来源：市场资讯 来源：独角兽IPO 林清轩的产品矩阵已从单一的山茶花精华油，扩展至覆盖全护肤流程的多元产品线。 上海林清轩化妆品集团股份有限公司（下称"林清轩"）于12月14日通过港交所上市聆讯，联席保荐人为 中信证券与华泰国际，标志着其向成为港股"国货高端护肤第一股"的目标迈出关键一步。 林清轩定位为国产高端护肤品牌，聚焦抗皱紧致市场，并以开创"以油养肤"理念及核心产品山茶花精华 油著称。 财务数据显示，林清轩业绩增长迅速：2025年上半年营收达10.52亿元，同比增长约98.5%；期内利润为 1.82亿元。2022年至2024年，公司营收从6.91亿元增长至12.10亿元，并于2023年实现扭亏为盈。 主要业务 林清轩的业务版图始于2003年，创始人孙来春在上海创立了该品牌。 品牌最初以手工皂等天然护肤产品为主，定位相对平易近人。 真正的转折点出现在2012年，当时品牌开始聚焦于山茶花护肤品的研究。两年后的2014年，首款山茶花 精华油面市，开创了品牌的"以油养肤"理念。 公司的业务呈现出鲜明特点与挑战。其核心大单品"山茶花精华油"累计销量已突破4500万瓶，并连续11 年位居全国面部精华油零售额榜首。根 ...

Group 1: Lululemon Financial Performance - Lululemon reported a 7% year-over-year increase in global net revenue to $2.6 billion, but net profit decreased by 12.8% to $307 million [1] - The company experienced a significant 46% year-over-year increase in net revenue from the China market, leading global performance [9] - The CEO Calvin McDonald will step down at the end of January 2026, with interim leadership provided by the CFO and CBO during the search for a new CEO [5] Group 2: Market Developments in Fashion and Retail - Musinsa opened its first overseas flagship store in Shanghai, with plans to expand to over 100 stores in China within five years, targeting a revenue of 1 trillion KRW (approximately 4.78 billion RMB) by 2030 [2] - The opening of the largest Dior store in Beijing signifies a recovery in the luxury market in China, showcasing a blend of retail and art [6] - Marubi plans to list on the Hong Kong Stock Exchange, having shown significant revenue growth in its main brands [10] Group 3: Investment Activities - L'Oréal is increasing its stake in the medical beauty giant Gauderm, raising its total ownership to 20% [14] - Ermenegildo Zegna has made a second investment in the Canadian running brand Norda, indicating a strategic move into the outdoor market [15] - Unilever has spun off its ice cream division into a standalone company, which has successfully listed in Amsterdam, London, and New York, capturing over 20% of the global ice cream market [16]

摘要： 当市场需要科技时，它在分红。 2025年11月下旬，北京植物医生化妆品股份有限公司在深交所更新的招股说明书显示审核状态已变更为"已问询"，这一消息让深耕美妆行业30年的国货品 牌再次站到聚光灯下，股市亦或将迎来"A股美妆单品牌店第一股"。 据悉，早在2023年，植物医生就已经委托中信证券辅导冲刺IPO，但时隔两年，才在今年6月正式递交招股书。 植物医生曾提出了"高山植物、纯净美肌"的理念，借着从天然植物中提取精华成分噱头，主打天然养肤概念深得女性消费者认知，成为了国内知名化妆品 品牌，也拿下了单品牌第一的成绩。 可现实的困境一样不少，植物医生多次陷入产品致敏、强制推销、售后服务等多方面的投诉漩涡。"隔三岔五叫你买产品"、"强买强卖"、"推销的东西越 来越贵"、"脸都用成敏感肌了"、"严重过敏"等相关词条在社交平台蔓延，声浪持续高涨。 有已经离职的店员告诉凤凰网科技："大部分产品功效都不怎么明显，有些产品的核心成分其实就是水而已。"另一位在职店员也表示，"都想辞职了，因 为我没法开口边推销边做脸。" "如果你想亏钱，就加盟植物医生"，已经离开植物医生的晓娜告诉凤凰网科技，"看起来，植物医生就像是上个时代 ...

