Market Overview - The Hong Kong stock market experienced a significant decline in the morning session, with the three major indices opening lower and continuing to fall, leading to a drastic drop in market sentiment [1] - The Hang Seng Tech Index fell by 2.41%, while the Hang Seng Index dropped by 1.91%, losing nearly 500 points, marking a new recent low for both indices [1] Sector Performance - Major sectors such as large technology stocks, big financial stocks (including banks, insurance, and brokerage firms), and state-owned enterprises collectively pressured the market, contributing to the overall decline [1] - Popular sectors like gold stocks, semiconductor stocks, oil stocks, and automotive stocks also saw declines [1] - Conversely, some sectors such as airline stocks and cosmetics stocks showed resilience, with the debut of Guo Xia Technology seeing a surge of over 128% on its first trading day [1]

天眼查App显示，近日，阜阳市参仙姐姐化妆品有限公司成立，法定代表人为郭婷，注册资本10万人民 币，经营范围为一般经营项目：化妆品批发；化妆品零售；卫生用品和一次性使用医疗用品销售；个人 卫生用品销售；互联网销售（除销售需要许可的商品）；日用杂品销售；日用化学产品销售；美发饰品 销售；母婴用品销售；保健食品（预包装）销售；食品销售（仅销售预包装食品）；养生保健服务（非 医疗）；健康咨询服务（不含诊疗服务）；技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；美甲服务；母婴生活护理（不含医疗服务）（除许可业务外，可自主依法经营法律法规非禁止 或限制的项目）许可经营项目：生活美容服务；医疗美容服务（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

长江商报消息 ●长江商报记者 沈右荣 并不差钱的丸美生物（603983.SH）欲赴港上市，募资补血。 12月12日晚，丸美生物发布公告，公司向港交所递交H股发行上市的申请并刊发申请资料。 此次IPO恐难言顺利。此前，丸美生物因为财务核算、募集资金使用等问题被广东证监局采取行政监管措施。11 月29日，公司才完成整改。 此外，从11月12日宣布筹划赴港上市到12月12日递交上市申请，丸美股份仅用时一个月，似乎有些匆忙。 2019年7月，丸美生物通过IPO登陆A股市场，上市以来，公司盈利能力并不稳定，其中2020年至2022年，公司归 母净利润三连降，2023年、2024年连续回升，仍然不及2019年水平。2025年，公司归母净利润失速，扣非净利润 则不增反降，且连续两个季度下滑。 丸美生物资金充足。截至2025年9月底，公司货币资金15.92亿元，远超有息负债5.73亿元。 基于此，丸美生物积极分红。上市以来，公司累计派发现金红利10.83亿元，整体分红率48.22%。长江商报记者计 算，这10.83亿元现金分红，丸美生物实际控制人孙怀庆夫妇拿走了8.75亿元。 刚完成整改即匆匆赴港IPO 在港股市场IPO监管 ...

Investment Rating - Industry investment rating: Buy [3] Core Viewpoints - In November 2025, the year-on-year growth of social retail sales was 1.3%, with total retail sales amounting to 4.4 trillion CNY. This represents a decrease of 1.6 percentage points compared to October 2025. Excluding automobiles, the total retail sales reached 3.9 trillion CNY, growing by 2.5% year-on-year [6] - The report emphasizes the importance of the domestic demand expansion strategy and suggests that the retail sector is expected to enter a profit recovery phase as adjustments in supermarkets progress [6] - The report highlights the performance of various categories, noting that food and beverage retail sales grew by 6.1% and 2.9% respectively, while jewelry sales saw a significant increase of 8.5% [6] Summary by Sections Retail Sales Performance - November 2025 saw a total retail sales of 4.4 trillion CNY, with a year-on-year growth of 1.3%. The growth rate decreased by 1.6 percentage points from October 2025. Urban retail sales were 3.8 trillion CNY (1.0% growth), while rural retail sales were 0.6 trillion CNY (2.8% growth) [6] - The breakdown of retail sales shows that commodity retail was 3.8 trillion CNY (1.0% growth), and dining revenue was 0.6 trillion CNY (3.2% growth) [6] Category Performance - In November, the retail sales growth rates for staple food and beverages were 6.1% and 2.9%, respectively. However, tobacco and alcohol sales declined by 3.4% [6] - Optional consumer goods such as cosmetics and jewelry saw growth rates of 6.1% and 8.5%, while building materials, furniture, and home appliances experienced declines of 17.0%, 3.8%, and 19.4% respectively [6] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 14.5 trillion CNY, a year-on-year growth of 9.1%. The penetration rate was 25.9%, showing a 0.7 percentage point increase from the previous month but a 0.8 percentage point decrease year-on-year [6] Investment Recommendations - Retail: Focus on companies like Bubu Gao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store as the industry is expected to enter a profit recovery phase [6] - Cosmetics: The report recommends companies such as Shumei Co., Mao Ge Ping, and Shui Yang Co. due to their strong performance and market positioning [6] - Jewelry: Companies with a high proportion of fixed-price products and a high-end branding strategy are highlighted, such as Laopuyin and Mankalon [6] - Tourism: Recommendations include Changbai Mountain and companies with acquisition expectations like Xiyu Tourism [6] - Education: Focus on undervalued vocational education stocks like China Oriental Education and Action Education, as well as leading companies like Xueda Education [6]

