中国经济网北京12月30日讯 上海林清轩化妆品集团股份有限公司(以下简称"林清轩"，02657.HK)今 日在港交所上市。截至收盘，该股收报85.00港元，涨幅9.30%。 配发结果公告显示，林清轩全球发售项下的发售股份数目13,966,450股H股，香港发售股份数目 1,396,650股H股，国际发售股份数目12,569,800股H股。 | 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 | 林清轩的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中信证 券、华泰国际。 林清轩的基石投资者包括富达基金(香港)有限公司、Mega Prime Development Limited、正心谷资 本、Duckling Fund, L.P.、SynerSuccess Capital ...

东吴证券发布研报称，林清轩(02657)以山茶花为核心原料，差异化定位高端护肤赛道，线上渠道放量 叠加大单品表现突出，2023年以来业绩快速增长。公司预计于2025/12/30上市，IPO募资净额约为9.97亿 港元，约合人民币8.97亿元，主要用于渠道拓展、品牌建设等。基于林清轩处于品牌势能释放与渠道红 利叠加的成长期，建议投资者积极关注。 东吴证券主要观点如下： 业绩高速增长，盈利结构持续优化 2024年公司营收/净利润分别为12.1/1.9亿元，同比分别+50%/+121%；25H1公司营收达10.52亿元，同比 增长98%；净利润1.82亿元，同比增长110%，呈现翻倍式增长。从产品端看，大单品表现强势，核心单 品山茶花精华油自推出以来连续11年位居全国面部精华油销售额榜首，25H1单品收入同比增长176%， 占比达45.5%。从渠道端看，线上渠道尤其是抖音爆发式增长，2025H1线上收入同比增速达137%，占 比提升至65.4%。公司以线下高端门店为体验入口，结合线上内容营销与家族IP直播，构建"体验+成 交"闭环。 林清轩上市募资加强品牌、渠道、多品牌矩阵等多方面 据林清轩港股IPO招股书披露，公 ...

智通财经APP获悉，东吴证券发布研报称，林清轩(02657)以山茶花为核心原料，差异化定位高端护肤赛 道，线上渠道放量叠加大单品表现突出，2023年以来业绩快速增长。公司预计于2025/12/30上市，IPO 募资净额约为9.97亿港元，约合人民币8.97亿元，主要用于渠道拓展、品牌建设等。基于林清轩处于品 牌势能释放与渠道红利叠加的成长期，建议投资者积极关注。 东吴证券主要观点如下： 高端国货护肤标杆，山茶花抗老修护专家 林清轩成立于2003年，是以自主研发的山茶花精华油为核心的高端国货护肤品牌，定位抗皱紧致细分领 域。截至2025H1，林清轩拥有554家线下门店（95%以上进驻高端购物商场），2024年在中国高端国货 护肤品牌中排名第一，也是高端护肤品牌TOP15中唯一国货品牌，门店规模居国产高端护肤品牌之首。 业绩高速增长，盈利结构持续优化 2024年公司营收/净利润分别为12.1/1.9亿元，同比分别+50%/+121%；25H1公司营收达10.52亿元，同比 增长98%；净利润1.82亿元，同比增长110%，呈现翻倍式增长。从产品端看，大单品表现强势，核心单 品山茶花精华油自推出以来连续11年位居全 ...

Investment Rating - The report recommends subscription for Lin Qingxuan (2657.HK) [1] Core Insights - The company focuses on the high-end domestic skincare market, particularly anti-wrinkle and firming products, with a comprehensive range of offerings including essential oils, creams, toners, emulsions, serums, and masks. The core product is camellia oil [2] - In 2024, the company ranks 13th among all high-end skincare brands in China and 10th in the anti-wrinkle segment, with market shares of 1.4% and 2.2% respectively [2] - The Chinese skincare market has shown steady growth, with a CAGR of 6.8% over the past six years. The market size is projected to increase from CNY 332.9 billion in 2019 to CNY 461.9 billion in 2024, with the high-end segment expected to grow from CNY 74.9 billion to CNY 114.4 billion during the same period [2] - By 2029, the overall skincare market is anticipated to reach CNY 698.5 billion, with a CAGR of 8.6% from 2024 to 2029, while the high-end segment is expected to grow to CNY 218.5 billion, with a CAGR of 13.8% [2] Financial Performance - The company has accelerated revenue growth and improved profitability, achieving revenues of CNY 0.691 billion, CNY 0.805 billion, CNY 1.210 billion, and CNY 1.052 billion for the first half of 2022 to 2025, with year-on-year growth rates of +16.5%, +50.3%, and +98.3% [3] - Net profits transitioned from a loss of CNY -0.06 billion in 2022 to CNY 0.85 billion in 2023, and further to CNY 1.87 billion and CNY 1.82 billion in 2024 and 2025, with year-on-year growth rates of +121.1% and +109.9% [3] - The gross profit margins for the same period were 78.0%, 81.2%, 82.5%, and 82.4%, while net profit margins were -0.9%, 10.5%, 15.4%, and 17.3% [3] - The company is positioned as a leading high-end domestic skincare brand, leveraging traditional Chinese botanicals to build its brand image. Future strategies include expanding product categories around core items and enhancing multi-channel operations [3] - The total market capitalization for this issuance is estimated at CNY 10.86 billion, with an initial public offering price corresponding to a static PE ratio of approximately 53.8, compared to the industry average PE of 28.3 for 2025 [3]