港股频道更多独家策划、专家专栏，免费查阅>> 12月15日，文件显示，上海林清轩化妆品集团股份有限公司正在评估投资者对其在香港首次公开募股 (IPO)的兴趣。投资者辅导会议于周一开始。 据悉，该公司约20%的收益用于品牌活动，约20%用于改善线上线下销售网络，建立海外销售渠道，约 15%用于加强生产和供应链，约15%用于加强研发和拓展产品组合，约15%用于新品牌的孵化和收购， 约5%用于改善数字化和信息基础设施，约10%用于营运资金和一般公司用途。此外，中信证券、华泰 证券为IPO的联席保荐人。 责任编辑：栎树 ...

从规模上看，自然堂无疑是资本市场的又一遗珠。 据招股书披露，按照零售额计算，2024 年国产化妆品集团份额 TOP3 分别为珀莱雅、上美股份、以及自然堂，市占率分别为 3.3%、1.9%、以及 1.7%。 文：向善财经 近期，国产化妆品品牌自然堂，正式向港交所递表。 对此不少网友表示心情十分激动，又一个消费大白马要来了，毕竟从财务视角看，这还是一家收入超40亿，毛利率将近70%的企业。 只不过，尽管自然堂的实力非常能打，但遗憾的是外部环境恐生变化。 一方面因为近期赴港上市的公司赚钱效应急剧下滑，首日破发的公司越来越多。据统计，11月以来上市的19只港股新股中，8只首日破发，破发率接近半 数。 比如尚未稳定盈利的小马智行-W与文远知行-W，同日上市双双破发，下跌幅度都接近10%。 对此，港交所则公开表示，政策会收紧，将严格审慎地面对诸多已经递表的企业。 另一方面，从利润端的披露情况来看，虽然占据了一定的市场份额，但是其净利率最低的一年仅仅只有3.2%，最高的一年也不到10%，这和传统认知中，大 白马动辄20%左右的净利率相差甚远，和行业龙头相比也仍有差距。 而且，从此次上市募资的用途来看，与当下的行业趋势似乎也 ...

文件显示，上海林清轩化妆品集团股份有限公司正在评估投资者对其在香港首次公开募股(IPO)的兴 趣。投资者辅导会议于周一开始。据悉，该公司约20%的收益用于品牌活动，约20%用于改善线上线下 销售网络，建立海外销售渠道，约15%用于加强生产和供应链，约15%用于加强研发和拓展产品组合， 约15%用于新品牌的孵化和收购，约5%用于改善数字化和信息基础设施，约10%用于营运资金和一般公 司用途。此外，中信证券、华泰证券为IPO的联席保荐人。 ...

在政策驱动与产业升级的双重赋能下，国产美妆正迎来高质量发展新纪元。国家药监局于2025年12月12 日发布的《化妆品企业生产质量管理体系提升三年行动计划(2026—2028年)》明确提出，将通过政策引 导、标准引领、监管赋能等组合拳，在产业集群优势显著的区域推动化妆品产业向标准化、智能化、国 际化转型升级，培育一批质量体系完备、具有国际竞争力的龙头企业。这一战略部署与近年来持续深化 的行业监管形成共振，为国产美妆品牌突破创新、走向世界提供了坚实的制度保障。 在政策红利与市场需求的双重加持下，国货美妆正从"国产替代"迈向"国际标杆"的新阶段。毛戈平等龙 头企业的崛起，不仅印证了政策引导与产业升级的实效，更以东方美学为纽带，在标准化、智能化、国 际化道路上实现更高质量的跨越式发展，成为全球美妆创新与文化传播的重要力量。未来，随着产业升 级的持续深化与消费需求的不断升级，国货美妆有望在全球市场中绽放更璀璨的光芒。 在政策驱动与产业升级的双重赋能下，国产美妆正迎来高质量发展新纪元。国家药监局于2025年12月12 日发布的《化妆品企业生产质量管理体系提升三年行动计划(2026—2028年)》明确提出，将通过政策引 导 ...

来源：新浪港股-好仓工作室 近日，上海林清轩化妆品集团股份有限公司（简称"林清轩"）递交聆讯后资料集，或很快在香港联合交 易所有限公司（"港交所"）上市。中信证券（香港）有限公司及华泰金融控股（香港）有限公司担任联 席保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 品牌价值塑造与传播，包括品牌价值塑造及加深品牌形象认知以及直接面向客户的品牌推广活动； 5. 内生孵化与外延并购双轮驱动，打造品牌矩阵，包括孵化新品牌、战略性收购与现有品牌组合形成充 分协同与互补价值的品牌； 6. 运营及信息基础设施数字化、智能化建设； 7. 营运资金及一般公司用途。 附招股书链接 公司介绍 林清轩是中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，以山茶花成分的高端护肤改善方案为核 心特色。自2012年展开山茶花护肤品研究以来，公司开创"以油养肤"理念，首创新山茶面部精华油，首 款山茶花精华油于2014年问世，奠定核心产品线基础。历经十余年发展，公司在细胞级抗皱精华油领域 积累专业知识，构建了覆盖线上线下的OMO整合销售网络，包括直營店、门店合作夥伴、线上直销及 线上零售商渠道，截至2025年6月30日，全国 ...

