作者 | 李小霞 编辑 | 乔芊 近日，林清轩赶着2025年消费企业上市潮的末班车，在港交所敲了钟，成为港股"国货高端护肤第一股"。 开盘后，林清轩盘中涨幅一度逼近18%，最终以85港元/股的价格收官，首日涨幅锁定9.3%，对应总市值约119亿港元。 林清轩是一家于2003年非典期间创立的护肤品牌，最初靠25 元一块的手工皂起家，2014 年推出山茶花精华油后开启高端化转型。其股东阵容包括雅戈尔 时尚、吴晓波，以及全球美妆巨头欧莱雅。 随着林清轩上市，很容易让人想到同样香港上市，今年与泡泡玛特、老铺黄金、蜜雪冰城并称为"港股F4"的彩妆品牌毛戈平。 二者都以创始人姓名作为核心品牌资产的命名策略，只不过林清轩是创始人孙来春学生时代的笔名。 在这之外，林清轩与毛戈平皆以高端定价锚定市场，在国货美妆高端化里趟出了两条河流。 两次生死局 故事要从一朵山茶花说起。 2012年，东北人孙来春发掘红山茶花的护肤价值，并于两年后推出第一代山茶花精华油，成为较早布局 "以油养肤" 赛道的本土品牌。 那时候，国内消费者对护肤油的认知尚浅。转折点出现在2020年后，"以油养肤" 成为护肤主流趋势，小红书相关笔记超百万篇，林清轩理应 ...

在众人簇拥下，身着深色西装的孙来春走上前，他持锤而击，伴随着洪亮而清脆的回响，孙来春创立的 林清轩以"国货高端护肤品第一股"之姿正式登陆港交所，和现场其他五家企业一起"组团"开启了自己的 资本市场首秀。 从2003年一块25元的手工皂到敲开港交所大门，林清轩走了22年。站在更高的舞台，孙来春难掩激动， 他对《国际金融报》记者表示，上市对于公司而言意味着更规范的治理、更透明的运营和更广阔的发展 平台。"借助港股，我们将强化品牌国际影响力，加速全球化布局；利用融资优势深化研发、拓展渠 道"。 在孙来春看来，上市不仅是资金的注入，更是信任与责任的升级。这个屡次从困境中突围的企业家有了 新的目标——推动中国品牌走向世界。 据德勤中国统计，2025年共有114只新股登陆港股市场，较2024年的70只增长63%；融资总额2863亿港 元，同比增长超200%，时隔四年重返全球IPO榜首。 12月30日，港股迎来2025年倒数第二个交易日。 位于香港岛中环康乐广场的交易大厅人声鼎沸，六个标志性的铜锣被红色绸布轻轻覆盖，沿大厅舞台前 缘一字排开，林清轩、卧安机器人等六家企业同日上市。 实际上，这样的里程碑时刻和欢腾热闹的场景过 ...

一朵山茶花如何以"国货高端"定位，22年磨一剑终成第一股？ 从一块手工皂，到港交所敲钟的百亿市值，林清轩用22年时间证明：真正的品牌不是追赶潮流，而是创造潮流。 今天上午，香港交易所的铜锣声又为一家火种定位学会会员企业敲响——林清轩（股票代码：02657.HK）正式挂牌上市，成为"国货高端护肤第一股"。 开盘价 85 港元 ，较发行价 77.77 港元上涨 9.3% 市值突破 124 亿港元 这个数字背后，是一个从上海弄堂起步的品牌，用22年时间书写的战略坚守与市场突围的传奇。 作为火种定位学会专家团导师，我见证了太多品牌的起落浮沉。林清轩的成功上市，不仅是一家企业的里程碑，更是中国品牌战略定位实践的一次经典验 证。 01 逆势而为的"不合群者"：国货定位的长期主义 2003年，当中国化妆品市场充斥着"洋名字"和"国际标签"时，孙来春做出了一个让同行费解的决定：用自己大学时期的笔名"林清轩"作为品牌名。 "森林、清泉、亭台轩榭"，这个听起来"更像卖文玩、茶叶"的名字，在当时的化妆品赛道里显得格外"不合群"。 有人劝他换个洋气点的名字，"毕竟消费者当时更认'进口货'"。但孙来春的回答成为林清轩品牌战略的基石： ...

