Core Viewpoint - Lin Qingxuan has successfully completed its IPO, becoming the "first high-end domestic skincare stock" in the Hong Kong market, reflecting strong market interest and investor confidence in its growth story and fundamentals [1][2]. Group 1: IPO Details - Lin Qingxuan's IPO involved the issuance of 13.9665 million shares, with 10% allocated for Hong Kong and 90% for international offerings, aiming to raise HKD 1.086 billion at a price of HKD 77.77 per share [1]. - The company experienced an oversubscription of over 1,032 times, with total subscriptions reaching approximately HKD 112.13 billion, indicating high demand from investors [1]. - On the eve of its listing, Lin Qingxuan's shares saw a significant increase in the dark market, closing up 18.75% at HKD 92.35 [1]. Group 2: Market Position and Strategy - Lin Qingxuan has strategically positioned itself in the high-growth "high-end anti-wrinkle" segment, focusing on the "oil-based skincare" concept with its core product, Camellia Oil, which has dominated the retail market for facial oils in China for 11 consecutive years [4]. - The anti-wrinkle skincare market in China is projected to reach RMB 119.8 billion by 2024, with a compound annual growth rate (CAGR) of 15.0%, significantly outpacing the overall skincare market growth of 6.8% [4]. Group 3: Technological and Competitive Advantages - The company has established a robust technological and industrial chain barrier centered around "cell-level anti-wrinkle" technology, ensuring a competitive edge that is difficult to replicate [5]. - Lin Qingxuan has over 600 formula patents and 87 patents, including 46 invention patents, covering key areas such as Camellia extraction and anti-wrinkle repair technology [5]. Group 4: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue is expected to grow from RMB 690 million to RMB 1.21 billion, achieving a CAGR of 32.3%, surpassing the industry average [6]. - In the first half of 2025, the company reported revenue of RMB 1.052 billion, a year-on-year increase of 98.3%, with a net profit nearing RMB 182 million [6]. - The company's gross margin has shown consistent improvement, with figures of 78.0%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025, indicating strong operational effectiveness [6]. Group 5: Future Outlook - Lin Qingxuan plans to utilize the raised funds for brand building, marketing, channel expansion, R&D, and operational enhancements, which are expected to deepen its competitive moat and facilitate further growth [7].

Core Viewpoint - Lin Qingxuan has successfully completed its IPO, becoming the "first high-end domestic skincare stock" in the Hong Kong market, reflecting strong market interest and investor confidence in its growth story and fundamentals [1][2]. Group 1: IPO Details - Lin Qingxuan's IPO involved the issuance of 13.9665 million shares, with 10% allocated for Hong Kong and 90% for international investors, aiming to raise HKD 1.086 billion at a price of HKD 77.77 per share [1]. - The company experienced an oversubscription of over 1,032 times, with total subscriptions reaching approximately HKD 112.13 billion, indicating high demand from investors [1]. - On the eve of its listing, Lin Qingxuan's shares saw a significant increase in the dark market, closing up 18.75% at HKD 92.35 [1]. Group 2: Market Position and Strategy - Lin Qingxuan has strategically positioned itself in the high-growth "high-end anti-wrinkle" segment, focusing on the "oil-based skincare" concept with its core product, Camellia Oil, which has dominated the retail market for facial oils in China for 11 consecutive years [4]. - The anti-wrinkle skincare market in China is projected to reach RMB 119.8 billion by 2024, with a compound annual growth rate (CAGR) of 15.0%, significantly outpacing the overall skincare market growth of 6.8% [4]. Group 3: Technological and Competitive Advantages - The company has established a robust technological and industrial chain barrier centered around "cell-level anti-wrinkle" technology, ensuring a competitive edge that is difficult to replicate [5]. - Lin Qingxuan has over 600 formula patents and 87 patents, including 46 invention patents, which cover key areas such as Camellia extraction and anti-wrinkle repair technology [5]. Group 4: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue is expected to grow from RMB 690 million to RMB 1.21 billion, achieving a CAGR of 32.3%, surpassing the industry average [6]. - In the first half of 2025, the company reported revenue of RMB 1.052 billion, a year-on-year increase of 98.3%, with a net profit of RMB 182 million, nearing the total for 2024 [6]. - The company's gross margin has shown consistent improvement, with figures of 78.0%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025, indicating strong operational effectiveness and market dominance [6]. Group 5: Future Outlook - Lin Qingxuan plans to utilize the raised funds for brand building, marketing, channel expansion, research and quality control, and deepening its industrial chain, which will significantly impact its future growth [7]. - The company's strategic focus on building a strong competitive moat is essential for maintaining its growth trajectory and achieving a dual leap in performance and value [7].

