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 ...

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].

Core Viewpoint - Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. is set to become the first domestic high-end skincare stock listed on the Hong Kong Stock Exchange, with an IPO planned to raise over HKD 1 billion and a market valuation of HKD 10.862 billion [2] Group 1: IPO Details - Lin Qingxuan will issue 13,966,450 H shares, with 1,396,650 shares available for public sale in Hong Kong and 12,569,800 shares for international sale [2] - The IPO price is set at HKD 77.77 per share, aiming to raise over HKD 1 billion [2] - The company has attracted seven cornerstone investors, collectively subscribing USD 62 million, including Fidelity Fund and GBA Investment [2] Group 2: Product and Market Position - Lin Qingxuan has been a pioneer in the "oil-based skincare" sector for over a decade, offering a comprehensive product range including essence oils, creams, and masks [3] - 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 [5] - The company ranks first among domestic high-end skincare brands in China and is the only domestic brand in the top 15 high-end skincare brands [6] Group 3: Financial Performance - In the first half of 2025, Lin Qingxuan's revenue surged by 98.3% year-on-year to HKD 1.052 billion, with adjusted net profit increasing by 117.4% to HKD 200 million [6] - The company's revenue growth rate significantly outpaces the industry average from 2022 to 2024 [6] Group 4: Sales Network and Strategy - Lin Qingxuan operates 554 stores nationwide, ranking first among domestic and international high-end skincare brands in terms of store count [8] - The company employs an OMO (Online-Merge-Offline) sales model, achieving a 51.2% compound annual growth rate in online revenue from 2022 to 2024, with a 137.2% year-on-year increase in the first half of 2025 [8] - The brand has a strong online presence with approximately 7.9 million followers on Tmall and over 2.7 million on Douyin, achieving top sales rankings during major shopping events [8] Group 5: Future Outlook - Lin Qingxuan is positioned to benefit from the growing demand for anti-aging and tightening skincare products, supported by its strong R&D capabilities and leading products [9]

Group 1 - Lin Qingxuan has officially launched its public offering today, aiming to list on the Hong Kong Stock Exchange by the end of this month, marking a significant step towards entering the capital market [1][5] - The company has attracted several well-known cornerstone investors, including Fidelity, indicating strong interest and recognition from the international capital market for high-end domestic skincare brands [2][7] - The funds raised from this offering will primarily be used for brand value creation, multi-channel sales network development, strengthening production supply chain capabilities, and enhancing technology research and product portfolio expansion [2][7] Group 2 - There are concerns regarding the sustainability of Lin Qingxuan's high-end positioning and business model, particularly regarding its significant investment in sales and marketing compared to relatively limited investment in research and development [3][8] - The company's revenue heavily relies on its signature camellia oil product, raising questions about its ability to diversify and create a balanced product portfolio for future growth [3][8] - Lin Qingxuan's past marketing strategies, including unique promotional methods, have sparked discussions about their alignment with the brand's high-end professional image, highlighting the need for compliance in marketing activities to maintain consumer trust [3][8] Group 3 - The listing of Lin Qingxuan is viewed as an important attempt for domestic brands to break through in the increasingly competitive Chinese high-end skincare market [4][9] - The market's ultimate evaluation of the company will depend not only on how it narrates its high-end domestic brand story but also on its ability to build a sustainable product strength and brand value system [4][9]

Core Viewpoint - Lin Qingxuan, a leading Chinese skincare brand, is launching an IPO with a global offering of 13.9665 million shares at a price of HKD 77.77 per share, aiming to list on the Hong Kong Stock Exchange on December 30, 2023 [1] Group 1: Company Performance - In the first half of 2025, Lin Qingxuan achieved a revenue of CNY 1.052 billion, representing a year-on-year growth of 98.3%, with a net profit of CNY 182 million and a gross margin of 82.4% [2] - The gross margin for the essence oil category reached 86.2%, showcasing the brand's strong profitability [2] - The star product, Camellia Oil Anti-Wrinkle Repair Essence, has sold over 45 million bottles since its launch in 2014, maintaining the top position in the facial essence oil category for 11 consecutive years [1][2] Group 2: Product and Market Strategy - Lin Qingxuan has developed a comprehensive product matrix including essence oils, creams, toners, lotions, serums, masks, and sunscreens, positioning itself as a pioneer in the "oil-based skincare" segment [1] - The company has successfully launched new products such as the Camellia Black Gold Time Peptide Anti-Wrinkle Brightening Essence Cream, generating CNY 61.5 million in revenue in its launch year, and the high SPF sunscreen, which achieved CNY 3.63 million in its first year [2] - Lin Qingxuan's OMO (Online-Merge-Offline) sales model integrates diverse online channels with a robust offline presence, enhancing brand influence and consumer recognition [2][3] Group 3: Retail Network and Customer Engagement - As of June 30, 2025, Lin Qingxuan operated 554 stores nationwide, with over 95% located in key shopping malls, ranking first among domestic and international high-end skincare brands by store count [3] - The brand has over 560,000 active customers with an average annual repurchase rate of approximately 33.5%, outperforming the average for local skincare brands [3] - Lin Qingxuan's strategic focus on high-quality ingredients and advanced anti-wrinkle technology is expected to benefit from the growing trend of refined skincare among consumers [3]

