未来消费 提 前 看 到 消 费 的 未 来 KEREE KAREEK REFFERE KERKEKE ELELELE aeKV D 9 0 e 品出用 博物 x 林 清轩 Hou Hotel Hustan ar | | 编辑 | 乔芊 在2025结束的倒数第二天，林清轩赶着这一年消费企业上市潮的末班车，在港交所敲了钟，成为港股"国货高端护肤第一股"。 开盘后，林清轩盘中涨幅一度逼近18%，最终以85港元/股的价格收官，首日涨幅锁定9.3%，对应总市值约119亿港元。 林清轩是一家于2003年非典期间创立的护肤品牌，最初靠25 元一块的手工皂起家，2014 年推出山茶花精华油后开启高端化转型。其股东阵容包括雅戈尔时尚、吴晓波，以及全球美妆巨头欧莱雅。 随着林清轩上市，很容易让人想到同样香港上市，今年与泡泡玛特、老铺黄金、蜜雪冰城并称为"港股F4"的彩妆品牌毛戈平。 二者都以创始人姓名作为核心品牌资产的命名策略，只不过林清轩是创始人孙来春学生时代的笔名。 在这之外，林清轩与毛戈平皆以高端定价锚定市场，在国货美妆高端化里趟出了两条河流。 东北网红家族将山茶花卖出茅台利润。 作者 | 李小霞 两次生死局 故事要从一 ...

讲的是一对生活在加拿大的中国夫妻，决定回国创业，回到老家鹭城后，经历的一系列生活和事业上的真实又荒诞的故事。这个剧里的城市叫鹭城，一听 就知道说的是厦门。 |图片来自网络，侵删 这对夫妻回国后，女的（任素汐饰演的张冉）做起了直播带货的网红，男的（罗晋饰演的付玉东）被朋友拉去创业，以他的生物学博士背景为噱头，搞了 一个护肤品牌"付博士"。 最近我在看一个电视剧，任素汐和罗晋主演的，叫《时差一万公里》。 这个"付博士"的成立很草率，投资人是为了"攒个项目赚一笔"，创始人是为了"出口恶气证明自己"，男主纯是找不到工作，然后一脸懵逼被拉入伙。 这几位核心大Boss，没有一个人真正喜欢这件事，一天到晚没事就琢磨着怎么上直播、卖货、搞营销。为了打品牌，竟然编造出一个"付博士因为爱老婆 才创业"的品牌故事，为了上一个大网红的直播间卖货，不惜让付玉东和假太太一起在镜头前表演"爱妻人设"。 创业的中间过程我压缩概括为八个字：风生水起，鸡飞狗跳。 最终呢，当然是鸡飞蛋打，这个大网红因为偷税漏税被抓，这家公司因为现金流全部梭哈到直播带货而破产。 说实话，看这部电视剧的时候，我真的很难忍住不去联想一个超级擅长白牌起牌打法的"组织"— ...

随着香港交易所钟声响起，上海林清轩生物科技股份有限公司（下称：林清轩）正式登陆港股，成为"国货高端护肤第一股"。 这家曾濒临破产、因创始人"炮轰"香奈儿、客服怼消费者"赶着投胎"等而陷入争议的企业，耗时五年终圆梦上市，总算给自身与资本市场一个 交代。截至发稿，其股价报86港元/股，市值达120亿港元。 濒临破产后，吸引吴晓波等资本大佬扎堆投资 "林清轩"的品牌名，源自创始人孙来春学生时代的笔名。出生于1970年代的孙来春，大学毕业后进入双鹤药业，从基层干起积累了实业经验。 离开药企后，他通过代理外资护肤品切入美妆行业，一度开设五六十家门店。 直至2003年非典疫情后，因代理公司倒闭，才用60万元启动资金创立了林清轩，以一块手工皂切入大众市场。 公开资料显示，林清轩的发展轨迹清晰呈现三个关键节点：2008年，林清轩首家实体门店正式开业；2013年，林清轩化妆品工厂成立，实现自 主生产。2014年，品牌迎来关键转折，大单品山茶花精华油问世。林清轩自此开始聚焦"以油养肤"赛道，并以"高端国货"为核心标签。 此后数年，品牌逐步搭建起全产业链布局，从山茶花种植基地，到上海的生产基地，再到覆盖全国的直营门店网络，形成了差 ...

一边为9块9的包挂精打细算，一边是买9000元的羽绒服出手阔绰；59元的手机壳要好看又要多功能支架，2000元的网球拍得追球星同款……以年轻一代和高 净值用户为代表的消费者群体，在2025年更愿意为情绪满足和身份认同买单，他们是日用消费的"淡人"，精神消费的"浓人"。 12月29日，2025天猫发布年度六大消费趋势：专业玩家、穿出人设、长期主义、情绪氪金、华流当道、一物封神。今年年度消费关键词：【乐意】，现在年 轻人的消费观主打一个看心情，他们的消费哲学是这样的："千金难买我乐意，为我乐意散千金"。 "科研派"买火"科学护肤"赛道。天猫数据显示，今年消费者关注的抗老、修复、补水、抗敏、防晒等功效护肤产品同比均有两位数提升。除了给肤质"把 脉"，大家也关心自己的"头等大事"。过去一年，天猫国际进口头皮护理类产品成交增长超60%，月桂醇、硅油、苯甲酸钠被打入"秃头黑名单"。 "装备派"也在旷野兴起。每开启一样新的运动，就入坑一套新的装备，打球要配专业球拍，跑步要挑竞速鞋，冬季徒步要穿美丽奴羊毛……数据显示，"美 丽奴羊毛"、"金标P棉"入冬后天猫搜索日均同比均超100%。 "健康派"盯上可穿戴智能设备，能检测心率 ...

