Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is facing significant challenges in 2025, including market contraction, the end of traffic dividends, and intensified competition, leading to many brands exiting the market. However, leading companies are showing resilience due to their scale and R&D advantages, while smaller brands struggle due to limited resources [4] - The luxury goods sector is witnessing a trend where high-end brands are leaving premium shopping malls, which are now embracing new consumer brands to attract foot traffic. This shift indicates a failure of the traditional "top brands + prime locations" model [4] - The global beauty industry is entering a transformation phase in 2025, with growth rates slowing from 7% to 5%. The market is shifting towards segmentation and premiumization, with significant mergers and acquisitions occurring [6] - The beauty industry is experiencing an upgrade in 2026, characterized by a surge in plant-based ingredients and significant changes in packaging, indicating a move towards ecological and high-end transformations [6] Industry Trends - In 2025, over 30 well-known beauty brands are expected to exit the Chinese market, with a significant proportion being Japanese and Korean brands. This is attributed to the rise of domestic brands and changing consumer demands [6] - The application of generative AI in the fragrance sector is projected to contribute $9-10 billion to the global beauty industry, enhancing product development, marketing insights, and customer experiences [7] - The beauty industry is witnessing a rise in plant-based ingredient registrations, with nearly 25% of new ingredient registrations being plant-based by the end of 2025, indicating a shift towards ecological beauty [6] Head Brand Dynamics - Aldi's beauty brand Lacura has gained popularity by offering high-quality products at low prices, appealing to young consumers and reflecting a shift towards value-driven beauty consumption [10] - Lin Qingxuan has successfully listed on the Hong Kong Stock Exchange, becoming the first high-end domestic skincare brand to do so, with a focus on research and global expansion [10] - The brand Hai Gui Ba Ba is leveraging emotional resonance and cultural connections in its marketing strategies, particularly targeting youth during the New Year period [10]

Medical Aesthetics - Jiangsu Chuangjian Medical Technology Co., Ltd. received approval for its cross-linked recombinant collagen implant, marking a significant development in the medical aesthetics market [2][17] - The product is designed for facial dermal tissue filling to correct moderate to severe dynamic wrinkles, making it the fifth recombinant collagen implant approved in China and the first cross-linked version [17] - The recombinant collagen industry is shifting from "single type" to "diverse structure," with companies accelerating competition towards full-scenario applications [18] Cosmetics - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, officially listed on the Hong Kong Stock Exchange, becoming the first high-end domestic skincare brand to go public [3][19] - The company has established a comprehensive supply chain system and a unique OMO (Online-Merge-Offline) channel model, which integrates online and offline sales to enhance customer engagement and drive growth [23][35] - Lin Qingxuan's flagship product, the camellia oil essence, has achieved a leading repurchase rate of 33.5% in the industry, indicating strong customer loyalty [27][46] Investment Recommendations - The company recommends focusing on differentiated upstream medical aesthetics product manufacturers and chain medical institutions, highlighting the potential of Meili Tianyuan Medical Health [4][48] - In the cosmetics sector, the emphasis is on domestic brands that innovate in emotional value and safe ingredients, with key recommendations including Lin Qingxuan and other brands that leverage both online and offline channels [4][47] Market Performance - In December, the beauty and personal care index fell by 1.70%, underperforming the broader market, while the medical aesthetics sector saw notable gains from companies like Meili Tianyuan Medical Health and Jinbo Biological [5][10] - For the full year of 2025, the medical aesthetics sector showed mixed performance, with companies like Sihuan Pharmaceutical and Yonghe Medical leading in growth [10] Financial Highlights - Lin Qingxuan reported a total revenue of 1.05 billion yuan in the first half of 2025, reflecting a year-on-year growth of 98.3%, primarily driven by its camellia oil essence [23][41] - The company's gross margin remains high at 82.4%, with specific product categories like essence oil achieving even higher margins [23][41]

