从林清轩看化妆品品牌何以差异化突围

Investment Rating - The report maintains a "Positive" investment rating for the cosmetics industry [5]. Core Insights - The cosmetics industry is currently experiencing a stable growth phase, with a shift from double-digit growth in 2020 to single-digit growth, showing a slight year-on-year increase of 3% in the first half of 2025 [13][20]. - The competitive landscape has stabilized, with opportunities arising in niche segments, particularly for brands that can differentiate themselves through specific customer groups, ingredients, or product categories [17][20]. - Lin Qingxuan is highlighted as a typical case of achieving differentiated growth through unique product offerings and a focus on e-commerce [25][29]. Industry Overview - The cosmetics industry has seen a return to stable growth, with retail sales data indicating a shift from double-digit growth to a single-digit growth range, with a 3% year-on-year increase in the first half of 2025 [13]. - The competitive landscape has transitioned from frequent changes to relative stability, although there remains significant movement among mid-tier brands, with some successfully capitalizing on niche customer segments and ingredient trends [17]. - Niche segments are more likely to generate structural opportunities, as brands with differentiated customer targeting or ingredient focus can achieve growth that outpaces the overall market [20]. Company Analysis: Lin Qingxuan - Lin Qingxuan has successfully established itself in the cosmetics industry by focusing on differentiated products, particularly through the use of camellia oil, which has become a core component of its offerings [25][56]. - Since 2022, Lin Qingxuan has entered a growth phase, with projected revenues and net profits reaching 1.21 billion yuan and 190 million yuan respectively in 2024, representing year-on-year growth rates of 50% and 120% [29]. - The company has maintained a stable executive team, with key personnel having long tenures and deep familiarity with the business [35][37]. Product Differentiation - Lin Qingxuan has carved out a niche in the high-end skincare market, particularly in the anti-aging and camellia oil segments, achieving a market share of 12.4% in the facial oil category by 2024 [51]. - The brand's flagship product, the camellia oil, has undergone multiple iterations, with the latest version set to launch in July 2025, reflecting a commitment to innovation and quality [62]. - The company has developed a "1+4" product matrix strategy, expanding its offerings to include creams, serums, masks, and sunscreens, which has helped broaden its customer base [67]. Customer Segmentation - Initially targeting mature consumers through offline channels, Lin Qingxuan has gradually shifted towards younger demographics through online platforms, with online revenue reaching 710 million yuan in 2024, accounting for 59% of total revenue [87]. - The brand has successfully attracted younger consumers, with 31% of its customer base aged 18-30 as of September 2025, indicating a successful transition in its marketing strategy [87].