Core Viewpoint - Lin Qingxuan, a domestic beauty brand, is set to go public on the Hong Kong stock market after passing the listing hearing, marking a significant milestone in its growth trajectory [2]. Financial Performance - Lin Qingxuan's revenue surged from 691 million yuan in 2022 to 805 million yuan in 2023, and is projected to reach 1.21 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 32.3% [2]. - The company turned a profit in 2023 with a net profit of 8.45 million yuan, a significant recovery from a loss of 5.93 million yuan in 2022, and is expected to further increase net profit by 121.1% to 187 million yuan in 2024 [2]. - In the first half of 2025, revenue increased by 93% year-on-year to 1.052 billion yuan, with net profit also rising by 120% to 182 million yuan, achieving a net profit margin of 17.3% and a gross margin of 82.4% [2]. Product Strategy - The brand's flagship product, Camellia Oil, has sold over 45 million bottles since its launch in 2014, contributing 45.5% of total revenue in the first half of 2025 [4]. - Lin Qingxuan's product line includes 230 SKUs, with Camellia Oil, cream, and lotion being the top three categories, accounting for approximately 15% and 10% of total revenue, respectively [4]. Marketing and Sales Strategy - Marketing expenses are high, with sales and distribution costs reaching 55.2% of total revenue in the first half of 2025, aligning with the overall trend in the domestic beauty industry [2][9]. - The company has significantly increased its online presence, with online sales accounting for over 65% of total revenue by the first half of 2025, up from 45.2% in 2022 [7]. Brand Development - Lin Qingxuan's brand narrative has evolved from small skincare products to a focus on high-end skincare, particularly emphasizing the benefits of Camellia Oil [5][6]. - The brand has undergone several strategic repositionings, most recently in 2023, to enhance its market presence as a "Camellia Anti-Aging Repair Expert" [5]. Market Outlook - The domestic beauty market is expected to see increased demand for plant-based oils, with analysts predicting a potential surge in interest in this segment over the next few years [9].

Core Insights - The company, Lin Qingxuan, is preparing for its IPO and has reported total revenue exceeding 1 billion RMB in the first half of 2025, indicating strong growth potential in the high-end skincare market [1][3]. Revenue and Growth - Lin Qingxuan's total revenue for the years 2022, 2023, and 2024 was 691.15 million, 805.00 million, and 1.21 billion RMB respectively, with a compound annual growth rate (CAGR) of 32.3% [3][4]. - In the first half of 2025, the company achieved a total revenue of 1.05 billion RMB, representing a year-on-year growth of approximately 98.5% [3][4]. Product Performance - The core product, Camellia Oil, has sold over 45 million bottles since its launch in 2014 and has ranked first in total retail sales among facial oils in China for 11 consecutive years [2][3]. - The contribution of the Camellia Oil to total revenue has increased from 31.5% in 2022 to 45.5% in the first half of 2025, highlighting its growing market competitiveness [4]. Market Position and Expansion - As of June 30, 2025, Lin Qingxuan operates 554 stores nationwide, with over 95% located in shopping malls, making it the leading domestic and international high-end skincare brand by store count in China [2][3]. - The company has diversified its product offerings to include 230 SKUs across various categories such as creams, toners, and sunscreens, aiming to mitigate risks associated with reliance on a single product [5]. Investment and Ownership - The founder, Sun Laichun, holds a 38.21% stake, while other notable investors include Yangtze River Fashion and Wu Xiaobo's fund, indicating strong backing from established investors [5].

