林清轩(02657)首挂上市，公告显示，每股定价77.77港元，共发行1396.65万股股份，每手50股，所得款 项净额约9.971亿港元。截至发稿，涨9.3%，报85港元，成交额2.04亿港元。 公开资料显示，林清轩为中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，并以长期致力于旗舰品 牌林清轩提供基于天然、山茶花成分的高端护肤改善方案而著称。自2012年展开山茶花护肤品研究以 来，公司开创"以油养肤"理念，首创山茶花面部精华油。公司首款山茶花精华油于2014年问世，该款产 品为公司的核心以油养肤产品线奠定基础。截至2025年6月30日，山茶花精华油自推出以来已累计销售 逾4500万瓶，根据灼识咨询的资料，按全渠道销售的总零售额计自2014年以来连续11年于所有面部精华 油产品中稳居全国榜首。该产品亦为中国面部精华油品类中连续8年零售额超过人民币1亿元的唯一一款 产品。 根据灼识咨询的资料，于2024年，按零售额计，林清轩在中国所有高端国货护肤品牌中排名第一，占据 1.4%的市场份额。是唯一跻身中国前15大高端护肤品牌(包括国货及国际品牌)的国货品牌，整体排名第 13位。 ...

根据灼识咨询的资料，于2024年，按零售额计，林清轩在中国所有高端国货护肤品牌中排名第一，占据 1.4%的市场份额。是唯一跻身中国前15大高端护肤品牌(包括国货及国际品牌)的国货品牌，整体排名第 13位。 智通财经APP获悉，林清轩(02657)首挂上市，公告显示，每股定价77.77港元，共发行1396.65万股股 份，每手50股，所得款项净额约9.971亿港元。截至发稿，涨9.3%，报85港元，成交额2.04亿港元。 公开资料显示，林清轩为中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，并以长期致力于旗舰品 牌林清轩提供基于天然、山茶花成分的高端护肤改善方案而著称。自2012年展开山茶花护肤品研究以 来，公司开创"以油养肤"理念，首创山茶花面部精华油。公司首款山茶花精华油于2014年问世，该款产 品为公司的核心以油养肤产品线奠定基础。截至2025年6月30日，山茶花精华油自推出以来已累计销售 逾4500万瓶，根据灼识咨询的资料，按全渠道销售的总零售额计自2014年以来连续11年于所有面部精华 油产品中稳居全国榜首。该产品亦为中国面部精华油品类中连续8年零售额超过人民币1亿元的唯一一款 产品。 ...

Investment Rating - Industry rating: "Accumulate" (maintained) [7] Core Insights - The approval of the cross-linked recombinant collagen implant by Chuangjian Medical on December 23, 2025, marks a significant addition to the recombinant collagen industry, which is expected to expand further [7] - Lin Qingxuan has passed the Hong Kong Stock Exchange listing hearing, potentially becoming the first high-end domestic skincare stock in Hong Kong [7] - The "oil-based skincare" brand Afu released the industry's first technical standard for functional skincare products on December 8, 2025, supporting the standardized development of the "oil-based skincare" sector [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -21.5% compared to the CSI 300 index, with absolute returns of -4.52% [3] Key Events - Chuangjian Medical's recombinant collagen implant is composed of cross-linked recombinant collagen hydrogel and is approved for facial dermal filling to correct moderate to severe dynamic wrinkles [7] - Lin Qingxuan's core product, camellia oil essence, has seen its revenue share increase from 31.5% in 2022 to an expected 45.5% in the first half of 2025, maintaining its position as the top-selling facial essence oil in China for 11 consecutive years [7] Investment Recommendations - The successful approval of Chuangjian Medical's product is expected to enhance industry growth, with a recommendation to monitor the product's market performance post-launch [7] - The sales of essence oils across major online platforms are projected to exceed 9.5 billion yuan from March 2024 to February 2025, with facial essence oils experiencing a 36% growth, indicating a strong market demand [7]

