Core Viewpoint - Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. is set to become the "first domestic high-end skincare stock" in Hong Kong with its IPO, aiming to raise over HKD 1 billion and achieve a market capitalization of HKD 10.862 billion [4][3]. Group 1: IPO Details - Lin Qingxuan plans to issue 13,966,450 H shares, with 1,396,650 shares for public sale in Hong Kong and 12,569,800 shares for international sale, priced at HKD 77.77 per share [4]. - The company has attracted seven cornerstone investors, collectively subscribing for USD 62 million, including Fidelity Fund and GBA [4]. Group 2: Product and Market Position - Lin Qingxuan has established itself as a leader in the anti-wrinkle skincare segment, with a complete product matrix including essence oils, creams, and masks [5]. - The flagship product, "Camellia Oil," has sold over 45 million bottles and has been the top-selling facial essence oil in China for 11 consecutive years [7]. - The brand ranks first among domestic high-end skincare brands and is the only domestic brand in the top 15 high-end skincare brands in China [8]. Group 3: Financial Performance - In the first half of this year, Lin Qingxuan's revenue surged by 98.3% to HKD 1.052 billion, with adjusted net profit increasing by 117.4% to HKD 200 million [9]. - The company's revenue growth rate significantly outpaces the industry average, supported by a robust sales network [9]. Group 4: Sales Network and Strategy - Lin Qingxuan operates 554 stores nationwide, with over 95% located in shopping malls, ranking first among domestic and international high-end skincare brands [11]. - The company employs an OMO (Online-Merge-Offline) sales model, integrating online and offline channels, which has led to a 51.2% compound annual growth rate in online revenue from 2022 to 2024 [12]. Group 5: Future Outlook - Lin Qingxuan plans to expand into Southeast Asian markets, leveraging its advanced anti-wrinkle technology and comprehensive sales model to redefine domestic high-end skincare [13].

Core Viewpoint - The Hong Kong capital market is experiencing a concentrated IPO wave with six companies from various industries launching public offerings, showcasing trends in new economic sectors such as artificial intelligence, biotechnology, and high-end consumer goods [1] Group 1: Companies and Their Offerings - Insilico Medicine is set to launch the largest Biotech IPO in the Hong Kong market for 2025, planning to issue approximately 94.69 million shares at a price of HKD 24.05 per share, leveraging its Pharma.AI platform for over 30 innovative projects in oncology, immunology, fibrosis, and metabolism [2][3] - Five One Vision, recognized as the "first Physical AI stock," aims to sell 23.975 million shares globally, with a price of HKD 30.5 per share, potentially raising up to HKD 841 million if the over-allotment option is exercised [2][3] - XunCe, a leading provider of real-time data infrastructure and analytics solutions in China's asset management sector, plans to issue 22.5 million shares with a price range of HKD 48-55 per share [3] - Meilian Holdings, a major service provider in China's prefabricated steel structure construction market, intends to issue 24.6 million shares at a price range of HKD 7.10-9.16 per share [3] - Woan Robotics, a global provider of home robotic systems, plans to issue 22.2223 million shares at a price range of HKD 63-81 per share [3] - Lin Qingxuan, a representative of high-end domestic skincare products in China, aims to issue 13.9665 million shares at a price of HKD 77.77 per share [3] Group 2: Market Position and Investment - Insilico Medicine has attracted a strong base of cornerstone investors, including Eli Lilly, Tencent, Temasek, Schroders, UBS, and Oak Tree Capital, along with a robust pre-IPO investment lineup featuring notable firms like Warburg Pincus and Sequoia China [2] - Five One Vision has established a comprehensive technological capability in Physical AI, supported by significant investments from leading firms such as Moolec Science and SenseTime, as well as prominent individual investors [3] - XunCe holds an 11.6% market share in China's real-time data infrastructure and analytics market, ranking first in the asset management sector as of 2024 [3] - Meilian Holdings ranks third in the prefabricated steel structure construction market in China with a market share of 3.5% [3] - Woan Robotics targets markets in Japan, Europe, and North America, focusing on advanced robotic systems [3] - Lin Qingxuan's core product, camellia oil essence, has been the top-selling facial essence oil in China for 11 consecutive years since 2014 [3]

