Group 1 - The cosmetics sector experienced a rise of 1.33% on December 31, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the cosmetics sector showed varied performance, with Shuiyang Co., Ltd. closing at 23.84, up 9.56%, and Qingdao Kingking closing at 7.65, up 5.23% [1] Group 2 - The cosmetics sector saw a net inflow of 50.68 million yuan from institutional investors, while retail investors experienced a net outflow of 89.73 million yuan [2] - The stock performance of individual companies showed that Qingdao Kingking had a significant net outflow of 50.75 million yuan from institutional investors [3] - Shuiyang Co., Ltd. had a net inflow of 32.23 million yuan from institutional investors, indicating strong interest despite overall retail outflows [3]

特别值得一提的是，5月，在赴港上市前夕，欧莱雅集团参投的凯辉创美未来基金悄然潜入林清轩股东名单。在行业人士看来，此举远超财务投资范畴。 而回望整个2025年，入股林清轩，只是欧莱雅集团美妆投资版图的一个切片。过去一年，在谨慎甚至略带寒意的投资环境中，欧莱雅集团划出了一条截然 不同的轨迹：据《化妆品观察》不完全统计，2025年，欧莱雅集团共完成了18+起投资，仅在中国市场就7次出手。 12月30日，"国货高端护肤第一股"林清轩正式挂牌交易。 上市首日，股价盘中一度触及91.65港元/股，截至当日收盘，林清轩报收85港元/股，较77.77港元/股的招股价上涨9.3%，市值为118.7亿港元。 "别人恐惧，我贪婪"成为其投资布局的真实写照，透过这家全球第一大美妆集团的一系列投资动作，我们还发现了一些值得关注的点，具体来看： 半年投了4个中国品牌 比过去3年加起来还要多 5月，在冲刺IPO前的关键时期，林清轩发生了一系列股权变动，其中最引人注目的，当属欧莱雅集团的入局： 欧莱雅集团参投的凯辉创美未来（上海）私募投资基金合伙企业（有限合伙）（以下简称"凯辉创美未来基金"或"上海凯辉创美"）以1.05亿元收购691620 ...

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, officially listed on the Hong Kong Stock Exchange on December 30, 2025, with a closing price of HKD 85 per share, a 9.3% increase from the issue price of HKD 77.77, resulting in a market capitalization of approximately HKD 11.9 billion [2][28]. Group 1: Company Overview - Lin Qingxuan's flagship product, the Camellia Oil, has sold over 45 million bottles since its launch in 2014, averaging 4.29 million bottles sold annually [8][28]. - The company has a diverse product line with 188 SKUs, including essential oils, creams, toners, lotions, serums, masks, and sunscreens, with essential oils, creams, serums, and sunscreens being the four core categories [5][32]. - The pricing of Lin Qingxuan's products ranges from 80 to 2000 RMB, with the 50ml Camellia Oil priced at 799 RMB and a New Year gift set priced at 1443 RMB [7][34]. Group 2: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew from 691 million RMB to 1.21 billion RMB, with a compound annual growth rate of 32.5%. In the first half of 2025, the company achieved revenue of 1.052 billion RMB and a net profit of 182 million RMB [8][35]. - The gross margin of Lin Qingxuan has been increasing, reaching 82.5% in 2024, with the gross margin for the Camellia Oil at 86.2%, comparable to high-end liquor margins [10][38]. - The marketing expenses over three and a half years totaled approximately 1.121 billion RMB, with a significant portion of the workforce (85.2%) dedicated to sales and marketing [11][12][39]. Group 3: Marketing Strategy - The founders, Sun Laichun and Sun Fuchun, actively engage in live streaming and social media to promote the brand, creating a unique "Lin Qingxuan family IP matrix" that includes family members participating in content creation [4][30]. - The company has accumulated around 7.96 million followers on Tmall and over 1.66 million on Douyin, with significant sales during promotional events [19][46]. - Lin Qingxuan has faced challenges with advertising compliance, receiving fines for misleading claims about product efficacy, which highlights the importance of regulatory adherence in marketing strategies [20][47]. Group 4: Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international competitors [8][34]. - The company has expanded its offline presence, with 554 stores nationwide, primarily located in shopping centers, reinforcing its high-end brand image [19][46]. - Despite facing consumer complaints regarding product efficacy and pricing, the overall market sentiment towards Lin Qingxuan remains positive, with significant backing from institutional investors [27][51].