前次招股书失效，定位高端国货护肤品牌的林清轩二次冲关港股IPO，其成色依然受到市场质疑。 林清轩经营业绩高度依赖"山茶花精华油"大单品。近年来，林清轩业绩快速增长，其中，山茶花精华油产品贡献 近半壁江山，2025年上半年收入占比达45.5%。 营销与研发投入严重失衡 林清轩创立于2003年，2012年公司迎来一个关键的战略转折——专注山茶花护肤品研究，并开创了"以油养肤"的 护肤理念。其王牌产品"山茶花精华油"于2014年推出，至今已连续11年位居全国所有面部精华油产品零售额榜 首。 这让林清轩在高端护肤领域占据了一席之地。根据灼识咨询报告，按2024年零售额计，林清轩在中国所有高端国 货护肤品牌中排名第一。数据显示，截至2025年上半年，林清轩共有230个SKU，包括精华油、面霜、爽肤水、乳 液、精华液、面膜及防晒霜等品类。 长江商报记者注意到，林清轩的高端定位反映在价格上，其核心单品"山茶花精华油5.0"(30ml)，官方标价829元。 在实际销售中为冲击销量，品牌普遍采用"买一赠一"等促销策略，即便打折后的到手价599元，也远高于娇韵诗的 兰花油，直逼香奈儿的茉莉花精萃油。 近年来，林清轩的业绩增长引人 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The report highlights the growth in tourism between China and Cambodia, driven by the new visa-free policy, which is expected to boost tourist flows [5][15] - The breakfast market in China is identified as a significant opportunity, with major brands like Mixue and Guoming entering the segment [6][33] - The education sector is experiencing a shift towards vocational training due to declining numbers in traditional higher education applications, emphasizing employment-oriented education [39][44] - Lin Qingxuan, a high-end domestic skincare brand, is showing strong growth in both online and offline sales, with a notable increase in revenue and profit margins [45][50] Summary by Sections 1. Travel and Tourism - Cambodia has implemented a visa-free policy for Chinese citizens, expected to increase tourist numbers significantly, with a 45% year-on-year increase in Chinese tourists from January to October 2025 [5][15] - In November 2025, Hainan's duty-free shopping reached 2.38 billion yuan, a 27.1% increase year-on-year, despite a slight decrease in shopping visitors [23][24] 2. Breakfast Market - The breakfast market in China is valued at approximately 1.7 trillion yuan, with the external breakfast market estimated between 700 to 800 billion yuan [6][33] - Mixue has launched breakfast offerings in several cities, targeting consumers with affordable pricing [37][38] 3. Education Sector - The number of students taking the national college entrance examination has decreased for the first time in eight years, with a significant drop in graduate school applications [39][40] - Vocational education is gaining traction as students seek better employment outcomes, with a reported 95%+ employment rate in vocational programs [44] 4. Skincare Industry - Lin Qingxuan reported a revenue of 1.05 billion yuan in the first half of 2025, marking a 98.3% year-on-year increase, with online sales growing significantly [45][47] - The brand's product mix includes a high proportion of premium skincare items, contributing to improved profit margins [50][55] 5. Market Performance - The Hong Kong stock market saw the consumer services and media sectors underperforming, while the retail sector outperformed the market [59][65] - Notable stock performances included significant gains in retail and education sectors, with specific companies like Liufu Group and Gaoxin Retail leading the gains [65][66]

