近年来，韩国化妆品出口额屡屡创下历史新高，品类上呈现出多元细分的特征，对北美等新兴市场的开拓成为增长新引擎。韩妆出海，已然 从早期的"韩流单品驱动"模式，迈向技术、品牌、渠道与文化的体系化协同阶段，让韩妆在国际市场展现出群体面貌，形成持续性的潮流效 应。 对于出海动作仍停留在单点突破或渠道依赖等初级阶段的中国美妆品牌而言，韩妆的新一轮出海战略，带来不少关键性启发。 01 新版图与新引擎 韩国关税厅近期发布的化妆品出口数据显示，2025年前三季度，韩国化妆品出口额达85.2亿美元（约合人民币606.27亿元），同比增长 15.4%，创下历年同期新高。其中，第三季度的单季出口额为30亿美元（约合人民币213.48亿元），同比增长17.6%，创下历史单季新高，同 时实现了连续九个季度的增长。 文 | 美觉BeautyNEXT 韩国美妆的全球化征程，已悄然升级。 在出口地区的数量上，同样创下历史之最。 2025年前三季度，韩国化妆品销往全球205个国家和地区。 其中，对美国出口额达16.8亿美元（约合人民币119.46亿元），以19.7%的占比居 首；对中国出口额达15.8亿美元（约合人民币112.35亿元），占比1 ...

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the "first high-end domestic skincare stock" in Hong Kong, with significant revenue and profit growth reported in the first half of the year [3][4]. Company Overview - Founded in 2003, Linqingxuan focuses on high-end domestic skincare products, particularly anti-wrinkle and firming products, with its flagship product being the Camellia Oil [5]. - The Camellia Oil has sold over 45 million bottles since its launch in 2014 and has consistently ranked first in retail sales among facial oils in China for 11 consecutive years [5][8]. Financial Performance - In the first half of this year, Linqingxuan's revenue surged by 98.3% to 1.052 billion yuan compared to the same period in 2024 [3]. - The adjusted net profit for the same period increased by 117.4% to 200 million yuan, nearly matching the total profit for the entire year of 2024 [4]. Product Development - Linqingxuan has developed a range of proprietary ingredients and products centered around Camellia, including various patented components that target specific skincare needs [7]. - As of June 30, 2025, the company offers 230 SKUs, including serums, creams, toners, and sunscreens, catering to diverse customer skincare needs [8]. Market Position - Linqingxuan ranks first among domestic high-end skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international brands [8]. - In the anti-wrinkle and firming segment, Linqingxuan is also the leading domestic brand and ranks among the top 10 overall [8]. Customer Engagement - The company has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, exceeding the industry average [9]. Distribution Channels - As of June 30, 2025, Linqingxuan operates 554 stores, primarily located in shopping malls, ranking first among domestic and international high-end skincare brands in terms of store count [11]. - 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 remarkable 137.2% year-on-year growth in the first half of this year [12]. Future Plans - Linqingxuan plans to initiate a global expansion strategy, starting with the Southeast Asian market [13]. - The funds raised from the IPO will be used for brand development, sales network enhancement, production capacity improvement, and digital infrastructure upgrades [14].

Core Insights - DR PLANT, known as Plant Doctor, has officially initiated its IPO process to list on the Shenzhen Stock Exchange, marking a significant step towards entering the A-share market [1] - The brand has established a strong market and brand foundation, leveraging its unique research capabilities and brand strategy to lead the trend of Eastern skincare and promote high-quality development of Chinese ingredients in the beauty industry [3] Research and Development - Since its inception, Plant Doctor has prioritized research and innovation as the core driver of its brand development, forming a strategic partnership with the Kunming Institute of Botany, Chinese Academy of Sciences in 2014 to establish the "Kunming Institute of Botany Plant Doctor R&D Center" [3][5] - The company has built a comprehensive R&D industrial chain consisting of "1 center and 5 bases," including various research facilities in Kunming, Beijing, Tokyo, and partnerships with Jiangnan University, focusing on the R&D and innovation of Chinese cosmetic ingredients [5] Market Position and Consumer Engagement - Plant Doctor has effectively captured consumer demand by focusing on "safety, effectiveness, and high quality" in product development, expanding its influence through a multi-channel approach [7] - As of June 2025, the brand has established 4,269 offline chain stores and ranked second in the beauty and body care sector of the CCFA's "Top 100 Chain Enterprises in Life Services" for 2022-2023, while being the top single-brand cosmetics store in China based on projected 2024 retail sales [7] Future Prospects - The IPO attempt on the Shenzhen Stock Exchange represents both a milestone and a new starting point for Plant Doctor, with potential to leverage capital to enhance its R&D system and expand both domestic and international markets [9] - Successful entry into the A-share market could allow the brand to further promote Chinese ingredients and Eastern skincare concepts on the international beauty stage, contributing to the high-quality development of the Chinese cosmetics industry [9]

