国货美妆品牌半亩花田的主体公司，于近日正式向港交所提交上市申请表，计划将在港交所角逐"港股国 货个护第一股"， 中信证券将会担任其保荐人。公开资料显示，半亩花田的主体公司山东花物堂化妆品有 限公司成立于2018年，该公司为半亩花田的运营方。而半亩花田在2010年诞生于济南平阴，是集原料种 植、原料研发生产、产品研发、全渠道销售为一体的全产业链品牌，专注于身体护理领域研究，在济南、 上海和广州建有研发中心。 截止目前，半亩花田业已完成了两轮融资，吸引了以 丸美生物、 林清轩为代表的同行业玩家们的关注和 加持。招股书显示，花物堂2023年、2024年分别实现收入11.99亿元、14.99亿元，经调整净利润分别为 2370万元、8280万元。2025年前9个月业绩高速增长，收入18.95亿元，同比增长76.7%；经调整净利润1.48 亿元，同比增长249.4%。 在这些Z世代的消费群体当中，有超过90%的人选择过国货美妆品牌，而且随着年纪越发年轻，选择新国 货品牌的比例越高。特别是在00后的消费群体当中，几乎所有人都选择过国货品牌。半亩花田，作为国货 个护的代表性品牌，自然成为了Z世代消费者的新宠。 半亩花田的发展 ...

Core Viewpoint - Cathay Securities initiates coverage on Lin Qingxuan (02657) with a "Buy" rating, highlighting the company's long-standing focus on oil-based skincare and its potential for sustained rapid growth driven by Douyin and product expansion [1] Group 1: Company Overview - Lin Qingxuan, founded in 2003, initially focused on natural skincare products like handmade soaps and aloe vera gel, and launched its flagship product, camellia oil essence, in 2014, establishing itself as a pioneer in oil-based skincare [1] - The company has a stable and experienced management team, and has recently accelerated its online transformation, with significant growth in revenue and net profit in the first half of 2025, achieving 10.5 million and 1.8 million RMB respectively, representing year-on-year increases of 98% and 110% [1] Group 2: Market Position and Growth Potential - The oil-based skincare segment is experiencing high demand, with the market size projected to reach 5.3 billion RMB in 2024, reflecting a year-on-year growth of 43% and a CAGR of 42% from 2019 to 2024 [2] - Lin Qingxuan has maintained a leading position in the facial essence oil category, holding a 12.4% market share in 2024, significantly ahead of other brands [2] Group 3: Sales and Distribution Channels - The company's flagship product, the camellia oil essence, has seen rapid growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with Douyin driving a 137% year-on-year increase in online revenue, which now constitutes 65% of total sales; the company also has over 554 physical stores, indicating substantial room for further expansion [3]

智通财经APP获悉，国泰海通证券发布研报称，首次覆盖，给予林清轩(02657)"增持"评级，公司深耕以 油养肤赛道多年，抖音助力大单品爆发，拓品类、拓渠道下有望实现持续快速增长。预计公司2025- 2027年EPS2.75、4.18、5.49元人民币，综合考虑PE和PS两种估值方式取平均值，给予公司合理估值149 亿元人民币(对应166亿港币)，给予目标价118.57港币，对应2025PE26x。 国泰海通证券主要观点如下： 深耕以油养肤赛道多年，成长及盈利能力突出 公司主品牌林清轩创立于2003年，早年主打手工皂、芦荟胶等天然护肤品，2014年正式推出大单品山茶 花精华油，以山茶花为核心成分，成为"以油养肤"开创者，后公司进行品牌升级，确立以油养肤为核心 的中高端品牌定位。公司高管行业经验丰富、团队稳定。近年来公司发力线上转型，抖音大单品精华油 持续放量，2025H1公司营收、净利润10.5、1.8亿元同比+98%、110%，业绩增长加速。 以油养肤高景气，公司份额领先 据灼识咨询数据，精华油作为近年来需求快速增长的品类，2024年市场规模53亿元同比+43%，2019- 2024年CAGR42%，近年来随 ...

