Core Viewpoint - The article highlights the successful simultaneous listing of six companies on the Hong Kong Stock Exchange (HKEX) on December 30, 2025, marking a significant event in the IPO landscape and indicating a vibrant market for new listings in the upcoming year [1][2][16]. Group 1: IPO Event Details - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Co., Xunce, and Wuyi Vision, made their debut on the HKEX, representing the first time in five years that six companies have listed on the same day [1][2]. - The last occurrence of six or seven companies listing simultaneously was in July 2020, with the peak being eight companies on July 12, 2018 [2]. - The trading hall was crowded with employees, intermediaries, and investors, indicating strong interest and participation in the event [5][7]. Group 2: Company Highlights and Performances - Woan Robotics' founder, Li Zhichen, emphasized the company's journey from a laboratory to a global leader in AI-driven household robotics, expressing commitment to innovation and performance [9]. - Linqingxuan's founder, Sun Laichun, announced the brand's ambition for global expansion and increased investment in research and development post-IPO [10]. - Xunce's executive director, Geng Dawei, highlighted the company's focus on data intelligence as a core driver for high-quality industrial development [10]. - All six companies experienced positive market performance on their first day, with Wuyi Vision and Yingxi Intelligent seeing the highest gains of 29.90% and 24.66%, respectively [11]. Group 3: Market Context and Future Outlook - The IPO market in Hong Kong saw a significant increase in activity in 2025, with a total of 117 companies listed and a total fundraising amount of 285.7 billion HKD, marking a notable rise from the previous year [17]. - The interest in IPOs is expected to continue into 2026, with predictions of around 160 new listings and total fundraising of at least 300 billion HKD, supported by over 300 pending applications [18].

来源：独角兽IPO 林清轩的产品矩阵已从单一的山茶花精华油，扩展至覆盖全护肤流程的多元产品线。 本文为独角兽IPO编辑撰写 作者 | 独角君 上市情况 本次上市获得了资本市场的热烈追捧。根据配发结果，林清轩香港公开发售部分获得超过1234倍的大幅 超额认购，共吸引约16.9万人申请。 由于认购火爆，一手中签率仅为2%，投资者需认购7万股才能确保获得一手。国际发售部分也获得约 19.8倍的超额认购。公司本次全球发售约1396.65万股H股，其中香港公开发售占10%。 本次发行每股最终定价为77.77港元，全球发售所得款项净额约为9.97亿港元。公司计划将募集资金主要 用于品牌建设、全渠道销售网络拓展、研发投入、供应链能力加强及潜在并购等七大战略方向。为本次 上市保驾护航的基石投资者阵容颇为亮眼，包括富达基金、大湾区共同家园投资、大家人寿等七家知名 机构。这些基石投资者合计认购620.47万股发售股份，占全球发售股份总数的约44.43%。 林清轩定位为中国高端国货护肤品牌，尤其聚焦于抗皱紧致市场，其开创的"以油养肤"理念及核心产品 山茶花精华油在消费者中拥有较高认知度。根据灼识咨询的数据，按2024年零售额计，林 ...

Core Viewpoint - Lin Qingxuan Cosmetics Group Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, closing at HKD 85.00 with a 9.30% increase on the first day of trading [1]. Group 1: IPO Details - The total number of shares offered globally was 13,966,450 H-shares, with 1,396,650 shares for public offering in Hong Kong and 12,569,800 shares for international offering [2]. - The offering price was set at HKD 77.77, raising a total of HKD 1,086.2 million, with net proceeds amounting to HKD 997.1 million after deducting estimated listing expenses of HKD 89.1 million [5]. Group 2: Use of Proceeds - The net proceeds from the global offering will be used for brand value enhancement, development of a multi-channel sales network, establishment of overseas sales channels, strengthening production and supply chain capabilities, technology research and development, and digital transformation of operations [5]. Group 3: Financial Performance - Lin Qingxuan's total revenue for 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 691.2 million, RMB 805.0 million, RMB 1,209.6 million, and RMB 1,051.8 million respectively [5][6]. - The company reported a net loss of RMB 5.9 million in 2022, followed by net profits of RMB 84.5 million in 2023 and RMB 186.8 million in 2024 [6][7]. Group 4: Cash Flow and Expenses - The net cash generated from operating activities was RMB 65.3 million in 2022, increasing to RMB 205.8 million in 2023, and projected to be RMB 306.5 million in 2024 [8]. - Sales expenses reached RMB 688.5 million in 2024, accounting for 56.86% of revenue, while R&D expenses were only RMB 30.4 million, representing 2.5% of revenue [8].

