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]

在招股书中，林清轩多次强调其高端定位，并引用说明道，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，也是中国前15大高端护肤品牌中唯一的国货品牌。 "我们营运所在的中国高端护肤品行业相对集中，根据灼识咨询的资料，前15大品牌占据了66.1%的市场份额。"林清轩在招股书中也提及了竞争风险："可 能面临来自现有竞争对手或新准入者在定价方面的竞争，这可能导致价格下跌或利润率降低，从而对我们的盈利能力造成不利影响。" 林清轩成立于2003年，总部位于上海，由来自东北的孙来春、孙福春兄弟联合创立。当前聚焦抗皱紧致类护肤品，其核心产品定价200—800元区间。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 收入 | 691.150 | 805.004 | 1.209.641 | 530.448 | ...

近日，知名国货美妆品牌林清轩已重新递交并更新了IPO申请文件。据悉，今年5月，林清轩首次向港交所递交招股书开启上市之路。 最新递交的招股书主要更新了2025年上半年的业绩，上半年林清轩总营收为10.5亿元，同比2024年上半年同比增长高达98%。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 收入 | 691.150 | 805.004 | 1.209.641 | 530.448 | 1.051.768 | | 销售成本 | (152.073) | (151,141) | (211,985) | (96.115) | (185,562) | | 毛利 | 539,077 | 653,863 | 997,656 | 434,333 | 866,206 | | 其他收入及收益 | 14.433 | 18,402 | 20,500 | ...

Core Viewpoint - Lin Qingxuan, a well-known domestic beauty brand, has resubmitted and updated its IPO application, highlighting significant revenue growth and a strong market position in the high-end skincare segment [1][2]. Financial Performance - In the first half of 2025, Lin Qingxuan reported total revenue of 1.051768 billion RMB, representing a 98% increase compared to the same period in 2024 [2]. - The gross profit margin reached 82.4% in the first half of 2025, up from 81.9% in the same period of 2024, indicating strong pricing power [4]. - Sales and distribution expenses increased by 100.2% from 290.1 million RMB in the first half of 2024 to 580.6 million RMB in the first half of 2025, primarily due to increased marketing activities [4]. Market Position - Lin Qingxuan is positioned as the top domestic high-end skincare brand in China, with a market share of 66.1% held by the top 15 brands in the industry [3]. - The brand's core product, a serum oil, accounted for 45.5% of revenue in the first half of 2025, showing a rising trend in its contribution to overall sales [3]. Brand Strategy - The company emphasizes a high-end positioning and has changed its name to Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. to reflect this strategy [2]. - Lin Qingxuan's marketing strategy heavily relies on a single product and has faced criticism for being "marketing-heavy" with relatively low R&D spending [4]. Regulatory and Compliance Issues - Lin Qingxuan has faced penalties for false advertising and has received numerous complaints regarding product quality and customer service, indicating areas for improvement in compliance and consumer experience [5][6]. Leadership and Investment - Founder Sun Laichun has been actively involved in live-streaming sales, significantly contributing to the brand's growth since 2020 [7]. - The company has attracted investments from notable firms, including L'Oréal, indicating confidence in its market potential [15].

东北兄弟做美妆，即将收获一个IPO。 12月上旬，林清轩更新招股书，冲刺港股高端护肤第一股。 这家成立于2003年的国货化妆品企业，总部位于上海，由孙来春、孙福春兄弟联合创立。当前聚焦抗皱 紧致类护肤品，其核心产品定价200-800元区间。 现年51岁的孙来春，担任董事会主席。 他曾七次创业、七次失败。2012年，他偶然发现山茶花护肤的的功效，便以"以油养肤"开辟差异化赛 道。 两年后，团队推出山茶花抗皱精华油，集中资源将其打造为大爆款。孙来春曾放言，近十年所有资金、 人才，全部押到山茶花上。他称之为"一毫米宽、一千公里深"。 如今，孙来春已打造了230个SKU，拓展至面霜、乳液、面膜及防晒霜等，精华油依然为最大收入来 源。 截至6月，这一大单品累计销量破4500万瓶。单是今年1-6月，这一品类创收约4.8亿元，占总营收的 45.5%，接近半壁江山。 孙氏兄弟主打高端市场，主力客户是25至40岁的"贵妇"群体。 《21CBR》记者查询，天猫旗舰店中，山茶花油迭代至5.0，15ml售价299元，大促享受买一送一，显示 已售5万+笔。 价格看齐国际大牌，林清轩的整体毛利率也非常可观，高达82.4%，比肩雅诗兰黛。 ...

