Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

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 ...

一瓶标志性的山茶花精华油，一个明确的高端国货梦想，林清轩的港股之旅在岁末正式启程。 林清轩今日起正式启动公开招股，计划于本月底在香港联交所挂牌交易。这家以山茶花精华油闻名的高 端国货护肤品牌，在获得多家知名基石投资者支持后，迈出了登陆资本市场的重要一步。 若此次上市成功，林清轩有望成为港股市场"国货高端护肤第一股"。 01 招股启动 林清轩的公开招股于今日正式开始，至本月底完成股份挂牌交易。 此次发行引入了包括富达基金在内的多家知名机构作为基石投资者，显示出国际资本市场对国货高端护 肤品牌的关注与认可。 根据公司规划，此次发行募集资金将主要用于品牌价值塑造与传播、全渠道销售网络构建、生产供应链 能力加强以及技术研发与产品组合开拓等方面。部分资金也将用于通过内生孵化与外延并购打造品牌矩 阵，显示出公司寻求多元化发展的长远规划。 林清轩在招股文件中将自己定位为中国高端国货护肤品牌，聚焦于抗皱紧致类护肤品市场。品牌开创 的"以油养肤"理念及其标志性山茶花精华油产品，已在相应细分市场建立起相当的认知度。 02 高端定位背后的经营考量 尽管林清轩已启动招股程序，但市场对其高端定位的可持续性及经营模式仍有关注。 面向竞争 ...

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 ...

Core Viewpoint - Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. is set to become the "first domestic high-end skincare stock" in Hong Kong with its IPO, aiming to raise over HKD 1 billion and achieve a market capitalization of HKD 10.862 billion [4][3]. Group 1: IPO Details - Lin Qingxuan plans to issue 13,966,450 H shares, with 1,396,650 shares for public sale in Hong Kong and 12,569,800 shares for international sale, priced at HKD 77.77 per share [4]. - The company has attracted seven cornerstone investors, collectively subscribing for USD 62 million, including Fidelity Fund and GBA [4]. Group 2: Product and Market Position - Lin Qingxuan has established itself as a leader in the anti-wrinkle skincare segment, with a complete product matrix including essence oils, creams, and masks [5]. - The flagship product, "Camellia Oil," has sold over 45 million bottles and has been the top-selling facial essence oil in China for 11 consecutive years [7]. - The brand ranks first among domestic high-end skincare brands and is the only domestic brand in the top 15 high-end skincare brands in China [8]. Group 3: Financial Performance - In the first half of this year, Lin Qingxuan's revenue surged by 98.3% to HKD 1.052 billion, with adjusted net profit increasing by 117.4% to HKD 200 million [9]. - The company's revenue growth rate significantly outpaces the industry average, supported by a robust sales network [9]. Group 4: Sales Network and Strategy - Lin Qingxuan operates 554 stores nationwide, with over 95% located in shopping malls, ranking first among domestic and international high-end skincare brands [11]. - The company employs an OMO (Online-Merge-Offline) sales model, integrating online and offline channels, which has led to a 51.2% compound annual growth rate in online revenue from 2022 to 2024 [12]. Group 5: Future Outlook - Lin Qingxuan plans to expand into Southeast Asian markets, leveraging its advanced anti-wrinkle technology and comprehensive sales model to redefine domestic high-end skincare [13].

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 ...

Group 1 - The company, Lin Qingxuan, plans to globally offer 13.96645 million H-shares, with 1.39665 million shares available in Hong Kong and 12.5698 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The offering price is set at HKD 77.77 per share, with a trading unit of 50 shares, and the shares are expected to start trading on the Hong Kong Stock Exchange on December 30, 2025 [1] - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, and is known for its flagship brand offering high-end skincare solutions based on camellia oil [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares at the offering price, totaling approximately USD 62 million (or about HKD 483 million) [2] - The cornerstone investors include Fidelity, Mega Prime Development Limited, LVC, Duckling Fund, SS Capital, and others, with a total of 620.47 million H-shares to be subscribed [2] Group 3 - The company estimates that the net proceeds from the global offering will be approximately HKD 997.1 million, assuming the over-allotment option is not exercised [3] - The proceeds will be allocated as follows: approximately 20% for brand value enhancement and promotion, 20% for expanding the sales network and establishing overseas channels, 15% for strengthening production and supply chain capabilities, 15% for technology R&D and product development, 15% for brand incubation and strategic acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand in China, is set to launch an IPO from December 18 to December 23, 2025, offering 13.9665 million shares at a price of HKD 77.77 per share, with a market debut expected on December 30, 2025 [1][2]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, leveraging camellia oil as a key ingredient, and has established a strong market presence since its inception in 2012 [1][2]. - The company has developed a reputation for its "oil-based skincare" philosophy, with its first camellia oil essence launched in 2014, which has since become a cornerstone of its product line [1][2]. - Lin Qingxuan's camellia oil essence has ranked first in retail sales among all facial essence products in China for 11 consecutive years since 2014 [1]. Industry Insights - The Chinese skincare market has shown steady growth, with the market size increasing from RMB 332.9 billion in 2019 to an estimated RMB 461.9 billion by 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [2]. - The high-end segment of the skincare market has experienced significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [2]. - In 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [2]. - In the anti-wrinkle and firming product category, Lin Qingxuan ranked 10th among high-end brands, with a 2.2% market share, and is the leading domestic brand in this segment [2]. Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements totaling approximately USD 62 million from various investors [3]. - The estimated net proceeds from the global offering are around HKD 997 million, which will be allocated as follows: 20% for brand value creation, 20% for enhancing the sales network, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix expansion through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3].

Core Viewpoint - Lin Qingxuan is set to launch an IPO from December 18 to December 23, 2025, aiming to issue 13.9665 million shares at a price of HKD 77.77 per share, with a significant portion allocated for international investors [1] Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its camellia oil-based solutions [1] - The company pioneered the "oil-based skincare" concept and launched its first camellia oil essence in 2014, which has since become a leading product in the facial essence market [1] - Lin Qingxuan has accumulated expertise in cell-level anti-wrinkle essence oil over more than a decade, with its camellia essence oil ranking first in retail sales among all facial essence products in China for 11 consecutive years since 2014 [1] Industry Insights - The Chinese skincare market has shown steady growth, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [2] - The high-end segment of the skincare market has experienced significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [2] - In 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [2] - In the anti-wrinkle and firming product segment, Lin Qingxuan ranked 10th among high-end skincare brands in China, with a 2.2% market share, and is the leading domestic brand in this category [2] Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements with several funds, totaling approximately USD 62 million [3] - The estimated net proceeds from the global offering are around HKD 997 million, which will be allocated as follows: 20% for brand value creation, 20% for enhancing sales networks, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix development through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3]