证券研究报告·行业跟踪周报·商贸零售 证券分析师 张家璇 商贸零售行业跟踪周报 林清轩正式递表港交所，国产高端护肤开启 资本化新篇章 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 04 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 商贸零售 沪深300 相关研究 《酒店集团业 ...

目前，林清轩山茶花精华油已进阶至第五代，截至去年12月底销量已累计突破3000万瓶。根据灼识咨询 的资料，按全渠道总零售额计，山茶花精华油自2014年以来连续11年在所有面部精华油产品中稳居全国 榜首。该产品同时也是中国面部精华油品类中唯一一款连续8年零售额超过人民币1亿元的产品。 尽管林清轩精华油系列产品贡献较大，但业绩高增背后也存在单一品类高度依赖的隐忧。因此，林清轩 此次IPO募集的资金，便是用于持续研发核心成分和打造多品类产品，不断拓展围绕山茶花的护肤品矩 阵。截至目前，林清轩已开发出山茶超胜肽、山茶超胶原、山茶超A醇、山茶花愈伤组织提取物滤液及 多肽组合物等一系列专利成分。 值得一提的是，此次林清轩的赴港上市，也算赶上了一波国内消费类企业的上市热潮。自去年以来，不 少消费类企业在港交所这趟资本快车上尝到了"甜头"。例如，蜜雪冰城今年3月在港交所挂牌上市，融 资认购超5258倍，认购金额超1.8万亿港元，成为港股"冻资王"；美妆品牌"毛戈平"的股价也较上市首 日上涨两倍，市值超540亿港元。最近，潮玩公司52TOYS、高端月子中心"圣贝拉"、雷军投资的文创品 牌"铜师傅"、零食品牌"鸣鸣很忙"、始祖鸟 ...

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first high-end domestic skincare brand listed in Hong Kong [1][4]. Group 1: Company Overview - Lin Qingxuan is positioned as a high-end domestic skincare brand, focusing on camellia oil-based products and aiming to integrate modern technology with natural ingredients [3][6]. - The brand was established in 2003 and has undergone a significant transformation towards high-end positioning since 2016, eliminating lower-priced product lines [12][40]. Group 2: Market Position and Growth - The skincare market in China is projected to reach RMB 4,619 billion by 2024, with the high-end segment expected to grow from RMB 749 billion in 2019 to RMB 1,144 billion [14]. - Lin Qingxuan ranks first among domestic high-end skincare brands and 13th among the top 15 high-end skincare brands in China, with a retail revenue of RMB 1.59 billion and a market share of 1.4% in 2024 [14][19]. Group 3: Product and Sales Performance - Lin Qingxuan's flagship product, the camellia oil essence, has sold over 30 million bottles since its launch in 2014, maintaining the top position in the facial essence category for 11 consecutive years [24]. - The company reported revenues of RMB 6.91 billion, RMB 8.05 billion, and RMB 12.10 billion for the years 2022, 2023, and 2024 respectively, with a gross margin increasing to 82.5% by 2024 [35][43]. Group 4: Distribution and Channel Strategy - Lin Qingxuan operates 506 stores, with over 95% located in shopping malls, and has a significant online presence, with online sales growing from RMB 312 million in 2022 to RMB 714 million in 2024 [26][29]. - The company has a strong digital marketing strategy, with over 7 million followers on Tmall and over 1 million on Douyin, achieving top sales rankings during major shopping events [29][31]. Group 5: Research and Development - Lin Qingxuan has invested in R&D, with 64 employees dedicated to this area, focusing on innovative ingredients and technologies, including proprietary compounds derived from camellia [47][48]. - The company has filed for 500 formulations and 80 patents, emphasizing its commitment to quality and innovation in product development [48].

