82%毛利率与营销费用高企并存。文/每日财报 南黎2025年12月30日，上海林清轩化妆品集团股份有限公司（以下简称“林清轩”）正式登陆港交所主板，股票代码2657.HK。上市首日收盘，其股价报收85港元，较77.77港元的发行价上涨8.5%，市值一举突破124亿港元。然而，在高端叙事与营销声势的背后，重销售轻研发的投入结构、对单一品类的过度依赖，以及与国际品牌正面竞争时的可持续力，也为其上市后...
Source Link82%毛利率与营销费用高企并存。文/每日财报 南黎2025年12月30日，上海林清轩化妆品集团股份有限公司（以下简称“林清轩”）正式登陆港交所主板，股票代码2657.HK。上市首日收盘，其股价报收85港元，较77.77港元的发行价上涨8.5%，市值一举突破124亿港元。然而，在高端叙事与营销声势的背后，重销售轻研发的投入结构、对单一品类的过度依赖，以及与国际品牌正面竞争时的可持续力，也为其上市后...
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