（来源：化妆品观察 品观） "以油养肤"正以破竹之势，驱动护肤市场迎来爆发式增长。 《2025以油养肤市场消费趋势洞察》显示，2023-2024年面部+眼部精华油市场规模从51.9亿元增至77.5亿元，同比增幅近50%，预计2025年将突破110亿 元。其中面部精华油是主力品类，2024年销售额达60.4亿元，2025年预计增至87.9亿元。 而当这一赛道从边缘品类跃升至基础护肤范式，行业正面临新的命题：以油养肤如何跳出 "单一油类产品" 的局限？未来，还能在成分协同、场景拓展、 价值表达上创造什么新可能？ 近日，雅诗兰黛于上海重磅呈献的冻龄白金1「白月光音乐会」，给出了国际高端美妆巨头的破题之法。这场融合艺术与前沿护肤科技的品牌盛典，不仅 是全新白金「逆龄精华油」3的耀世亮相，更通过其与经典白金「逆龄面霜」4构建的"油霜协同"组合，为油类赛道的破局提供了可借鉴的开品逻辑。 而此次雅诗兰黛的产品布局，不仅精准踩中了赛道增长的黄金节点，更以科研赋能与场景革新，重新定义了高端以油养肤新标准，标志着品牌将正式开启 油霜逆龄新时代。 新品重磅上市， "油霜协同"定义逆龄新标准 活动现场，一轮明月沿穹顶垂落，化作倾泻而 ...

Core Insights - Lin Qingxuan has successfully passed the Hong Kong Stock Exchange hearing and is set to become the first high-end domestic skincare stock listed on the main board [1] - The company has shown strong revenue growth, with total revenue projected to increase from 691 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate of 32.3% [1] - In the first half of this year, Lin Qingxuan achieved a revenue of 1.052 billion yuan, marking a year-on-year increase of 98.3% [1] Group 1: Market Position and Product Offerings - Lin Qingxuan has been the top-selling essence oil brand in China for 11 consecutive years, focusing on anti-wrinkle and firming skincare products [2] - The company pioneered the "oil-based skincare" concept in 2014 and has launched several successful products, including the Camellia Oil Essence, which has sold over 45 million bottles [2] - The product lineup includes various recognized items that cater to diverse consumer skincare needs, such as brightening creams and anti-wrinkle serums [2] Group 2: Sales Channels and Customer Engagement - Lin Qingxuan has effectively integrated online and offline sales channels, with a total of 554 stores nationwide, over 95% of which are located in shopping malls [2] - The company has achieved significant online sales success, ranking first in multiple categories on platforms like Tmall during major shopping events [3] - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, outperforming the industry average [3] Group 3: Research and Development - The company holds 87 patents, including 46 invention patents, covering key areas such as formula development and extraction technology [4] - Lin Qingxuan has established a complete value chain for its core ingredients, ensuring quality and uniqueness in its products [4] - The company has secured long-term supply agreements with nine high-quality camellia flower planting bases, ensuring a stable supply of raw materials [5] Group 4: Industry Trends and Future Outlook - The demand for high-end skincare products in China is steadily increasing, with a notable surge in demand for quality and effective products [6] - Lin Qingxuan is positioned to redefine high-end domestic skincare through its innovative approaches and comprehensive sales strategies [6] - The upcoming listing on the capital market is expected to enhance the brand's influence and drive further innovation in the domestic skincare sector [6]

来源：市场资讯 来源：独角兽IPO 林清轩的产品矩阵已从单一的山茶花精华油，扩展至覆盖全护肤流程的多元产品线。 上海林清轩化妆品集团股份有限公司（下称"林清轩"）于12月14日通过港交所上市聆讯，联席保荐人为 中信证券与华泰国际，标志着其向成为港股"国货高端护肤第一股"的目标迈出关键一步。 林清轩定位为国产高端护肤品牌，聚焦抗皱紧致市场，并以开创"以油养肤"理念及核心产品山茶花精华 油著称。 财务数据显示，林清轩业绩增长迅速：2025年上半年营收达10.52亿元，同比增长约98.5%；期内利润为 1.82亿元。2022年至2024年，公司营收从6.91亿元增长至12.10亿元，并于2023年实现扭亏为盈。 主要业务 林清轩的业务版图始于2003年，创始人孙来春在上海创立了该品牌。 品牌最初以手工皂等天然护肤产品为主，定位相对平易近人。 真正的转折点出现在2012年，当时品牌开始聚焦于山茶花护肤品的研究。两年后的2014年，首款山茶花 精华油面市，开创了品牌的"以油养肤"理念。 公司的业务呈现出鲜明特点与挑战。其核心大单品"山茶花精华油"累计销量已突破4500万瓶，并连续11 年位居全国面部精华油零售额榜首。根 ...