Investment Rating - The industry investment rating is "Positive" (首次) [1] Core Insights - The beauty and personal care industry is experiencing a mixed performance, with the beauty care index declining by 1.70% in December 2025, ranking 24th among all primary industries [15] - The medical beauty sector is seeing innovation with the approval of new products, such as the cross-linked recombinant collagen implant by Jiangsu Chuangjian Medical Technology Co., which is expected to inject new momentum into the market [7][34] - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for domestic high-end skincare brands [8][39] Summary by Sections Market Review - In December, the beauty care index reported a decline of 1.70%, underperforming the broader market, which saw the Shanghai Composite Index increase by 2.06% [15] - For the entire year of 2025, the beauty care index showed a cumulative increase of 0.39%, again lagging behind the Shanghai Composite Index's 18.41% growth [15] Medical Beauty - Jiangsu Chuangjian Medical's cross-linked recombinant collagen implant has been approved, making it the fifth such product in China and the first cross-linked version [34] - The industry is shifting from single product competition to a full-chain layout, with companies like Jinjian Biological and Junzi Biological also making significant advancements in the recombinant collagen space [34][36] Cosmetics - Lin Qingxuan has established itself as a leader in the high-end domestic skincare market, achieving the highest retail sales among domestic brands in 2024 [39] - The company has built a comprehensive supply chain and employs an OMO (Online-Merge-Offline) model to enhance customer engagement and sales [39][49] - Lin Qingxuan's core product, the camellia oil essence, has a high repurchase rate of 33.5%, indicating strong customer loyalty [51] Investment Recommendations - The report recommends focusing on differentiated upstream medical beauty product manufacturers and chain medical beauty institutions, highlighting companies like Meili Tianyuan Medical Health and Aimeike [9][53] - In cosmetics, the report suggests investing in brands that innovate in emotional value and safe ingredients, with a focus on domestic brands like Maogeping and Lin Qingxuan [54]

Investment Rating - The industry maintains a "Recommended" rating, focusing on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The market performance for the week of December 15-20, 2025, showed significant gains in the retail, social services, and beauty care sectors, outperforming the overall market with increases of +6.66%, +2.66%, and +2.87% respectively [2][14]. - The total retail sales of consumer goods from January to November 2025 reached 45.61 trillion yuan, a year-on-year increase of 4%. In November alone, retail sales totaled 4.39 trillion yuan, growing by 1.3% year-on-year, which was below market expectations [3][22]. - The service consumption growth rate outpaced that of goods retail, with service retail sales increasing by 5.4% year-on-year from January to November 2025 [3][22]. Summary by Sections Market Performance - The beauty care, retail, and social services sectors ranked first, fourth, and third among 31 primary industries, respectively, during the week [2][14]. - Specific sub-sectors such as general retail, hotel and catering, and professional chains saw notable increases of +9.67%, +8.40%, and +5.06% [15]. Key Industry Data and News - The retail sales of consumer goods in November 2025 showed a modest increase, with categories like communication equipment and jewelry performing well, while automotive and home appliances faced challenges due to high base effects and subsidy reductions [3][22]. - The Ministry of Commerce initiated a two-year pilot program for new consumption models in 50 cities, aiming to stimulate consumption through various innovative approaches [3][22]. Investment Recommendations - The report suggests focusing on companies in the beauty care and new consumption sectors, recommending specific stocks such as Shangmei Co., Juzhi Biotechnology, and Marubi Biotechnology [5][28].

Core Insights - Lin Qingxuan has successfully passed the Hong Kong Stock Exchange hearing and is set to become the first high-end domestic skincare stock listed on the main board [1] - The company has shown strong revenue growth, with total revenue projected to increase from 691 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate of 32.3% [1] - In the first half of this year, Lin Qingxuan achieved a revenue of 1.052 billion yuan, marking a year-on-year increase of 98.3% [1] Group 1: Market Position and Product Offerings - Lin Qingxuan has been the top-selling essence oil brand in China for 11 consecutive years, focusing on anti-wrinkle and firming skincare products [2] - The company pioneered the "oil-based skincare" concept in 2014 and has launched several successful products, including the Camellia Oil Essence, which has sold over 45 million bottles [2] - The product lineup includes various recognized items that cater to diverse consumer skincare needs, such as brightening creams and anti-wrinkle serums [2] Group 2: Sales Channels and Customer Engagement - Lin Qingxuan has effectively integrated online and offline sales channels, with a total of 554 stores nationwide, over 95% of which are located in shopping malls [2] - The company has achieved significant online sales success, ranking first in multiple categories on platforms like Tmall during major shopping events [3] - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, outperforming the industry average [3] Group 3: Research and Development - The company holds 87 patents, including 46 invention patents, covering key areas such as formula development and extraction technology [4] - Lin Qingxuan has established a complete value chain for its core ingredients, ensuring quality and uniqueness in its products [4] - The company has secured long-term supply agreements with nine high-quality camellia flower planting bases, ensuring a stable supply of raw materials [5] Group 4: Industry Trends and Future Outlook - The demand for high-end skincare products in China is steadily increasing, with a notable surge in demand for quality and effective products [6] - Lin Qingxuan is positioned to redefine high-end domestic skincare through its innovative approaches and comprehensive sales strategies [6] - The upcoming listing on the capital market is expected to enhance the brand's influence and drive further innovation in the domestic skincare sector [6]

