在不确定的市场中，芙蕊汇如何为美丽消费提供"确定性" 其核心逻辑在于将传统模式中模糊、不可控的环节，转为透明、可预期的标准化规则。具体而言，芙蕊汇通过"平台集采"模式构建产品流转：所 有产品由平台直采直供，从源头过滤假货与水货风险，同时也实现价格稳定管控，让用户能以更合理价格购买到产品。 三、从"预期模糊"到"结果可视" 在芙蕊汇的体系中，用户认购一个医美产品或护肤品的份额，其未来的价值路径是清晰的，平台只收取固定比例的管理费，其余返还给用户。 第八届中国国际进口博览会上海举行，设立了医美、化妆品专区，展台上那些眼花缭乱的产品，向世界描绘了一个充满无限可能的"美丽新世 界"。然而，当繁华散尽，回归现实的消费者与从业者，却依然要面对一个充满不确定性的市场：产品的真伪不确定，价格的波动不确定，效果的 预期不确定……这种普遍存在的"不确定性"，正在成为制约行业健康发展的核心阻力。 一、不确定性的迷雾，笼罩美丽消费 对于消费者而言，这种不确定性体现在多个层面：斥资不菲购买的精华液，是否是无法追溯来源的"水货"？心仪的医美产品，价格是否因渠道混 乱而层层加码？最终的效果，又是否会与宣传时描绘的蓝图相去甚远？数据显示，超 ...

Core Viewpoint - Lin Qingxuan has updated its IPO prospectus, including a name change from "Shanghai Lin Qingxuan Biotechnology Co., Ltd." to "Shanghai Lin Qingxuan Cosmetics Group Co., Ltd." This change has sparked discussions among investors regarding the strategic implications of moving from a biotechnology focus to a cosmetics brand, especially as the company approaches its IPO [1][2][3]. Financial Performance - Lin Qingxuan's revenue is projected to grow from approximately 6.91 billion yuan in 2022 to 12.1 billion yuan in 2024, indicating a steady upward trend [7]. - In the first half of this year, Lin Qingxuan reported revenue of about 10.52 billion yuan, a significant increase of 98.49% compared to the same period last year [8]. - The company's gross profit margins are notably high, with figures of 78.0%, 81.2%, 82.5%, and 82.4% for the years 2022 to 2024, outperforming major competitors [9]. Research and Development - Despite the high gross margins, Lin Qingxuan's R&D expenses have been relatively low, with rates of 3.06%, 2.45%, 2.51%, and 1.71% from 2022 to 2024, indicating a declining trend [10]. - The company has managed to maintain its high-end product sales without significant R&D investment, suggesting a potential reliance on marketing rather than innovation [11][19]. Marketing Strategy - Lin Qingxuan's marketing and distribution expenses have been substantial, with figures of 5.09 billion yuan, 4.86 billion yuan, and 6.88 billion yuan from 2022 to 2024, constituting a significant portion of total revenue [16]. - The marketing expenses have been approximately 9 to 20 times higher than R&D expenditures, highlighting a strategy focused on brand marketing over product development [16][18]. Market Position and Risks - The company has a heavy reliance on its core product, camellia oil, which accounted for 45.5% of revenue in the first half of this year, raising concerns about market risk due to limited product diversification [18]. - Recent investor behavior indicates a lack of confidence in Lin Qingxuan's IPO prospects, with early investors exiting before the IPO submission [21]. Future Outlook - Lin Qingxuan plans to expand its product line beyond camellia oil and implement a multi-brand strategy to enhance its market position [24]. - The company has maintained a growing number of physical stores, increasing from 366 to 554 over the past three years, which may provide a buffer against market fluctuations [26].