"国货高端护肤第一股"诞生了。 昨天上午，当林清轩创始人孙来春敲响上市钟声的那一刻，屏幕上"02657.HK"的股票代码，不仅标志 着"国货高端护肤第一股"正式诞生，更像是给这个从上海起家的本土品牌，画上了22年成长路上的一个 重要逗号—— 招股价77.77港元/股（约合人民币70.05元），开盘报价85港元/股（约合人民币76.56元），最高冲至91 港元/股（约合人民币81.96元）。截至13:10，总市值定格在124.02亿港元。 据招股书披露，2025年上半年，林清轩半年即突破了10亿营收，同比大幅增长98.30%，今年底有望成 为20亿俱乐部的一员。 从2003年孙来春在电饭锅里花6小时做出第一块手工皂，到如今一年卖出20亿、核心单品山茶花精华油 累计销量超4500万瓶，林清轩的故事，藏着太多本土品牌成长的密码。 此前在金冠俱乐部私享会上，孙来春曾毫无保留地分享过品牌突围的核心逻辑——赶潮、造船、低谷重 生、取舍有道。如今回望这场从上海弄堂走向国际资本市场的征程，每一步都印证着这些理念的分量。 今天我们就顺着这条路径，再回头看看林清轩是怎么一步步走到现在的。 01 不蹭"洋风"的"赶潮者" 2003 ...

Group 1: China-Vietnam Cooperation - The visit of Chinese President Xi Jinping to Vietnam has strengthened the long-standing friendly relations between China and Vietnam, enhancing the confidence of Chinese businesses and investors in Vietnam [4] - Chinese enterprises have significantly contributed to Vietnam's infrastructure and job creation, with local youth gaining enhanced employment competitiveness through skills learned from Chinese companies [5] - The year 2025 marks the 75th anniversary of diplomatic relations between China and Vietnam, with initiatives to invite Vietnamese youth to China for cultural exchanges [5] Group 2: China-Malaysia Relations - The historical ties between China and Malaysia, dating back to Zheng He's voyages, continue to thrive with cultural exchanges and tourism initiatives [7][8] - The revitalization of historical areas in Malaysia, such as Jonker Street, has led to increased tourism and cultural activities, fostering deeper connections between the two nations [8] - The joint efforts in cultural heritage preservation and mutual understanding are seen as vital for enhancing bilateral relations [9] Group 3: China-Cambodia Agricultural Cooperation - Recent agreements between China and Cambodia in agriculture and technology have invigorated the agricultural sector, with local entrepreneurs like Rong Kangping successfully cultivating lemongrass [11] - The Belt and Road Initiative has facilitated the expansion of Cambodian agricultural products into Chinese markets, enhancing local economic development [12] Group 4: China-Russia Cultural Exchange - The signing of a joint statement by the leaders of China and Russia to deepen cultural exchanges has led to various initiatives in education and media collaboration [15] - Youth exchanges between China and Russia have been actively promoted, with programs designed to enhance mutual understanding and cultural appreciation [16] Group 5: China-Kazakhstan Trade Relations - The second China-Central Asia Summit has resulted in practical measures to enhance agricultural cooperation, with Kazakh entrepreneurs exploring opportunities in the Chinese market [19] - The growth of trade at the Khorgos International Border Cooperation Center indicates increasing economic collaboration between China and Kazakhstan, with significant increases in cross-border traffic [20] Group 6: China-South Korea Educational Cooperation - The reaffirmation of the strategic partnership between China and South Korea has led to numerous cooperative agreements in various sectors, including education [22] - The demand for Chinese language education in South Korea is rising, with local schools expanding their curriculum to include various aspects of Chinese culture [23]

