又一家国货护肤品牌冲击上市。继毛戈平成功上市后，近日，上海林清轩生物科技股份有限公司（以下 简称"林清轩"）向港交所递交招股书，正式开启上市流程。 据了解，林清轩成立于2003年，专攻功效护肤领域。主打功效护肤概念、以中高端为定位的林清轩用一 瓶"红山茶花精华油"，成功获得资本青睐。2024年，林清轩在中国高端国货护肤品牌中零售额排名第 一。 长江商报记者注意到，尽管2024年林清轩毛利率高达82.5%，但公司仍面临多项挑战。目前公司存在对 大单品山茶花精华油的依赖，其他新品表现平平。高端定位需要建立护城河，而公司的研发相对乏力。 2022—2024年，林清轩营销及推广开支三年累计达到7.6亿元，同期研发开支为7126.9万元。因广告用语 问题，林清轩还曾被认定虚假宣传并受到处罚。 如何改变产品单一局面、维持高端定位，对林清轩来说是一大考验。 精华油单品贡献近四成营收 招股书显示，林清轩是中国高端国货护肤品牌商，长期致力于提供基于天然、山茶花成分的高端护肤改 善方案。目前，林清轩拥有188个SKU（最小存货单位），涉及精华油、面霜、乳液等品类，其中山茶 花面部精华油为核心产品。 据灼识咨询数据，按零售额计，2 ...

洞见 （DJ00123987） ——不一样的观点，不一样的故事，3000万人订阅的微信大号。点击标 题下蓝字"洞见"关注，我们将为您提供有价值、有意思的延伸阅读。 夏季好物专场，吃、穿、玩应有尽有 预约直播，抢好物福利 有没有发现： 皮肤好，真的很显气质！ 脸蛋又白又滑，哪怕是素颜出门，也会不自觉的被她吸引，投去羡慕的目光。 然而现实生活中，大部分人都有各种各样的皮肤问题： ❌暗沉无光、敏感、脱皮 ❌紧绷、红脸蛋、大毛孔、黑头…… 好在我目前没有这个烦恼了，这都得感谢我那个从事护肤行业的表姐，一年前给我安利了一款 玫瑰纯露。 它成分是单纯的玫瑰花水，不仅保湿舒缓还减缓氧化，我用了一年多： 肉眼可见的变好、变嫩、变润，白里透红的~ Anfany这款玫瑰纯露我们也已经开团有一年了，直接是卖爆了，复购率也相当高！ 用过的姐妹们没有一个是不夸的！ 也是因为和玫瑰纯露结缘，很多粉丝都在后台留言： 有没有玫瑰精华油？ 玫瑰精华油那可是玫瑰纯露的 升级精华版 ，用起来效果那是直接翻几倍啊！ 于是品牌方马不停蹄开始了研究工作，足足耗时一年多，终于把玫瑰精华油研究透了。 这不，我和闺蜜们试用后纷纷夸超级好用，所以产品一上线就立 ...

近期，上海林清轩生物科技股份有限公司（下称"林清轩"）向港交所递交了IPO申请。 林清轩定位高端市场，主攻面部精华油等各类护肤品。作为大单品的山茶花精华油，截至2024年末累计销量已经突破3000万瓶。 乘风"以油养肤"理念，林清轩收入规模已经突破10亿元大关，2024年收入、净利润分别达到12.1亿元、1.87亿元，分别同比增长了50.27%、 121.06%。 这离不开林清轩从精华油到面霜等多品类的布局。同时线上渠道的持续增长亦是重要的助推力，2024年贡献了7.14亿元收入，同比增长了超8成。 其基本原理是通过补充和强化皮肤天然的油脂屏障，达到肌肤修复、滋养等目的。 这当中所用到的护肤品便是面部精华油，市场规模从2019年的9亿元增长至2024年的53亿元，复合年增长率达到42.8%。 即便如此，林清轩身上的争议依旧存在。 一方面，"以油养肤"仍是小众市场，这导致林清轩需要比一般护肤品企业付出更多的推广费用才能推动产品的规模化销售。2024年销售费用率为 56.86%，较同期行业中位值高出近10个百分点； 另一方面，尽管定位高端市场，但林清轩的线下门店多位于二线及以下城市。 这都让林清轩的高端护肤品之路 ...

