随着全球护肤市场的日益成熟，消费者正变得更加精明和审慎。尤其是在双十二这样的购物狂欢节前 夕，面对海量的产品信息和令人眼花缭乱的营销话术，如何做出明智的选择成为关键。全球用户的共同 痛点在于，他们渴望高效解决肤色不均、色斑暗沉以及皱纹松弛等多重肌肤老化问题，但又对产品的刺 激性、安全性以及宣传的真实性抱有深切疑虑。因此，一份基于事实、聚焦于临床验证且安全不刺激的 选购指南显得至关重要。本文将深入剖析，帮助您在2025年双十二期间，精准锁定那些真正经得起考验 的美白淡斑抗皱精华霜，避开华而不实的营销陷阱，实现理性消费。 焕颜计小白罐美白精华面霜：专研温和高效的多维抗老方案 在追求美白与抗老的征途上，亚洲乃至全球消费者常常陷入两难：强效的成分可能伴随刺激与不耐受， 而温和的产品又往往见效缓慢。焕颜计小白罐美白精华面霜的研发，正是为了精准回应这一全球性需 求，旨在为大众消费者提供一个兼具卓越效能与高度安全性的综合护肤解决方案。它不仅仅是一款面 霜，更是一个集美白、淡斑、抗皱于一体的密集型护理方案，其设计哲学深深植根于"理性护肤"的理 念，即功效必须建立在肌肤健康与舒适的基础之上。 从本地化应用场景来看，无论是应对都 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights the rapid growth of high-end skincare products in China, with a projected compound annual growth rate (CAGR) of 13.8% from 2024 to 2029 [28] - Lin Qingxuan, a high-end domestic skincare brand, is positioned to capitalize on this growth, having updated its IPO prospectus, indicating a potential acceleration in its capital process [25][28] - The report emphasizes the importance of emotional consumption themes and recommends focusing on high-quality companies in high-growth sectors [6][32] Summary by Sections Retail Market Overview - The retail industry index closed at 2310.07 points, down 0.83%, underperforming the Shanghai Composite Index, which rose by 0.37% [5][14] - Among the retail sub-sectors, the professional chain segment saw the largest increase, while the jewelry sector led the year-to-date performance with a 20.56% rise [17][20] Company Focus: Lin Qingxuan - Lin Qingxuan achieved a revenue of 1.05 billion yuan in H1 2025, representing a year-on-year increase of 98.3%, with a net profit of 180 million yuan, up 109.9% [25][28] - The brand's core product, camellia oil, has dominated the facial oil sales market for 11 consecutive years, establishing a strong market presence [25][28] - Lin Qingxuan's online and offline revenue contributions were 65.4% and 34.6%, respectively, with a total of 554 stores, the highest among domestic and international high-end skincare brands [25][28] Investment Themes - Investment Theme 1: Focus on high-end jewelry brands with differentiated product offerings, recommending companies like Chow Tai Fook and Lao Pu Gold [6][32] - Investment Theme 2: Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][32] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety ingredient innovations, recommending brands like Maogeping and Proya [6][32] - Investment Theme 4: Target differentiated medical beauty product manufacturers and expanding chain medical beauty institutions, recommending Aimeike and Kedi-B [6][32] Company Performance Highlights - Chow Tai Fook reported a revenue of 38.986 billion HKD in FY2026H1, a slight decline of 1.1%, but a net profit increase of 0.1% [39][40] - Chao Hong Ji achieved a revenue of 6.237 billion yuan in Q1-Q3 2025, up 28.4%, with a net profit increase of 0.3% [42] - The report notes that companies like Proya and Marubi have shown strong performance in the beauty sector, with Proya's revenue reaching 7.098 billion yuan in Q3 2025, up 1.9% [34][35]