Core Viewpoint - The crisis surrounding Up Beauty Co., Ltd. continues to escalate, with significant stock price fluctuations and allegations of illegal additives in its products, particularly affecting its core brand, Han Shu [1][2][10]. Stock Performance - On December 30, Up Beauty's stock fell by 2.5%, closing at HKD 72.2, marking a total decline of over 15% over two days [1]. - The stock experienced a sharp drop on December 29, reaching a low of HKD 57, a decline of over 33% during the trading session [1]. Product Controversy - Han Shu's products were found to contain epidermal growth factor (EGF), which is not permitted in cosmetics due to safety concerns [2]. - Following the allegations, Han Shu removed the affected products from e-commerce platforms and issued a statement denying the presence of EGF in its products [2][4]. Consumer Reaction - Consumers have expressed distrust and demanded refunds, citing concerns over the safety of the products after the illegal additive allegations [4]. - Previous incidents of illegal additives in Han Shu products have raised further doubts about the brand's integrity [9]. Financial Performance - In the first half of 2025, Han Shu contributed approximately 81.4% of Up Beauty's revenue, amounting to CNY 3.344 billion, a 14.3% increase year-on-year [10]. - The company's online self-operated channel revenue reached CNY 3.421 billion, a 24.6% increase, with its share of total revenue rising from 78.4% to 83.3% [10]. Marketing Strategy - Up Beauty has heavily invested in marketing, particularly through collaborations with influencers and short dramas, leading to a significant increase in revenue [10][11]. - However, this strategy has resulted in rising marketing expenses, with the sales expense ratio increasing from 47.01% in 2022 to 56.88% in the first half of 2025, while R&D spending has decreased [11]. Strategic Shift - The company is shifting its strategic focus towards other brands, aiming for a pre-tax sales target of CNY 4.36 billion for 2026, with specific targets for brands like NEW PAGE and Anminyou [12][13]. - Concerns remain regarding the feasibility of these targets, given the current revenue performance of these brands [13].

Core Insights - Lin Qingxuan has officially listed on the Hong Kong Stock Exchange, becoming the first domestic high-end skincare brand to do so, with stock code 2657.HK [3] - The company has established a carbon-neutral research and manufacturing base in Shanghai, marking it as the first cosmetics factory designed strictly according to carbon-neutral standards [1] Company Performance - Lin Qingxuan's revenue has shown significant growth, increasing from 691 million yuan in 2022 to an expected 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.3% [6] - In the first half of 2025, the company reported a revenue of 1.052 billion yuan, a year-on-year increase of 98.3%, with a corresponding net profit of 182 million yuan, reflecting a growth of 109.8% [6] - The gross margin for the first half of 2025 reached 82.4%, up from 78% in 2022 [6] Product Highlights - The core product, Camellia Oil, has contributed significantly to revenue, accounting for 45.5% of total income in the first half of 2025 [4] - New product launches, such as the Camellia Anti-Wrinkle Peptide Essence Water, achieved sales of over 100 million yuan within three months of launch [4] - The company has a complete product matrix including essence oils, creams, toners, lotions, serums, masks, and sunscreens [3] Market Potential - The Chinese cosmetics market is projected to reach 688.6 billion yuan in 2024, with skincare products making up 461.9 billion yuan, and anti-wrinkle products expected to grow at a CAGR of 15% from 2019 to 2024 [7] - The anti-wrinkle skincare segment is anticipated to reach a market size of 119.8 billion yuan in 2024, representing 25.9% of the skincare market [7] Competitive Position - Lin Qingxuan ranks as the 10th high-end skincare brand in China, with a market share of 2.2%, amidst a competitive landscape dominated by foreign brands [12] - The company has established a strong research and development foundation, holding over 600 formula patents and 87 patents, including 46 invention patents [11] Strategic Investments - The company has attracted strategic investments from major players, including L'Oréal, which acquired a 2.75% stake through its fund [13] - Lin Qingxuan's IPO raised over 1 billion HKD, with plans to use the funds for research innovation, channel expansion, and brand development [14] Industry Support - Recent policies in Shanghai aim to promote high-quality development in the cosmetics industry, providing financial support for new raw materials and brand promotion initiatives [14] - The goal is to cultivate companies with market values of 50 billion yuan and 10 billion yuan within three years, indicating a supportive environment for growth [14]

