5月29日，上海林清轩生物科技股份有限公司（以下简称"林清轩"）正式向港交所递交招股书，若成功上市，有望成为港股"国货高端护肤第一股"。这一消 息引发了市场的广泛关注，作为国货护肤领域的佼佼者，林清轩多年来在市场上取得了显著成绩，也曾因虚假宣传问题遭受处罚。 截至2024年12月31日，林清轩线下门店网络在全国共有506家门店，超过95%的门店位于购物商场，线下门店数量由2022年末的366家增加至2024年末的506 家，复合年增长率为17.6%。 然而，林清轩在发展过程中并非一帆风顺。2021年，林清轩因两款产品宣传"修复肌肤"功效，违反《广告法》规定，对商品性能等表示不准确，被上海市浦 东新区市场监督管理局罚款5万元。 招股书显示，林清轩聚焦抗皱紧致类护肤品市场，核心产品林清轩山茶花抗皱修护精华油自2014年以来连续11年于所有面部精华油产品中位居全国榜首，累 计销量突破3000万瓶。 在营收方面，林清轩2022年、2023年、2024年营收分别为6.91亿元、8.05亿元、12.09亿元，呈现出稳步增长的态势；净利润从2022年的小幅亏损593.1万元， 到2023年扭亏为盈，净利润达8451.8万元 ...

随着夏日的到来，护肤市场正迎来一场前所未有的变革。从基础护理到高端护肤，从单一功能到多元需 求，消费者对产品的要求愈发严苛。而在这场竞争激烈的角逐中，尚赫以其坚实的科研实力和前瞻性的 战略布局，成为行业变革的重要推手。 科技赋能，尚赫科研助力产业升级 尚赫深知，科技创新是企业发展的核心动力。多年来，公司持续加大研发投入，与国内外优质科研机构 合作，共同探索护肤领域的未知边界。在修护领域，尚赫突破性提出 "生物时钟修护理论"，将抗坏血 酸（维生素 C）与富勒烯进行昼夜节律性搭配，打造 "日间'防护盾' + 夜间修护力" 的 24 小时护肤体 系，重新定义皮肤修护的精准化场景应用。 不同于传统单一成分的局限性，这一技术充分发挥两者的互补优势：富勒烯作为脂溶性成分，具备卓越 的光稳定性，即便在紫外线照射下仍能保持高活性，专为日间设计，可在角质层形成持久保护膜，有效 抵御外界因素的侵袭；抗坏血酸（维生素 C）作为水溶性成分，则凭借快速吸收的特性，在夜间深入肌 肤。更关键的是，富勒烯能通过分子结构稳定作用，延缓维生素 C 的氧化失活，使两者的效能实现 "1+1>2" 的协同效应。 在消费升级的大背景下，消费者对护肤品的 ...

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking its ambition to enter the public market after 23 years of establishment [1] Company Overview - Founded in 2003 by Sun Chunlai, Lin Qingxuan has gained popularity among young consumers through its unique marketing strategies, including the distribution of handmade essential oil soaps [1] - The brand claims to rank first among domestic high-end skincare brands in China based on retail sales for 2024, and it is the only domestic brand among the top 15 high-end skincare brands in China [1] Financial Performance - Lin Qingxuan's revenue for the years 2022 to 2024 was reported as 691 million yuan, 805 million yuan, and 1.209 billion yuan respectively [2] - The company's profit over the past three years showed significant fluctuations, with figures of -5.93 million yuan, 84.5 million yuan, and 186 million yuan, indicating a transition from losses to profitability [2] Market Trends - The high-end skincare market in China has grown from 749 billion yuan in 2019 to an expected 1,144 billion yuan in 2024, with projections to reach 2,185 billion yuan by 2029 [3] - The market for high-end anti-wrinkle and firming products is projected to grow from 594 billion yuan in 2024 to 1,555 billion yuan by 2029, with a compound annual growth rate (CAGR) of 21.2% [3] Product Strategy - Lin Qingxuan has focused on essential oil skincare, with its signature Camellia Oil leading sales, accounting for 31.5%, 35.3%, and 37% of total revenue over the past three years [5] - The company has also introduced new products, with facial creams becoming a significant revenue contributor, increasing from 13.7% of total revenue in 2022 to 15.7% in 2024 [5] Brand Positioning - Despite its focus on essential oils, Lin Qingxuan struggles to position itself as a "high-end" brand compared to international competitors like La Mer and Sisley [6] - The average price per milliliter for Lin Qingxuan's Camellia Oil is approximately 27.3 yuan, significantly lower than that of its high-end counterparts [6] Distribution Channels - As of 2024, Lin Qingxuan operates 506 stores nationwide, with a significant presence in new first-tier and third-tier cities [7] - The company has seen a shift in sales channels, with online sales projected to account for 59.1% of revenue in 2024, compared to 40.8% from offline channels [6] Challenges Ahead - Lin Qingxuan's primary market is in new first-tier and third-tier cities, but competition from international brands like Lancôme and Estée Lauder poses challenges for capturing the high-end market segment [8] - The company's R&D expenditures from 2022 to 2024 were 21.1 million yuan, 19.7 million yuan, and 30.4 million yuan, representing a moderate investment level relative to its revenue base [8]

