套现数千万，毛利率82.5%！林清轩要IPO了

Core Viewpoint - Lin Qingxuan, a high-end skincare brand focusing on camellia oil, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish itself as a competitive player in the global cosmetics market [2][9]. Financial Performance - In 2024, Lin Qingxuan achieved revenue of approximately 1.21 billion RMB, with a gross margin of 82.5%, surpassing competitors like Proya and Juzhibio [3][10]. - The company's revenue grew from 691 million RMB in 2022 to 805 million RMB in 2023, and further to 1.21 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of about 32% [10]. - Lin Qingxuan turned a profit in 2023 with a net profit of 84.52 million RMB, and this figure is expected to rise to 187 million RMB in 2024 [10]. - The gross margin has shown a consistent upward trend, with figures of 78.0%, 81.2%, and 82.5% from 2022 to 2024 [10]. Product Structure - The core revenue of Lin Qingxuan primarily comes from its skincare products, with the camellia oil series contributing significantly, accounting for 37% of total revenue in 2024 [14]. - The company has sold over 30 million bottles of camellia oil, generating annual retail sales exceeding 100 million RMB [14]. - Lin Qingxuan offers a comprehensive product range, including 188 SKUs across various skincare categories [18]. Market Position and Strategy - Lin Qingxuan ranks first among high-end domestic skincare brands in China and is among the top fifteen high-end skincare brands overall [5]. - The company has established a dual-channel sales strategy, with over 4.3 million active members and a 34.6% average annual repurchase rate [15]. - Lin Qingxuan's online revenue has seen a CAGR of 51.2% from 2022 to 2024, indicating strong digital growth [15]. Future Development Plans - The company plans to use the funds raised from the IPO to enhance product research and innovation, expand its retail presence, and invest in digital transformation [22][24]. - Lin Qingxuan aims to strengthen its core competitiveness in the high-end anti-aging skincare market, which is projected to reach a market size of 155.5 billion RMB by 2029, with a CAGR of 21.2% [25].