www.hczq.com 证券研究报告 化妆品行业跟踪：林清轩通过港交所聆讯 2025年12月29日 分析师 汤秀洁 执业编号：S0360525080008 邮箱：tangxiujie@hcyjs.com 联系人 王笑飞 执业编号：S0360125090005 邮箱：wangxiaofei@hcyjs.com 本报告由华创证券有限责任公司编制 。本公司不会因接收人收到本报告而视其为客户。华创证券对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考， 并不构成本公司对所述证券买卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 摘要 证券研究报告 此页包含机密资料，其全部或任何部分不可被复制或再发送。本页不构成对任何产品的要约出售/购买、招揽或建议。关于免责声明全文，详见本PPT最后部分。 2 林清轩：甄选高山红山茶花，开创以油养肤理念，连续11年位居精华油榜首，线下554家门店并逐步发力电商，精耕细作铸就国货高端品牌。 行业：预测2025年以油养肤市场规模从2024年77亿元同比增长45%至 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid growth of the community dining sector in China, with the market size expected to reach RMB 2,137.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 9.4% from 2023 to 2028 [4][16] - The Hainan Free Trade Port has seen significant policy benefits, leading to increased consumer and trade activity, with notable growth in duty-free shopping and foreign trade enterprises [12][13] - The "oil-based skincare" segment is experiencing expansion, with both international and domestic brands enhancing their product offerings, which is expected to drive industry growth [27][28] Summary by Sections Hainan Free Trade Port Tracking - The first week of the Hainan Free Trade Port's full closure saw duty-free shopping amounting to RMB 1.1 billion, with a year-on-year increase of 54.9% [12] - The number of new foreign trade registered enterprises in Hainan increased by 2.3 times year-on-year, with over 30,000 new registered customs declaration units for the year, up over 40% [12] - Passenger throughput at Meilan Airport increased by 11.8% year-on-year during the first week of closure [13] Community Dining - The community dining sector has grown rapidly, with the market size increasing from RMB 1,141.4 billion in 2018 to RMB 1,365.8 billion in 2023, a CAGR of 3.7% [14][19] - JD's "Seven Fresh Kitchen" has opened over 30 stores in Beijing, aiming to establish 10,000 stores in three years, focusing on a dual model of delivery and self-pickup [18][24] - The "锅圈" (Guoquan) has expanded its store size and product offerings, transitioning from a simple grocery model to a comprehensive community kitchen service [24] Oil-based Skincare - The "oil-based skincare" market is seeing increased competition from both international luxury brands and domestic brands, with a focus on high-quality ingredients and effective formulations [27][28] - Lin Qingxuan has maintained the top market share on platforms like Taobao and Douyin, with a significant increase in its market share on Douyin by 13.8 percentage points compared to the previous year [28][33] - The report emphasizes the importance of product innovation and the introduction of new active ingredients to meet diverse consumer needs [28] Market Performance Overview - The Hong Kong retail sector outperformed the Hang Seng Index, while consumer services and media sectors lagged behind [34][35] - The report notes that the duty-free and dining sectors have shown strong performance, with specific companies like 多想云 (Duoxiangyun) and 中国中免 (China Duty Free Group) leading in stock performance [43][44]

型及五 2025 年 12 月 28 日 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 林清轩本周港股 IPO, 领跑国货高端精华油赛道 -化妆品医美行业周报 20251228 日万宏源研究微信服务号 本周化妆品医美板块表现弱于市场。2025 年 12 月 19 日至 2025 年 12 月 26 日期间, ● 申万美容护理指数下滑 1.1%，表现弱于市场。其中，申万化妆品指数下滑 1.3%，弱于 申万 A 指 4.2pct; 申万个护用品指数下滑 1.0%，弱于申万 A 指数 3.8pct｡ 周观点：林清轩本周港股 IPO，领跑国货高端精华油赛道。林清轩通过港交所聆讯 IPO ○ 在即,预期 H 股将于 2025 年 12 月 30 日上午 9 时正式开始在联交所买卖,拟全球发售 1396 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" [2][3] Core Insights - The beauty industry has entered a stable growth phase, with increasing consumer demand differentiation and intensified competition, necessitating higher operational standards for brand management [4][65] - Domestic brands, including Lin Qingxuan, have made significant progress in the high-end market, leveraging unique Chinese ingredients to create differentiated products and enhancing brand value through effective channel strategies [4][65] - Lin Qingxuan is positioned as a leading domestic high-end skincare brand, ranking 13th among all high-end skincare brands in China with a market share of 1.4% [5][26] Company Overview - Lin Qingxuan plans to officially list on the Hong Kong Stock Exchange on December 30, issuing approximately 13.97 million H shares at an offering price of HKD 77.77 per share, aiming to raise around HKD 1.086 billion [4] - The company has established a full industry chain from raw material planting to R&D, production, and sales, focusing on its core product, the Camellia Oil, which has been a market leader for 11 consecutive years [5][6] Financial Performance - In 2024, Lin Qingxuan is projected to achieve revenue of CNY 1.21 billion, a year-on-year increase of 50.27%, and a net profit of CNY 187 million, up 121.06% [15] - The company has maintained rapid revenue growth over the past three years, with a significant increase in profit margins, indicating strong operational efficiency [15][20] Product and Channel Strategy - The core product, Camellia Oil, has seen substantial revenue growth, contributing 46% of total revenue in the first half of 2025, with a remarkable growth rate of 176% [39] - The company has a balanced online and offline channel strategy, with online sales accounting for 65% of total revenue in the first half of 2025, reflecting a 137% growth [18][47] Brand Positioning and Customer Base - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of 33.5%, indicating strong brand loyalty [30] - The brand is actively expanding its customer base, targeting younger consumers aged 18 to 24 through affordable yet effective skincare solutions [34] Future Growth Plans - The company plans to use the funds raised from the IPO to enhance brand marketing, upgrade supply chain capabilities, and explore overseas markets, aiming for sustainable growth and brand diversification [62][64]