Core Insights - The article discusses the evolving landscape of consumer behavior in China, emphasizing the shift from passive acceptance to active engagement in the market, driven by changing values, emotional connections, and technological advancements [1][2]. Group 1: Changes in Consumer Preferences - Domestic brands are gaining popularity, with consumers prioritizing local products over international ones. For instance, the percentage of consumers preferring domestic beauty and skincare brands rose from 12% in 2021 to 43% in 2025, while preference for domestic 3C digital products increased from 23% to 55%, and for home appliances from 33% to 69% [3]. - Consumers are re-evaluating their life priorities, focusing more on health and financial stability. The proportion of consumers valuing health increased by 9 percentage points to 87%, and those valuing wealth rose by 12 percentage points to 47% [8]. Group 2: Shifts in Information Channels and Brand Loyalty - The channels through which consumers obtain shopping information are diversifying, with traditional marketing methods becoming less effective. E-commerce platforms remain the primary source for 60% of consumers, but video platforms like Douyin and Kuaishou have become significant, with usage rising to about 50% [9]. - Brand loyalty is diminishing, with 55% of consumers frequently comparing multiple brands even if they have a favorite, an increase of 13 percentage points since 2021. Nearly 70% of consumers feel indifferent or resistant to marketing content [10]. Group 3: The Role of AI in Consumer Behavior - AI is becoming a crucial factor in consumer decision-making, with nearly 80% of Chinese consumers using AI weekly or daily. About 37% have utilized AI tools in shopping, primarily for assistance in unfamiliar categories or for quick comparisons [10][21]. - Brands must adapt to interact with AI as a representative of consumers, providing structured and accurate content to influence AI-generated recommendations, which will affect brand visibility and conversion rates [18][21]. Group 4: Brand Strategies in a Changing Landscape - Brands are encouraged to demonstrate tangible value to consumers, moving beyond just price to emphasize visible and verifiable product benefits. This shift is evident in the focus on quantifiable effects and scientific backing in product descriptions [12][15]. - Creating integrated experiences that resonate emotionally with consumers is essential. Brands should aim for a multi-channel ecosystem that combines online and offline experiences, enhancing consumer engagement and satisfaction [16]. Group 5: Consumer Expectations and Brand Accountability - Consumers are increasingly seeking stability and meaningful engagement from brands, evaluating their relevance, consistency, and ability to fulfill promises. This reflects a deeper human need for trust and connection [22]. - Companies aiming to capture the Chinese consumer market face challenges from outdated growth models but also have opportunities to respond effectively to these profound changes with courage and adaptability [22].

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, is set to launch its IPO in Hong Kong, following the success of Mao Geping, and is attracting significant investor interest due to its strong market position and growth potential [2][5]. Group 1: IPO Details - Lin Qingxuan's IPO subscription period is from December 18 to December 23, with an expected listing date of December 30 [2]. - The company plans to issue approximately 13.97 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [2]. - The offer price is set at HKD 77.77 per share, aiming to raise approximately HKD 999.7 million if the over-allotment option is not exercised [2]. Group 2: Financial Performance - Lin Qingxuan reported revenues of RMB 691 million, RMB 805 million, RMB 1.21 billion, and RMB 1.05 billion for the years 2022 to 2025 (first half), with net profits of RMB -5.93 million, RMB 84.5 million, RMB 187 million, and RMB 182 million respectively [5]. - The adjusted net profits for the same periods were RMB -3.66 million, RMB 88.5 million, RMB 200 million, and RMB 201 million, indicating a strong recovery and growth trajectory [5]. Group 3: Use of Proceeds - The net proceeds from the IPO will be allocated as follows: 20% for brand value enhancement, 20% for expanding sales networks, 15% for production and supply chain improvements, 15% for R&D and product development, 15% for brand matrix development through internal incubation and acquisitions, 5% for digital infrastructure upgrades, and 10% for working capital and general corporate purposes [4]. Group 4: Market Position and Support - Lin Qingxuan focuses on anti-aging skincare products and has established itself as a leader in the facial oil segment, with its camellia oil product ranking first in retail sales for 11 consecutive years since 2014 [5]. - The IPO has garnered support from cornerstone investors, including Fidelity, SS Capital, and others, with a total subscription amount of USD 62 million [5].