一直想写一篇关于定价和促销的文章，系统的阐述我们的理解。可能会有读者觉得这是两个不同的话题。但我们认为：促销设计可以视为消费品定价的延 伸，即在定价时就可以将一部分促销成本设计在内，以保持产品价格的相对稳定。这有点违背现在市场流行的常识，下文中我们会尝试阐述清晰，希望可 以给到大家更多的思考和启发。 由于定价的问题涉及庞杂，文章内容会比较长，我们会努力拆分为更容易理解的模块，提高阅读的舒适感。如有谬误之处，还请大家多多指点。 一、消费品的价值结构 很多人会说：用户购买消费品，买的是产品价值。我们认为这是产品定价的入口，如果不能很好的理解消费品的价值结构，是很难做好定价的。我们也曾 尝试通过马斯洛需求层次帮助理解，但始终有些困惑，直到系统的学习了《符号学》才豁然开朗。下文也会引入一部分的相关概念帮助阐述和理解。 1. 产品价值&马斯洛需求层次 关于消费产品的价值，行业内的分类标准比较庞杂，最常见的是功能价值/精神价值，其他大多是在这个基础上演化出来的新名词。有些创业者的梦想是 做个中高端品牌，但我们都很清楚，仅仅依靠功能价值是不够的，必须要塑造品牌的精神价值。但精神价值是如何构成的？如何塑造的？鲜有文章说的清 ...

证券研究报告·行业跟踪周报·商贸零售 证券分析师 张家璇 商贸零售行业跟踪周报 林清轩正式递表港交所，国产高端护肤开启 资本化新篇章 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 04 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 商贸零售 沪深300 相关研究 《酒店集团业 ...

目前，林清轩山茶花精华油已进阶至第五代，截至去年12月底销量已累计突破3000万瓶。根据灼识咨询 的资料，按全渠道总零售额计，山茶花精华油自2014年以来连续11年在所有面部精华油产品中稳居全国 榜首。该产品同时也是中国面部精华油品类中唯一一款连续8年零售额超过人民币1亿元的产品。 尽管林清轩精华油系列产品贡献较大，但业绩高增背后也存在单一品类高度依赖的隐忧。因此，林清轩 此次IPO募集的资金，便是用于持续研发核心成分和打造多品类产品，不断拓展围绕山茶花的护肤品矩 阵。截至目前，林清轩已开发出山茶超胜肽、山茶超胶原、山茶超A醇、山茶花愈伤组织提取物滤液及 多肽组合物等一系列专利成分。 值得一提的是，此次林清轩的赴港上市，也算赶上了一波国内消费类企业的上市热潮。自去年以来，不 少消费类企业在港交所这趟资本快车上尝到了"甜头"。例如，蜜雪冰城今年3月在港交所挂牌上市，融 资认购超5258倍，认购金额超1.8万亿港元，成为港股"冻资王"；美妆品牌"毛戈平"的股价也较上市首 日上涨两倍，市值超540亿港元。最近，潮玩公司52TOYS、高端月子中心"圣贝拉"、雷军投资的文创品 牌"铜师傅"、零食品牌"鸣鸣很忙"、始祖鸟 ...

