬合的齿轮，不仅推动"小金珠"从新品迅速跃升为超级爆品，更标志着林清轩完成了从"创始人驱动"向"组织驱动"的关键跃迁。 （来源：化妆品观察 品观） "从'上市慢慢做量'到'上市即上量'，林清轩证明了'超级大单品'是可以被复制的。"林清轩创始人孙来春在采访中如是说。 2025 年7月推出的「小金珠」嘭弹水，至今年1月26日不仅实现累计售出 535万瓶、狂揽3亿元的亮眼成绩；更连续多月超越兰蔻、赫莲娜等国际大牌，稳 坐天猫爽肤水类目榜单 TOP1、抖音精华水超值爆款榜单 TOP1，成为国货高端护肤新晋爆品。 在孙来春看来，这一现象级成绩并非偶然的市场红利或流量风口的产物，而是组织能力进化的"必然结果"。 其背后，既有林清轩23年深耕天然植物护肤、近14年专注高山红山茶花活性成分研发的深厚积淀，更源于过去五年系统性构建的"集成化组织力体系"—— 一套覆盖产品研发、渠道运营到品牌营销的高效协同机制。 引爆路径： "线下种草 + 创始人 IP " 「小金珠」嘭弹水的崛起，打破了当下美妆行业对线上流量的路径依赖，走出了一条以线下为根基、全渠道协同的全新爆品打造路径，成为国货高端护肤 破局国际大牌的典型样本 ...

Investment Rating - The report initiates coverage on Lin Qingxuan with a "Buy" rating and a target price of HKD 130.88, corresponding to a 2026 adjusted PE of 28x [6][11]. Core Insights - Lin Qingxuan focuses on high-end anti-wrinkle and firming products, pioneering the "oil-based skincare" concept. The brand has a clear positioning and product category mindset, with significant growth potential in its market segment [6][10]. - The company has developed its flagship product, Camellia Oil, into its fifth generation, and its "1+4" product strategy includes a diverse range of products such as lotions, toners, creams, serums, and sunscreens, which are expected to drive future growth [6][8]. - Lin Qingxuan's omnichannel sales network supports steady growth in both online and offline sales, with strong R&D capabilities expected to reinforce its market leadership in niche segments and enable product innovation [6][9]. Financial Projections - Revenue projections for Lin Qingxuan are as follows: - 2024: RMB 1,210 million (+50.27%) - 2025: RMB 2,218 million (+83.34%) - 2026: RMB 3,214 million (+44.91%) - 2027: RMB 4,464 million (+38.91%) [5][11]. - Adjusted net profit forecasts are: - 2024: RMB 200.24 million (+126.37%) - 2025: RMB 385.40 million (+92.47%) - 2026: RMB 589.34 million (+52.92%) - 2027: RMB 821.16 million (+39.33%) [5][11]. - The adjusted net profit margin is expected to be 11.0% in 2023 and 16.6% in 2024, indicating improved operational efficiency [10][24]. Market Dynamics - The "oil-based skincare" market is currently experiencing rapid penetration growth, driven by product innovation, increased brand investment in product education, and a shift in consumer awareness towards skin barrier repair [7][21]. - Lin Qingxuan has established a strong brand identity around the Camellia flower ingredient, which has become synonymous with its product offerings, enhancing consumer recognition and loyalty [8][22]. - The company has a robust offline presence with 554 stores as of the first half of 2025, and it is actively expanding its online sales channels, leveraging live streaming and collaborations with KOLs to capture growth opportunities [9][22]. Competitive Positioning - Lin Qingxuan's ability to incubate successful single products and replicate this success across categories positions it favorably within the high-end skincare market, which is relatively concentrated [10][17]. - The company’s focus on high-quality raw materials and integrated supply chain management is expected to solidify its leadership in niche markets [23][24].

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, aims to become one of the world's top five cosmetics groups by 2025, reflecting a significant shift in the Chinese beauty market towards domestic brands [2][4][8]. Company Overview - Lin Qingxuan is set to go public on the Hong Kong Stock Exchange on December 31, 2025, marking a significant milestone for the company and its founder, Sun Laichun [2]. - The company has experienced a transformation from a struggling domestic brand to a competitive player in the high-end skincare market, with a focus on quality and consumer engagement [5][11]. Market Dynamics - The Chinese beauty market is projected to exceed 1.1 trillion yuan by 2025, with domestic brands capturing 57.37% of the market share, a notable increase from less than 30% two decades ago [8][9]. - The rise of domestic brands is attributed to improved supply chains, research capabilities, and the emergence of new sales channels, particularly e-commerce and live streaming [7][8]. Strategic Goals - Sun Laichun emphasizes the importance of having ambitious goals, stating that Lin Qingxuan's vision is not just to be another domestic brand but to establish itself as a world-class cosmetics group [4][8]. - The company plans to expand its store presence, invest in research and smart manufacturing, and develop a product matrix focused on key categories such as creams, masks, sunscreens, and toners [12]. Consumer Trends - The current consumer base is characterized by a preference for quality over brand loyalty, with a growing number of consumers willing to choose domestic products that meet their standards [9]. - The market is described as a "blue ocean" for mid-range consumers who value product experience, providing an opportunity for domestic high-end brands to thrive [9]. Organizational Development - Post-IPO, Lin Qingxuan will focus on organizational development and brand aesthetics, recognizing that these elements are crucial for achieving global recognition [11]. - The company has initiated collaborations with cultural institutions to enhance its brand narrative and aesthetic appeal [11]. Future Outlook - Lin Qingxuan is actively seeking to expand internationally, with plans to open stores in Southeast Asia, emphasizing brand presence rather than just supply chain expansion [12]. - The founder's philosophy centers on continuous improvement and resilience, viewing challenges as opportunities for growth [12][14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海林清軒化妝品集團股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02657 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 106,093,627 | RMB | | 0.2 RMB | | 21,218,725.4 | | 增加 / 減少 (-) | | | 2,094,950 | | | RMB | | 418,990 | | 本月底結存 | | | 108,188,577 | RMB | | 0.2 RMB | | 21,637,715.4 | | 2. 股份分 ...