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant shift with domestic brands gaining market share, while international brands like L'Oréal are facing challenges [4][6][10] - The medical beauty sector is expanding, with companies like Juzhi Biotech and Naturals launching innovative products, indicating a trend towards cross-industry collaboration [4][6] - The soap market is evolving with a focus on high-end products and natural ingredients, appealing to environmentally conscious consumers [6] - PDRN technology is transitioning from niche medical applications to mainstream skincare, enhancing product efficacy and market accessibility [6][10] - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, leveraging its mature market and tourism recovery [6][10] - The competitive landscape is intensifying, with domestic brands dominating the top rankings and new entrants disrupting traditional market dynamics [4][6][10] Industry Environment - L'Oréal has dropped out of the top 10 rankings in the Douyin beauty market, with domestic brands like Han Shu and Proya leading the charge [4] - The medical beauty market is projected to reach 370 billion by 2025, attracting investments from beauty companies [4] - The soap market is witnessing a shift towards premium products, with handmade soaps gaining traction among consumers [6] - PDRN technology is being adopted in mainstream skincare, with various brands innovating in formulations and applications [6] - Domestic beauty brands are increasingly focusing on international markets, with Hong Kong serving as a strategic entry point [6] Top Brand News - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual strategy for online and offline sales [12] - Influencer Zhu Guagua has regained prominence in the Douyin beauty market, significantly impacting brand sales through effective marketing strategies [12] - Hermès is exploring the skincare segment, with plans to launch products post-2028, indicating a strategic move to enhance its beauty portfolio [12] - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development [12] - Juyi Group has acquired the Italian brand Foltène to strengthen its position in the hair care market, reflecting a trend of consolidation among domestic beauty companies [12]

Core Viewpoint - The article highlights the significance of the Huangdi (Yellow Emperor) worship ceremony held in Xiandu Scenic Area, Jinyun County, Lishui City, Zhejiang Province, emphasizing its role in promoting cultural exchange and heritage among Chinese communities, especially overseas [6][9][10]. Cultural Significance - The Huangdi worship tradition in Jinyun dates back to the Eastern Jin Dynasty, with the current ceremony attracting over 400 participants, showcasing Huangdi as a cultural symbol and spiritual bond for the Chinese people [9][10]. - The event serves as a bridge for overseas Chinese to connect with their roots and honor their cultural heritage, with over 6,000 overseas Chinese participating in related activities in recent years [9][10]. Economic Development - Jinyun County has leveraged its cultural resources to promote local economic development, including the establishment of a handmade soap industry utilizing tea waste, which has attracted nearly 300 Taiwanese visitors in 2024 [11][12]. - The local economy benefits from tourism, with the scenic area being recognized as a cultural exchange base, attracting over 1,000 international students and friends from more than 80 countries [10][11]. Cultural Products and Promotion - The county has developed over 100 types and 270 varieties of cultural products related to Huangdi culture, enhancing local branding and cultural dissemination [13]. - The integration of Huangdi cultural elements into everyday life is evident, with local businesses and products reflecting this heritage, including the distribution of 70 million packages featuring Huangdi cultural symbols globally [12][13]. Educational Initiatives - Local schools incorporate Huangdi culture into their curriculum, fostering a sense of cultural identity among students through various educational programs and activities [14][15]. - The establishment of research think tanks and cultural academies in Jinyun aims to deepen the understanding and dissemination of Huangdi culture, reinforcing its significance in the broader context of Chinese cultural identity [15][16].

Core Insights - The oil tea industry in China has become a significant economic pillar, with a total output value exceeding 100 billion yuan, particularly highlighted during the harvesting season in Hunan province [1] Group 1: Industry Overview - Hunan province has over 5 million mu of oil tea trees entering the concentrated harvesting period, utilizing high-yield and disease-resistant varieties along with advanced agricultural technologies [2] - The oil tea production in Hunan is projected to reach 440,000 tons with a total output value of 93.4 billion yuan by 2024, with plans to expand the planting area by 1.05 million mu during the 14th Five-Year Plan [12] Group 2: Technological Advancements - The introduction of drones for transporting oil tea fruits has significantly improved efficiency, reducing transport time from 20 minutes to just 1 minute per trip [6] - A fully automated production line for processing oil tea fruits enhances production efficiency and ensures the freshness of the tea oil [14] Group 3: Economic Impact - The establishment of the oil tea industry association in Youxian has facilitated a complete industrial chain from seedling cultivation to processing, achieving a production of 13,000 tons of tea oil with a comprehensive output value of 2.3 billion yuan last year [10] - Financial support from government initiatives has amounted to over 5.2 billion yuan during the 14th Five-Year Plan, promoting the cultivation of oil tea resources [23] Group 4: Product Diversification - The oil tea fruit is being utilized in various products beyond cooking oil, including skincare items such as hand creams and soaps, significantly increasing the product's value from 80-100 yuan per jin to over 1,000 yuan per jin for refined products [16][22] - The development of 15 different products from tea oil, including hand soap and skincare products, showcases the industry's potential for product diversification and added value [18]

