Core Viewpoint - Lin Qingxuan (02657) has seen a significant stock price increase, reaching a new high of 96 HKD, with a current price of 92.55 HKD, reflecting an 8.50% rise and a trading volume of 49.31 million HKD [1][4]. Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its commitment to natural ingredients, particularly camellia oil [1][4]. - According to Zhi Shi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands in China, which includes both domestic and international brands [1][4]. Analyst Coverage - Guotai Junan Securities has initiated coverage on Lin Qingxuan, giving it a "Buy" rating. The company has been deeply involved in the oil-based skincare segment for years, with Douyin (TikTok) contributing to the explosive growth of its flagship products. The company is expected to achieve sustained rapid growth through category expansion and channel diversification [1][4]. - The projected earnings per share (EPS) for Lin Qingxuan from 2025 to 2027 are estimated at 2.75, 4.18, and 5.49 RMB, respectively. Considering both price-to-earnings (PE) and price-to-sales (PS) valuation methods, the company is assigned a fair valuation of 14.9 billion RMB (approximately 16.6 billion HKD), with a target price of 118.57 HKD, corresponding to a 2025 PE of 26x [1][4].

Core Viewpoint - Lin Qingxuan (02657) has seen a significant stock price increase, reaching a new high of 96 HKD, reflecting strong market performance and investor interest in the brand's growth potential in the high-end skincare sector [1] Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming products, known for its use of natural camellia ingredients [1] - The brand is projected to rank first among all high-end domestic skincare brands in China by retail sales in 2024, capturing a 1.4% market share [1] - Lin Qingxuan is the only domestic brand to enter the top 15 high-end skincare brands in China, which includes both domestic and international brands [1] Market Position and Growth Potential - Guotai Junan Securities reports that the company is well-positioned in the high-end skincare market and is benefiting from the growing trend of oil-based skincare products, indicating a strong growth trajectory [1] - Dongwu Securities suggests that Lin Qingxuan is in a growth phase characterized by brand momentum and channel advantages, recommending investors to pay close attention to the company [1]

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]