林清轩计划在本次IPO中发行13,966,450 股H 股。其中，香港公开发售1,396,650 股H 股，国际发售12,569,800 股H 股。 按每股77.77港元的发行价计算，林清轩将通过本次IPO募集超10亿港元，IPO市值达108.62亿港元。 值得注意的是，林清轩在本次IPO中引入7名基石投资者，累计认购6200万美元——其中，富达基金认购1500万美元， 大湾区共同家园投资GBA认购1200万美元，正心谷和Duckling Fund分别认购1000万美元，SS Capital、大家保险集团 和Yield Royal Investment则分别认购800万美元、500万美元和200万美元。 港股"国货高端护肤第一股"。 据IPO早知道消息，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）今起招股、至23日结束，并计划于 2025年12月30日正式以"2657"为股票代码在港交所主板挂牌上市。 这意味着，林清轩即将正式成为港股"国货高端护肤第一股"。 类护肤品零售额计算，林清轩于所有国货品牌中名列第一，且跻身前10大品牌（包括国货及国际品牌）之列，是当中 唯一的国货品牌。 值得一提的是，林清 ...

招股书显示，2025年上半年，公司盈利能力进一步提升，实现营业收入10.52亿元，同比增长98.3%，净 利润1.82亿元，整体毛利率高达82.4%。其中，精华油品类毛利率更是达到86.2%，展现出高端护肤品牌 的盈利韧性。 这一成绩的背后也离不开林清轩全域销售网络的有力支撑。公司构建了以多元化在线销售渠道融合强大 线下布局的一体化销售网络。线上线下（300959）融合的OMO模式让公司将多年来通过品牌塑造积累 的广泛品牌影响力及强大的消费者认可转化为强劲销售动力。 线下端，林清轩以直营店为核心，战略性布局核心购物商场，截至2025年6月30日，全国门店总数达554 家，其中95%以上位于核心购物商场，按门店总数计在中国国货及国际高端护肤品牌中排名第一。线上 渠道同样表现亮眼，公司成功斩获2024年天猫双11抗皱精华油预售榜、面部精华油热卖榜及天 猫"618"面部精华油热卖榜等多项冠军，累计拥有超560万名活跃客户，平均年复购率约33.5%，优于本 土护肤品牌行业平均水平。 不难看出，从高山种植基地到细胞级抗皱技术再到OMO全域销售模式，林清轩正在重新定义国货高端 护肤。市场人士表示，随着精致护肤观念不断加深 ...

招股书显示，2025年上半年，公司盈利能力进一步提升，实现营业收入10.52亿元，同比增长98.3%，净 利润1.82亿元，整体毛利率高达82.4%。其中，精华油品类毛利率更是达到86.2%，展现出高端护肤品牌 的盈利韧性。 智通财经APP获悉，12月18日，上海林清轩化妆品集团股份有限公司(以下简称"林清轩")正式启动招 股。公司拟全球发售1396.65万股，其中香港发售占10%，国际发售占90%，另有15%超额配股权，每股 发售价77.77港元。每手50股，计划于12月30日在港交所挂牌交易，股票代码02657。 作为"以油养肤"赛道的开创者，林清轩深耕抗皱紧致类护肤品领域十余年，不仅构建了涵盖精华油、面 霜、爽肤水、乳液、精华液、面膜及防晒的完整产品矩阵，更成长为细胞级抗皱精华油的领先品牌。凭 借硬核实力，林清轩2024年以零售额计位列中国高端国货护肤品牌首位、国内抗皱紧致类护肤品牌第 一，更是中国前15大高端护肤品牌(含国际品牌)中唯一的国货代表。 据灼识咨询数据，截至2025年6月30日，林清轩明星产品山茶花抗皱修护精华油自2014年推出以来累计 销量已突破4500万瓶，连续11年以全渠道零售额第一 ...