Core Viewpoint - The successful listing of Lin Qingxuan marks the emergence of the first high-end domestic skincare stock in China, symbolizing a significant milestone in the brand's 22-year journey from Shanghai to the international capital market [1]. Group 1: Company Growth and Milestones - Lin Qingxuan's IPO price was set at HKD 77.77 per share (approximately RMB 70.05), with an opening price of HKD 85 and a peak of HKD 91, resulting in a total market capitalization of HKD 124.02 billion by 13:10 [1]. - The company is projected to achieve over RMB 1 billion in revenue in the first half of 2025, reflecting a substantial year-on-year growth of 98.30%, and aims to join the RMB 2 billion club by the end of this year [1]. - The brand's journey began in 2003 with the creation of its first handmade soap, and it has since sold over 20 billion units, with its core product, camellia oil, achieving cumulative sales of over 45 million bottles [1]. Group 2: Brand Philosophy and Strategy - Lin Qingxuan's founder, Sun Laichun, chose a name that reflects Chinese culture rather than following the trend of adopting Western names, which has proven beneficial as domestic consumer preferences have shifted towards local brands [4][5]. - The brand's focus on camellia oil since 2012, despite the dominance of international brands in the high-end skincare market, has significantly contributed to its revenue growth, with camellia oil products accounting for over 10 billion in revenue by 2025 [5]. - Lin Qingxuan emphasizes quality over speed in product development, with extensive time spent on research and development to ensure the natural efficacy of its products [8][10]. Group 3: Resilience and Adaptation - The company faced a critical challenge during the COVID-19 pandemic in 2020, where all offline stores were closed, leading to a near-zero performance for over 1,000 sales staff [14][15]. - Instead of resorting to layoffs, Lin Qingxuan's management opted for salary reductions and encouraged employees to adapt, which helped the company survive the crisis [20]. - The brand's commitment to its mission and values played a crucial role in navigating through difficult times, demonstrating the importance of corporate culture in crisis management [20]. Group 4: Strategic Decisions and Market Positioning - Lin Qingxuan made a strategic decision to discontinue its hand soap business, which generated over RMB 100 million in GMV, to focus on the higher potential camellia oil project, despite initial backlash [22]. - The company has maintained a high-end positioning by avoiding low-priced products and investing heavily in research and development, with the R&D budget since 2022 surpassing the total of the previous ten years [22][23]. - Lin Qingxuan's approach to market positioning emphasizes deep specialization in core products, which has allowed it to carve out a unique space in the high-end skincare market [23]. Group 5: Future Outlook - The listing on the Hong Kong Stock Exchange is viewed as a starting point for Lin Qingxuan's multi-brand and global expansion strategy [25]. - The brand's success story serves as an inspiration for emerging domestic brands, highlighting that with a focus on core values and quality, local brands can thrive in the competitive high-end market [25][26].

站在 2025 年的尾巴上，港股打新市场依然火爆。而自招股起就反响热烈的 "国货高端护肤第一股"林清 轩(02657)亦以市值大涨作为收尾，拿下了 "上市首秀" 这一至关重要的关键节点。 12月30日，林清轩在港股主板正式挂牌上市，甫一开盘公司股价便强势拉升，盘中一度涨超 16%，截 至收盘时分，林清轩股价为85港元。 可以看到，随着公司股价在上市首日大涨，林清轩也进一步用实力向外界佐证了"国货高端护肤第一 股"的成长底色。而基于对公司核心竞争力和优异基本面的深入理解，其长期投资价值亦十分可期。 深化"细胞级抗皱"科技标签，筑最硬的技术壁垒 透过核心竞争力来看，林清轩能够跻身"国货高端护肤第一股"离不开其以核心技术构筑的强大技术壁 垒。 除此之外，公司还将研发深度渗透至产业链每个环节，一方面手握万亩山茶花种植基地，从源头锁定并 优化活性物质的含量与稳定性;另一方面自主掌控低温提取、生物发酵等核心工艺，在自建的GMP洁净 车间内生产出批量化、高品质的产品。 这种围绕山茶花打造的"原料稀缺性+技术独特性+功效确定性+产业整合性"的全链路布局，也为林清轩 构成了难以复制的硬性壁垒。截至最后可行日期，林清轩累计拥有超 ...

