Core Viewpoint - Lin Qingxuan has officially listed on the Hong Kong Stock Exchange, becoming the first high-end domestic skincare stock, with an opening price of 85 HKD per share, reflecting a market capitalization of approximately 12.6 billion HKD [2][4]. Company Overview - The stock price increased by about 9.3% from the issue price of 77.77 HKD, reaching a peak of 91.65 HKD on the first trading day, maintaining a high valuation for beauty stocks in Hong Kong [4][6]. - Lin Qingxuan's global offering consisted of approximately 13.97 million shares, raising over 1 billion HKD, with significant backing from cornerstone investors [6][10]. Financial Performance - Revenue grew from 691.15 million RMB in 2022 to 1.21 billion RMB in 2024, with a compound annual growth rate exceeding 30% [8][22]. - The company achieved a net profit of approximately 1.87 billion RMB in 2024, reversing previous losses, and reported a revenue of 10.52 billion RMB in the first half of 2025, nearly matching the entire revenue of 2024 [8][11]. Market Position - Lin Qingxuan ranks among the top fifteen high-end skincare brands in China by retail sales, being the only domestic brand in this category [10][11]. - The company has established over 554 stores nationwide, with online sales accounting for more than 60% of its revenue [10][11]. Competitive Landscape - The listing has reshuffled the ranking of domestic beauty companies, pushing Lin Qingxuan into the top ten by revenue, surpassing competitors like Shuiyang [11][12]. - The competitive environment is intensifying, with other brands like Shuiyang and Naturals poised to challenge Lin Qingxuan's position [13][14]. Investment Appeal - Investors are attracted to Lin Qingxuan due to its strong brand recognition, high gross margins, and rapid revenue growth, which suggest a promising financial outlook [20][21]. - The company's reliance on a single flagship product, the Camellia Oil, has raised questions about sustainability and the need for diversification in its product offerings [21][23].

Core Viewpoint - Shanghai Linqingxuan Biotechnology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the "first high-end domestic skincare stock" after overcoming a near-bankruptcy crisis and significant controversies [1][5]. Company Overview - The brand name "Linqingxuan" originates from the founder Sun Laichun's pen name during his student years. Sun, born in the 1970s, gained practical experience in the industry before founding Linqingxuan in 2003 with an initial investment of 600,000 yuan [2]. - Linqingxuan's development trajectory includes three key milestones: the opening of its first physical store in 2008, the establishment of its cosmetics factory in 2013, and the launch of its flagship product, camellia oil, in 2014 [2][4]. Market Position - As of 2024, Linqingxuan ranks 13th among all high-end skincare brands in China, holding a 1.4% market share and is the only domestic brand in the top 15 [4]. - Linqingxuan has established a comprehensive industry chain, including camellia flower planting bases and a production facility in Shanghai, which forms the foundation for its competitive differentiation [4]. Financial Performance - Linqingxuan's revenue grew from 691.5 million yuan in 2022 to 1.21 billion yuan in 2024, achieving a doubling of revenue. Net profit improved from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [8][9]. - In the first half of 2025, Linqingxuan reported revenue of 1.05 billion yuan, a year-on-year increase of 98.3%, with net profit reaching 182 million yuan, up 109.9% [8][9]. Product Structure - The product range includes serums, creams, lotions, and toners, with camellia oil being the primary growth driver. Revenue from this product category accounted for 45.5% of total revenue in 2025 [9][10]. - Linqingxuan maintains a high average transaction value in offline channels, exceeding 1,000 yuan, while online channels have lower average transaction values [10]. Growth Strategy - The company has successfully transitioned to online sales during a crisis, which led to significant growth and a shift in its financing strategy, culminating in a successful IPO [5][7]. - Linqingxuan's online revenue accounted for 59.1% of total revenue in 2024, with a compound annual growth rate of 51.2% from 2022 to 2024, indicating a strong online growth engine [12]. Challenges - High marketing expenditures have been a significant concern, with sales and distribution costs exceeding 50% of revenue from 2022 to 2025, which may impact profitability [15]. - The company faces risks associated with reliance on a single flagship product, as other product categories contribute less than 22% of total revenue [15][17]. - Research and development investment has been declining, falling below the industry standard, which raises concerns about long-term growth sustainability [17]. Industry Context - Linqingxuan's listing coincides with a trend of domestic beauty brands pursuing IPOs in Hong Kong, aiming to expand financing channels and enhance brand influence [15]. - The competitive landscape in the beauty industry is intensifying, with Linqingxuan needing to solidify its high-end positioning and address growth bottlenecks to maintain its market position [17].