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, focusing on high-end domestic skincare products, particularly anti-wrinkle and firming skincare solutions [1][2]. Company Overview - Linqingxuan is recognized for its high-end skincare brand in China, emphasizing natural camellia oil-based products and the "oil-based skincare" concept since 2012 [1]. - The company launched its first camellia oil facial essence in 2014, which has since sold over 45 million bottles, maintaining the top position in retail sales among all facial oil products in China for 11 consecutive years [1][2]. Financial Performance - Revenue figures for Linqingxuan from 2022 to 2025 (up to June 30) are as follows: RMB 6.85 billion, RMB 7.97 billion, RMB 11.98 billion, and RMB 10.42 billion, respectively, with the brand accounting for over 99% of total revenue during these periods [2][5]. - Gross profit for the same periods is reported as approximately RMB 5.39 billion, RMB 6.54 billion, RMB 9.98 billion, and RMB 8.66 billion [6]. Market Position - In 2024, Linqingxuan ranked first among all high-end domestic skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands overall [2]. - The high-end skincare market in China is projected to grow from RMB 749 billion in 2019 to RMB 1,144 billion by 2024, with expectations to reach RMB 2,185 billion by 2029 [2]. Product Offering - Linqingxuan offers a comprehensive range of high-end skincare solutions, including essence oils, creams, toners, emulsions, serums, masks, and sunscreens, designed to support a complete skincare routine [1]. Sales Strategy - The company has established a comprehensive sales network utilizing an OMO (Online-Merge-Offline) approach, combining diverse online channels with a strong offline presence [4].

Core Viewpoint - Lin Qingxuan is accelerating its IPO process after receiving the CSRC filing notice, with updated IPO application materials now available on the Hong Kong Stock Exchange website [1] Company Overview - Lin Qingxuan, a pioneer in the "oil-based skincare" sector, has focused on anti-wrinkle and firming skincare products, becoming a leading brand in cell-level anti-wrinkle essence oils [1] - The company's flagship product, the Camellia Oil Anti-Wrinkle Repair Essence Oil, has ranked first in retail sales among all facial essence oil products in China for 11 consecutive years since 2014 [1] Financial Performance - The company's total revenue has shown consistent growth over the past three years, with a compound annual growth rate (CAGR) of 32.3%, increasing from RMB 691 million in 2022 to RMB 1.21 billion in 2024 [1] - In the first half of this year, the company achieved a net profit of RMB 182 million, with a gross margin of 82.4%, and the gross margin for the essence oil category reached 86.2% [1] Product Sales Performance - The Lin Qingxuan Black Gold Time Peptide Anti-Wrinkle Brightening Cream is projected to generate RMB 61.5 million in revenue for 2024, with RMB 50 million already achieved in the first half of 2025, making it one of the best-selling products [2] - The Lin Qingxuan High SPF Sunscreen has rapidly developed since its launch in 2024, generating RMB 36.3 million in its first year and increasing to RMB 42.1 million in the first half of this year, indicating strong market recognition [2] Industry Growth Potential - The market for high-end anti-wrinkle and firming skincare products is expected to grow from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2% [2] - The overall high-end skincare market in China is projected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] - As a leading brand in the high-end domestic skincare industry, Lin Qingxuan is well-positioned to benefit from strong R&D capabilities and existing leading products [2]

Core Viewpoint - CICC has downgraded the net profit forecast for Giant Bio (02367) for 2025-2026 by 25% and 33% to 1.91 billion and 2.14 billion yuan respectively, citing short-term pressure on cosmetics sales. The current stock price corresponds to a P/E ratio of 20x for 2025 and 18x for 2026. The target price has been reduced by 20% to 56 HKD, which implies a potential upside of 41% based on the adjusted earnings forecast [1]. Company Current Situation - On December 2, the company announced a plan to repurchase up to 104 million shares, accounting for 10% of the issued shares, and is communicating its strategic plans for 2026 regarding product matrix expansion, brand operation, and channel development. This repurchase reflects management's confidence, and the company’s R&D capabilities, brand recognition, and team cohesion remain strong, suggesting potential operational improvements through optimized product structure and timely operational adjustments [2][3]. Product and Channel Expansion Plans - The company has a rich reserve of new products for 2026, with plans to launch four key new products in the collagen repair series and expand channel coverage for existing brands. The company aims to strengthen its online presence and expand offline channels, including clinics and self-operated stores, with successful initial steps in Southeast Asia. The contribution from second-tier products is expected to increase, driving healthy growth in the cosmetics business [4]. Medical Aesthetics Growth - The medical aesthetics team is expanding, with strong experience in developing star products and commercial preparations progressing smoothly. The company’s R&D strength, brand recognition, and team cohesion are expected to support long-term growth, especially as the cosmetics market recovers and the medical aesthetics segment contributes additional growth [5].

