行业点评报告：医美化妆品12月月报：山茶花专家林清轩港交所上市，新增重点推荐美丽田园医疗健康-20260110

Investment Rating - The industry investment rating is "Positive" (首次) [1] Core Insights - The beauty and personal care industry is experiencing a mixed performance, with the beauty care index declining by 1.70% in December 2025, ranking 24th among all primary industries [15] - The medical beauty sector is seeing innovation with the approval of new products, such as the cross-linked recombinant collagen implant by Jiangsu Chuangjian Medical Technology Co., which is expected to inject new momentum into the market [7][34] - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for domestic high-end skincare brands [8][39] Summary by Sections Market Review - In December, the beauty care index reported a decline of 1.70%, underperforming the broader market, which saw the Shanghai Composite Index increase by 2.06% [15] - For the entire year of 2025, the beauty care index showed a cumulative increase of 0.39%, again lagging behind the Shanghai Composite Index's 18.41% growth [15] Medical Beauty - Jiangsu Chuangjian Medical's cross-linked recombinant collagen implant has been approved, making it the fifth such product in China and the first cross-linked version [34] - The industry is shifting from single product competition to a full-chain layout, with companies like Jinjian Biological and Junzi Biological also making significant advancements in the recombinant collagen space [34][36] Cosmetics - Lin Qingxuan has established itself as a leader in the high-end domestic skincare market, achieving the highest retail sales among domestic brands in 2024 [39] - The company has built a comprehensive supply chain and employs an OMO (Online-Merge-Offline) model to enhance customer engagement and sales [39][49] - Lin Qingxuan's core product, the camellia oil essence, has a high repurchase rate of 33.5%, indicating strong customer loyalty [51] Investment Recommendations - The report recommends focusing on differentiated upstream medical beauty product manufacturers and chain medical beauty institutions, highlighting companies like Meili Tianyuan Medical Health and Aimeike [9][53] - In cosmetics, the report suggests investing in brands that innovate in emotional value and safe ingredients, with a focus on domestic brands like Maogeping and Lin Qingxuan [54]