证 券 研 究 报 告 国货护肤林清轩港股 IPO，看好新消费 景气度延续 ——新消费行业周报（20251229-20260102） [Table_Summary] 主要观点 一、行情回顾：本周（2025.12.29-2026.1.2），A 股 SW 商贸零售行 业指数下跌 1.63%，而沪深 300 下跌 0.59%，上证指数上涨 0.13%。 商贸零售在申万 31 个一级行业中涨幅排名第 26 位。 [行Ta业bl:e_Indu商st贸ry]零售 二、核心逻辑： [T分ab析le师_A:utho杜r]洋 美妆个护：我们认为美护行业正从"渗透率扩张"转向"品质升级"， 美妆赛道已从"流量红利"步入"品牌红利"时代，建议关注"悦己 刚需+国货替代+技术优势+渠道迭代"四条主线。 [T相ab关le报_R告e：portInfo] 《双十一国货领跑，关注理性消费和即时 零售》 《10 月 CPI 同比转正，关注提振消费方 向》 《波司登推出 AREAL 高端线，关注冬装 销售》 行业周报 林清轩上市：定位国货高端护肤，深耕山茶花原料以油养肤。林清轩 于 2025 年 12 月 30 日正式登陆港交所，林清轩招股价 ...

观点精粹: 最新报告摘要 林清轩(2657.HK)公司深度报告："以油养肤"快速破圈前景广阔，高端国货护肤产品渠道多维发力--林清轩/商 贸零售(02657/2145) 公司 PPT 报告（港股美股） Neuralink 量产在即，国产脑机链有望充分受益--事件点评 2026 年 01 月 08 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 3 期 证券研究报告 1、最新报告摘要 1.1、林清轩(2657.HK)公司深度报告："以油养肤"快速破圈前景广阔，高 端国货护肤产品渠道多维发力--林清轩/商贸零售(02657/2145) 公司 PPT 报 告（港股美股） 分析师：李宇宸 S0350524030001 分析师：芦冠宇 S0350521110002 以山茶花油为核心成分的国产高端护肤品牌。林清轩 2003 年成立，开创"以油养肤"理念及山茶花面部精华 油，聚焦抗皱紧致类护肤品市场，提供基于天然、山茶花成分的高端护肤改善方案而著称。产品组合的大单品 为山茶花精华油，截至 2025 年上半 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Lin Qingxuan, founded in 2003, is a leading high-end domestic skincare brand in China, known for its "oil-based skincare" concept and camellia oil facial essence, focusing on anti-wrinkle and firming skincare products [6][8] - The company has experienced rapid growth, with revenue reaching 1.05 billion yuan in the first half of 2025, a year-on-year increase of 98%, and a net profit margin of 17.3% [6][14] - The market for oil-based skincare is expanding, with a projected market size of 11 billion yuan by 2025, driven by consumer awareness and the rise of domestic brands [6][51] Company Overview - Lin Qingxuan is recognized as a pioneer in the "oil-based skincare" market, with its camellia oil essence being a flagship product that has sold over 45 million bottles since its launch [6][19] - The company operates a multi-channel sales strategy, with 554 physical stores and a significant online presence, particularly on platforms like Douyin, where it holds a 72% market share in its category [6][30][66] - The founder, Sun Laichun, holds a significant stake in the company, which enhances stability and strategic direction [11] Financial Performance - Revenue has grown from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.42% [14][15] - The gross profit margin for the camellia oil essence has increased from 33% in 2022 to 48% in the first half of 2025, contributing to overall profitability [19][24] Market Dynamics - The "oil-based skincare" market is characterized by a shift towards high-end products, with a significant portion of the market now held by domestic brands [51][53] - Lin Qingxuan leads the market with a 12% share in facial essence sales, outperforming competitors on major e-commerce platforms [55][57] - The demand for oil-based skincare products is driven by a growing understanding of skin barrier science and the need for lipid-based protection [51][64] Product Strategy - The product lineup includes 230 SKUs, with the camellia oil essence accounting for 46% of revenue and 48% of gross profit [19][24] - The company emphasizes the use of natural ingredients and has positioned itself as a high-end brand through effective marketing and product differentiation [6][64] Sales Channels - The company has successfully integrated online and offline sales channels, with online sales accounting for 65% of total revenue in the first half of 2025 [30][66] - Douyin is identified as the primary sales channel for the company, reflecting the effectiveness of live-streaming and visual marketing strategies [66]