Group 1 - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, with a stock code of 02657.HK, opening at HKD 85 after an IPO price of HKD 77.77, reaching a market capitalization of HKD 12.35 billion on the first day [1] - The company generated significant revenue from its core product, camellia oil, which accounted for nearly 40% of total revenue, with projections indicating it will contribute 45.5% of revenue by the first half of 2025 [1] - Lin Qingxuan's revenue for the first half of 2025 is projected to be HKD 1.052 billion, a substantial increase of 98% year-on-year, with net profit expected to rise by 110.16% to HKD 182 million [1] Group 2 - The IPO raised approximately HKD 997 million, primarily for R&D in skincare technology, brand building, and retail expansion [2] - Notable institutional investors, including Fidelity and Dajia Life, subscribed for about USD 62 million, representing 44.43% of the total shares offered [2] - L'Oréal Group has indirectly become a shareholder in Lin Qingxuan through Shanghai Kaihui Chuangmei, highlighting the brand's significance in the high-end skincare market [3] Group 3 - The listing process took about seven months from the initial filing to the final listing, marking a new phase for Lin Qingxuan in its multi-brand and global expansion strategy [4] - The trend of Chinese beauty brands seeking capital through Hong Kong listings is growing, with other brands like Chando and Proya also filing for IPOs [4]

Core Viewpoint - Lin Qingxuan (02657) is positioned as a high-end skincare brand focusing on camellia oil, experiencing rapid growth in 2023, with plans for an IPO by December 30, 2025, aiming to raise approximately HKD 9.97 billion (around RMB 8.97 billion) for channel expansion and brand development [1] Group 1: Company Overview - Lin Qingxuan, established in 2003, specializes in high-end skincare with a focus on anti-aging, leveraging its proprietary camellia oil [1] - As of H1 2025, Lin Qingxuan operates 554 offline stores, primarily located in high-end shopping malls, and is projected to rank first among domestic high-end skincare brands in 2024 [1] Group 2: Market Dynamics - The Chinese cosmetics market is expected to reach approximately RMB 688.6 billion in 2024, with skincare products accounting for 67% of sales [2] - The high-end skincare segment is projected to grow at a CAGR of 13.8% from 2024 to 2029, while the facial oil segment is anticipated to grow at a CAGR of 42.8% during the same period, reaching a market size of RMB 13.9 billion by 2029 [2] Group 3: Financial Performance - For 2024, Lin Qingxuan's revenue and net profit are projected to be RMB 1.21 billion and RMB 190 million, respectively, reflecting year-on-year increases of 50% and 121% [3] - In H1 2025, the company reported revenue of RMB 1.052 billion, a 98% increase year-on-year, with net profit reaching RMB 182 million, up 110% [3] - The core product, camellia oil essence, has maintained the top sales position in the facial oil category for 11 consecutive years, with H1 2025 sales increasing by 176% [3] Group 4: IPO and Future Strategy - The IPO proceeds will focus on brand enhancement, channel development, supply chain improvements, and multi-brand strategies [4] - Key long-term strategies include brand rejuvenation targeting younger consumers, synergistic channel development, and expanding product categories beyond anti-aging to include whitening and makeup [4] - Profit forecasts for 2025-2027 indicate net profits of RMB 382 million, RMB 578 million, and RMB 742 million, with respective growth rates of 104.24%, 51.50%, and 28.38% [4]