Core Viewpoint - Lin Qingxuan, known as the "first high-end skincare stock of domestic goods" in Hong Kong, officially listed on the Hong Kong Stock Exchange on December 30, 2023, marking a significant milestone in its multi-brand and global expansion strategy [1][10]. Company Overview - Lin Qingxuan was established in 2003 and gained prominence with its core product, Camellia Oil, launched in 2014, solidifying its position in the high-end skincare segment [3]. - The company aimed to enter the capital market within five years, a goal achieved in approximately seven months from its initial filing in May 2023 to its listing [3]. Financial Highlights - The company raised approximately HKD 9.97 billion (about RMB 8.98 billion) through its IPO, with notable institutional investors subscribing to 44.43% of the total shares [4]. - Revenue projections show a continuous increase from RMB 6.91 billion in 2022 to an expected RMB 20 billion by the end of 2025, with a significant 98.3% revenue growth in the first half of 2025 [4][10]. - Lin Qingxuan turned a profit in 2023 with a net profit of RMB 84.5 million, expected to rise to RMB 187 million in 2024, and reached RMB 182 million in the first half of 2025 [5]. Market Position - Lin Qingxuan is projected to rank first among domestic high-end skincare brands in China by retail sales in 2024, and it is the only domestic brand among the top 15 high-end skincare brands [5]. - The company's gross margin has consistently remained around 80%, with figures of 78%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025 [5]. Product and Brand Development - The Camellia Oil product line is a key driver of revenue growth, with its revenue share increasing from 31.5% in 2022 to 45.5% in the first half of 2025 [5]. - Lin Qingxuan has expanded its brand portfolio to include two new brands, Xiaoxinxuan and Huaiyizhuang, targeting younger consumers and community beauty services, respectively [9]. Distribution and Sales Channels - The company has experienced growth in both online and offline channels, with offline revenue increasing steadily and online revenue growing at a compound annual growth rate of 51.2% [6][7]. - As of June 30, 2025, Lin Qingxuan operated 554 stores, ranking first among domestic and international high-end skincare brands in terms of store count [6]. Future Outlook - The successful listing is seen as a new starting point for Lin Qingxuan, with expectations to join the ranks of the top ten domestic beauty companies [10]. - The recent supportive policies from the China Securities Regulatory Commission and the Hong Kong Stock Exchange are likely to encourage more beauty companies to pursue dual listings [11].

年末的港股IPO市场热闹非凡，锣声回荡。12月30日，6家企业同日登陆港交所，包括英硅智能（03696.HK）、五一视界（06651.HK）、林清轩 （02657.HK）、迅策（03317.HK）及天数智芯（09903.HK）等。 林清轩本次共发行1396.645万股，其中香港发售139.665万股，每股发售价77.77港元，募集资金净额约9.97亿港元。公司获得投资者踊跃认购，香港公开发售 获认购1235.81倍，高于去年另一国货护肤品牌毛戈平（01318.HK）不到1000倍的认购倍数。 | 香港公開發售 | | | --- | --- | | 有效申請數目 | 169.712 | | 受理申請數目 | 24.037 | | 認購額 | 1.235.81 倍 | | 香 港 公 開 發 售 項 下 初 步 可 供 認 購 發 售 股 份 數 目 | 1,396,650 | | 由國際發售重新分配的發售股份數目(回補後 | 不 | | 香港公開發售項下最終發售股份數目 | 1.396.650 | | 香 港 公 開 發 售 項 下 發 售 股 份 佔 全 球 發 售 項 下 發 售 股 份 的 百 分 比 ...