Core Viewpoint - Lin Qingxuan, a high-end skincare brand from China, officially listed on the Hong Kong Stock Exchange, becoming the first domestic high-end skincare stock, amidst fierce competition in the skincare market [1][3]. Group 1: Company Overview - Founded in 2003, Lin Qingxuan initially focused on basic skincare products but pivoted to high-end offerings centered around camellia oil after discovering its benefits [4]. - The brand has established itself as a leader in the high-end skincare segment, particularly with its camellia oil products, which have dominated the market for over a decade [4][7]. Group 2: Financial Performance - Lin Qingxuan's revenue grew from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.3%, surpassing the industry average [5]. - In the first half of 2025, revenue surged to 1.052 billion yuan, nearly doubling from the same period in 2024, while adjusted net profit increased by 117.4% to 200 million yuan [5]. Group 3: Market Position - By 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 [7]. - The brand is positioned as the leading domestic high-end skincare brand in China [7]. Group 4: Innovation and R&D - Lin Qingxuan has developed over 600 formulas and 87 patents, focusing on advanced extraction and purification techniques to enhance its product efficacy [8]. - The company integrates traditional herbal wisdom with modern cellular-level skincare technology, establishing a comprehensive solution for anti-wrinkle skincare [9][10]. Group 5: Future Strategy - Following its IPO, Lin Qingxuan aims to enhance its brand presence and expand its retail footprint while continuing to invest in R&D for skincare technologies [11][12]. - The company plans to leverage its capital to strengthen its core products and deliver exceptional skincare experiences to consumers [12].

中国前15大高端护肤品牌(含国际品牌)中唯一的国货代表。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）于2025年12月30日 正式以"2657"为股票代码在港交所主板挂牌上市，成为港股市场"国货高端护肤第一股"。 林清轩在本次IPO中总计发行13,966,450 股H 股。其中，香港公开发售获1235.81倍认购，国际发 售获19.79倍认购，并引入富达基金、大湾区共同家园投资GBA、正心谷、Duckling Fund、SS Capital、大家保险集团、Yield Royal Investment等7名基石投资者，累计认购6200万美元。 截至上市首日收盘，林清轩报于每股85.00港元，市值超118亿港元。以此市值计算，林清轩也已跻 身国货上市化妆品企业TOP10。 目前，林清轩山茶花抗皱精华油已推出第5代，定位「细胞级」抗皱精华油，在功效验证、核心成分 配比、产品包装等方面都实现了全面迭代，以更精准的抗皱科技守护每一寸肌肤。与此同时，围绕这 一核心大单品，林清轩持续拓宽产品矩阵，先后推 ...

Group 1 - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Co., Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong stock market on December 30, marking a significant event as it is the first time in five years that six companies have gone public on the same day [1][2] - The last occurrence of six or seven companies listing on the same day was in July 2020, with the peak being eight companies on July 12, 2018 [2] - The trading hall at the Hong Kong Stock Exchange was crowded with employees and investors from the six companies, indicating a high level of interest and excitement surrounding the listings [3] Group 2 - Company leaders reflected on their growth and innovation during the listing ceremony, with notable remarks from Woan Robotics' founder, who emphasized the company's journey from a laboratory to a global leader in AI-driven household robotics [4] - Linqingxuan's founder announced plans for brand globalization and increased investment in research and development for skincare technology following their listing [5] - Xunce's executive director highlighted the importance of data intelligence in driving high-quality industrial development and expressed commitment to leveraging capital market resources for future growth [5] Group 3 - All six companies performed well on their first trading day, with none experiencing a drop in share price; Wuyi Vision and Yingxi Intelligent saw the highest increases at 29.90% and 24.66%, respectively [6] - Yingxi Intelligent's CEO noted that the oversubscription of their shares set multiple global records, showcasing the company's leading position in AI-driven drug development [6] - Wuyi Vision is recognized as the first Physical AI company to list on the capital market, with its core strength lying in its decade-long technological development [7] Group 4 - The year 2025 marked a significant recovery for the Hong Kong stock market, with a total of 117 companies listed and a total financing amount of 285.7 billion HKD, making it the top global market for new stock financing [8] - The market saw a notable increase in interest from international capital, particularly in the biotech and specialized technology sectors, with 88 companies from these fields listing on the Hong Kong Stock Exchange [8] - Major IPOs, including those from Ningde Times and Zijin Mining International, contributed to Hong Kong's return to the top of the global IPO rankings, with many of the top IPOs being spin-offs from A-share companies [9]