Core Viewpoint - The macroeconomic policies in China have shown positive effects, leading to stable economic growth and expansion in various sectors, including production, market sales, and foreign trade [2][5]. Economic Performance - In November, industrial production maintained steady growth, with the industrial added value of large-scale enterprises increasing by 4.8% year-on-year, remaining consistent with the previous month [3]. - The equipment manufacturing sector experienced significant growth, with its added value rising by 7.7%, contributing 59.4% to the overall industrial growth [3]. - Retail sales of consumer goods increased by 1.3% year-on-year, with notable growth in cosmetics (6.1%) and gold and jewelry (8.5%) [3]. Employment and Prices - The urban unemployment rate remained stable at 5.1% in November, unchanged from the previous month [4]. - Consumer prices rose by 0.7% year-on-year, with a 0.5 percentage point increase from the previous month, marking three consecutive months of price recovery [4]. Policy Support - The implementation of proactive macroeconomic policies has played a crucial role in supporting stable economic operations [5]. - Policies aimed at promoting consumption and investment have been effective, with significant increases in retail sales of home appliances (14.8%), cultural office supplies (18.2%), and communication equipment (20.9%) from January to November [6]. Investment and Production - Equipment investment grew by 12.2% year-on-year from January to November, contributing 1.8 percentage points to overall investment growth [6]. - The added value of large-scale equipment manufacturing increased by 9.3%, accounting for 36.4% of total industrial output [6]. Business Performance - From January to October, the revenue of large-scale industrial enterprises increased by 1.8%, while profits rose by 1.9%, marking three consecutive months of growth [7]. - In the service sector, revenue increased by 7.6% and profits by 7.8% during the same period [7]. Outlook for Economic Goals - The data from the first eleven months indicates favorable conditions for achieving the annual economic growth target, supported by expanding market demand and effective macro policies [8]. - The ongoing implementation of policies related to "two new" and "two heavy" constructions is expected to further stimulate demand and production [9].

天眼查App显示，近日，伍肆零（上海）化妆品有限公司成立，法定代表人为潘晨晨，注册资本100万 人民币，经营范围为一般项目：化妆品零售；化妆品批发；美发饰品销售；个人卫生用品销售；日用百 货销售；日用杂品销售；卫生用品和一次性使用医疗用品销售；电子产品销售；电工仪器仪表销售；互 联网销售（除销售需要许可的商品）；销售代理；国内贸易代理；贸易经纪；信息咨询服务（不含许可 类信息咨询服务）；市场营销策划；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Shanghai Tangmei Supply Chain Management Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various supply chain management services and retail activities in the cosmetics and daily necessities sectors [1] Company Overview - The legal representative of the newly established company is Ren Changhao [1] - The registered capital of the company is 500,000 RMB [1] Business Scope - The company’s business activities include supply chain management services, wholesale and retail of cosmetics, manufacturing and sales of daily necessities, and sales of personal hygiene products [1] - Additional services include ordinary goods warehousing (excluding hazardous chemicals), software development, material handling equipment manufacturing, and internet sales [1] - The company is also involved in technical services, development, consulting, and various manufacturing activities related to daily chemical products and home goods [1]