Core Insights - L'Oréal's China R&D and Innovation Center is driving global beauty giant's performance through localized product innovations tailored for Chinese consumers [1][2] - The center has evolved into a key pillar in L'Oréal's global R&D landscape, emphasizing collaboration with local scientific institutions and startups to enhance innovation capabilities [4][5] Group 1: Product Innovations - Customized products such as a jasmine-scented cream and a lip gloss inspired by local culinary flavors are examples of L'Oréal's localized approach [1] - The "P-TIOX" peptide serum, developed by the Chinese R&D team, has been highlighted as a major contributor to sustained double-digit growth for the brand [2] Group 2: R&D Achievements - Over the past 20 years, L'Oréal's China R&D has conducted approximately 35 large-scale foundational research projects, involving over 100,000 Chinese consumers annually [7] - In 2024, the center is set to publicly file 372 patents, with 81 of those being inventions from the Chinese R&D team [7] Group 3: Collaborations and Investments - L'Oréal has engaged in strategic investments in local biotech firms, such as "Unnamed Light," to co-develop innovative bioactive ingredients and promote sustainable production methods [10][11] - The establishment of the "Academician Workstation" in collaboration with Shanghai Jiao Tong University marks a significant milestone in L'Oréal's commitment to local scientific advancement [9] Group 4: Market Strategy - L'Oréal's investment strategy includes backing emerging local brands like LANlan, which aligns with the company's long-term vision of investing in the future of the Chinese market [15][16] - The company aims to leverage its R&D capabilities to support the commercialization of innovative products and enhance the overall beauty ecosystem in China [12][16]

还是中国女人的钱好挣啊！ 这不，"贵妇级护肤品"，又又递交招股书了！ 没错，此前招股书失效后，林清轩立马重新递表，更新了很多内容。 甚至，连公司名字都改了！ 招股书显示，林清轩将此前的"生物科技"字眼，换成了"化妆品集团"。 除了名字变更外，林清轩还更新了财报数据。 好家伙，这"卖面油"的公司，简直比"卖石油"还赚钱。 毛利率更是高得离谱，超过一众白酒企业。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | 毛利率 | | 毛利率 | | 毛利率 | | 毛利率 | | 毛利率 | | | 毛利 | (%) | 毛利 | (%) | 毛利 | (%) | 毛利 | (%) | 毛利 | (%) | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | | (未經審 ...

Company Overview - Lin Qingxuan has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] - The company is a high-end domestic skincare brand in China, focusing on the anti-wrinkle and firming skincare market, characterized by its use of natural camellia flower ingredients and the innovative "oil-based skincare" concept [1] Product Performance - Lin Qingxuan launched its camellia facial essence oil in 2014, with cumulative sales exceeding 45 million bottles, maintaining the top position in the national facial essence oil product rankings for 11 consecutive years [1] - It is the only facial essence oil that has achieved over 100 million RMB in retail sales for 8 consecutive years [1] Product Range and Market Position - As of June 30, 2025, Lin Qingxuan will offer 230 SKUs, covering a full range of high-end skincare solutions including essence oils, creams, toners, emulsions, serums, masks, and sunscreens [1] - According to data from Zhi Zhi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, with a market share of 1.4% [1] - The company is also the only domestic brand to enter the top 15 high-end skincare brands in China (including both domestic and international brands), ranking 13th [1] Market Growth Potential - The market size for high-end skincare products in China is expected to grow from 114.4 billion RMB in 2024 to 218.5 billion RMB by 2029, with significant growth potential in the high-end anti-wrinkle and firming products market and the facial essence oil market, projected to reach 155.5 billion RMB and 13.9 billion RMB respectively by 2029 [1] Sales Strategy - The company has established an OMO (Online-Merge-Offline) integrated sales network, combining online direct sales, online retailers, and offline stores, including direct stores, partner stores, retailers, corporate clients, and distributors [1]