上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）已顺利通过港交所聆讯。12月14日，港交所 披露易显示，林清轩已披露聆讯后资料集，意味着"国货高端护肤第一股"即将登陆港交所主板。 2014年，公司率先提出"以油养肤"理念，通过深入研究本土高山红山茶花及其在精华油配方中的突破性 运用，首创山茶花面部精华油。据灼识咨询数据，截至2025年6月30日，公司山茶花抗皱修护精华油累 计销量突破4,500万瓶，自2014年起连续11年以全渠道零售额第一的成绩占据全国面部精华油榜首，更 是该品类中唯一连续8年零售额超1亿元的产品。 除核心大单品山茶花精华油外，公司还推出了山茶花焕亮精华霜、高倍隔离防晒霜、山茶花抗皱肽微珠 精华水、山茶花保湿胜肽紧致面膜、山茶花修护平衡精华肌底液、红山茶焕活淡纹精华水及山茶花黑金 时光肽抗皱焕亮柔肤液等一系列广受认可的产品，可全方位满足消费者护肤需求。 在渠道布局上，林清轩亦实现了线上线下协同发力、全域覆盖。截至2025年6月30日，公司全国门店总 数达554家，其中超过95%位于购物商场。灼识咨询的数据显示，按门店总数计，其在中国的国货及国 际高端护肤品牌中排名第一。 林清轩线上渠道 ...

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 ...

林清轩递表港交所主板，联席保荐人为中信证券和华泰国际。 截至2025年6月30日，林清轩提供230个SKU，涵盖精华油、面霜、爽肤水及乳液、精华液、面膜及防晒 霜等全系列高端护肤方案。根据灼识咨询数据，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，市场份额为1.4%；同时也是唯一跻身中国前15大高端护肤品牌（包括国货及国际品 牌）的国货品牌，排名第13位。 中国高端护肤品市场规模预计将从2024年的1144亿元增长至2029年的2185亿元，其中高端抗皱紧致产品 市场和面部精华油市场均有显著增长潜力，预计2029年将分别达到1555亿元和139亿元。 公司建立了OMO（线上线下（300959）融合）综合销售网络，结合线上直销、线上零售商与线下直营 店、门店合作伙伴、零售商、企业客户及经销商等多元渠道。 公司是中国高端国货护肤品牌，聚焦抗皱紧致护肤市场，以天然山茶花成分和开创性的"以油养肤"理念 为特色。公司首创山茶花面部精华油，自2014年推出以来累计销售逾4500万瓶，连续11年蝉联全国面部 精华油产品榜首，是唯一一款连续8年零售额超过人民币1亿元的面部精华油。 ...

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]

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand in China, has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1][3]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, known for its high-end solutions based on natural camellia oil since its research began in 2012 [3]. - The company launched its first camellia oil 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 [3][4]. - As of June 30, 2025, Lin Qingxuan offers 230 SKUs and has generated significant revenue, with 99% of its income coming from its core product lines in recent years [4]. Market Position - In 2024, Lin Qingxuan 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 [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 2,185 billion by 2029 [4]. Financial Performance - Revenue for Lin Qingxuan was approximately RMB 6.91 billion in 2022, RMB 8.05 billion in 2023, and RMB 12.1 billion in 2024, with a projected revenue of RMB 10.52 billion for the first half of 2025 [8]. - Gross profit figures were RMB 5.39 billion in 2022, RMB 6.54 billion in 2023, and RMB 9.98 billion in 2024, with a gross profit of RMB 8.66 billion for the first half of 2025 [9]. Market Growth Potential - The market for high-end anti-wrinkle and firming products is projected 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 facial oil market in China is expected 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 that combines online and offline channels, enhancing brand engagement and consumer touchpoints [7].

Group 1: Company Insights - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan. China Power Construction, as a leading enterprise in water conservancy and hydropower, holds over 65% market share in domestic hydropower. The project is expected to generate an annual engineering volume of approximately 21.8 to 29.1 billion yuan for the company, accounting for about 1.7% to 2.3% of the company's new contract amount over 24 years [5]. - Mifeng Times (2556.HK) is expected to achieve significant revenue growth driven by its full-chain product matrix and high customer stickiness. The commercialization of AI Agent is anticipated to open a second growth avenue, with projected revenues of 2.36 billion, 3.17 billion, and 4.13 billion yuan for 2025-2027, corresponding to PS ratios of 5.6, 4.2, and 3.2 times [8]. - Lin Qingxuan (H02170.HK) has positioned itself as a high-end skincare brand based on natural camellia oil ingredients. Since its launch in 2014, it has ranked first in total retail sales among all facial oil products in China for 11 consecutive years. According to Frost & Sullivan, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024 [14]. - Reading Group (0772.HK) maintains stable online reading business performance, with revised revenue forecasts for 2025-2027 at 7.39 billion, 7.95 billion, and 8.14 billion yuan. The company is expected to see profit improvements due to the performance of new businesses like short dramas and IP derivatives [32]. - Zhou Hei Ya (1458.HK) is projected to achieve revenue of 1.2 to 1.24 billion yuan in H1 2025, a year-on-year decline of 1.5% to 4.7%. However, profit is expected to increase by 55.2% to 94.8%, indicating operational improvements driven by flexible management mechanisms [38]. Group 2: Industry Trends - The "anti-involution" trend may lead the automotive industry to shift from price-cutting strategies to technology upgrades and cost reduction models. Recommended stocks include XPeng Motors for strong technological capabilities in the price range below 200,000 yuan, and Geely for its solid fundamentals and undervalued status [18]. - The petrochemical industry is undergoing a transformation with the elimination of outdated capacity, which is expected to enhance industry competitiveness. The Ministry of Industry and Information Technology is set to introduce a growth stabilization plan for the petrochemical sector [24]. - The urea industry is likely to benefit from the exit of outdated production facilities, with supply-side reforms expected to improve industry conditions. Key players to watch include Hualu Hengsheng, Hubei Yihua, Luxi Chemical, and Yangmei Chemical [28]. - The emergence of stablecoins, which are pegged to fiat currencies or assets, is aimed at addressing the volatility of cryptocurrencies and enhancing payment efficiency. Regulatory frameworks for stablecoins have been introduced in the US, Europe, and Hong Kong, which may strengthen the dollar's position in the international monetary system [44].