来源：新浪港股-好仓工作室 近日，上海林清轩化妆品集团股份有限公司（简称"林清轩"）递交聆讯后资料集，或很快在香港联合交 易所有限公司（"港交所"）上市。中信证券（香港）有限公司及华泰金融控股（香港）有限公司担任联 席保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 品牌价值塑造与传播，包括品牌价值塑造及加深品牌形象认知以及直接面向客户的品牌推广活动； 5. 内生孵化与外延并购双轮驱动，打造品牌矩阵，包括孵化新品牌、战略性收购与现有品牌组合形成充 分协同与互补价值的品牌； 6. 运营及信息基础设施数字化、智能化建设； 7. 营运资金及一般公司用途。 附招股书链接 公司介绍 林清轩是中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，以山茶花成分的高端护肤改善方案为核 心特色。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，首创新山茶面部精华油，首 款山茶花精华油于2014年问世，奠定核心产品线基础。历经十余年发展，公司在细胞级抗皱精华油领域 积累专业知识，构建了覆盖线上线下的OMO整合销售网络，包括直營店、门店合作夥伴、线上直销及 线上零售商渠道，截至2025年6月30日，全国 ...

Company Overview - Lin Qingxuan has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] - The company is a high-end domestic skincare brand in China, focusing on the anti-wrinkle and firming skincare market, characterized by its use of natural camellia flower ingredients and the innovative "oil-based skincare" concept [1] Product Performance - Lin Qingxuan launched its camellia facial essence oil in 2014, with cumulative sales exceeding 45 million bottles, maintaining the top position in the national facial essence oil product rankings for 11 consecutive years [1] - It is the only facial essence oil that has achieved over 100 million RMB in retail sales for 8 consecutive years [1] Product Range and Market Position - As of June 30, 2025, Lin Qingxuan will offer 230 SKUs, covering a full range of high-end skincare solutions including essence oils, creams, toners, emulsions, serums, masks, and sunscreens [1] - According to data from Zhi Zhi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, with a market share of 1.4% [1] - The company is also the only domestic brand to enter the top 15 high-end skincare brands in China (including both domestic and international brands), ranking 13th [1] Market Growth Potential - The market size for high-end skincare products in China is expected to grow from 114.4 billion RMB in 2024 to 218.5 billion RMB by 2029, with significant growth potential in the high-end anti-wrinkle and firming products market and the facial essence oil market, projected to reach 155.5 billion RMB and 13.9 billion RMB respectively by 2029 [1] Sales Strategy - The company has established an OMO (Online-Merge-Offline) integrated sales network, combining online direct sales, online retailers, and offline stores, including direct stores, partner stores, retailers, corporate clients, and distributors [1]

Company Dynamics - On December 2, the Hong Kong Stock Exchange disclosed that Shanghai Linqingxuan Cosmetics Group Co., Ltd. submitted its listing application, with CITIC Securities and Huatai International as joint sponsors [2] - Linqingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its flagship brand offering high-end skincare solutions based on natural camellia ingredients [2] - Since starting research on camellia skincare products in 2012, the company pioneered the "oil-based skincare" concept, launching its first camellia essence oil in 2014, which laid the foundation for its core product line [2] - As of June 30, 2025, Linqingxuan has a total of 230 SKUs, including essence oils, creams, toners, lotions, serums, masks, and sunscreens [2] - Research and development costs for Linqingxuan were RMB 21 million, RMB 20 million, RMB 30 million, and RMB 18 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Overview - The Chinese skincare market has been steadily growing, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, representing a compound annual growth rate (CAGR) of 6.8% [3] - The high-end segment of the market has seen significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [3] - In 2024, Linqingxuan ranked first among all high-end domestic skincare brands in China, capturing a market share of 1.4% based on retail sales [3] - Linqingxuan's revenue for the years 2022, 2023, 2024 was RMB 691 million, RMB 805 million, and RMB 1.21 billion, with revenue for the first half of 2025 reaching RMB 1.052 billion [3] - The adjusted net profits for Linqingxuan were RMB -4 million, RMB 88 million, RMB 200 million, and RMB 201 million for the years 2022, 2023, 2024, and the first half of 2025, indicating significant fluctuations in growth [3]

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 - 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]