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, with a share price of HKD 88, representing a rise of over 13.15%, and a total market capitalization of approximately HKD 12.29 billion [1] Group 1: Company Performance - Lin Qingxuan focuses on the anti-wrinkle and firming skincare industry, providing high-end skincare solutions with natural camellia ingredients [1] - Revenue is projected to grow from CNY 691 million in 2022 to CNY 1.21 billion in 2024, reflecting a compound annual growth rate (CAGR) of 32.3% [1] - In the first half of 2025, revenue is expected to increase by 98.3% to CNY 1.05 billion compared to CNY 530 million in the same period of 2024; adjusted net profit is anticipated to rise from CNY 92 million to CNY 200 million, a year-on-year increase of 117.4% [1] Group 2: Future Strategy - The founder, Sun Laichun, stated the company will continue to invest in research and development in dermatology, botany, and cutting-edge skincare technology [1] - There will be an emphasis on brand building and retail store expansion, alongside upgrading popular products such as camellia oil, golden pearl essence, and black gold cream to enhance customer skincare experiences and create higher value for shareholders [1]

Core Viewpoint - On the penultimate trading day of 2025, the Hong Kong Stock Exchange witnessed a rare listing event with six new companies from various cutting-edge sectors going public, marking the first occurrence of six companies listing simultaneously since July 9 of the same year [1]. Group 1: Company Performances - The leading AI pharmaceutical company, Insilico Medicine, had a remarkable debut, with its stock price opening up by 45.53%, resulting in a profit of 5,475 HKD per lot, as its core Pharma.AI platform significantly reduces drug development cycles to nearly one-fourth of traditional methods [1]. - The digital twin technology company, Wuyi Vision, saw its stock rise by 14.75% at opening, focusing on building a "digital twin earth" and expanding real-time 3D technology applications beyond gaming [1]. - Meilian Holdings and Lin Qingxuan experienced stock increases of 15.63% and 9.3%, respectively, while Xunce and Woan Robotics opened nearly flat, with the former ranking first in the real-time data market for asset management and the latter being the retail sales champion in global home robotics systems [1]. Group 2: Stock Price Movements - Insilico Medicine: 35,000 HKD, +45.53% [2] - Meilian Holdings: 8.210 HKD, +15.63% [2] - Wuyi Vision: 35.000 HKD, +14.75% [2] - Lin Qingxuan: 85.000 HKD, +9.30% [2] - Woan Robotics: 73.800 HKD, 0.00% [2]

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, marking the emergence of the "first domestic high-end skincare stock" and signifying a pivotal moment in the high-end skincare industry, traditionally dominated by international giants [1][4]. Group 1: Company Growth and Product Strategy - The listing is seen as a new starting point for Lin Qingxuan's growth, with a clearer path to becoming a leading beauty brand [4]. - The cornerstone of Lin Qingxuan's success is its signature Camellia Oil, which has established a strong market presence and is expected to drive long-term growth [5]. - According to Zhi Zhi Consulting, Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China by retail sales in 2024, ranking first among all domestic high-end skincare brands [5]. - The Camellia Oil has maintained its position as the best-selling facial oil in China for 11 consecutive years, with cumulative sales exceeding 45 million bottles by June 30, 2025 [5][6]. - The introduction of the new 5.0 Camellia Anti-Wrinkle Repair Oil is expected to enhance the product's performance and contribute to overall revenue growth, with the oil category's revenue contribution projected to rise to 45.5% in the first half of 2025 [7]. Group 2: Future Growth Strategies - Lin Qingxuan aims to expand its product matrix with a focus on "cell-level anti-wrinkle" products to meet diverse skincare needs, including the upcoming "Cell Energy Black Gold Cream 2.0" [8]. - The company is also developing a multi-brand strategy, launching the "Xiaoxin Xuan" brand for consumers with sensitive skin and a community beauty service brand "Huaiqizhuang" to provide accessible personal care services [8]. - Lin Qingxuan has initiated its global expansion through the Southeast Asian market and cross-border e-commerce, creating new market opportunities [9]. - The partnership with global beauty giant L'Oréal is expected to enhance Lin Qingxuan's growth strategies by providing access to top-tier research resources and procurement systems, potentially accelerating the development of its Camellia-based products [10][11].

