十年磨一剑，精油销冠王，林清轩闯关港股IPO

Core Viewpoint - Lin Qingxuan, a Chinese beauty brand, is set to become the first domestic high-end skincare stock in Hong Kong, marking a significant breakthrough for domestic brands in the high-end market [1][4]. Company Overview - Lin Qingxuan, founded in 2003, focuses on producing safe, natural, and effective cosmetics using high-altitude red camellia [4]. - The brand has established itself as a leader in the high-end domestic skincare market, with its flagship product, the Camellia Oil, being the top-selling facial oil in China for 11 consecutive years, with over 20 million units sold [4][5]. Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales and is the only domestic brand among the top 15 high-end skincare brands [5]. - The company has invested heavily in R&D, with annual expenditures in the tens of millions, resulting in 81 patents, including 40 invention patents [5]. Product Development - The brand has developed two core ingredients, "Qingxuan Extract" and "Camellia Peptides," through extensive research on the active components of high-altitude red camellia [5]. - Lin Qingxuan's products are designed to provide anti-aging benefits, with a focus on continuous iteration and building a technological barrier [5]. Sales and Distribution Strategy - The company employs an OMO (Online-Merge-Offline) model, achieving significant online sales growth, with a 60% increase in sales during the 2023 Double Eleven shopping festival [5][6]. - Lin Qingxuan aims to open 1,500 new stores within three years, with a current total of 506 stores, primarily located in shopping malls [6]. Challenges and Competition - The brand faces challenges in balancing its high-end positioning with its expansion into lower-tier cities, which may dilute its premium image [7]. - Lin Qingxuan's pricing strategy has faced scrutiny, with some products priced higher than international competitors, leading to mixed market reception [7]. - The company competes with international giants like L'Oréal and Estée Lauder, which have superior R&D resources [7][8]. Future Outlook - Lin Qingxuan plans to use IPO proceeds for R&D, brand building, and channel expansion, with a new research center set to support its high-end strategy [8]. - The high-end skincare market in China is expected to grow significantly, with the market size projected to increase from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, reflecting a compound annual growth rate of 21.2% [11]. - The company's revenue is projected to grow from RMB 6.91 billion in 2022 to RMB 12.1 billion in 2024, with a compound annual growth rate of 32.3% [11].