Core Viewpoint - Lin Qingxuan is positioned as a high-end skincare brand focusing on camellia oil, experiencing rapid growth in 2023, with plans for an IPO by December 30, 2025, aiming to raise approximately HKD 9.97 billion (RMB 8.97 billion) for channel expansion and brand development [1][5] Group 1: Company Overview - Lin Qingxuan, established in 2003, specializes in high-end skincare with a focus on anti-aging, leveraging its proprietary camellia oil [2] - As of the first half of 2025, Lin Qingxuan operates 554 offline stores, primarily located in high-end shopping malls, and is projected to rank first among domestic high-end skincare brands in 2024 [2] Group 2: Market Dynamics - The Chinese cosmetics market is projected to reach approximately RMB 688.6 billion in 2024, with skincare products accounting for 67% of sales, and high-end skincare expected to grow at a CAGR of 13.8% from 2024 to 2029 [3] - The facial essence oil segment is experiencing rapid growth, with a CAGR of 42.8% from 2019 to 2024, expected to reach a market size of RMB 13.9 billion by 2029 [3] Group 3: Financial Performance - In 2024, Lin Qingxuan's revenue and net profit are projected to be RMB 1.21 billion and RMB 190 million, respectively, reflecting year-on-year increases of 50% and 121% [4] - For the first half of 2025, revenue reached RMB 1.052 billion, a 98% increase year-on-year, with net profit of RMB 182 million, up 110% [4] - The core product, camellia oil essence, has maintained the top sales position in the facial essence oil category for 11 consecutive years, with a 176% year-on-year revenue increase in the first half of 2025 [4] Group 4: IPO and Future Strategy - The IPO proceeds will focus on brand enhancement, channel development, supply chain improvements, and multi-brand strategies [5] - Key long-term strategies include brand rejuvenation targeting younger consumers, synergistic channel development, and expanding product lines into whitening and makeup categories [5] - Profit forecasts indicate net profits of RMB 382 million, RMB 578 million, and RMB 742 million for 2025 to 2027, with corresponding year-on-year growth rates of 104.24%, 51.50%, and 28.38% [5]

Core Viewpoint - Lin Qingxuan Cosmetics Group officially listed on the Hong Kong Stock Exchange on December 30, 2025, with a strong IPO performance, raising approximately HKD 997 million for R&D, channel expansion, and brand upgrades [2][3] Group 1: Company Overview - Lin Qingxuan was founded in 2003 and has established a unique position in the Chinese skincare market with its "oil-based skincare" philosophy [2] - The company's core product, Camellia Oil Essence, has been the top-selling facial oil in China since its launch in 2014, with cumulative sales exceeding 50 million bottles [2][3] Group 2: Financial Performance - In the first half of 2025, Lin Qingxuan achieved revenue of CNY 1.052 billion, a year-on-year increase of 98% [2] - Gross profit reached CNY 866 million, reflecting a 99.5% year-on-year growth, while net profit surged to CNY 182 million, up 110.16% year-on-year [2] Group 3: Market Position and Innovation - According to Zhaoshang Consulting, Lin Qingxuan ranks first among high-end domestic skincare brands in China by retail sales in 2024, being the only domestic brand in the top 15 high-end skincare brands [3] - The company has increased its R&D investment, resulting in over 600 formula achievements and 87 patents, including 46 invention patents [3] Group 4: Strategic Initiatives - The release of the "Three-Year Action Plan for the Improvement of Quality Management System in Cosmetic Enterprises (2026-2028)" aligns with Lin Qingxuan's strategic development of high-altitude Camellia flower bases in Zhejiang and Jiangxi, creating a competitive barrier [3] - The founder, Sun Laichun, indicated plans to enhance R&D in skin science, botany, and cutting-edge skincare technologies, while also optimizing key products for better consumer experience and shareholder value [3]