一瓶单价超千元的山茶花精华油撑起了一个国货高端护肤的梦想，也撑起了林清轩赴港上市的野心。但 当市场开始审视其招股书背后的故事，质疑声也随之而来。 近期，上海林清轩化妆品集团股份有限公司向港交所重新递交了招股书，此前其首次递交的申请因审计 报告有效期届满而失效。公司回应称这是港交所的正常流程，上市工作仍在进行中，且已获得证监会备 案通知书。 2024年，林清轩营业收入达到约12.1亿元，其中近四成来自核心产品山茶花精华油。这款产品累计销量 突破3000万瓶，被戏称为"液体黄金"，单毫升价格甚至超过茅台。 01 高端定位的脆弱基石 林清轩在招股书中反复强调其"高端国货护肤品牌"的定位，称自己是"中国前15大高端护肤品牌中唯一 的国货品牌"。从定价策略看，50毫升的山茶花精华油定价高达1119元，确实迈入了高端门槛。 高定价带来了可观的毛利率，2022年至2024年，公司整体毛利率从78.0%提升至82.5%，超过了欧莱 雅、雅诗兰黛等国际品牌。 然而，高端定位的表象之下，林清轩的根基并不稳固。其研发投入与高端定位明显不匹配。2022年至 2024年，公司累计研发投入不足1亿元，而营销费用总计高达7.6亿元。以20 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Shanghai Linqingxuan Biotechnology Co., Ltd. to provide supplementary materials regarding administrative penalties for false advertising and the transfer of shares involving new shareholders as the company prepares for its overseas listing [1][12]. Financial Performance - Linqingxuan achieved revenues of 691.5 million RMB, 805 million RMB, and 1.21 billion RMB for the years 2022, 2023, and 2024 respectively, with net profits of -5.93 million RMB, 84.5 million RMB, and 186.8 million RMB during the same period [5][6]. - The company reported a significant increase in sales, with a notable rise in gross profit from 539.1 million RMB in 2022 to 997.7 million RMB in 2024 [6]. Product Dependency - The company has a growing reliance on a single product category, with sales of essence oil products accounting for 31.5%, 35.3%, and 37.0% of total sales from 2022 to 2024 [6][8]. - Linqingxuan's primary brand contributes to 99.1%, 99.0%, and 99.0% of total revenue during the same period, indicating a significant dependency on its flagship brand [8]. Marketing and R&D Expenditure - Marketing expenses have been significantly higher than R&D costs, with sales and distribution expenses amounting to 5.09 billion RMB, 4.86 billion RMB, and 6.88 billion RMB, representing 73.66%, 60.37%, and 56.86% of revenues respectively [11]. - In 2024, marketing and promotional expenses reached approximately 365 million RMB, which is 12 times the R&D expenditure of 30.4 million RMB [11]. Regulatory and Compliance Issues - Linqingxuan faced penalties for false advertising, specifically for claims regarding anti-aging effects that did not align with actual product capabilities, leading to a fine of over 21,000 RMB [12]. - The CSRC has requested clarification on the company's compliance with regulations following these penalties and the implications for its upcoming listing [12][15]. Shareholder Changes - Recently, the company welcomed a new shareholder, Youngor Fashion Technology Co., Ltd., which acquired a 4.491% stake, becoming the fourth largest shareholder [14]. - The CSRC has also requested details regarding the pricing and rationale behind recent share transfers involving new shareholders [15].

Core Viewpoint - Lin Qingxuan, a leading high-end domestic skincare brand in China, is attempting to enter the capital market with an IPO, but there are concerns about its high-end positioning and reliance on marketing expenditures [2][3][4]. Financial Overview - Lin Qingxuan's sales and distribution expenses for 2022 to 2024 are projected to be 509 million, 486 million, and 688 million RMB, respectively, accounting for 73.66%, 60.37%, and 56.86% of revenue [11]. - The company reported revenues of 691.15 million, 805.004 million, and 1.209641 billion RMB for the years 2022, 2023, and 2024, respectively [14]. Marketing and Sales Strategy - The company has heavily invested in marketing, with 1,739 out of 2,043 employees (85.2%) dedicated to sales and marketing roles [15]. - Lin Qingxuan's pricing strategy aligns with its high-end branding, with products priced at 599 RMB for 30ml of camellia oil and 730 RMB for 50g of anti-wrinkle cream [11]. Consumer Concerns - There have been numerous consumer complaints regarding product safety, including allergic reactions and misleading advertising claims [6][10]. - The brand faced regulatory scrutiny for advertising claims that did not match the actual efficacy of its products, resulting in a fine of 21,000 RMB [6]. Research and Development - Lin Qingxuan's R&D expenditures for 2022 to 2024 are 21.12 million, 19.74 million, and 30.40 million RMB, which are significantly lower compared to its marketing expenses [13]. - The R&D expense ratio is relatively low, with rates of 3.06%, 2.45%, and 2.51% for the respective years, indicating a lack of investment in foundational research compared to international competitors [13][15]. IPO and Future Outlook - The upcoming IPO could provide funding for R&D and supply chain upgrades, but there are doubts about whether the company will prioritize these areas over continued marketing expenditures [18]. - Concerns arise from the founder's pre-IPO cash-out of approximately 22 million RMB, raising questions about the long-term vision of the brand [16][18].

Core Viewpoint - Lin Qingxuan Biotechnology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, focusing on the anti-wrinkle and firming skincare market with a strong emphasis on high-end skincare solutions based on natural camellia ingredients [1][2]. Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew from 691 million RMB to 1.21 billion RMB, while the net profit attributable to the parent company improved from a loss of 5.87 million RMB to a profit of 187 million RMB [7][9]. - The gross profit margin increased from 78% to 82.5% during the same period [8]. Sales and Distribution - Sales and distribution expenses reached 688 million RMB in 2024, exceeding 50% of the total revenue [1][9]. - The revenue from offline channels decreased from 54.7% in 2022 to 40.8% in 2024, while online channel revenue increased from 45.2% to 59.1% [4][6]. Product Portfolio - As of December 31, 2024, Lin Qingxuan offered 188 SKUs, with significant revenue contributions from essence oils, creams, lotions, and masks, each accounting for over 10% of total revenue [3][4]. Market Position - In 2024, Lin Qingxuan ranked first among all high-end domestic skincare brands in China by retail sales and was the only domestic brand among the top 15 high-end skincare brands, which included both domestic and international brands [2][3]. Use of Proceeds - The funds raised from the listing will be used for brand value enhancement, deepening the multi-channel sales network, and strengthening production and supply chain capabilities [10].