618 美 妆 品 牌 社 媒 营 销 优 质 案 例 PMPM新黑马式品牌故事，618如何借助社媒生根发芽？ 微播易| 营销智库 品牌历程与文化 "探索者"品牌人格画像以"探索全球，将远方带给消费者"的品牌理 念助力品牌内容营销 用情感讲故事："远方"与探索极大程度满足年轻消费者情感连结和诉求 用配方讲故事：PMPM提出独创的环球配方公式: X+Y+Z 产品革新 品牌创立 品牌拓展 品牌责任 2019年10月，闪烁和联合创始人Wen成立 了护肤品牌PMPM，品牌名来自法语Pour (le) Monde Pour (le) Monde，意为"去往 世界，探索世界"。PMPM由此成为中国首 个以探索为品牌理念的护肤品牌。 2020年1月21日，品牌成立之初，获得来自 源码资本的天使轮融资；2020年6月完成 Pre-A轮融资；2020年10月20日，再次获 得Pre-A+轮融资，投资方为HARMAY話梅。 2020年3月，PMPM第一款产品"发光面团" 涂抹面膜面世。这款产品上市后迅速登上天 猫涂抹式面膜品类TOP 2。PMPM上线仅半 年 ， GMV 已 达 1500 万 ， 2020 年 ， 品 牌 GMV ...

Core Insights - The event showcased the launch of new products and strategic initiatives for the second half of 2025, including the first ESG report and a public welfare project [1][5][10] - The company emphasizes its commitment to sustainable development and health management, aligning with China's "Healthy China 2030" strategy [3][10] Group 1: Company Strategy and Vision - The chairman expressed the vision of the company as a sustainable enterprise, focusing on long-term growth and health management services [3] - The company aims to cultivate talent in chronic disease management and innovate products that integrate traditional Chinese medicine with modern technology [10][11] Group 2: ESG and Social Responsibility - The release of the first ESG report marks a significant step in the company's sustainable development efforts, establishing a benchmark in the industry [5][6] - The company has donated over 170 million yuan and has implemented projects that have reached 2 million families, aligning with China's dual carbon strategy [6] Group 3: Product Innovation - Four major new products were launched, including health drinks and high-end skincare products, which combine traditional wisdom with modern biotechnology [11][13] - The company has invested heavily in R&D, ensuring quality and innovation in its product offerings, with a focus on meeting national health needs [13] Group 4: AI and Digital Transformation - The company is embracing AI technology to reshape the health industry ecosystem, launching the "Chain Business 3.0" initiative for digital transformation [15] - The focus is on creating a collaborative ecosystem for distributors, enhancing operational efficiency through AI integration [15] Group 5: Community Engagement and Health Promotion - The "Herbal Station" project aims to promote community health through various services, including AI consultations and health education [8][10] - The company is committed to enhancing public health and contributing to the "Healthy China" initiative through innovative practices [8][10]

Group 1 - Lin Qingxuan Biotech Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on May 29, aiming for a main board listing, potentially becoming the "first high-end domestic skincare stock" in Hong Kong [2] - Founded in 2003, the company specializes in anti-wrinkle and firming skincare products, featuring natural camellia flower ingredients, and has sold over 30 million bottles of its core product, camellia anti-wrinkle repair essence oil, since its launch in 2014 [2] - Financial data shows revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.3%, and net profit turning from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [2] Group 2 - The company operates 506 stores nationwide, with over 95% located in shopping malls, leading in store count among domestic and international high-end skincare brands [2] - Online sales are strong, with the company topping multiple essence oil sales rankings on Tmall in 2024, accumulating over 4.3 million active customers and an average annual repurchase rate of 34.6% [2] - The funds raised from the IPO will be primarily used for brand building, channel expansion, supply chain enhancement, technology research and development, brand matrix creation, and digitalization [3]