——化妆品医美行业周报20251228：林清轩本周港股IPO，领跑国货高端精华油赛道-20251228

Investment Rating - The report indicates a cautious outlook for the cosmetics and medical beauty sector, with the beauty care index declining by 1.1% from December 19 to December 26, 2025, underperforming the market [3][4]. Core Insights - Lin Qingxuan is set to lead the high-end domestic essence oil market with its upcoming IPO on December 30, 2025, aiming to issue 13.9665 million H shares. The brand has established itself as a benchmark in high-end domestic skincare, with a market share of 1.4% in 2024, ranking 13th among high-end skincare brands [3][8]. - The company has shown impressive growth, with revenue increasing from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.7%. The net profit margin for the first half of 2025 reached 17.3%, with net profit doubling to 182 million yuan year-on-year [3][8]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with the cosmetics index down 1.3%, lagging behind the Shenwan A index by 4.2 percentage points [3][4]. - The top-performing stocks in the sector included Yanjiang Co. (+10.9%), Mingchen Health (+9.2%), and Hongmian Co. (+8.6%), while the worst performers were Nobon Co. (-4.0%), Mengyue Care (-3.4%), and Shangmei Co. (-3.1%) [4]. Key Company Updates - Yiwang Yichuang (300792SZ) is highlighted for its robust operational foundation in e-commerce agency services, leveraging AI to enhance performance. The company has seen a turnaround in net profit growth, with a 4% year-on-year increase in the first three quarters of 2025 [9][10]. - The approval of Jiangsu Chuangjian Medical's "cross-linked recombinant collagen implant" on December 24, 2025, marks a significant advancement in the medical beauty sector, targeting facial dermal filling [19][21]. Market Trends - The retail sales of cosmetics in China for the first eleven months of 2025 reached 428.5 billion yuan, with a year-on-year growth of 4.8%. The sales in November alone grew by 6.1%, driven by promotional events [16][20]. - The report notes a shift in market dynamics, with domestic brands gaining market share against international competitors. In 2024, the domestic skincare market is projected to reach 271.2 billion yuan, despite a decline of 3.7% year-on-year [24][26].