Core Viewpoint - CICC has downgraded the profit forecast for Giant Bio (02367) for 2025-2026 by 25% and 33% to 1.91 billion and 2.14 billion yuan respectively, reflecting short-term pressure on cosmetics sales. The current stock price corresponds to a P/E of 20x for 2025 and 18x for 2026. The target price has been reduced by 20% to 56 HKD, indicating a potential upside of 41% based on the adjusted profit forecast [1]. Company Current Situation - On December 2, the company announced a plan to repurchase up to 104 million shares, accounting for 10% of the issued shares, and communicated its strategic plans for 2026 regarding product matrix expansion, brand operation, and channel development. This repurchase reflects management's confidence, and the company is expected to improve operations through optimized product structure and timely operational adjustments [2][3]. Share Repurchase Plan - The company plans to use its own funds to repurchase up to 104 million shares, which may be canceled or held as treasury stock. This repurchase plan is seen as a demonstration of management's long-term confidence in the company's growth and is expected to enhance earnings per share and shareholder returns [3]. Product Matrix and Channel Expansion Planning - For 2026, the company has a rich reserve of new products, including four key new products from the core collagen stick marketing and pricing strategy. Additionally, the company plans to upgrade its product lines and expand channel coverage, including online influencer marketing and offline distribution channels. The second-tier products are expected to contribute to healthy growth in the cosmetics business [4]. Medical Aesthetics Second Curve Progress - The company's medical aesthetics team is expanding, with successful commercialization preparations based on previous experience in developing star products. The company maintains strong R&D capabilities, brand recognition, and team cohesion, suggesting a broad growth space as the cosmetics market recovers and the medical aesthetics segment contributes additional revenue [5].

每经AI快讯，港交所12月2日披露，上海林清轩化妆品集团股份有限公司(简称：林清轩)递表港交所主 板，中信证券、华泰国际为其联席保荐人。 ...

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] Company Overview - Linqingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its natural camellia oil-based skincare solutions [3] - The company pioneered the "oil-based skincare" concept and launched its first camellia oil facial essence in 2014, which has since sold over 45 million bottles by June 30, 2025 [3][4] - Linqingxuan offers a full range of high-end skincare solutions, including essence oils, creams, toners, emulsions, serums, masks, and sunscreens [3] Financial Performance - Revenue for Linqingxuan was approximately RMB 6.85 billion, RMB 7.97 billion, RMB 11.98 billion, RMB 5.25 billion, and RMB 10.42 billion for the years 2022, 2023, 2024, and the six months ending June 30 for 2024 and 2025, respectively [4][8] - Gross profit figures for the same periods were approximately RMB 5.39 billion, RMB 6.54 billion, RMB 9.98 billion, RMB 8.66 billion [9][10] - The company has maintained a dominant revenue share, accounting for 99.1% to 99.0% of total revenue across the reported periods [4] Market Position - Linqingxuan ranked first among all domestic high-end skincare brands in China by retail sales in 2024, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands in China [4] - The high-end skincare market in China is rapidly growing, with the market size expected to increase from RMB 749 billion in 2019 to RMB 1,144 billion in 2024, and projected to reach RMB 2,185 billion by 2029 [4] Market Opportunities - The market for high-end anti-wrinkle and firming products is expected to grow from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, with a compound annual growth rate (CAGR) of 21.2% [5] - The market for facial essence oils is projected to reach RMB 139 billion by 2029, with a CAGR of 21.3% from 2024 to 2029 [6] Sales Strategy - The company has established a comprehensive sales network utilizing an OMO (Online-Merge-Offline) approach, combining diverse online channels with a strong offline presence [7] - Offline channels include direct stores and partnerships with retailers, while online channels encompass direct sales and sales through online retailers, enhancing brand engagement and consumer touchpoints [7]

Core Insights - Hainan is emerging as a key variable in reshaping the global beauty industry landscape [1] - The upcoming full island closure in Hainan, along with supportive policies for the cosmetics industry, presents unprecedented development opportunities for beauty brands [2][3] Policy Developments - Hainan will implement a new customs management system characterized by "one line open, two lines controlled, and free flow within the island" starting December 18, 2025 [3][4] - The new policies include zero tariff on imported goods, relaxed trade management measures, and efficient regulatory models, significantly reducing import costs for beauty companies [4][5] Market Opportunities - The zero tariff policy will expand the list of duty-free products from 1,900 to approximately 6,600 items, covering about 74% of all product categories, which is a 53% increase from before the closure [4][5] - Beauty products such as skincare, perfumes, and shampoos will see their import tariffs eliminated, directly lowering costs for companies [5] Industry Trends - International beauty giants like L'Oréal and Estée Lauder are increasing their presence in Hainan, with flagship stores and new brand introductions [6][7][8] - Domestic brands are also leveraging Hainan as a strategic platform for international expansion, benefiting from the favorable policies [9][10] Economic Impact - Hainan's unique duty-free ecosystem is attracting a large international customer base, making it an ideal testing ground for domestic brands aiming for global markets [10][11] - The influx of new cosmetic companies in Hainan reflects strong industry consensus on the region's potential, with 41,826 new registrations in the past six months [13] Supportive Measures - Hainan has introduced direct financial incentives for innovative cosmetic products, including one-time rewards for newly approved special cosmetics and raw materials [14][15] - The coordinated effect of these policies and the upcoming closure is expected to attract more beauty companies to Hainan, transforming it into a hub for cosmetic innovation [15][17]