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]

Group 1 - The APEC informal leaders' meeting will be held in Gyeongju, South Korea, from October 31 to November 1, 2025, highlighting the significance of APEC as a major economic cooperation mechanism in the Asia-Pacific region [1] - In the first three quarters of this year, Jiangsu's import and export volume to other APEC economies reached 2.73 trillion yuan, representing a year-on-year growth of 4.6% [1] - Midea's vacuum cleaner exports to Peru increased by 70.7% year-on-year in the first nine months of this year, benefiting from the China-Peru Free Trade Agreement which reduced import tariffs from 9% to 0% [1] Group 2 - Zhenjiang's exports of engineering machinery to other APEC economies reached 320 million yuan in the first three quarters, showing a year-on-year increase of 67.3% [1] - Komar Cosmetics (Wuxi) Co., Ltd. exported 100,000 essence products to Japan, with export value increasing nearly 3.7 times year-on-year in the first nine months [2] - The company leverages its global brand influence and local manufacturing advantages to enhance its market presence in the Asia-Pacific region [2]

Core Viewpoint - The article emphasizes the significance of technological innovation in the cosmetics industry, particularly through the development of the "Snow Lotus (SAUSSUREA INVOLUCRATA) callus extract" by YNIFANG, marking a milestone in sustainable resource utilization and modern biotechnology in Chinese beauty brands [3][5][39]. Group 1: Innovation and Development - The new ingredient is a result of deep insights into the unique active components of Snow Lotus and the challenges of traditional raw materials regarding sustainability and stability [5][10]. - YNIFANG's strategic shift from resource dependency to technological creation is highlighted, showcasing its commitment to integrating biotechnology with rare Eastern ingredients [5][39]. - The successful registration of this new ingredient enhances YNIFANG's brand with a strong technological foundation, supporting its "Eastern Skin Formula" [5][39]. Group 2: Research and Insights - YNIFANG has built a dedicated database focusing on the characteristics of Eastern women's skin, conducting extensive research over 19 years, including 67,116 hours of research and 135 offline communication sessions [8]. - The brand identified six core characteristics of Eastern skin, such as higher sensitivity and moisture loss, which informed the development of the Snow Lotus extract [8][10]. Group 3: Ingredient Properties and Benefits - The Snow Lotus callus extract focuses on multiple core functions: antioxidant, soothing, and repairing, effectively addressing issues like pigmentation and high moisture loss in Eastern skin [10][34]. - The extract contains rich active components such as flavonoids, polysaccharides, and phenols, which contribute to its skincare potential [13][34]. Group 4: Technological Advancements - YNIFANG employs innovative techniques like plant stem cell culture and constant temperature extraction to ensure sustainable and high-quality production of the Snow Lotus extract [16][18]. - The extraction process uses pure water as the only solvent, eliminating chemical residue risks and preserving the bioactivity of the active components [19][34]. Group 5: Quality Control and Validation - A comprehensive quality control system is established, ensuring active ingredient content meets strict standards, including flavonoids ≥ 15.0% and polysaccharides ≥ 15.0% [20][34]. - The efficacy of the Snow Lotus extract is validated through a three-tier verification system involving in vitro cell experiments, zebrafish tests, and human clinical trials, confirming its antioxidant and skin repair properties [21][30][32]. Group 6: Market Positioning and Product Development - The new ingredient is targeted at the 25-35 age group, addressing common skin concerns such as dullness and pigmentation through various product lines, including creams and serums [15][36]. - This development complements YNIFANG's existing product offerings, enhancing its competitive edge in the Eastern skincare market [37][39].

Investment Rating - The report does not explicitly state the investment rating for Cosmax, but it provides detailed financial performance metrics that suggest a positive outlook for the company. Core Insights - Cosmax's revenue for Q2 2025 reached 623.6 billion KRW, representing a year-over-year increase of 13.1%, driven by global expansion and strategic initiatives [2][9] - The gross profit for Q2 2025 was 112.9 billion KRW, up 0.7% YoY, with a gross margin of 18.1%, down 2.2 percentage points YoY [2][9] - Operating profit increased by 30.2% YoY to 60.8 billion KRW, with an operating margin of 9.8%, up 1.3 percentage points YoY [2][9] - Net profit decreased by 38.1% YoY to 21.8 billion KRW, primarily due to foreign exchange losses and repayment of COVID-19 support funds [2][9] Summary by Region Korea - Revenue from the Korean factory was 420.5 billion KRW, up 20.8% YoY, accounting for 67% of total revenue [3][10] - The Korean factory's net profit was 25.7 billion KRW, down 13.9% YoY, with a profit margin of 6.1%, down 2.5 percentage points YoY [3][10] China - Revenue from the China factory reached 148.6 billion KRW, up 0.7% YoY, accounting for 24% of total revenue [4][11] - The Shanghai factory showed strong performance with revenue of 108.6 billion KRW, up 11% YoY, while the Guangzhou factory's revenue declined by 17% YoY [4][11] Southeast Asia - Revenue from Southeast Asia was 43.9 billion KRW, up 23.1% YoY, accounting for 7% of total revenue [5][12] - The Thailand factory performed exceptionally well with revenue of 23.1 billion KRW, up 124% YoY, and a net profit of 2.2 billion KRW [5][12] United States - Revenue from the U.S. factory was 30 billion KRW, down 16.6% YoY, accounting for 5% of total revenue [6][13] - The U.S. factory incurred a net loss of 20.4 billion KRW, compared to a net loss of 9.6 billion KRW in the previous year [6][13]