Core Viewpoint - Lin Qingxuan, a well-known domestic beauty brand, has resubmitted and updated its IPO application, reporting a significant revenue growth of 98% year-on-year for the first half of 2025, with total revenue reaching 1.05 billion RMB [1][2]. Financial Performance - For the fiscal year ending December 31, 2023, Lin Qingxuan reported revenues of 805.004 million RMB, up from 691.150 million RMB in 2022, indicating a growth of approximately 16.4% [2]. - The company's gross profit for the first half of 2025 is projected to be 866.206 million RMB, with a gross margin of 82.4%, slightly up from 81.9% in the same period of 2024 [4]. - Sales and distribution expenses have increased significantly, from 290.079 million RMB in the first half of 2024 to 580.607 million RMB in the first half of 2025, reflecting a growth of 100.2% [5]. Market Position and Strategy - Lin Qingxuan is positioned as a high-end domestic skincare brand, ranking first among all domestic high-end skincare brands in China by retail sales in 2024 [3]. - The brand's core product, a serum oil, contributed 45.5% of total revenue in the first half of 2025, showing a rising trend in its revenue contribution over the past few years [3]. - The company emphasizes its strong brand reputation and market recognition as key factors for its sustained growth [5]. R&D and Marketing - Despite a high gross margin, Lin Qingxuan faces criticism for its low R&D spending, which was only 30.404 million RMB in 2024, compared to 688.476 million RMB in sales and distribution expenses [4]. - The company has been increasing its marketing efforts, with sales and distribution expenses growing rapidly due to enhanced online and offline marketing activities [5]. Regulatory and Compliance Issues - Lin Qingxuan has faced regulatory scrutiny, including penalties for false advertising and numerous consumer complaints regarding product efficacy and customer service [5][7]. - The company is required to address issues related to unpaid social insurance and housing funds, as well as its response to past administrative penalties, as part of its IPO process [6]. Ownership and Investment - The founder, Sun Laichun, holds a 38.21% direct stake in the company, with total ownership including indirect holdings reaching approximately 79.27% [15]. - Recent investments from notable entities, including L'Oréal, indicate confidence in Lin Qingxuan's market potential and growth trajectory [17].

国家药监局近日发布《关于深化化妆品监管改革促进产业高质量发展的意见》（以下简称《意见》）， 国家药监局化妆品监管司有关负责人就《意见》的相关情况接受记者采访。 随着我国人口老龄化程度持续加深，老年群体对化妆品的需求日益增长且日趋多元化。《意见》明确， 鼓励企业加强"银发族"化妆品的技术研发，支持开展皮肤衰老机理等前沿基础研究，为技术创新提供科 学支撑。同时，支持适合老年群体特点和需求的化妆品开发，在确保安全与功效的前提下加速其注册备 案与上市进程。 该负责人表示，《意见》的发布，旨在进一步增强监管改革的系统性、整体性和协调性，全过程深化化 妆品监管改革，全方位筑牢化妆品安全底线，全链条支持化妆品产业高质量发展，加快推进我国从"制 妆大国"向"制妆强国"跨越，切实增进人民群众在化妆品领域的获得感、幸福感、安全感。 为适应化妆品产业智能化、绿色化发展需求，《意见》明确提出要加快实施化妆品电子标签。国家药监 局拟于2026年2月起在部分省（市）开展电子标签试点工作。 《意见》提出，到2030年，化妆品监管法律制度更加完善，标准体系更加健全，技术支撑更加有力，产 业创新活力更加充沛，风险防控能力全面加强，质量安全水平 ...