Investment Rating - The report maintains a positive investment rating for the retail industry [12] Core Insights - Domestic demand is expected to gradually stabilize, while export demand presents several structural opportunities. The focus is on supply-side logic and selecting sub-industries with optimized supply patterns [3][6] - The report highlights the potential of the Belt and Road Initiative and structural demand in North America for export opportunities, alongside the advantages of leading export companies during compliance improvements [6][25] - In the beauty and personal care sector, high-end brands and extreme cost-performance products are identified as stable segments with high entry barriers [6][8] - The physical retail sector is seeing thorough adjustments from leading companies, which, combined with ongoing supply chain reforms, is expected to lead to profit optimization [6][9] - The gold and jewelry sector continues to favor brands with strong product differentiation capabilities, aligning with growing consumer demand [6][10] Summary by Sections Cross-Border Expansion - The report emphasizes the strong performance of the Belt and Road Initiative, with exports to these regions growing by 10.4% year-on-year from January to October 2025, while overall export growth has slowed to 5.3% [25] - Structural opportunities in the U.S. market are noted, with high-end retail showing resilience and discount retail experiencing accelerated growth [34][35] Beauty and Personal Care - The cosmetics industry is experiencing a slight recovery in growth, but competition among mid-tier brands is intensifying. The report recommends focusing on high-end and cost-effective brands [8][19] - The medical aesthetics sector is seeing increased compliance with more approved products, but competition is expected to intensify, necessitating a focus on companies with strong product innovation [8][19] Supermarkets and Department Stores - The demand in the supermarket and department store sector remains stable, with a slowdown in store closures. Leading supermarket companies are maintaining their market positions, particularly quality retail firms [9][18] - Adjustments in supply chain and compensation mechanisms are enhancing operational efficiency and promoting private label products [9][18] Gold and Jewelry - The gold and jewelry sector is adapting to high gold prices, with an increase in lightweight products and a stable demand for gifting scenarios. The report suggests focusing on companies with strong design capabilities and expansion potential [10][19]

Core Viewpoint - Lin Qingxuan is set to become the first domestic high-end skincare brand to go public in Hong Kong, highlighting its significant growth and market position in the industry [3][4]. Financial Performance - In the first half of this year, Lin Qingxuan's revenue surged by 98.3% to 1.052 billion yuan compared to 530 million yuan in the same period of 2024 [4]. - The adjusted net profit for the same period increased by 117.4% to 200 million yuan from 92 million yuan in 2024, nearly matching the total profit for the entire year of 2024 [4]. Market Position - By 2024, Lin Qingxuan ranks first among all domestic high-end skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, which includes both domestic and international brands [9]. - In the high-end anti-wrinkle and firming skincare segment, Lin Qingxuan is the leading domestic brand and ranks among the top 10 overall [9]. Product Development - Lin Qingxuan has established itself as the only company in China's facial oil market to achieve full value chain integration of its core ingredients, holding 87 patents, including 46 invention patents [7]. - The flagship product, Camellia Oil, has sold over 45 million bottles since its launch in 2014 and has consistently ranked first in total retail sales among all facial oil products in China for 11 consecutive years [5]. Supply Chain and Production - Lin Qingxuan has secured long-term supply agreements with nine high-quality camellia flower planting bases covering over 20,000 acres in Zhejiang and Jiangxi provinces [8]. - The company adheres to strict production processes that meet pharmaceutical-grade standards, ensuring high quality and reliability of its products [8]. Customer Engagement - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, which is higher than the industry average [9]. - The company has a strong online presence, with a compound annual growth rate of 51.2% in online revenue from 2022 to 2024, and a year-on-year growth rate of 137.2% in the first half of this year [12]. Expansion Plans - Lin Qingxuan plans to initiate a global expansion process, starting with the Southeast Asian market [13]. - The funds raised from the IPO will be primarily used for brand building, enhancing sales networks, strengthening production and supply chain capabilities, and digital transformation [13].