天眼查App显示，近日，上海科皙氏生物技术有限公司成立，法定代表人为张庆英，注册资本100万人 民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；化妆 品批发；化妆品零售；日用化学产品制造；日用化学产品销售；个人卫生用品销售；日用品销售；卫生 用品和一次性使用医疗用品销售；消毒剂销售（不含危险化学品）；化工产品销售（不含许可类化工产 品）；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许 可项目：化妆品生产。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以 相关部门批准文件或许可证件为准）。 ...

出品 | 创业最前线 作者 | 李斌 编辑 | 胡芳洁 美编 | 邢静 审核 | 颂文 11月，韩国品牌THE WHOO在2025年亚太经合组织第三十二次领导人非正式会议（APEC峰会）上被选为韩国国礼，赠予各国元首配偶。定价1000-3000 元的高端护肤套装，此刻正躺在各国政要夫人的梳妆台上。 而THE WHOO的母公司LG生活健康所交出的2024年财报也堪称亮眼：2024年，LG生活健康中国区销售额达到8450亿韩元（约合人民币42.33亿元），同 比增长12.5%，成为集团业绩复苏的最大功臣。这与韩妆在中国的整体颓势形成鲜明对比。 作为LG生活健康集团的核心化妆品品牌，THE WHOO于2003年在韩国上市。正如品牌译名"后"取意"皇后之美"一样，其核心理念是传承东方宫廷美学， 将传统草本配方与现代科技相融合，打造兼具文化底蕴与功效实力的高端护肤产品。 在品牌矩阵中，天气丹与津率享是两个最具代表性的系列。 （图 / 电商平台） 津率享系列主打红山参精粹与多肽成分，主要针对亚洲熟龄肌的基础保湿与滋养需求，在天猫旗舰店的双12活动中，其热销款"平颜润肤保湿水乳套装礼 盒"售价为1090元/套。 | Ove ...

Core Viewpoint - Lin Qingxuan Cosmetics Group has officially disclosed its prospectus after passing the Hong Kong Stock Exchange hearing, marking a significant step towards its IPO and potential to become the first high-end domestic skincare brand listed in Hong Kong [2][6]. Group 1: IPO Progress - The IPO process for Lin Qingxuan accelerated significantly in the second half of 2025, with the company submitting its first application on May 29, 2025, and a second application on December 2, 2025, which was approved shortly thereafter [7]. - Prior to the hearing, Lin Qingxuan received a notice from the China Securities Regulatory Commission on November 28, 2025, allowing it to issue up to 16.0614 million shares for overseas listing [8]. Group 2: Market Position and Product Focus - Established in 2003, Lin Qingxuan focuses on the high-end anti-wrinkle skincare market, with its signature camellia flower series products [5][9]. - According to independent consulting firm Zhi Shi, Lin Qingxuan ranked first among all domestic high-end skincare brands in China by retail sales in 2024, holding a market share of approximately 1.4% [9]. Group 3: Sales Network and Product Range - Lin Qingxuan has built an OMO (Online-Merge-Offline) sales network, with 554 stores nationwide as of June 30, 2025, making it the leading brand in terms of store count among domestic and international high-end skincare brands [14]. - The company offers a comprehensive product line, including essence oils, creams, toners, serums, and masks, totaling 230 SKUs to meet various consumer needs [16]. Group 4: Financial Performance - Lin Qingxuan has demonstrated strong revenue growth, with operating income increasing from RMB 691.15 million in 2022 to RMB 1.21 billion in 2024, and reaching RMB 1.052 billion in the first half of 2025 [17][18]. - The company turned a net loss of RMB 5.93 million in 2022 into a net profit of RMB 84.52 million in 2023, with net profit further increasing to RMB 186.83 million in 2024 and reaching RMB 181.85 million in the first half of 2025 [19]. Group 5: Strategic Partnerships - Since 2017, Lin Qingxuan has partnered with Yima Chain Industry Group to enhance its store management system, facilitating a transition from experience-driven to system-driven operations [20][22].