Core Viewpoint - The beauty industry appears to be showing signs of recovery in the capital market, with Lin Qingxuan officially starting its IPO process on May 29, following the successful listing of Mao Geping. The company aims to leverage its star product, Camellia Oil, to penetrate the high-end skincare market in China [1][9]. Financial Performance - Lin Qingxuan's revenue from 2022 to 2024 is projected to be 6.91 billion, 8.05 billion, and 12.1 billion RMB, respectively, with year-on-year growth rates of 16.5% and 50.3% for 2023 and 2024 [2][3]. - The adjusted net profit is expected to shift from a loss of 3.66 million RMB in 2022 to profits of 88.46 million and 200 million RMB in 2023 and 2024, respectively [2][3]. - The gross profit margin is notably high, reaching 82.5% in 2024, indicating strong product pricing power [2][3]. Product Contribution - The Camellia Oil product line contributes nearly 40% of total revenue, generating 4.48 billion RMB in 2024, with its share of total revenue increasing from 31.5% in 2022 to 37% in 2024 [3][4]. - Lin Qingxuan's Camellia Oil has been the top-selling facial oil in China for 11 consecutive years, with cumulative sales exceeding 30 million bottles [3][6]. Marketing and Sales Strategy - The company has significantly increased its online channel revenue, which rose from 45.2% of total revenue in 2022 to 59.1% in 2024, primarily through direct online sales [7][8]. - Marketing and promotional expenses for 2024 are projected to be 365 million RMB, accounting for 53% of total revenue, indicating a heavy reliance on marketing for growth [7][10]. Market Positioning - Lin Qingxuan is positioned as a leading domestic high-end skincare brand, ranking first among Chinese domestic brands in the high-end market according to retail sales [9][10]. - The company primarily targets high-end consumers, with product prices ranging from approximately 200 to 800 RMB [9][10]. Research and Development - The R&D expenditure from 2022 to 2024 is relatively low, with only 2.5% of total revenue allocated to R&D in 2024, highlighting a common issue in the domestic beauty industry of prioritizing marketing over product development [10][11].

Core Viewpoint - Lin Qingxuan is preparing for its IPO on the Hong Kong Stock Exchange, aiming to become the "first high-end skincare stock in China" [3] Group 1: Company Background and Development - Lin Qingxuan was founded in 2003 and has been planning to enter the capital market since 2020, with a name change to "Shanghai Lin Qingxuan Biotechnology Co., Ltd." in February 2023 marking its first step towards listing [3][5] - The company has experienced significant growth, with revenue projected to increase from 691.5 million RMB in 2022 to 1.209641 billion RMB in 2024, reflecting a compound annual growth rate of 32.5% [5][8] - Lin Qingxuan achieved profitability in 2022 with a net profit of 84.518 million RMB, expected to rise to 187 million RMB by 2024 [5] Group 2: Revenue Channels and Market Strategy - The company has a balanced revenue stream from both online and offline channels, with online sales projected to account for 59.1% of total revenue by 2024 [6][8] - Lin Qingxuan operates 506 stores across over 100 cities in China, with more than 95% located in shopping malls, and 67.5% of these stores are direct-operated [7] - The company is expanding its presence in the CS (cosmetics store) channel, aiming to increase its store count tenfold in the next five years [9] Group 3: Product Development and Innovation - Lin Qingxuan focuses on its core product, the camellia oil series, which is expected to grow from 31.5% of total revenue in 2022 to 37% in 2024 [9] - The company has developed 188 SKUs, including various skincare products, and emphasizes research and development around camellia flower ingredients [11] - Lin Qingxuan has established a research center and has obtained 80 patents, including 42 invention patents, showcasing its commitment to innovation [17] Group 4: Brand Positioning and Future Plans - The brand has redefined its positioning as an "anti-aging repair expert" and is actively pursuing a multi-brand strategy to cater to diverse consumer preferences [15][11] - Lin Qingxuan plans to expand internationally, starting in Southeast Asia, and aims to establish a presence outside China while promoting the concept of "Chinese beauty" [25] - The company is also enhancing its cultural soft power by integrating beauty and tourism, exemplified by the establishment of the "Thousand-Year Camellia King Protection Station" [23]