Core Insights - The oil tea industry in China has become a significant contributor to the economy, with a total output value of nearly 1 trillion yuan, particularly in Hunan province, which is a major production area [1][13]. Group 1: Industry Overview - The oil tea industry has formed four pillar industries with an output value exceeding 1 trillion yuan, including the under-forest economy [1]. - Hunan province has a total oil tea plantation area of 23.71 million acres, with an expected production of 440,000 tons of tea oil and a comprehensive output value of 93.4 billion yuan in 2024 [13]. Group 2: Technological Advancements - In Hunan Hengyang, over 500,000 acres of oil tea are in the harvesting season, utilizing high-yield and disease-resistant varieties along with integrated water and fertilizer systems [3]. - Drones are being used to transport oil tea fruits from steep slopes, significantly reducing transportation time from 20 minutes to just 1 minute per trip [7]. Group 3: Economic Impact - The oil tea industry in You County has established a complete industrial chain, achieving a tea oil production of 13,000 tons and a comprehensive output value of 2.3 billion yuan last year [11]. - The local government has allocated over 5.2 billion yuan in funding to support oil tea production during the 14th Five-Year Plan period, promoting the cultivation of 500,000 acres of low-yield forests [25]. Group 4: Product Diversification - The oil tea fruit is being processed into various products, including skincare items, with the value of refined tea oil derivatives reaching over 1,000 yuan per pound, increasing the added value by more than ten times [17]. - A company has developed 15 products from tea oil, including handmade soap and hand cream, enhancing the product line and increasing the overall value [19]. Group 5: Financial Innovations - Innovative financial solutions, such as the "green financial property rights certificate," have been introduced to facilitate funding for the oil tea industry, allowing businesses to leverage forest resources for loans [29]. - The establishment of a 20 million yuan reserve fund by the local government has helped mitigate risks for banks, encouraging lending to businesses in the forestry sector [29].

Core Points - The opening of "Pengbu Tea Pavilion Yishifang," a creative store in Hangzhou, showcases the entrepreneurial efforts of 13 hearing-impaired artisans, primarily women, who engage in various crafts including baking, weaving, and soft pottery [3][4] - The store aims to promote a barrier-free environment and support the entrepreneurial aspirations of disabled individuals, with a focus on community involvement and social responsibility [3][5] Group 1 - The store features over 20 types of handmade products, many of which are exquisite intangible cultural heritage items [3] - The opening ceremony was supported by local disability service organizations and included a declaration advocating for collaboration in creating a barrier-free environment [3][5] - The store also offers public workshops on handicrafts and sign language, enhancing community engagement [3][4] Group 2 - Zhang Ying, a hearing-impaired girl from Inner Mongolia, has started her entrepreneurial journey by selling handmade soaps and plans to conduct public courses on soap making [4] - The store includes a dedicated area for the artwork of hearing-impaired siblings Zhang Xiaolin and Zhang Xiaowen, showcasing their paintings and providing a space for live art creation [4] - The store incorporates AI real-time subtitle technology to facilitate communication between customers and hearing-impaired staff, along with additional community services like sewing repairs and legal consultations [5] Group 3 - The local government emphasizes ongoing support for disabled individuals and aims to mobilize social resources to foster a caring atmosphere for the disabled community [5] - The store is envisioned as a warm and quiet space for hearing-impaired individuals and visitors to relax, learn, and engage with one another [5]