Core Viewpoint - Lin Qingxuan's IPO plan has been suspended due to the failure to complete the hearing within six months of submitting its prospectus, but it has since reinitiated its listing process with a new target date [1][3]. Financial Performance - Lin Qingxuan is experiencing a significant revenue growth period, with a projected 98% year-on-year increase in revenue for 2024, and a gross margin of 82% for its core product, camellia oil, which exceeds the average in the beauty industry [3]. - The company's revenue heavily relies on a single product, the camellia oil priced at 599 yuan for 30ml, which accounts for nearly 60% of total revenue, raising concerns about its risk resilience [3]. Marketing and Cost Structure - Lin Qingxuan's marketing expenses are substantial, with sales and distribution costs reaching 688 million yuan in 2024, representing 56.9% of revenue, and a 100.2% increase in marketing expenses in the first half of 2025, outpacing revenue growth [3][8]. - The company's growth model is heavily dependent on online sales, which increased from 45.2% in 2022 to 65.4% in the first half of 2025, but this has led to rising customer acquisition costs, which doubled from 180 yuan to 320 yuan per effective customer [8]. Brand and Market Positioning - The high-end beauty market in China is growing rapidly, with a compound annual growth rate of 15.3% from 2020 to 2024, but domestic brands like Lin Qingxuan face challenges in gaining consumer acceptance at higher price points due to a lack of brand heritage compared to international brands [4][5]. - Lin Qingxuan's reliance on KOLs and live streaming for sales has created a fragile growth model, as any negative publicity or decline in traffic can directly impact revenue [9]. Regulatory and Compliance Issues - Lin Qingxuan faced a fine of 21,000 yuan in 2023 for misleading advertising regarding its anti-aging claims, highlighting weaknesses in compliance management that could hinder its IPO process [3][7]. Expansion and Control Challenges - The company has expanded its retail presence significantly, with 506 stores by the end of 2024, but over 30% of these are franchise stores, which can dilute brand control and lead to inconsistent customer experiences [11][12]. - The franchise model has resulted in high closure rates and operational inconsistencies, undermining the brand's high-end positioning [11][12]. Valuation and Investment Concerns - Lin Qingxuan's valuation has seen significant increases, reaching 3.846 billion yuan before its IPO, but this high valuation lacks support from substantial assets or R&D investments, raising doubts about its long-term sustainability [13][14]. - The company's focus on marketing over R&D has led to a misalignment between its valuation logic and long-term value, as seen in the practices of other successful beauty brands that prioritize research and brand integrity [14].

Group 1 - Ugreen Technology has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company is a consumer electronics brand focusing on charging, smart office, smart audio-visual, and smart storage products, aiming to become the global leader in the tech consumer electronics market by shipment volume by 2025 [1] - JD Group's European online retail platform, Joybuy, is set to launch in March 2023, leveraging JD's supply chain and logistics capabilities to achieve same-day and next-day delivery in multiple cities across the UK during its trial operation [2] - China Merchants Shekou's contract sales for the year ending December 31, 2025, amounted to approximately RMB 32.308 billion, reflecting a significant year-on-year decrease of 23.91%. The average selling price was approximately RMB 24,918 per square meter [3] Group 2 - Citi has initiated coverage on Lin Qingxuan with an "Outperform" rating, highlighting the company's expansion into the high-end anti-aging and skin-tightening market, which is expected to grow at a compound annual growth rate of 18.9% from 2024 to 2029. The firm forecasts Lin Qingxuan's sales and adjusted net profit to grow at compound annual rates of 42% and 49%, respectively, from 2025 to 2027, with a target price of HKD 128.5 [4]

里昂发布研报称，首次覆盖林清轩(02657)予"跑赢大市"评级，指出该集团已拓展至高端抗衰老及紧致 肌肤市场，根据行业数据，预期该细分市场增长速度将高于整体护肤品市场，2024至2029年预测年均复 合增长率达18.9%，相信集团可把握高速增长机遇，通过线上及线下融合模式来提升品牌知名度。该行 预测林清轩2025至2027年销售额及经调整净利润年均复合增长率将分别达到42%及49%，目标价为128.5 港元，对应未来12个月预测市盈率约19倍。 ...

智通财经APP获悉，里昂发布研报称，首次覆盖林清轩(02657)予"跑赢大市"评级，指出该集团已拓展至 高端抗衰老及紧致肌肤市场，根据行业数据，预期该细分市场增长速度将高于整体护肤品市场，2024至 2029年预测年均复合增长率达18.9%，相信集团可把握高速增长机遇，通过线上及线下融合模式来提升 品牌知名度。该行预测林清轩2025至2027年销售额及经调整净利润年均复合增长率将分别达到42%及 49%，目标价为128.5港元，对应未来12个月预测市盈率约19倍。 ...

里昂发表研报，首次覆盖林清轩并予"跑赢大市"评级，指出该集团已拓展至高端抗衰老及紧致肌肤市 场，根据行业数据，预期该细分市场增长速度将高于整体护肤品市场，2024至2029年预测年均复合增长 率达18.9%，相信集团可把握高速增长机遇，通过在线及线下融合模式来提升品牌知名度。该行预测林 清轩2025至2027年销售额及经调整净利润年均复合增长率将分别达到42%及49%，目标价为128.5港元， 对应未来12个月预测市盈率约19倍。 ...