来源：新浪港股-好仓工作室 近日，上海林清轩化妆品集团股份有限公司（简称"林清轩"）递交聆讯后资料集，或很快在香港联合交 易所有限公司（"港交所"）上市。中信证券（香港）有限公司及华泰金融控股（香港）有限公司担任联 席保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 品牌价值塑造与传播，包括品牌价值塑造及加深品牌形象认知以及直接面向客户的品牌推广活动； 5. 内生孵化与外延并购双轮驱动，打造品牌矩阵，包括孵化新品牌、战略性收购与现有品牌组合形成充 分协同与互补价值的品牌； 6. 运营及信息基础设施数字化、智能化建设； 7. 营运资金及一般公司用途。 附招股书链接 公司介绍 林清轩是中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，以山茶花成分的高端护肤改善方案为核 心特色。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，首创新山茶面部精华油，首 款山茶花精华油于2014年问世，奠定核心产品线基础。历经十余年发展，公司在细胞级抗皱精华油领域 积累专业知识，构建了覆盖线上线下的OMO整合销售网络，包括直營店、门店合作夥伴、线上直销及 线上零售商渠道，截至2025年6月30日，全国 ...

Core Viewpoint - Lin Qingxuan is set to become the first high-end domestic skincare brand listed on the Hong Kong Stock Exchange, following its successful hearing and submission of post-hearing documents [1] Industry Overview - The Chinese cosmetics market is expanding, driven by increased consumer focus on health and appearance, digital transformation in shopping behavior, and a growing interest in healthier, high-quality products. Skincare products hold the largest market share, with the market size projected to grow from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [1] Company Performance - Lin Qingxuan's total revenue is projected to grow from RMB 691 million in 2022 to RMB 1.21 billion in 2024, achieving a CAGR of 32.3%. In the first half of this year, the company reported revenue of RMB 1.052 billion, a year-on-year increase of 98.3%. The adjusted net profit for the same period rose by 117.4% to RMB 200 million, nearly matching the full-year profit for 2024, indicating strong growth momentum [2] - The market for high-end anti-wrinkle and firming skincare products is expected to increase from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2%. The overall high-end skincare industry in China is projected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] Strategic Positioning - Lin Qingxuan is poised to benefit from its strong R&D capabilities and leading products. The company plans to enhance its product matrix and offer more customized skincare solutions for diverse applications, thereby strengthening brand recognition and leading the high-quality development of domestic beauty brands [3]

乳源有机山茶油"盒马村" 中国经济网12月10日讯(记者 王惠绵)在广东韶关乳源瑶族自治县，一片曾经荒芜的"石头山"如今已 满目苍翠。三年前，中国首个碳中和有机山茶油盒马村在此落地生根，每年向全国餐桌输送数千吨高品 质山茶油，最近这里还"长"出了令人意想不到的新产品——盒马山茶花护肤系列。 韶关产出千吨健康油 山茶油取自中国特有的油茶树籽，由于不含胆固醇、富含不饱和脂肪酸、不易产生油烟，被称为最 适合中国厨房的健康食用油之一。健康饮食观念普及的今天，消费者对于食用油也有了更高的要求，山 茶油便成为消费者的新选择。 盒马食用油研发采购徐子阳介绍，盒马从2020年上线有机山茶油，相比其他食用油售价偏高，但随 着人们对健康越来越重视，盒马有机山茶油的销售增速在不断加快，今年，盒马有机山茶油系列商品销 售同比增长超40%。 "我们知道，可持续发展的关键是不断尝试创新，在与盒马推出喷雾装山茶油后，我们又在思考是 不是能在原料端做更多尝试。"苑立俭说道。 山茶油富含油酸、维生素E、角鲨烯，与人体皮脂膜结构相近，亲肤性好，是优质的护肤油脂，这 与现代个护市场"以油养肤""成分天然"的消费趋势不谋而合，也让山茶油成为了许多大 ...