作者：行情君 据交易所数据显示，12月15日，逸仙电商(YSG)开盘上涨11.31%，截至22:30，报4.33美元/股，成交 372.92万美元，总市值4.07亿美元。 资料显示，逸仙控股有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内实体子公 司广州逸仙电子商务有限公司运营。其子公司创立于2016年,是中国美容市场的领军企业,致力于为中国 和世界各地的消费者创造一个令人兴奋的探索美的新旅程。旗下拥有Perfect Diary 完美日记、Little Ondine 小奥汀、Abbys Choice完子心选、Galenic 法国科兰黎、DR.WU 达尔肤(中国大陆业务)、EVE LOM、Pink Bear 皮可熊、EANTiM 壹安态等高成长性的彩妆及护肤品牌。公司通过线上和线下接触客 户,在中国主要的电子商务、社交和内容平台上都有广泛的业务。 本文源自：市场资讯 财务数据显示，截至2025年09月30日，逸仙电商收入总额29.19亿人民币，同比增长30.01%；归母净利 润-8893.3万人民币，同比增长72.55%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 逸仙电商的转型故事，正遭遇市场对其增长"含金量"的严苛审视。低基数基础上的营收增长背后，逸仙 电商仍未摆脱持续亏损、重营销的"包袱"。 这或意味着揭示了当前资本市场对消费类企业估值逻辑的 转变：单纯的营收增长已不足以打动市场，清晰的盈利时间和健康的增长结构成为更关键的考量因素。 5年多持续亏损超60亿元 持续亏损资本市场耐心不足、财报发布股价跌 2017年，逸仙电商凭借完美日记一战成名，成为新锐国货彩妆之光，迅速成为国货彩妆的头部，逸仙电 商几乎以每一年一轮融资的速度获得资本青睐，并于2020年11月正式在纽交所敲钟上市，一时风光无 两。 然而，上市后的逸仙电商，业绩开始出现滑坡，2020年公司营收增速大幅下滑、归母净利润更是出现了 26.88亿元的亏损。在此之后，公司经营仍不见显著好转，持续处于亏损之中。 逸仙电商早期依托于"流量投放+营销爆品"的模式。随着线上流量红利见顶、竞争加剧及消费者对"成分 功效"越发关注，逸仙电商业绩大幅下滑，连续多年亏损，单纯依靠营销造势的增长模式已不再适用。 从全年业绩来看 ...

Group 1 - L'Oréal Group announced the acquisition of an additional 10% stake in Galderma, increasing its ownership from 10% to 20%, indicating a strategic focus on the aesthetic and medical beauty market [1][2] - The acquisition is expected to be completed in the first quarter of 2026, with plans to nominate two non-independent directors from L'Oréal to Galderma's board [2] - L'Oréal's recent investments include a €4 billion acquisition of luxury beauty licenses from Kering Group, reflecting a strong recovery in its performance, particularly in the North Asia region [3] Group 2 - Unilever is undergoing a restructuring process, focusing on core businesses by divesting non-core brands, including the planned spin-off of its ice cream business [4][5] - Unilever's CEO emphasized that the spin-off aims to create a more streamlined company, concentrating on beauty and personal care sectors for higher profit margins [5] - The contrasting strategies of L'Oréal's acquisitions and Unilever's divestitures reflect a broader industry trend of resource concentration on core business areas [5][6] Group 3 - Estee Lauder is also considering divesting its Korean beauty brand Dr. Jart+ and has previously planned to sell Too Faced and Smashbox, indicating a trend of brand portfolio optimization among major beauty companies [6] - Domestic brands are also pursuing acquisitions to build their brand portfolios, as seen with Perfect Diary's parent company acquiring high-end skincare brands [6] - An ideal brand matrix in the beauty industry should exhibit strategic synergy, growth gradient, and profit orientation to withstand market fluctuations [7]

财富集中度再创新高 2025年多项权威报告一致指出，全球13%的成年人口掌握着85%的社会财富，其中仅占3%的企业领袖位于决策链最顶端。在这群人中，超高净值家庭（可投 资资产≥2500万美元）约24.9万户，资产过亿者约4.9万户，十年增长80%。他们用1%的数量贡献了38%的流动金融资产，上层超高净值客群更独占26%，成 为名副其实的"皇冠明珠"。 中国成为增长极，画像多元 中国是这片"财富蓝海"最活跃的增量市场。中老年第一代民营企业家仍占主导，多来自工程、制造等传统行业；与此同时，大型企业董监高、企业家配偶、 中青年创业者、富二代及演艺界成功者共同构成了多元面孔。区域差异之外，代际差异也在放大：Z世代日均刷社媒128分钟，KOL种草驱动消费；X世代及 更年长者则依赖电视等传统渠道，品牌历史与可靠性才是决策核心。 东西市场价值取向泾渭分明 东方市场崇尚"新"与"贵"。中国、东南亚、中东的高净值人群把科技创新和身份象征放在首位：虚拟现实、智能家居购买意愿全球领先；汽车消费中，中国 纯电/插混意向世界第一，车辆首先是身份符号。美妆赛道更直观：中国"成分党"愿为单件护肤品支付288美元，是北美的两倍；东南亚追独特 ...