12月18日，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）正式启动招股。公司拟全球发售 1396.65万股，其中香港发售占10%，国际发售占90%，另有15%超额配股权，每股发售价77.77港元。每 手50股，计划于12月30日在港交所挂牌交易，股票代码2657.HK。 线下端，林清轩以直营店为核心，战略性布局核心购物商场，截至2025年6月30日，全国门店总数达554 家，其中95%以上位于核心购物商场，按门店总数计在中国国货及国际高端护肤品牌中排名第一。线上 渠道同样表现亮眼，公司成功斩获2024年天猫双11抗皱精华油预售榜、面部精华油热卖榜及天 猫"618"面部精华油热卖榜等多项冠军，累计拥有超560万名活跃客户，平均年复购率约33.5%，优于本 土护肤品牌行业平均水平。 不难看出，从高山种植基地到细胞级抗皱技术再到OMO全域销售模式，林清轩正在重新定义国货高端 护肤。市场人士表示，随着精致护肤观念不断加深，推动抗皱、紧致、修护等细分护肤品赛道成为行业 发展的重要增长点，林清轩凭借强劲的研发创新能力和现有的领先产品将率先受益。 爆款矩阵的持续扩容进一步印证市场认可度。公司2024年推出的山茶花 ...

Core Viewpoint - The demand for anti-wrinkle and firming skincare products in China is rapidly increasing, with the retail market expected to reach 64.027 billion yuan in 2024, reflecting a year-on-year growth of 21.50%. Consumers are shifting from a focus on single efficacy to multi-functional products that offer benefits such as anti-free radical and skin barrier repair, marking a transition from "ingredient stacking" to "mechanism-driven" innovations in the industry [1][16]. Overview - Anti-wrinkle and firming skincare products aim to improve skin wrinkles and enhance elasticity and firmness. Their mechanisms include supplementing or stimulating the synthesis of collagen and elastin, improving skin moisture content and barrier function, inhibiting the activity of enzymes that damage skin structure, and providing antioxidant and anti-inflammatory effects to mitigate skin aging [2][5]. Development History - The domestic skincare market was in its infancy before the 1990s, with limited demand for anti-wrinkle products. The introduction of these products began in the 1990s, primarily through imported brands. Post-2010, the market experienced rapid growth due to increased consumer awareness and economic development, leading to the rise of domestic brands that began to compete effectively with multinational companies [5][6]. Market Policies - The Chinese government has implemented a series of policies to enhance the development of the cosmetics industry, including regulations on production quality management, adverse reaction monitoring, and electronic registration. These policies aim to promote standardization and high-quality development in the anti-wrinkle and firming skincare sector [10][11]. Industry Chain - The upstream of the anti-wrinkle and firming skincare industry includes suppliers of active ingredients like hyaluronic acid and peptides, as well as suppliers of moisturizing agents and packaging materials. The downstream consists of various sales channels, including department stores, supermarkets, specialty stores, beauty salons, and e-commerce platforms [13][15]. Consumer Insights - The consumer base for anti-wrinkle and firming products is predominantly female, accounting for over 85%, while the male anti-aging market is growing at a rate of 30%. The core consumer group is aged 26-35, focusing on preventive anti-aging and multifunctional products. Safety is the primary concern for 94.93% of consumers, significantly impacting repurchase rates and brand trust [15][16]. Competitive Landscape - The market is becoming increasingly competitive, with international brands like Estée Lauder, L'Oréal, Procter & Gamble, and Shiseido dominating the mid-to-high-end segments. Domestic brands such as Proya, Chando, and Marubi are gaining significant market share due to their understanding of local consumer preferences and competitive pricing [19][22]. Future Trends - The future demand for anti-aging products will focus on multi-functional benefits, including anti-wrinkle, anti-free radical, and skin barrier repair. There is a growing emphasis on emotional value, with over half of female consumers willing to purchase products that offer additional emotional satisfaction, prompting brands to enhance their offerings through packaging design and brand storytelling [27][29].