Core Viewpoint - Lin Qingxuan's listing process has raised concerns regarding its reliance on a single product, the synergy between online and offline channels, and the personal focus of founder Sun Laichun [1][4]. Group 1: Company Overview - Lin Qingxuan Biotechnology Co., Ltd. (02657.HK) debuted on the Hong Kong Stock Exchange on December 30, 2025, achieving a first-day increase of 9.3%, with a closing price of 81.05 HKD per share, resulting in a total market capitalization of 11.3 billion HKD [2]. - The company reported revenues of 1.052 billion CNY in the first half of 2025, ranking it tenth among domestic beauty companies [2]. Group 2: Business Transformation - Founded in 2003, Lin Qingxuan initially focused on offline sales through over 300 stores, but the COVID-19 pandemic forced a shift to online sales, which now account for over 60% of revenue [3][5]. - The company has embraced live-streaming e-commerce, with family members, including Sun Laichun, acting as "key opinion leaders" to promote products [4]. Group 3: Financial Performance - Lin Qingxuan's revenue grew from 691 million CNY in 2022 to 1.21 billion CNY in 2024, with net profit recovering from a loss of 5.93 million CNY in 2022 to a profit of 187 million CNY in 2024 [4][5]. - The core product, Camellia Oil Anti-Wrinkle Essence, has consistently contributed around 35% to the company's revenue over the past three years [4]. Group 4: Future Strategy - Sun Laichun indicated plans for a multi-brand strategy to expand product offerings, including targeting younger consumers and developing community beauty service brands [5]. - Lin Qingxuan aims to enhance its online-offline integration (OMO) ecosystem, with plans to increase the number of stores from 366 in 2022 to 506 by 2024 [6][7]. - The company is set to implement a "Double Hundred Strategy" in 2026, focusing on nurturing internal talent and recruiting new graduates [8].

（原标题：林清轩上市后，创始人孙来春回应三点关切） 上海林清轩生物科技股份有限公司（02657.HK，下称"林清轩"）上市首日收获9.3%的涨幅、盘中最高 触及91港元/股。1月5日收盘，林清轩股价报收81.05港元/股，跌幅4.76%，总市值为113亿港元。 2025年12月30日，林清轩在香港交易所敲钟上市，被称为"国内高端护肤第一股"，这也意味着国内美妆 上市公司营收座次迎来新变动：根据2025年上半年国货美妆上市公司营收排名，林清轩以10.52亿元的 营收跻身第十名，与第九名福瑞达相差约0.4亿元。 1月2日，林清轩创始人孙来春向包括经济观察报在内的媒体介绍，他提前一天完成了上市任务。 林清轩成立于2003年，主打"以油养肤"产品理念，聚焦抗皱紧致类护肤品赛道。2020年以前，林清轩以 线下门店为主要销售渠道，在全国拥有超300家直营店。 2020年春节前，孙来春按照习惯向供应商、员工等结清货款。可随后因突如其来的疫情，全国数百家门 店临时闭店歇业。当时，林清轩的线下门店占其营收的90%以上，资金链面临断裂风险，孙来春回忆 道："大年初七在床上躺了一天，现金流只剩下6700万元，只能再撑67天。" 面 ...

21世纪经济报道记者 高江虹 实习生 张贺芸 2025年末2026年初，战略分化与市场洗牌同步上演。 美国高端百货巨头Saks Global因债务危机濒临破产，首席执行官火线换将；英国品牌LK Bennett则六年 内第二次申请破产管理，凸显了多品牌集合店与中间价位品牌在当下市场中的脆弱性。 EcoMarketing核心品牌Andar主打瑜伽、高尔夫服饰，2025年一季度销量创历史新高且已布局澳、美海 外市场，此次是贝恩继加拿大鹅、日本Mash集团后，在时尚消费领域的又一重要布局，市场期待其赋 能品牌加速全球化。 点评：贝恩频繁出手消费赛道，眼光独到。 2. 奢侈品零售商Saks Global首席执行官辞职，据称公司正筹备破产 奢侈品百货集团Saks Global于上周五宣布，其首席执行官Marc Metrick已卸任，由执行主席Richard Baker接任。 Baker是房地产公司NRDC的所有者，在零售和房地产领域拥有长期经验。他曾担任零售机 会投资公司的主席，并自2017年起担任Saks Fifth Avenue基金会的主席。 此次高层变动正值奢侈品零售商Saks Global面临破产传闻之际，该集团 ...