| V | | 林清轩 | | ಇ ೧ | | | --- | --- | --- | --- | --- | --- | | нк 02657 暗盘 | | | | | | | 91.000 | 成交量 15200股 | 最高 99.950 | | 今开 99.950 | | | +17.01% +13.230 | 换手 0.01% | 最低 81.000 | | 总市 127.1亿 | | | 20251229 16:15 价 91.000 17.01% 均 95.132 分时量 13500股 | | | | | | | 95.132 | | | 22.32% | | | | | | | | 十档 | 成交明细 | | | | | | 95.050 | - | | | | | | 95.000 | - -(- -) | | | | | | 94.950 | - -(- -) | | | | | | 94.900 | - -(- -) | | | | | | 94.850 | - - (- -) | | | | | | 94.800 | - -(- -) | | | | | | 94.750 | - -(- ...

智通财经APP获悉，"国货高端护肤第一股"林清轩(02657)将于2025年12月30日(星期二)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显示报价91.0港 元，较招股价77.77港元上涨17.01%，每手50股，不计手续费，每手赚661.5港元。 | 林清轩 | ಇ ೧ | | | | --- | --- | --- | --- | | нк 02657 暗盘 | | | | | 91.000 | | | | | 成交量 15200股 | 最高 99.950 | 今开 99.950 | | | 换手 0.01% | 最低 81.000 | 总市 127.1亿 | +17.01% +13.230 | | 20251229 16:15 价 91.000 17.01% 均 95.132 分时量 13500股 | 95.132 | | | | 22.32% | 十档 | 成交明细 | | | 95.050 | - | | | | - -(- -) | 95.000 | | | | - -(- -) | 94.950 | | | | 94.900 | - - - - - - ) | | | | - -(- -) | ...

格隆汇12月28日｜根据港交所日历显示，12月30日(周二)将有6只新股在主板上市，重现"六锣齐鸣"。6 家在年末倒数第二个交易日登陆新股市场的公司分别为人工智能(AI)驱动药物发现及开发公司英矽智能 (3696.HK)、中国数字孪生科技公司五一视界(6651.HK)、卧安机器人(6600.HK)、中国高端国货护肤品 牌林清轩(2657.HK)、中国数据基础设施及分析公司迅策(3317.HK)及预制钢结构建筑服务提供商美联股 份(2671.HK)。 来源：格隆汇APP 港交所上一次有六面铜锣同时敲响是在7月9日，包括蓝思科技(6613.HK)在内的五只新股和一只ETF(交 易型开放式指数基金)上市。 ...