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking its ambition to enter the public market after 23 years of establishment [1] Company Overview - Founded in 2003 by Sun Chunlai, Lin Qingxuan has gained popularity among young consumers through its unique marketing strategies, including the distribution of handmade essential oil soaps [1] - The brand claims to rank first among domestic high-end skincare brands in China based on retail sales for 2024, and it is the only domestic brand among the top 15 high-end skincare brands in China [1] Financial Performance - Lin Qingxuan's revenue for the years 2022 to 2024 was reported as 691 million yuan, 805 million yuan, and 1.209 billion yuan respectively [2] - The company's profit over the past three years showed significant fluctuations, with figures of -5.93 million yuan, 84.5 million yuan, and 186 million yuan, indicating a transition from losses to profitability [2] Market Trends - The high-end skincare market in China has grown from 749 billion yuan in 2019 to an expected 1,144 billion yuan in 2024, with projections to reach 2,185 billion yuan by 2029 [3] - The market for high-end anti-wrinkle and firming products is projected to grow from 594 billion yuan in 2024 to 1,555 billion yuan by 2029, with a compound annual growth rate (CAGR) of 21.2% [3] Product Strategy - Lin Qingxuan has focused on essential oil skincare, with its signature Camellia Oil leading sales, accounting for 31.5%, 35.3%, and 37% of total revenue over the past three years [5] - The company has also introduced new products, with facial creams becoming a significant revenue contributor, increasing from 13.7% of total revenue in 2022 to 15.7% in 2024 [5] Brand Positioning - Despite its focus on essential oils, Lin Qingxuan struggles to position itself as a "high-end" brand compared to international competitors like La Mer and Sisley [6] - The average price per milliliter for Lin Qingxuan's Camellia Oil is approximately 27.3 yuan, significantly lower than that of its high-end counterparts [6] Distribution Channels - As of 2024, Lin Qingxuan operates 506 stores nationwide, with a significant presence in new first-tier and third-tier cities [7] - The company has seen a shift in sales channels, with online sales projected to account for 59.1% of revenue in 2024, compared to 40.8% from offline channels [6] Challenges Ahead - Lin Qingxuan's primary market is in new first-tier and third-tier cities, but competition from international brands like Lancôme and Estée Lauder poses challenges for capturing the high-end market segment [8] - The company's R&D expenditures from 2022 to 2024 were 21.1 million yuan, 19.7 million yuan, and 30.4 million yuan, representing a moderate investment level relative to its revenue base [8]

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].

林清轩的上市动作早有苗头。 早在2 0 2 0年，林清轩创始人孙来春在接受媒体采访时就表示，公司在未来5年内要拥抱资本市 场，谋求上市。 今年2月，"上海林清轩生物科技有限公司"名称变更为"上海林清轩生物科技股份有限公司"， 同时公司董事长孙来春的职务调整为董事长兼总经理。股改完成，标志着林清轩迈出了上市第 一步。 随着上市步伐加快，这一家创立于2 0 0 3年的中国美妆公司将开启新篇章。 林清轩敢于迈向资本市场，其底气既得益于品牌当下已然成熟且稳固的市场格局，更源于其在 渠道拓展与产品布局两端构建起的综合战略体系。 5月2 9日，上海林清轩生物科技股份有限公司（以下简称"林清轩"）正式向港交所递交招股说 明 书 ， 拟 主 板 挂 牌 上 市 ， 中 信 证 券 和 华 泰 国 际 担 任 联 席 保 荐 人 。 若 顺 利 ， 林 清 轩 将 成 为 港 股"中国高端护肤第一股"。 从林清轩披露的招股书数据来看，2 0 2 2年至2 0 2 4年期间，公司营收呈现出稳健且快速的增长 态 势 ， 分 别 为 6 . 9 1 亿 元 、 8 . 0 5 亿 元 、 1 2 . 1 亿 元 ， 复 合 年 增 ...

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].