作为一家国产高端护肤品牌，林清轩曾于2025年5月首次递表港交所，中信证券与华泰国际担任联席保荐人。借助资本傍身，林 清轩的估值的确在近几年实现了较快飞升，不过公司也存在超高销售费用投入、消费者投诉较多等隐性压力。 二冲港交所的上海林清轩生物科技股份有限公司（以下简称，林清轩，02657.HK）终于等来了好消息。 12月18日，林清轩发布全球发售公告，公司预期H股将于2025年12月30日上午9时正式开始在联交所买卖。公司于12月18日至12 月23日招股，拟全球发售1396.65万股H股。其中香港公开发售139.67万股，占比10%；国际发售1256.98万股，占比90%。另有 15%超额配股权。发售价为每股77.77港元。 《港湾商业观察》施子夫 1 收入和利润持续向好 林清轩是一家上海本土原创的高端国货护肤品牌，天眼查显示，公司创立于2003年，聚焦抗皱紧致类护肤品市场，并长期致力于 旗舰品牌林清轩提供基于山茶花成分的高端嫩肤改善方案。 自2012年展开山茶花护肤品研究以来，公司开创"以油养肤"理念及山茶花面部精华油。致力于提供安全及有效的嫩肤产品，首款 山茶花精华油于2014年问世，该款产品为核心以油 ...

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights the activation of cross-border trade and duty-free consumption in Hainan following the official launch of the Hainan Free Trade Port on December 18, 2025, which is expected to enhance the investment environment for high-end manufacturing and biomedicine sectors [14][21] - The short drama market is experiencing significant growth, with overseas short drama in-app purchases projected to reach $3.8 billion in 2025, reflecting a 153% year-on-year increase, indicating a shift in content consumption patterns [22][25] - The fashion consumption sector is evolving, with professional sports brands like Lululemon becoming new benchmarks for the middle class, driven by the integration of functionality, fashion expression, and lifestyle [32][33] - The "oil skincare" segment is witnessing high growth, with Lin Qingxuan emerging as the leading brand, achieving a 212% growth in GMV across three platforms in 2025 [40][41] Summary by Sections Hainan Free Trade Port - The Hainan Free Trade Port's launch has led to a direct increase in cross-border trade, with zero tariff policies driving significant growth in imports, particularly in high-end manufacturing and biomedicine [14][15] - Duty-free sales have surged, with a 61% year-on-year increase in shopping amounts on the first day of the port's operation, indicating strong consumer demand [15][18] Short Drama Market - The overseas short drama market is projected to exceed traditional film box office revenues, with a notable increase in demand from the Middle East, which is becoming a new market for Chinese short dramas [22][27] - The platform DramaBite, under Chi Zi Cheng Technology, has seen significant user engagement, with 3.46 million downloads in the past year [30] Fashion Consumption - The report identifies three key trends in fashion consumption: the integration of sports into daily life, the rise of outdoor brands as fashion symbols, and the awakening of specific consumer needs for tailored products [32] - Online sales for professional sports brands have shown remarkable growth, with Lululemon achieving over 5 billion yuan in online sales and maintaining a 51% growth rate [33][36] Oil Skincare Segment - The "oil skincare" market is projected to grow significantly, with the market size for facial and eye oils expected to exceed 11 billion yuan by 2025, driven by changing consumer perceptions [40][42] - Lin Qingxuan leads the market with a 12.4% share, supported by a robust supply chain and innovative product development [41][60]

报告来源 报告导读： 美护板块 8 月以来回撤较大，头部高成长公司估值回归 20-30x ， PEG 多 在 1x 以内，板块预计触底。林清轩上市在即，定位以油养肤赛道 25H1 业绩翻倍高增。 投资建议： 美护板块为内需成长代表性板块，结构性机会突出，看好美妆个护公司产品创新下的长期成长性，建议自下而上优选存在产品及渠道变化、具备 弹性的标的。 美护板块 8 月以来回撤超 15% ，头部高成长公司估值回归 20-30x ，有望见底回升 。 美容护理板块 2025 年年初受益新消费高景气曾实现较大涨幅，在 6 月初、 8 月末两次冲顶后迎来较大回撤。具体看，申万美容护理指数 2025 年以来最大涨幅为 19% （ 8 月末） ，但 9 月以来随市场风格切换，及 Q3 、双十一部分标的增速放缓影响回撤较大，申万美护指数最大回撤达 17% ，头部标的回撤幅度多在 30% 以上。至 12 月 19 日头部高成长标的 2026E 估 值基本已经回落至 20-30x ，港股标的多回落至 20-25x ， PEG 多在 1x 以内，我们认为板块基本触底。展望 2026 年，我们认为美护板块因产品创新较 多，且国货整体处于 ...