Group 1 - The "2025 Financial Annual Conference" was successfully held in Beijing, focusing on high-quality development of listed companies and emphasizing resilience and growth through cycles [1] - Over 200 representatives from listed companies and leaders from regulatory bodies, industry associations, and financial institutions gathered to discuss development paths and empower the capital market [1] - The "Golden Intelligence Award" was announced, recognizing over 140 companies, including Haier Smart Home and Dongpeng Beverage, as exemplars of high-quality development from more than 8,000 candidates [1] Group 2 - Tang Menghua, Vice President and Secretary of the Board at Jinbo Biological, discussed the practice of technology-driven consumption upgrades, focusing on the development of recombinant human collagen products [3] - The company emphasizes a full-chain logic of "basic research - product design - market implementation" to align product offerings with market needs [3] - Tang highlighted the importance of building consumer trust and translating complex scientific mechanisms into understandable language for consumers [3] Group 3 - In discussing strategies for urban and lower-tier market consumption, Tang noted that different product dimensions require tailored market strategies [4] - For the medical beauty sector, first and second-tier cities are core consumption areas, necessitating brand education and direct sales models [4] - In contrast, lower-tier markets exhibit dispersed consumption patterns, making partnerships and distribution models more effective for reaching consumers [4]

Core Viewpoint - Marubi Biotechnology (丸美生物) is planning to issue H-shares to raise funds aimed at enhancing its core strategies, including strengthening its omni-channel sales system, improving brand value, incubating new brands, enhancing R&D capabilities, optimizing the supply chain, and supplementing working capital, with the goal of improving overall competitiveness [1][2] Group 1: Company Strategy and Market Position - The company has been focused on the anti-aging skincare industry for over 20 years, leveraging synthetic biology technology and core breakthroughs in research and development, particularly in recombinant collagen products [1] - According to a Frost & Sullivan report, Marubi is the third largest beauty company in China in the recombinant collagen skincare segment, based on retail sales projected for 2024 [1] - Marubi has established an integrated R&D platform that encompasses synthetic biology, protein engineering, green chemistry, natural plant extraction, and bio-fermentation, continuously launching new ingredients and products to support business growth [1] Group 2: Fundraising and Use of Proceeds - The company has developed over 80 proprietary ingredients, including recombinant double collagen and super molecular cotton flower extract, with more than 30 achieving large-scale production as of September 30, 2025 [2] - The funds raised from the H-share issuance will be used to build a comprehensive omni-channel sales system, enhance brand value through diversified marketing activities, expand the R&D team, upgrade R&D facilities, improve supply chain capabilities, and support working capital [2] - The issuance will not change the company's control, with Dr. Sun Huaqing and Wang Xiaopu remaining the actual controllers [2] Group 3: Competitive Advantage and Future Outlook - Marubi's brand has ranked first in China's domestic eye care market for four consecutive years, while its "Lianhuo" brand ranks third among domestic foundation brands [3] - The anti-aging skincare segment is the fastest-growing sub-sector in China's skincare industry, and the company aims to leverage this growth opportunity through continued investment in core technology R&D [3] - As of September 30, 2025, the company has applied for 651 patents globally, with 265 authorized invention patents, positioning its R&D strength among the top in domestic beauty enterprises [3] - The H-share issuance is viewed as a strategic decision for long-term development, enhancing capital strength and core competitiveness, and laying a solid foundation for sustainable growth and shareholder value creation [3]

作为一家国产高端护肤品牌，林清轩曾于2025年5月首次递表港交所，中信证券与华泰国际担任联席保荐人。借助资本傍身，林 清轩的估值的确在近几年实现了较快飞升，不过公司也存在超高销售费用投入、消费者投诉较多等隐性压力。 二冲港交所的上海林清轩生物科技股份有限公司（以下简称，林清轩，02657.HK）终于等来了好消息。 12月18日，林清轩发布全球发售公告，公司预期H股将于2025年12月30日上午9时正式开始在联交所买卖。公司于12月18日至12 月23日招股，拟全球发售1396.65万股H股。其中香港公开发售139.67万股，占比10%；国际发售1256.98万股，占比90%。另有 15%超额配股权。发售价为每股77.77港元。 《港湾商业观察》施子夫 1 收入和利润持续向好 林清轩是一家上海本土原创的高端国货护肤品牌，天眼查显示，公司创立于2003年，聚焦抗皱紧致类护肤品市场，并长期致力于 旗舰品牌林清轩提供基于山茶花成分的高端嫩肤改善方案。 自2012年展开山茶花护肤品研究以来，公司开创"以油养肤"理念及山茶花面部精华油。致力于提供安全及有效的嫩肤产品，首款 山茶花精华油于2014年问世，该款产品为核心以油 ...