总市值超120亿港元。 文丨邹青颖 2025年12月30日，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）正式在港交所上市，股票代码"2657.HK"。 根据公司配发结果公告，此次林清轩发售股份数目（于超额配股权获行使前）1396.65万股，招股价77.77港元/股（约合人民币69.92元）。 | 價格資料 | | | --- | --- | | 發售價 | 77.77 港元 | | 發售股份及股本 | | | 發售股份數目(於超額配股權獲行使前) | 13,966,450 | | 香港公開發售的發售股份數目 | 1,396,650 | | 國際發售的發售股份數目 | 12,569,800 | | 於上市時已發行股份數目(於超額配股權獲行使前) | 139.664.285 | | 超額分配 | | | 超 額 分 配 的 發 售 股 份 數 目 | 2,094,950 | | 一國際發售 | 2,094,950 | 上市首日，林清轩开盘报价85港元/股（约合人民币76.42元），最高冲至91.65港元/股（约合人民币82.4元）；截至上午10点半，总市值达125.56亿港元 （约合人民币112.89亿 ...

Group 1 - The core viewpoint of the article highlights the positive performance of the healthcare sector, particularly in the fields of collagen and skincare products, with significant growth opportunities identified [1] - The Medical Industry ETF (159877.SZ) increased by 4.05%, and Lepu Medical surged by 19.99%, indicating strong market interest and investor confidence in the sector [1] - Jianghai Securities emphasizes the multi-dimensional investment logic in the healthcare industry, particularly in the collagen sector, where new entrants like Chuangjian Medical are gaining traction with their cross-linked collagen implants [1] Group 2 - The approval of cross-linked collagen products by Chuangjian Medical positions it as a strong competitor in the market, following the successes of Jinbo Biology and Juzhi Biology [1] - The "oil-based skincare" segment is projected to see sales exceeding 9.5 billion yuan from March 2024 to February 2025, reflecting a 36% growth, driven by advancements in domestic brands [1] - Continuous improvements in ingredients, technology, and formulations are enhancing industry standards, further propelling growth in the healthcare sector [1]

行 业 及 产 业 美容护理 2026 年 01 月 04 日 相关研究 券 研 究 报 告 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 林清轩成功 IPO，上美股份高管回购彰显信心 看好 ——化妆品医美行业周报 20250104 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 评 证 - ⚫ 本周化妆品医美板块表现强于市场。2025 年 12 月 26 日至 2025 年 12 月 31 日期间， 申万美容护理指数上涨 0.2%，表现强于市场。其中，申万化妆品指数上涨 1.0%，强于 申万 A 指 1.3pct；申万个护用品指数上涨 0.9%，强于申万 A ...

引言:阿芙精油创立于2003年,以"阿芙,就是精油"的品牌口号在业内树立了鲜明的形象。目前,品牌已在全 国一二线城市布局四百余家形象专柜,线上渠道亦全面覆盖各大主流平台。凭借在精油及精油美妆品类 的突出市场表现,以及创新的营销模式和粉丝经济运营,阿芙精油在行业内已建立起广泛的影响力。 2025年12月,尚普咨询集团向阿芙精油颁发市场地位声明书。阿芙精油荣获【阿芙精油中国精油护理SPA 领军品牌】、【阿芙精油中国眼油电动按摩仪一体化首创者】两项市场地位声明,标志着其在精油护肤 行业的标杆地位及市场对其的深度信赖。 甄选本源,守护天然品质 阿芙精油坚持从源头把控产品品质,围绕植物精油这一核心原料,与全球多地优质植物产区建立长期合作 关系,通过契约种植与直采模式,保障原料来源的稳定性与可追溯性。在原料甄选、萃取工艺及品质管理 等环节持续投入,使产品在天然属性与品质稳定性方面形成较为清晰的优势基础,为品牌长期发展提供支 撑。 阿芙精油作为国内精油护肤领域的知名品牌,通过以油养肤,以香养心的品牌定位策略升级,持续深耕以油 养肤精油细分赛道,通过长期的品牌建设与渠道布局,在消费者心中形成了较为稳定的品类认知。依托线 上主 ...