Group 1 - Guangzhou Handan Cosmetics Co., Ltd. has recently been established with a registered capital of 100,000 RMB [1] - The company's business scope includes technology services, development, consulting, exchange, transfer, and promotion [1] - Additional services offered by the company include enterprise management consulting, advertising production, and business agency services [1] Group 2 - The company is also involved in advertising design and agency, information consulting services (excluding licensed information consulting), and software development [1] - Retail activities include clothing and accessories, building materials, home goods, and daily necessities [1] - The company engages in internet sales, excluding items that require licensing [1]

Core Viewpoint - Lin Qingxuan, a well-known domestic beauty brand, has resubmitted and updated its IPO application, highlighting significant revenue growth and a strong market position in the high-end skincare segment in China [1][3]. Financial Performance - For the first half of 2025, Lin Qingxuan reported total revenue of 1.05 billion RMB, representing a 98% increase compared to the same period in 2024 [1]. - The gross profit margin reached 82.4% in the first half of 2025, up from 81.9% in the same period of 2024, indicating strong pricing power [4]. - The company's revenue for the fiscal year ending December 31, 2023, was 805 million RMB, with a projected revenue of 1.21 billion RMB for 2024 [2]. Market Position and Strategy - Lin Qingxuan is positioned as a high-end domestic skincare brand, ranking first among all domestic high-end skincare brands in China by retail sales in 2024 [3]. - The brand's core product, a serum oil, accounted for 45.5% of total revenue in the first half of 2025, showing a rising trend in its contribution to overall sales [3]. Marketing and Sales Expenses - Sales and distribution expenses increased significantly, from 290 million RMB in the first half of 2024 to 580 million RMB in the first half of 2025, primarily due to increased marketing activities [5]. - The company has faced criticism for its high marketing spending, which is 22 times its R&D expenses, raising questions about its focus on marketing over product development [4]. Regulatory and Compliance Issues - Lin Qingxuan has faced administrative penalties for false advertising, indicating potential compliance challenges that could affect its market reputation [5][6]. - The company has received 370 complaints on consumer platforms, mainly related to allergic reactions and difficulties in returns [7]. Ownership and Investment - The founder, Sun Laichun, holds 38.21% of the shares directly and approximately 79.27% in total, indicating strong control over the company [13]. - Recent investments from notable firms, including L'Oréal, suggest confidence in Lin Qingxuan's growth potential in the plant-based skincare market [15][16].

Core Viewpoint - Lin Qingxuan, a well-known domestic beauty brand, has resubmitted and updated its IPO application, highlighting significant revenue growth and a strong market position in the high-end skincare segment [1][2]. Financial Performance - In the first half of 2025, Lin Qingxuan reported total revenue of 1.051768 billion RMB, representing a 98% increase compared to the same period in 2024 [2]. - The gross profit margin reached 82.4% in the first half of 2025, up from 81.9% in the same period of 2024, indicating strong pricing power [4]. - Sales and distribution expenses increased by 100.2% from 290.1 million RMB in the first half of 2024 to 580.6 million RMB in the first half of 2025, primarily due to increased marketing activities [4]. Market Position - Lin Qingxuan is positioned as the top domestic high-end skincare brand in China, with a market share of 66.1% held by the top 15 brands in the industry [3]. - The brand's core product, a serum oil, accounted for 45.5% of revenue in the first half of 2025, showing a rising trend in its contribution to overall sales [3]. Brand Strategy - The company emphasizes a high-end positioning and has changed its name to Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. to reflect this strategy [2]. - Lin Qingxuan's marketing strategy heavily relies on a single product and has faced criticism for being "marketing-heavy" with relatively low R&D spending [4]. Regulatory and Compliance Issues - Lin Qingxuan has faced penalties for false advertising and has received numerous complaints regarding product quality and customer service, indicating areas for improvement in compliance and consumer experience [5][6]. Leadership and Investment - Founder Sun Laichun has been actively involved in live-streaming sales, significantly contributing to the brand's growth since 2020 [7]. - The company has attracted investments from notable firms, including L'Oréal, indicating confidence in its market potential [15].