Core Viewpoint - The traditional beauty retail sector is facing significant challenges as consumer preferences shift towards new categories such as trendy toys, electric vehicles, outdoor sports, and tea brands, leading to a decline in the performance of cosmetic counters in shopping malls [2][11]. Group 1: Market Trends - The closure of SASA International's last 18 offline stores in mainland China highlights the difficulties faced by the beauty retail sector [2]. - In contrast, brands like Pop Mart are thriving, with their offline channels contributing 4.526 billion RMB in revenue, a 40.8% increase year-on-year [16]. - The beauty market in China is projected to reach a total transaction value of 107.382 billion RMB in 2024, with online sales growing by 5.86% while offline sales are expected to decline by 2.28% [7][8]. Group 2: Consumer Behavior - The younger generation, particularly those born after 2000, is less enamored with high-end beauty brands and more focused on product ingredients and suitability [28]. - The traditional allure of high-end cosmetics is diminishing, prompting shopping malls to reallocate resources to more popular categories like trendy toys and outdoor brands [5][6]. Group 3: Retail Strategies - Beauty brands need to innovate their retail strategies by creating emotional connections and cultural experiences, similar to Pop Mart's approach [27][28]. - The success of Pop Mart's retail model, which includes creating engaging cultural spaces and offering unique shopping experiences, serves as a potential blueprint for beauty brands [20][24]. - Brands should consider diversifying their retail formats, such as pop-up stores and automated vending machines, to enhance consumer engagement and reach [22][34]. Group 4: Industry Challenges - The beauty retail sector is experiencing a significant decline, with many department stores reporting sales drops exceeding 50% [5][9]. - The number of cosmetic counters in department stores has decreased by nearly 6,000 from March 2019 to 2023, indicating a shift in consumer preferences [9]. - The traditional beauty retail model is being questioned as brands struggle to adapt to the new consumer landscape dominated by experiential and emotional value [27][34].

Core Insights - Sephora is facing significant challenges in the Chinese market, with declining foot traffic and store closures reflecting a failure in its market strategy and the broader transformation of the beauty retail industry [1][4][6] Group 1: Market Dynamics - The rise of e-commerce platforms has drastically changed consumer behavior, with brands establishing official flagship stores on platforms like Taobao and JD, leading to intense price competition [1][3] - Sephora's pricing strategy is hindered by strict discount controls from brand partners, making it difficult to compete with lower prices offered by official brand channels [1][3] - The emergence of trendy beauty stores offering better pricing and promotional strategies has further eroded Sephora's market share among younger consumers [3][4] Group 2: Brand Strategy - Sephora's exclusive product launch strategy, successful in Western markets, has not resonated in China, where many overseas brands lack local marketing efforts and visibility [4][6] - Delayed entry of popular brands into the Chinese market has resulted in lost consumer interest, as seen with Fenty Beauty, which took four years to enter mainland China after its initial launch in Hong Kong [4][6] - Attempts to collaborate with local brands to create high-end products have not been well received, as consumers perceive these offerings as overpriced and lacking genuine value [4][6] Group 3: Competitive Landscape - The high-end beauty market in lower-tier cities is already dominated by established brands like Chanel and Estée Lauder, making it difficult for Sephora to gain traction [6][8] - Local beauty chains have a better understanding of consumer preferences in these markets, offering more competitive pricing and tailored products [6][8] - Sephora's operational costs in these cities are high, with reports indicating some stores have fewer than 50 customers daily, making profitability challenging [6][8] Group 4: Future Directions - Sephora needs to reassess its strategy in China by accelerating the introduction of exclusive overseas resources and forming genuine partnerships with local brands to create products that balance quality and affordability [8] - The company should focus on providing unique in-store experiences that cannot be replicated online, such as professional skincare consultations and engaging product trials [8] - The challenges faced by Sephora reflect broader issues within the beauty retail sector, raising questions about the core competitive advantages of beauty stores in an increasingly digital marketplace [8]