Group 1 - The company, Lin Qingxuan, plans to globally offer 13.96645 million H-shares, with 1.39665 million shares available in Hong Kong and 12.5698 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The offering price is set at HKD 77.77 per share, with a trading unit of 50 shares, and the shares are expected to start trading on the Hong Kong Stock Exchange on December 30, 2025 [1] - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, and is known for its flagship brand offering high-end skincare solutions based on camellia oil [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares at the offering price, totaling approximately USD 62 million (or about HKD 483 million) [2] - The cornerstone investors include Fidelity, Mega Prime Development Limited, LVC, Duckling Fund, SS Capital, and others, with a total of 620.47 million H-shares to be subscribed [2] Group 3 - The company estimates that the net proceeds from the global offering will be approximately HKD 997.1 million, assuming the over-allotment option is not exercised [3] - The proceeds will be allocated as follows: approximately 20% for brand value enhancement and promotion, 20% for expanding the sales network and establishing overseas channels, 15% for strengthening production and supply chain capabilities, 15% for technology R&D and product development, 15% for brand incubation and strategic acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand in China, is set to launch an IPO from December 18 to December 23, 2025, offering 13.9665 million shares at a price of HKD 77.77 per share, with a market debut expected on December 30, 2025 [1][2]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, leveraging camellia oil as a key ingredient, and has established a strong market presence since its inception in 2012 [1][2]. - The company has developed a reputation for its "oil-based skincare" philosophy, with its first camellia oil essence launched in 2014, which has since become a cornerstone of its product line [1][2]. - Lin Qingxuan's camellia oil essence has ranked first in retail sales among all facial essence products in China for 11 consecutive years since 2014 [1]. Industry Insights - The Chinese skincare market has shown steady growth, with the market size increasing from RMB 332.9 billion in 2019 to an estimated RMB 461.9 billion by 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [2]. - The high-end segment of the skincare market has experienced significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [2]. - In 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [2]. - In the anti-wrinkle and firming product category, Lin Qingxuan ranked 10th among high-end brands, with a 2.2% market share, and is the leading domestic brand in this segment [2]. Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements totaling approximately USD 62 million from various investors [3]. - The estimated net proceeds from the global offering are around HKD 997 million, which will be allocated as follows: 20% for brand value creation, 20% for enhancing the sales network, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix expansion through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3].

Core Viewpoint - Lin Qingxuan is set to launch an IPO from December 18 to December 23, 2025, aiming to issue 13.9665 million shares at a price of HKD 77.77 per share, with a significant portion allocated for international investors [1] Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its camellia oil-based solutions [1] - The company pioneered the "oil-based skincare" concept and launched its first camellia oil essence in 2014, which has since become a leading product in the facial essence market [1] - Lin Qingxuan has accumulated expertise in cell-level anti-wrinkle essence oil over more than a decade, with its camellia essence oil ranking first in retail sales among all facial essence products in China for 11 consecutive years since 2014 [1] Industry Insights - The Chinese skincare market has shown steady growth, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [2] - The high-end segment of the skincare market has experienced significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [2] - In 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [2] - In the anti-wrinkle and firming product segment, Lin Qingxuan ranked 10th among high-end skincare brands in China, with a 2.2% market share, and is the leading domestic brand in this category [2] Fundraising and Use of Proceeds - The company has secured cornerstone investment agreements with several funds, totaling approximately USD 62 million [3] - The estimated net proceeds from the global offering are around HKD 997 million, which will be allocated as follows: 20% for brand value creation, 20% for enhancing sales networks, 15% for production and supply chain capabilities, 15% for R&D and product development, 15% for brand matrix development through internal incubation and external acquisitions, 5% for digital and intelligent infrastructure, and 10% for working capital and general corporate purposes [3]

2025年10月， 艾瑞咨询基于对中国冷玛吉市场的的专项调研， 正式确认植美馥予 "-196°C冷玛吉 面膜开创者"市场地位，并确认其全网销量第一的领先地位。此次市场地位确认基于全国范围（不 含港澳台）的调研，通过企业数据的收集、相关专利拥有情况、产品形态、产品上市时间得出，以 超低温概念创新推动行业从同质化竞争向差异化发展转变。 百亿面膜市场迎来技术升级拐点 中国面膜行业已形成规模超 700亿元的庞大市场，并保持稳定增长态势。2024年市场规模达702.9亿 元，同比增长14.2%，预计到2030年将突破1464.2亿元。线上渠道成为主要增长引擎，抖音平台 GMV超260亿元，同比增长32.6%，成功领跑线上渠道竞争格局。 面膜品类结构正经历深刻重构，从产品形态、功效定位到消费场景都呈现多元化发展特征。在膜布 材质方面，创新不断推进。从早期的无纺布、天丝 /纯棉纤维，发展到如今的蚕丝纤维和生物纤 维，材质升级为产品带来更好的贴合性、透气性和精华渗透性。在功效需求方面，保湿和修护成为 贴片和涂抹面膜的共同核心功效，而抗衰、紧致等进阶需求快速增长。 冷玛吉面膜 以超低温技术拓展面膜制造工艺标准 冷玛吉面膜 作为 ...