Core Viewpoint - Lin Qingxuan is the only domestic high-end skincare brand among the top 15 in China, focusing on anti-wrinkle and firming products, with a strong emphasis on natural ingredients like camellia oil [1][7]. Company Overview - Founded in 2003, Lin Qingxuan specializes in high-end skincare products, particularly those based on camellia flower ingredients [3]. - The flagship product, Camellia Essence Oil, launched in 2014, has sold over 30 million bottles and has been the top-selling facial essence oil in China for 11 consecutive years [5]. Product Development - Lin Qingxuan has developed a range of patented ingredients and products, including various serums, creams, and masks, totaling 188 SKUs as of December 31, 2024 [6]. - The company has introduced several successful products, such as the Camellia Black Gold Anti-Wrinkle Cream, generating significant revenue in its first year [6]. Market Position - As of 2024, Lin Qingxuan ranks first among domestic high-end skincare brands in China and is the only domestic brand in the top 15 overall [7]. - The brand leads the market in high-end anti-wrinkle and firming products among domestic brands [7]. Customer Engagement - Lin Qingxuan has over 4.3 million active customers, with an average annual repurchase rate of approximately 34.6%, surpassing the industry average [8]. Distribution Channels - The company operates 506 stores, primarily in shopping malls, with a significant portion being direct-operated stores, ensuring consistent customer experience [10]. - Online sales have seen rapid growth, with a compound annual growth rate of 51.2% from 2022 to 2024 [10]. Financial Performance - Lin Qingxuan's revenue has grown from 691 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.5% [12]. - The company achieved profitability in 2023, with adjusted net profits exceeding 200 million yuan in 2024 [13]. Future Plans - Lin Qingxuan aims to expand into Southeast Asian markets as part of its globalization strategy [11]. - The company plans to use IPO proceeds to enhance brand value, sales networks, production capabilities, and technological development [14]. Industry Outlook - The high-end skincare market in China is projected to grow from 74.9 billion yuan in 2019 to 114.4 billion yuan in 2024, with anti-wrinkle products expected to see a compound annual growth rate of 21.2% [14].

Investment Rating - The report indicates a positive investment outlook for the body care industry, highlighting a recovery phase with a projected sales growth of 7% year-on-year on the Tmall platform in 2024 [7][21]. Core Insights - The Chinese body care market is experiencing a rebound starting in 2023, driven by increased consumer demand for high-quality and cost-effective domestic products [5][7]. - The market is characterized by a shift towards functional and experience-oriented products, with a notable rise in demand for body oils and soaps due to health and environmental concerns [12][19]. - Domestic brands are gaining market share, leveraging supply chain advantages and refined pricing strategies to stimulate consumer demand [21][16]. Industry Analysis - The body care market in China is recovering, with a significant increase in the number of buyers and purchase frequency, while overall prices are declining due to the rise of cost-effective domestic products [7][21]. - The market is projected to grow steadily, with core categories such as body lotion and hand cream forming the backbone of industry growth, while body oils and high-end products show strong market potential [21][16]. - The competitive landscape is evolving, with domestic brands outperforming foreign brands in growth rates, particularly in specialized efficacy and scenario innovation [16][21]. Consumption Trends - There is a notable increase in demand for specialized functions such as anti-aging and soothing, with basic moisturizing needs remaining stable [23][26]. - The price distribution of body care products shows a concentration under 100 yuan, while high-end products (above 150 yuan) are seeing increased demand [26][23]. - The trend towards gifting body care products is growing, particularly during holidays, with hand creams being a popular choice [38][59]. Consumer Insights - The primary consumer demographic for body care products consists of women aged 25-34, with younger consumers (18-24) showing a strong preference for body lotions and shower gels [42][63]. - Consumers prioritize scent and efficacy in their purchasing decisions, with a significant focus on the emotional value provided by fragrances [46][44]. - The interest in body care products is heightened during festive occasions, with consumers increasingly choosing these products as gifts [38][59]. Future Outlook - The body care market is expected to continue its recovery, with domestic brands capitalizing on functional ingredients and innovative scenarios [67]. - Product upgrades will focus on specialized functions for problem skin, with an emphasis on developing customized solutions for various skin concerns [68]. - Sustainability and digital experiences are anticipated to play a crucial role in shaping future consumer preferences and market strategies [68].

Group 1 - The core viewpoint of the articles highlights the successful presentation of the high-end fragrance brand Yiparhan at the 29th China International Beauty Expo, showcasing the unique charm of Xinjiang and its innovative combination of technology and natural healing [1][6] - Yiparhan's exhibition theme "The Fragrant Secret Realm Under Tianshan" creatively integrates the lavender fields of the Ili River Valley, traditional ethnic patterns, and modern art installations, providing a dual immersive experience of visual and olfactory sensations [2][6] - The launch of the star product "Yiparhan Night Light Essence Oil" during a closed-door salon generated significant excitement, emphasizing its skin repair and emotional healing capabilities, utilizing space-traveled lavender essential oil and unique SLH technology for enhanced soothing effects [4][6] Group 2 - Yiparhan's marketing manager expressed the ambition to showcase the high-quality raw materials and technological strength of western China to the world, aiming to contribute to the development of the Chinese beauty industry [6]