Core Viewpoint - China is enhancing its efforts to attract foreign investors through new policies that promote reinvestment of profits locally, offering tax breaks, expedited approvals, and improved business services [2][3]. Foreign Investment and Reinvestment - During the "14th Five-Year Plan," China attracted US$708.7 billion in foreign investment and established 229,000 new foreign enterprises [3]. - The "Measures to Encourage Foreign-Invested Enterprises to Reinvest in China" were introduced by the NDRC, Ministry of Finance, and Ministry of Commerce to support long-term investment growth [3]. Reinvestment Definition and Implications - Reinvestment involves foreign companies reinvesting their profits earned in China back into the local market for further growth [4]. - This can include launching new ventures, expanding existing operations, and acquiring shares or assets in Chinese companies [4]. Profit-Retention and Reinvestment Loop - The goal is to create a cycle where earnings remain in China, promoting expansion and unlocking benefits such as tax incentives and streamlined approvals [5]. Key Incentives for Foreign Investors - The new policy includes 12 measures to facilitate reinvestment, such as faster project approvals, simplified paperwork, flexible land-use options, tax credits of up to 10% for reinvested profits, easier foreign exchange and financing support, and priority access to high-tech industries [6][7][8][9][10]. Multinational Responses - Major multinationals are responding positively to these incentives, with examples including Lexus completing a new energy project in Shanghai in under five months, Vandewiele opening its largest manufacturing base in Jiangsu, and Weidmann Electrical Insulation launching a US$91 million plant in Wuhan [11][12][14]. - Executives express confidence in China's market prospects, highlighting the benefits of streamlined approvals and tax credits [15][16][17]. Focus on High-Tech and R&D - High-tech industries accounted for 34.6% of foreign investment in 2024, reflecting a six-point increase since 2020 [18]. - Multinationals are establishing R&D centers and regional headquarters to support local product development, with innovation clusters in cities like Shanghai, Shenzhen, and Wuhan driving growth in various sectors [19][20]. Financial Benefits and Policy Support - China's reinvestment framework offers financial benefits such as tax credits for reinvested profits, flexible land-use policies, and streamlined foreign exchange and financing services [22][23]. - Companies are leveraging these advantages to accelerate projects and drive sustainable growth, as seen in Otis's plans for elevator modernization and L'Oréal's investment in green manufacturing [24]. Strategic Timing for Reinvestment - With favorable tax incentives and support for key industries, China is positioning itself as a long-term growth hub for global companies [25]. - Reinvesting now allows businesses to reduce operational costs, access booming sectors, and establish local partnerships, thereby benefiting from China's evolving markets [26].

【策略 】 转型牛：更高、更稳、更长 风险提示： 海外经济衰退超预期，全球地缘政治的不确定性。 【 计算机】 GEO：AI搜索时代的流量新范式 每周 一 景 ： 青海省茫崖市艾肯泉天使之眼恶魔之眼 点击右上角菜单，收听朗读版 GEO（Generative Engine Optimization，生成式引擎优化）本质上是AI搜索/RAG架构下的"信任工程"，核心目标从"提高网页点击率"升级为"提高品牌在 AI答案中的采信率与引用频次"。 在零点击时代，用户直接在AI回答页完成认知和决策，SEO只解决"被看到"，GEO解决"被AI说出来并站在你这边"。AI搜索 从"列表点击"切换为"答案直达"，传统SEO在AI搜索场景下边际效用下降，强调"被AI采信"的GEO正成为营销技术新范式，并以SaaS为主要商业模式，市场 空间有望达"百亿美元级"。 大势研判：中国"转型牛"，更高、更稳、更长。 2026年开年以来，上证指数连续站上4000点与4100点，走势强劲。国泰海通策略在2025年12月28日发布 了重要报告《跨越，远望又新峰》，系统性的回顾和讨论了自2025年以来我们对于中国市场的思考。2024年924解决"内忧 ...