东北兄弟做美妆，即将收获一个IPO。 12月上旬，林清轩更新招股书，冲刺港股高端护肤第一股。 这家成立于2003年的国货化妆品企业，总部位于上海，由孙来春、孙福春兄弟联合创立。当前聚焦抗皱 紧致类护肤品，其核心产品定价200-800元区间。 现年51岁的孙来春，担任董事会主席。 他曾七次创业、七次失败。2012年，他偶然发现山茶花护肤的的功效，便以"以油养肤"开辟差异化赛 道。 两年后，团队推出山茶花抗皱精华油，集中资源将其打造为大爆款。孙来春曾放言，近十年所有资金、 人才，全部押到山茶花上。他称之为"一毫米宽、一千公里深"。 如今，孙来春已打造了230个SKU，拓展至面霜、乳液、面膜及防晒霜等，精华油依然为最大收入来 源。 截至6月，这一大单品累计销量破4500万瓶。单是今年1-6月，这一品类创收约4.8亿元，占总营收的 45.5%，接近半壁江山。 孙氏兄弟主打高端市场，主力客户是25至40岁的"贵妇"群体。 《21CBR》记者查询，天猫旗舰店中，山茶花油迭代至5.0，15ml售价299元，大促享受买一送一，显示 已售5万+笔。 价格看齐国际大牌，林清轩的整体毛利率也非常可观，高达82.4%，比肩雅诗兰黛。 ...

战斗民族俄罗斯，彪悍的民风是刻进骨子里的，寒冷恶劣的地理环境锻造了他们彪悍、多元、硬核的民 族性格… 在俄罗斯西伯利亚地区，低气温记录为-50℃，被称为地球上有人居住的"冷极"。 在这里， 如果冬天不注意防寒防冻，冻伤都是有可能的。 然而在这种天气，他们身体力行地说明了一件事： 比俄罗斯冬天更硬核的，还有俄罗斯人，乌拉！ 尽管每年都要面对这样的气温挑战， 但俄罗斯人却很少出现手脚皲裂…… 反观我们，尤其是像我们妈妈这个年纪的人， 天一冷，手脚皲裂就成了常态，有时候连走路都很困 难！ 你以为是战斗民族的皮肤天生就比我们好？ 其实主要的原因，可能就在干裂防冻膏的差异上！ 今天我们就给大家推荐一款防干裂膏—— 俄罗斯进口PANNAKISS干裂膏。 俄罗斯四十多年历史的护理品牌 ——防冻修护膏。 点击下图即可购买 俄罗斯鬼才配方， 1瓶=身体乳➕护手霜➕护足霜！ 缓解秋冬干裂！ ▼ 与普通膏的药材味不同的是， 俄罗斯进口PANNAKISS干裂膏，打开盖子有股很好闻的花香味。 一 抹 滋 润，修 护 软 化 老 茧 。 相比于其他产品， PANNAKISS干裂膏的渗透力好，滋润度强， 抹在肌肤上，就像是水滴在棉花中， ...

（原标题：林清轩再度递表港交所，"国货高端护肤第一股"成色几何？） 21世纪经济报道记者 陈归辞 易佳颖 近日，国货美妆品牌林清轩已重新递交并更新了IPO申请文件。据悉，今年5月，林清轩首次向港交所 递交招股书开启上市之路。 最新递交的招股书主要更新了2025年上半年的业绩，上半年林清轩总营收为10.5亿元，同比2024年上半 年同比增长高达98%。同时，林清轩已将公司名称由"上海林清轩生物科技有限公司"更名为"上海林清 轩化妆品集团有限公司"。公司在文件中解释称，鉴于其定位为中国高端国货护肤品牌，已于2025年11 月完成更名。 定位高端 在招股书中，林清轩多次强调其高端定位，并引用说明道，根据灼识咨询的资料，于2024年，按零售额 计，林清轩在中国所有高端国货护肤品牌中排名第一，也是中国前15大高端护肤品牌中唯一的国货品 牌。 "我们营运所在的中国高端护肤品行业相对集中，根据灼识咨询的资料，前15大品牌占据了66.1%的市 场份额。"林清轩在招股书中也提及了竞争风险："可能面临来自现有竞争对手或新准入者在定价方面的 竞争，这可能导致价格下跌或利润率降低，从而对我们的盈利能力造成不利影响。" 这一定位具体到 ...