Core Viewpoint - Shanghai Linqingxuan Biotechnology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, indicating strong market interest and positioning in the high-end skincare sector [1] Company Summary - The company priced its shares at HKD 77.77 each and issued a total of 13.9665 million shares, raising approximately HKD 997.1 million in net proceeds [1] - In early trading, Linqingxuan opened 9.3% higher and reached a midday increase of 14.37%, trading at HKD 88.65 with a transaction volume of HKD 380.1 million and a market capitalization of HKD 12.42 billion [1] Industry Summary - According to Zhi Shi Consulting data, Linqingxuan ranks first among high-end domestic skincare brands in China based on projected retail sales for 2024, and it is the leading brand in the anti-wrinkle and firming skincare category [1] - Linqingxuan is also noted as the only domestic brand among the top 15 high-end skincare brands in China, highlighting its unique position in the market [1]

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, 2023, marking its position as the first high-end domestic skincare brand in the Hong Kong market [1][2]. Company Overview - Lin Qingxuan, founded in 2003, is known for its "oil-based skincare" approach, with its Camellia Oil Essence being a core product since its launch in 2014 [1]. - The company has expanded its brand portfolio to include Xiaoxin Xuan and Huai Piao Zhuang, targeting younger consumers and community beauty services respectively [1]. Financial Performance - For the first half of 2025, Lin Qingxuan reported revenue of 1.052 billion yuan, a significant increase of 98% year-on-year; gross profit reached 866 million yuan, up 99.5%; and net profit was 182 million yuan, reflecting a 110.16% increase [1]. - The company has achieved cumulative sales of over 50 million bottles of its Camellia Oil Essence, which has been the top-selling facial oil product in China for 11 consecutive years [2]. Market Position - Lin Qingxuan ranks first among high-end domestic skincare brands in China with a market share of 1.4%, and is the only domestic brand among the top 15 high-end skincare brands [3]. - The high-end skincare market in China is projected to reach 114.4 billion yuan in 2024, with the anti-wrinkle cosmetics market expected to grow to 260.24 billion yuan, accounting for 33.59% of the total cosmetics market [3]. Innovation and R&D - The company has over 600 formula achievements and 87 patents, including 46 invention patents, focusing on key areas such as Camellia ingredient extraction and anti-wrinkle technology [2]. - Lin Qingxuan has been recognized as a leading brand in "cell-level anti-wrinkle" technology, confirming its market position through a collaborative project with the Beauty Industry Research Institute [3]. Strategic Direction - The listing is seen as a new starting point for Lin Qingxuan to enhance its multi-brand and global expansion strategy, which will require improved supply chain capabilities and brand management [5]. - The company aims to strengthen its brand building and retail store layout while continuing to invest in research and development in skincare technology [2][5].

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, becoming the first high-end domestic skincare stock in the Hong Kong market, showcasing the strength and confidence of domestic brands on the international stage [1] Group 1: Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, providing high-end solutions with natural camellia ingredients [1] - The company has established a strong professional recognition in the "oil-based skincare" sector, ranking first among domestic high-end skincare brands and being the only domestic representative among the top 15 high-end skincare brands in China [3] - The brand has achieved over 50 million sales of its camellia oil facial essence, maintaining the top position in the market for 11 consecutive years [3] Group 2: Product Development - The fifth generation of the camellia anti-wrinkle essence oil has been launched, featuring comprehensive iterations in efficacy verification, core ingredient ratios, and packaging [5] - The company has expanded its product matrix with several recognized products, including black gold cream 2.0 and high SPF sunscreen [6] - Lin Qingxuan controls the entire value chain from seedling cultivation to sales, ensuring product quality and stable supply [6] Group 3: Research and Innovation - The company has over 600 formula achievements and 87 patents, with 46 being invention patents, focusing on key areas like camellia extraction and anti-wrinkle technology [7] - A joint research laboratory with Shanghai Jiao Tong University will be established to explore anti-wrinkle mechanisms at the cellular level, aiming to integrate natural plant activity with modern life sciences [7] Group 4: Financial Performance - From 2022 to 2024, the company's revenue grew from 690 million to 1.21 billion, with a compound annual growth rate of 32.3%, significantly above the industry average [9] - In the first half of 2025, revenue surged by 98.3% to 1.05 billion compared to the same period in 2024, with adjusted net profit increasing by 117.4% [9] - The company aims to leverage its listing as a new starting point to further develop core technologies and expand its product matrix [9]