中证报中证网讯（王珞）近日，广东丸美生物（603983）技术股份有限公司（以下简称"丸美生物"）发 布H股申请资料，公司拟通过本次发行募集资金，在扣除相关发行费用后，全部用于强化公司核心战 略，包括加强全渠道销售体系、提升品牌价值与孵化新品牌、增强研发能力、优化供应链以及补充公司 营运资金，旨在全面提升公司的综合竞争力。 深耕抗衰二十余年 胶原蛋白领军品牌之一 资料显示，丸美生物以合成生物学技术驱动，深耕抗衰护肤品行业二十余年，不断通过专注于研发及以 重组胶原蛋白为代表的核心技术突破，将前沿科技创新应用到具有抗皱、紧致和修护等功效的护肤产品 中。 基于弗若斯特沙利文报告，以2024年零售额计，丸美生物是重组胶原蛋白护肤品细分领域的中国第三大 美妆企业。 自企业创立以来，丸美生物坚持产品的成分及功效研究，已建立一个一体化研发平台。通过涵盖合成生 物学、蛋白工程、绿色化学、天然植物提取及生物发酵的系统研发，持续推出支持业务增长的新成分与 产品。 针对核心原料，公司已建立覆盖从基础研究到应用的闭环价值链。截至2025年9月30日，已开发出重组 双胶原蛋白、SPGβ－葡聚糖、超分子木棉花提取物、超分子弹性蛋白等80余 ...

瑞财经 严明会 12月14日，上海林清轩生物科技股份有限公司（以下简称：林清轩）通过聆讯，其本月2日刚刚递交 更新后的IPO招股书，联席保荐人为中信证券和华泰国际。 最新数据显示，截至2025年6月30日，林清轩在全国有554家门店，其中超过95%的门店位于购物商场。根据灼识谘 询的资料，按门店总数计，于中国的国货及国际高端护肤品牌中排名第一。 2025年上半年，林清轩收入增93%至10.52亿元，净利润增120%至1.82亿元，毛利率超82%。 | | | 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) | | | 仅人 | 691.150 | 805.004 | 1,209,641 | 530.448 | 1.051.768 | | 销售成本 | (152,073) | (151,141) | (211.985) | (96.115) | (185.5 ...

Core Insights - Lin Qingxuan has successfully passed the Hong Kong Stock Exchange hearing and is set to become the first high-end domestic skincare stock listed on the main board [1] - The company has shown strong revenue growth, with total revenue projected to increase from 691 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate of 32.3% [1] - In the first half of this year, Lin Qingxuan achieved a revenue of 1.052 billion yuan, marking a year-on-year increase of 98.3% [1] Group 1: Market Position and Product Offerings - Lin Qingxuan has been the top-selling essence oil brand in China for 11 consecutive years, focusing on anti-wrinkle and firming skincare products [2] - The company pioneered the "oil-based skincare" concept in 2014 and has launched several successful products, including the Camellia Oil Essence, which has sold over 45 million bottles [2] - The product lineup includes various recognized items that cater to diverse consumer skincare needs, such as brightening creams and anti-wrinkle serums [2] Group 2: Sales Channels and Customer Engagement - Lin Qingxuan has effectively integrated online and offline sales channels, with a total of 554 stores nationwide, over 95% of which are located in shopping malls [2] - The company has achieved significant online sales success, ranking first in multiple categories on platforms like Tmall during major shopping events [3] - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, outperforming the industry average [3] Group 3: Research and Development - The company holds 87 patents, including 46 invention patents, covering key areas such as formula development and extraction technology [4] - Lin Qingxuan has established a complete value chain for its core ingredients, ensuring quality and uniqueness in its products [4] - The company has secured long-term supply agreements with nine high-quality camellia flower planting bases, ensuring a stable supply of raw materials [5] Group 4: Industry Trends and Future Outlook - The demand for high-end skincare products in China is steadily increasing, with a notable surge in demand for quality and effective products [6] - Lin Qingxuan is positioned to redefine high-end domestic skincare through its innovative approaches and comprehensive sales strategies [6] - The upcoming listing on the capital market is expected to enhance the brand's influence and drive further innovation in the domestic skincare sector [6]

作者： 林京 来源： Tech星球 医美巨头华熙生物，依旧在经历阵痛期。 以下文章来源于Tech星球 ，作者林京 ------------------------------- Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 随着玻尿酸市场红利消退，华熙生物的业绩还在不断承压。 今年前三季度，华熙生物营业收入同比 减少18.36%至31.63亿元，归母净利润较上年同期下滑30.29%至2.52亿元。 12月5日，华熙生物股价更是以45.57元收盘， 跌破47.79元的发行价，总市值仅剩220亿， 相较 昔日最高峰1400亿市值，已经蒸发千亿。 此外，据凤凰网科技等报道，华熙生物发布了一封"同舟共济、共克时艰"的全员邮件，称受市场环 境波动影响，公司经营业绩面临较大压力。为确保长期稳健发展，公司需对现有福利政策进行合规 性优化调整。 其中，白2025年12月起，华熙生物及各分子公司的住房公积金缴存比例统一调整为5%。 自2025 年12月起，原设定的节日礼金将暂停发放。后续公司将通过员工关怀活动、弹性福利平台等方式， 持续关注大家的工作与生活需求。 截至发稿，华熙生物对此邮件内容暂无公开回应。 尽 ...