内容概要：A醇，化学名视黄醇，是维生素A家族的一员，分子式为C₂₀H₃₀O。从化学结构上看，它由 一个β-紫罗兰酮环和一个不饱和侧链组成，这种特殊结构赋予它强大的生物活性。作为护肤品中的"明 星"成分，A醇一直以来都因其强大的抗衰、控油等功效而备受推崇。随着抗衰理念的持续渗透，以及 银发经济的崛起，抗衰老成为消费者选择护肤品的首要考虑因素。在2024年中国消费者使用护肤品的最 主要诉求调查中，抗皱抗衰老位居第一，占比接近六成。其次，美白祛斑、保湿锁水等功效也是日常所 需。对于需求明确的消费者来说，具有抗皱抗衰老这一类功效型护肤品更受消费者喜爱。受益于抗衰老 需求的持续增长及功效护肤理念的深化，近年来中国A醇护肤品市场迅速崛起，成为功效护肤赛道中的 高关注细分领域。A醇护肤品正从专业小众市场向大众消费领域加速渗透，行业呈现技术迭代加速、产 品矩阵多元化及市场集中度提升的显著特征。2020-2024年期间，中国A醇护肤品行业规模从38.8亿元增 长至57.2亿元，年复合增长率达10.2%。未来行业规模将继续保持增长态势，预计到2030年中国A醇护 肤品市场规模将超90亿元。在中国市场，A醇护肤品的商业化应用起步较 ...

Investment Rating - The report recommends subscription for Lin Qingxuan (2657.HK) [1] Core Insights - The company focuses on the high-end domestic skincare market, particularly anti-wrinkle and firming products, with a comprehensive range of offerings including essential oils, creams, toners, emulsions, serums, and masks. The core product is camellia oil [2] - In 2024, the company ranks 13th among all high-end skincare brands in China and 10th in the anti-wrinkle segment, with market shares of 1.4% and 2.2% respectively [2] - The Chinese skincare market has shown steady growth, with a CAGR of 6.8% over the past six years. The market size is projected to increase from CNY 332.9 billion in 2019 to CNY 461.9 billion in 2024, with the high-end segment expected to grow from CNY 74.9 billion to CNY 114.4 billion during the same period [2] - By 2029, the overall skincare market is anticipated to reach CNY 698.5 billion, with a CAGR of 8.6% from 2024 to 2029, while the high-end segment is expected to grow to CNY 218.5 billion, with a CAGR of 13.8% [2] Financial Performance - The company has accelerated revenue growth and improved profitability, achieving revenues of CNY 0.691 billion, CNY 0.805 billion, CNY 1.210 billion, and CNY 1.052 billion for the first half of 2022 to 2025, with year-on-year growth rates of +16.5%, +50.3%, and +98.3% [3] - Net profits transitioned from a loss of CNY -0.06 billion in 2022 to CNY 0.85 billion in 2023, and further to CNY 1.87 billion and CNY 1.82 billion in 2024 and 2025, with year-on-year growth rates of +121.1% and +109.9% [3] - The gross profit margins for the same period were 78.0%, 81.2%, 82.5%, and 82.4%, while net profit margins were -0.9%, 10.5%, 15.4%, and 17.3% [3] - The company is positioned as a leading high-end domestic skincare brand, leveraging traditional Chinese botanicals to build its brand image. Future strategies include expanding product categories around core items and enhancing multi-channel operations [3] - The total market capitalization for this issuance is estimated at CNY 10.86 billion, with an initial public offering price corresponding to a static PE ratio of approximately 53.8, compared to the industry average PE of 28.3 for 2025 [3]