近日，知名国货美妆品牌林清轩重新提交了IPO申请文件。 据悉，该品牌最早于今年5月启动上市流程，彼时以上海林清轩生物科技股份有限公司为主体，向港交 所递交招股书，计划登陆主板市场。 林清轩业绩爆发式增长，离不开公司线上业务的快速增长。据招股书资料，通过IP矩阵、内部直播间、 与KOL和KOC合作以及各大电商平台官方品牌店举办的直播，公司的在线销售持续快速增长，从而成 为推动公司业务表现的关键驱动因素。 股权运作上，据招股书披露，上市前创始人孙来春直接持有38.21%的股份，为第一大股东，另通过3家 公司间接持股，合计持有林清轩公司约79.27%股份。 公司外部投资者包括雅戈尔时尚、碧桂园创投、头头是道基金、远隆发展等。其中，雅戈尔时尚持股 4.49%；碧桂园创投通过佛山海禹嘉和佛山汇碧二号分别持股2.69%和1.26%；头头是道基金持股 3.59%；远隆发展持股0.9%。 融资历程方面，2021年1月，林清轩完成A轮数亿元融资，投资方包括海纳华上海、头头是道基金、碧 桂园创投旗下的佛山海禹嘉、达隆发展、混沌创新、上海涛敏等机构。 而在此次更新的招股书中，公司名称发生正式变更，由原先的"上海林清轩生物科技股份有 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights the rapid growth of high-end skincare products in China, with a projected compound annual growth rate (CAGR) of 13.8% from 2024 to 2029 [28] - Lin Qingxuan, a high-end domestic skincare brand, is positioned to capitalize on this growth, having updated its IPO prospectus, indicating a potential acceleration in its capital process [25][28] - The report emphasizes the importance of emotional consumption themes and recommends focusing on high-quality companies in high-growth sectors [6][32] Summary by Sections Retail Market Overview - The retail industry index closed at 2310.07 points, down 0.83%, underperforming the Shanghai Composite Index, which rose by 0.37% [5][14] - Among the retail sub-sectors, the professional chain segment saw the largest increase, while the jewelry sector led the year-to-date performance with a 20.56% rise [17][20] Company Focus: Lin Qingxuan - Lin Qingxuan achieved a revenue of 1.05 billion yuan in H1 2025, representing a year-on-year increase of 98.3%, with a net profit of 180 million yuan, up 109.9% [25][28] - The brand's core product, camellia oil, has dominated the facial oil sales market for 11 consecutive years, establishing a strong market presence [25][28] - Lin Qingxuan's online and offline revenue contributions were 65.4% and 34.6%, respectively, with a total of 554 stores, the highest among domestic and international high-end skincare brands [25][28] Investment Themes - Investment Theme 1: Focus on high-end jewelry brands with differentiated product offerings, recommending companies like Chow Tai Fook and Lao Pu Gold [6][32] - Investment Theme 2: Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][32] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety ingredient innovations, recommending brands like Maogeping and Proya [6][32] - Investment Theme 4: Target differentiated medical beauty product manufacturers and expanding chain medical beauty institutions, recommending Aimeike and Kedi-B [6][32] Company Performance Highlights - Chow Tai Fook reported a revenue of 38.986 billion HKD in FY2026H1, a slight decline of 1.1%, but a net profit increase of 0.1% [39][40] - Chao Hong Ji achieved a revenue of 6.237 billion yuan in Q1-Q3 2025, up 28.4%, with a net profit increase of 0.3% [42] - The report notes that companies like Proya and Marubi have shown strong performance in the beauty sector, with Proya's revenue reaching 7.098 billion yuan in Q3 2025, up 1.9% [34][35]