Core Viewpoint - Lin Qingxuan, known as the "first stock of high-end domestic skincare," officially listed on December 30, 2025, with a market capitalization of HKD 11.87 billion, reflecting a 9.3% increase from its IPO price of HKD 77.77 per share [1][19]. Investment Activities - In 2025, L'Oréal Group completed over 18 investments globally, with 7 specifically targeting the Chinese market, showcasing a proactive investment strategy in a cautious environment [1][26]. - L'Oréal's investment in Lin Qingxuan was made through the Kewen Future Fund, acquiring 691,620 shares for HKD 105 million, representing a 2.75% stake [1][22]. - The investment in Lin Qingxuan is part of L'Oréal's broader strategy, which included investments in four Chinese beauty brands within six months, surpassing the total number of investments made in the previous three years [1][6][25]. Market Trends - The high-end beauty market in China is experiencing a slowdown, with a projected compound annual growth rate of -3% from 2021 to 2024, leading to a strategic focus on high-end investments by L'Oréal [11][28]. - L'Oréal's financial report for the first three quarters of 2025 indicated modest growth across its various divisions, with the high-end cosmetics division showing the slowest growth [11][28]. Strategic Focus - L'Oréal's investment strategy emphasizes both consolidating its high-end market position and betting on high-growth segments, reflecting a dual approach of defense and offense [9][28]. - The company is diversifying its high-end portfolio by acquiring brands like Jacquemus and Amouage, while also investing in emerging technologies and biotech firms to enhance its product offerings [29][30][32]. Investment Philosophy - L'Oréal's shift from acquiring established brands to investing in innovative local brands indicates a strategic evolution towards nurturing local market dynamics and capturing emerging consumer trends [34]. - The company is focusing on upstream investments in biotechnology and sustainable materials, aiming to strengthen its competitive edge through technological advancements [32][34].
林清轩敲钟，欧莱雅躺赢！拆解全球美妆TOP1的投资版图