Core Viewpoint - PDRN is expected to be a popular skincare ingredient by 2026, with a projected CAGR of 49% in the Chinese market from 2023 to 2029, indicating rapid growth in demand for related products [2][5]. Group 1: PDRN Research and Development - The UNISKIN MED center has been providing various PDRN/PN treatments since 2020, accumulating nearly 6 years of clinical experience with over 10,000 cases [7]. - UNISKIN has developed a dual approach in functional skincare and professional medical aesthetics, enhancing its exploration in the PDRN research field [9]. - The company has introduced a PDRN skincare and medical treatment model, showing significant efficacy in various applications such as scar treatment and anti-aging [11]. Group 2: Scientific Standards and Regulations - UNISKIN, in collaboration with the Chinese Society of Plastic Surgery, launched the "PDRN/PN Cosmetics Application Specification" to standardize the quality and safety of PDRN/PN ingredients in skincare products [23]. - The specification addresses three major challenges in the PDRN sector: defining molecular weight, standardizing application amounts, and establishing detection methods for PDRN in cosmetics [24][27]. - The recommended addition of PDRN/PN raw materials is between 0.0001% and 1%, depending on specific conditions [25]. Group 3: Molecular Weight Control and Mechanisms - UNISKIN has developed the NeoEdge sequence cutting technology to precisely control PDRN molecular weight, creating the PDRN-850K core ingredient that activates five anti-aging pathways [16][19]. - The precise control of molecular weight is crucial for effective transdermal delivery and achieving the desired effects, addressing challenges such as low penetration efficiency and unclear mechanisms [14][20]. - The company emphasizes that effective PDRN application requires understanding the skin environment and controlling inflammation before activating systemic anti-aging pathways [13][19]. Group 4: Industry Position and Future Directions - UNISKIN's commitment to deep scientific research positions it as a leader in the PDRN market, providing a clear path for high-quality development in the industry [21][42]. - The establishment of industry standards signifies a maturation of the PDRN sector, allowing for more informed consumer choices and reducing the risks associated with unregulated growth [29][31]. - UNISKIN's innovative approach and rigorous research standards are expected to drive further exploration of PDRN's potential in skincare, highlighting the need for a more professional perspective in the industry [40][42].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, and Anta Sports, among others [1]. Core Insights - Concerns regarding the independence of the Federal Reserve and future monetary policy stability have led to a collective decline in overseas consumer sectors [4][11]. - The snack sector has shown resilience, outperforming the MSCI China index, while other sectors such as luxury goods and overseas sportswear have faced significant declines [4][11]. - The report highlights that most sectors are currently undervalued compared to their historical averages, indicating potential investment opportunities [9][15]. Sector Performance Summary - **Snack Sector**: Increased by 1.7%, with Wei Long's revenue guidance for 2026 projected to grow over 15% due to innovative products and channel expansion [6][14]. - **Jewelry Sector**: Rose by 1.6%, driven by Chow Tai Fook's strong operational performance expectations for FY26Q3 [6][14]. - **Overseas Cosmetics**: Gained 1.1%, with E.L.F Beauty's sales growth exceeding previous guidance [6][14]. - **Domestic Sportswear**: Increased by 1.5%, with Li Ning's revenue meeting expectations and a positive outlook for net profit margins [8][14]. - **Pet Sector**: Grew by 0.3%, with strong annual growth despite a slight decline in December [8][14]. - **Gambling Sector**: Slight decline of 0.1%, with Galaxy Entertainment showing resilience as a preferred investment choice [8][14]. - **Domestic Cosmetics**: Decreased by 0.3%, with expectations for recovery in 2026 [8][14]. - **Retail Sector**: Fell by 1.5%, with Target's positive leadership changes noted [8][14]. - **Luxury Goods**: Declined by 2.9%, impacted by market concerns over credit risks following Saks Global's bankruptcy [8][14]. - **Overseas Sportswear**: Experienced a significant drop of 4.0%, with major brands like Nike and Adidas facing declines [8][14]. - **Credit Card Sector**: Decreased by 5.1%, influenced by proposed caps on credit card interest rates [8][14]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential undervaluation: - Overseas Sportswear: 30.4x (57% of historical average) - Domestic Sportswear: 13.5x (71% of historical average) - Jewelry: 22.8x (43% of historical average) - Luxury Goods: 27.4x (49% of historical average) - Gambling: 16.2x (26% of historical average) - Overseas Cosmetics: 41.0x (61% of historical average) - Domestic Cosmetics: 27.3x (51% of historical average) - Pet Sector: 36.9x (50% of historical average) - Snack Sector: 29.8x (72% of historical average) - Retail: 29.9x (54% of historical average) - US Hotels: 34.8x (21% of historical average) - Credit Cards: 28.3x (54% of historical average) [9][15].

来源：雷递 雷递网 雷建平 1月18日 山东花物堂化妆品股份有限公司（简称："半亩花田"）日前递交招股书，准备在港交所上市。 9个月营收19亿 期内利润1.25亿 半亩花田成立于2010年，成立于中国'玫瑰之乡'山东济南，从诞生之初就致力于'花植'的研究，并确立 了'以花悦肤'的品牌理念。 半亩花田通过将玫瑰花水、牡丹籽油等天然花植成分融入核心配方，并持续推动配方技术升级，打造了 具有鲜明特色的身体洗护产品系列。 招股书显示，半亩花田2023年、2024年营收分别为12亿、15亿元；毛利分别为7.89亿、9.33亿元；期内 利润分别为2050万、4941万元。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023 年 | | 2024年 | | 2024年 | | 2025年 | | | | 金額 | ﻲ | 金額 | 96 | 金額 | 96 | 金額 | 90 | | | | | | (除百分比外,單位:人民幣千元) | | | | | | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

Core Viewpoint - The company, 毛戈平 (01318), has received a notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, allowing for the conversion of 228 million unlisted shares into H-shares, effective from January 13, 2026, for a period of 12 months [1]. Group 1 - The company will implement full circulation of a total of 228,344,600 unlisted shares, which currently represent 46.58% of the total issued shares [1]. - After the conversion and listing, the total number of H-shares will increase to 490,186,900, representing 100% of the total issued shares [1]. - The company plans to apply for approval from the Hong Kong Stock Exchange for the listing and trading of the relevant H-shares [1]. Group 2 - As of the announcement date, the implementation plan for the full circulation and conversion of H-shares has not been finalized, and the company will provide further updates in accordance with relevant regulations [1].