根据灼识咨询的资料，于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，占据 1.4%的市场份额。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，整体排名第 13位。 本文源自：智通财经网 智通财经获悉，林清轩(02657)首挂上市，公告显示，每股定价77.77港元，共发行1396.65万股股份，每 手50股，所得款项净额约9.971亿港元。截至发稿，涨9.3%，报85港元，成交额2.04亿港元。 公开资料显示，林清轩为中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，并以长期致力于旗舰品 牌林清轩提供基于天然、山茶花成分的高端护肤改善方案而著称。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，首创山茶花面部精华油。公司首款山茶花精华油于2014年问世，该款产 品为公司的核心以油养肤产品线奠定基础。截至2025年6月30日，山茶花精华油自推出以来已累计销售 逾4500万瓶，根据灼识咨询的资料，按全渠道销售的总零售额计自2014年以来连续11年于所有面部精华 油产品中稳居全国榜首。该产品亦为中国面部精华油品类中连续8年零售额超过人民币1亿元的唯一一款 产品。 ...

林清轩(02657)首挂上市，公告显示，每股定价77.77港元，共发行1396.65万股股份，每手50股，所得款 项净额约9.971亿港元。截至发稿，涨9.3%，报85港元，成交额2.04亿港元。 公开资料显示，林清轩为中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，并以长期致力于旗舰品 牌林清轩提供基于天然、山茶花成分的高端护肤改善方案而著称。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，首创山茶花面部精华油。公司首款山茶花精华油于2014年问世，该款产 品为公司的核心以油养肤产品线奠定基础。截至2025年6月30日，山茶花精华油自推出以来已累计销售 逾4500万瓶，根据灼识咨询的资料，按全渠道销售的总零售额计自2014年以来连续11年于所有面部精华 油产品中稳居全国榜首。该产品亦为中国面部精华油品类中连续8年零售额超过人民币1亿元的唯一一款 产品。 根据灼识咨询的资料，于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，占据 1.4%的市场份额。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，整体排名第 13位。 ...

根据灼识咨询的资料，于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，占据 1.4%的市场份额。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，整体排名第 13位。 智通财经APP获悉，林清轩(02657)首挂上市，公告显示，每股定价77.77港元，共发行1396.65万股股 份，每手50股，所得款项净额约9.971亿港元。截至发稿，涨9.3%，报85港元，成交额2.04亿港元。 公开资料显示，林清轩为中国高端国货护肤品牌，聚焦抗皱紧致类护肤品市场，并以长期致力于旗舰品 牌林清轩提供基于天然、山茶花成分的高端护肤改善方案而著称。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，首创山茶花面部精华油。公司首款山茶花精华油于2014年问世，该款产 品为公司的核心以油养肤产品线奠定基础。截至2025年6月30日，山茶花精华油自推出以来已累计销售 逾4500万瓶，根据灼识咨询的资料，按全渠道销售的总零售额计自2014年以来连续11年于所有面部精华 油产品中稳居全国榜首。该产品亦为中国面部精华油品类中连续8年零售额超过人民币1亿元的唯一一款 产品。 ...