Core Viewpoint - Lin Qingxuan Biotechnology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, focusing on the anti-wrinkle and firming skincare market with a strong emphasis on high-end skincare solutions based on natural camellia ingredients [1][2]. Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew from 691 million RMB to 1.21 billion RMB, while the net profit attributable to the parent company improved from a loss of 5.87 million RMB to a profit of 187 million RMB [7][9]. - The gross profit margin increased from 78% to 82.5% during the same period [8]. Sales and Distribution - Sales and distribution expenses reached 688 million RMB in 2024, exceeding 50% of the total revenue [1][9]. - The revenue from offline channels decreased from 54.7% in 2022 to 40.8% in 2024, while online channel revenue increased from 45.2% to 59.1% [4][6]. Product Portfolio - As of December 31, 2024, Lin Qingxuan offered 188 SKUs, with significant revenue contributions from essence oils, creams, lotions, and masks, each accounting for over 10% of total revenue [3][4]. Market Position - In 2024, Lin Qingxuan ranked first among all high-end domestic skincare brands in China by retail sales and was the only domestic brand among the top 15 high-end skincare brands, which included both domestic and international brands [2][3]. Use of Proceeds - The funds raised from the listing will be used for brand value enhancement, deepening the multi-channel sales network, and strengthening production and supply chain capabilities [10].

Core Viewpoint - The beauty industry appears to be showing signs of recovery in the capital market, with Lin Qingxuan officially starting its IPO process on May 29, following the successful listing of Mao Geping. The company aims to leverage its star product, Camellia Oil, to penetrate the high-end skincare market in China [1][9]. Financial Performance - Lin Qingxuan's revenue from 2022 to 2024 is projected to be 6.91 billion, 8.05 billion, and 12.1 billion RMB, respectively, with year-on-year growth rates of 16.5% and 50.3% for 2023 and 2024 [2][3]. - The adjusted net profit is expected to shift from a loss of 3.66 million RMB in 2022 to profits of 88.46 million and 200 million RMB in 2023 and 2024, respectively [2][3]. - The gross profit margin is notably high, reaching 82.5% in 2024, indicating strong product pricing power [2][3]. Product Contribution - The Camellia Oil product line contributes nearly 40% of total revenue, generating 4.48 billion RMB in 2024, with its share of total revenue increasing from 31.5% in 2022 to 37% in 2024 [3][4]. - Lin Qingxuan's Camellia Oil has been the top-selling facial oil in China for 11 consecutive years, with cumulative sales exceeding 30 million bottles [3][6]. Marketing and Sales Strategy - The company has significantly increased its online channel revenue, which rose from 45.2% of total revenue in 2022 to 59.1% in 2024, primarily through direct online sales [7][8]. - Marketing and promotional expenses for 2024 are projected to be 365 million RMB, accounting for 53% of total revenue, indicating a heavy reliance on marketing for growth [7][10]. Market Positioning - Lin Qingxuan is positioned as a leading domestic high-end skincare brand, ranking first among Chinese domestic brands in the high-end market according to retail sales [9][10]. - The company primarily targets high-end consumers, with product prices ranging from approximately 200 to 800 RMB [9][10]. Research and Development - The R&D expenditure from 2022 to 2024 is relatively low, with only 2.5% of total revenue allocated to R&D in 2024, highlighting a common issue in the domestic beauty industry of prioritizing marketing over product development [10][11].