新消费行业周报：国货护肤林清轩港股IPO，看好新消费景气度延续-20260108

Investment Rating - The report maintains a "Hold" rating for the retail industry, indicating a stable outlook for the sector in the near term [5]. Core Insights - The beauty and personal care industry is transitioning from "penetration expansion" to "quality upgrade," with a focus on "self-care essentials, domestic brand substitution, technological advantages, and channel iteration" as the four main lines of investment [3]. - Lin Qingxuan, a domestic high-end skincare brand, successfully listed on the Hong Kong Stock Exchange on December 30, 2025, with a strong market debut, reflecting the ongoing trend of new consumption [4]. - The report highlights the rapid growth of the潮玩谷子 (trendy toy) industry, driven by Gen Z consumers, and emphasizes the importance of emotional value in products [10]. Summary by Sections Market Review - During the week of December 29, 2025, to January 2, 2026, the A-share SW retail industry index fell by 1.63%, while the Shanghai Composite Index rose by 0.13%, indicating a challenging environment for the retail sector [3]. Lin Qingxuan's Performance - Lin Qingxuan reported a revenue of 1.052 billion yuan in the first half of 2025, representing a 98.3% year-on-year increase, and achieved a net profit of 182 million yuan, marking a 109.9% increase compared to the previous year [4]. - The company's gross margin reached 82.3% in the first half of 2025, with a significant reduction in sales expense ratio from 73.64% in 2022 to 55.2% [4]. - The core product, Camellia Oil, has sold over 45 million bottles since its launch, contributing to the brand's strong market position [4]. Investment Recommendations - The report suggests focusing on companies such as 毛戈平, 上美股份, 珀莱雅, 若羽臣, 水羊股份, 青木科技, 润本股份, 登康口腔, and 百亚股份 within the beauty and personal care sector [4][14]. - For the潮玩谷子 industry, recommended companies include 泡泡玛特, 布鲁可, TOPTOY, and 乐自天成 [14]. - In the gold and jewelry sector,关注老铺黄金, 潮宏基, and 曼卡龙 are highlighted as potential investment opportunities [14]. - The sports and outdoor segment suggests关注安踏体育, 李宁, 361度, and 波司登 as key players to watch [14].