Core Viewpoint - Lin Qingxuan, a leading Chinese skincare brand, has launched an IPO to issue 13.9665 million shares at a price of HKD 77.77 per share, with plans to list on the Hong Kong Stock Exchange on December 30, 2023 [1] Group 1: Company Overview - Lin Qingxuan has been a pioneer in the "oil-based skincare" sector for over a decade, focusing on anti-wrinkle and firming skincare products, and has developed a comprehensive product matrix including serums, creams, toners, lotions, masks, and sunscreens [1] - The company ranks first in retail sales among high-end domestic skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international brands [1] Group 2: Product Performance - The star product, Camellia Oil Anti-Wrinkle Repair Serum, has sold over 45 million bottles since its launch in 2014, maintaining the top position in retail sales for facial oils for 11 consecutive years, and is the only product in its category to exceed sales of 100 million yuan for eight consecutive years [1] - New products like the Camellia Black Gold Time Peptide Anti-Wrinkle Brightening Cream generated revenue of 61.5 million yuan in 2024 and 50 million yuan in the first half of 2025, while the high SPF sunscreen achieved sales of 36.3 million yuan in its first year and saw a significant increase to 42.1 million yuan in the first half of 2025 [2] Group 3: Financial Performance - In the first half of 2025, the company reported revenue of 1.052 billion yuan, a year-on-year increase of 98.3%, with a net profit of 182 million yuan and an overall gross margin of 82.4%, while the gross margin for the oil category reached 86.2% [2] - The company's robust sales network, combining diverse online channels with strong offline presence, has been a key factor in its financial success, leveraging brand influence and consumer recognition into strong sales [2] Group 4: Market Position and Strategy - Lin Qingxuan has established a total of 554 stores nationwide, with over 95% located in core shopping malls, ranking first among domestic and international high-end skincare brands by store count [3] - The company has successfully captured multiple sales championships on platforms like Tmall during major shopping events, boasting over 5.6 million active customers and an average annual repurchase rate of approximately 33.5%, outperforming the industry average for domestic skincare brands [3] - The brand is redefining high-end domestic skincare through its advanced research and development capabilities and existing leading products, positioning itself to benefit from the growing demand for anti-wrinkle, firming, and repair skincare products as consumer preferences evolve [3]

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].

Core Viewpoint - Lin Qingxuan, a leading Chinese skincare brand, has officially launched its IPO, aiming to raise funds through the global offering of 13.9665 million shares at a price of HKD 77.77 per share, with trading set to begin on December 30 [1] Group 1: Company Overview - Lin Qingxuan has been a pioneer in the "oil-based skincare" sector for over a decade, focusing on anti-wrinkle and firming skincare products, and has developed a comprehensive product matrix including essence oils, creams, toners, lotions, serums, masks, and sunscreens [1] - The company is positioned as the leading domestic brand in the high-end skincare market in China, ranking first in the anti-wrinkle and firming category, and is the only domestic brand among the top 15 high-end skincare brands in China [1] Group 2: Product Performance - Lin Qingxuan's star product, the Camellia Oil Anti-Wrinkle Repair Essence, has sold over 45 million bottles since its launch in 2014, maintaining the top position in retail sales for facial essence oils for 11 consecutive years [1] - The company has introduced the fifth generation of its Camellia Oil Anti-Wrinkle Essence, which features comprehensive upgrades in efficacy, ingredients, technology, and packaging [1] Group 3: Financial Performance - In the first half of 2025, Lin Qingxuan achieved a revenue of CNY 1.052 billion, representing a year-on-year growth of 98.3%, with a net profit of CNY 182 million and an overall gross margin of 82.4% [2] - The gross margin for the essence oil category reached 86.2%, highlighting the brand's strong profitability [2] Group 4: Sales Network and Strategy - Lin Qingxuan has established a robust sales network with 554 stores nationwide, over 95% of which are located in key shopping malls, ranking first among domestic and international high-end skincare brands by store count [3] - The company has successfully integrated online and offline sales channels, achieving significant sales through platforms like Tmall, and has a customer base of over 5.6 million with an average annual repurchase rate of approximately 33.5%, outperforming the industry average [3]