Group 1: Construction Materials - The central urban work conference emphasized urban renewal and improvement rather than large-scale demolition, focusing on meeting public needs and enhancing existing urban development [1] - The National Development and Reform Commission called for preventing low-level redundant construction and vicious competition, indicating a shift towards high-quality development in the low-altitude economy [1] Group 2: Machinery - Exports to North America continued to decline in June, but the engineering machinery category maintained a high level of prosperity, with excavators, tractors, and mining machinery showing year-on-year growth rates of 22%, 26%, and 23% respectively [2] - Recommendations include关注一拖股份 and 徐工机械 based on the strong performance in the engineering machinery sector [2] Group 3: Non-ferrous Metals - In Q2 2025, the holding ratio of non-ferrous metal heavy stocks increased to 4.3%, with significant increases in rare earths and minor metals [3] - Investment suggestions include 北方稀土 for rare earths, 金诚信 and 紫金矿业 for copper, and 中国宏桥 for aluminum [3] Group 4: Chemicals - The government is expected to promote the elimination of outdated capacity in the petrochemical industry, which could enhance industry competitiveness [4] - The current phase of evaluating the elimination of old chemical production capacity is anticipated to lead to a gradual optimization of supply [4] Group 5: Banking - 常熟银行 reported a 10.1% year-on-year increase in revenue to 6.06 billion yuan and a 13.5% increase in net profit to 1.97 billion yuan for the first half of 2025 [7] - The bank's non-performing loan ratio remains low, and the provision coverage ratio is high, indicating strong resilience in earnings and profitability [7] Group 6: Internet Media - 哔哩哔哩 has significant potential for C-end paid user growth, with a focus on the commercialization of its advertising business and the launch of new gaming products [8] - The company is expected to maintain stable costs while projecting adjusted net profits of 2.15 billion yuan, 3.51 billion yuan, and 4.65 billion yuan for 2025-2027 [8] Group 7: Home Appliances - 海尔智家 is positioned as a leading global home appliance brand, with a notable upward trend in air conditioning operations for 2025 [9] - The company is expected to achieve net profits of 21.5 billion yuan, 24.3 billion yuan, and 27.3 billion yuan for 2025-2027, with a current price-to-earnings ratio of 11, 10, and 9 times respectively [9] Group 8: Electronics - 视源股份 continues to show revenue growth, although net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.048 billion yuan and 1.239 billion yuan respectively [10] - The long-term growth potential remains strong, with a projected net profit of 1.486 billion yuan for 2027 [10] Group 9: Skincare - 林清轩 has established itself as a leading high-end skincare brand in China, with its camellia oil facial essence ranked first in retail sales among all facial essence products for 11 consecutive years [6] - The brand is recognized as the only domestic brand among the top 15 high-end skincare brands in China, according to 灼识咨询 [6]

Core Viewpoint - Lin Qingxuan is a leading high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, with its flagship product being the camellia oil facial essence, which has ranked first in retail sales for 11 consecutive years since its launch in 2014 [3]. Industry Overview - The Chinese cosmetics market is projected to reach a scale of 688.6 billion yuan in 2024, with skincare products accounting for the largest share at 461.9 billion yuan. The compound annual growth rate (CAGR) for skincare from 2019 to 2024 is 6.8%, and it is expected to accelerate to 8.6% from 2024 to 2029 [4]. - The facial essence oil category is experiencing significant growth, with a market size of 5.3 billion yuan in 2024 and a CAGR of 42.8% from 2019 to 2024, expected to slow to 21.3% from 2024 to 2029. Anti-wrinkle and firming skincare products are also in high demand, with a CAGR of 15.0% from 2019 to 2024 and an expected 18.9% from 2024 to 2029 [4]. Company Highlights - The company has successfully positioned itself in the niche market of facial essence oil, with this category representing 37% of its revenue in 2024. Revenue and gross margin for this category have been consistently increasing from 2022 to 2024, with projected revenue growth of 30.4% in 2023 and 57.6% in 2024 [5]. - The company maintains a balanced distribution of online and offline channels, with online revenue growth of 26.3% in 2023 and 81.1% in 2024, contributing to overall growth. Offline stores enhance the brand's high-end skincare image, with rapid growth in non-direct stores [5].