林清轩申请香港上市，招股书揭示八大真相

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first high-end domestic skincare brand listed in Hong Kong [1][4]. Group 1: Company Overview - Lin Qingxuan is positioned as a high-end domestic skincare brand, focusing on camellia oil-based products and aiming to integrate modern technology with natural ingredients [3][6]. - The brand was established in 2003 and has undergone a significant transformation towards high-end positioning since 2016, eliminating lower-priced product lines [12][40]. Group 2: Market Position and Growth - The skincare market in China is projected to reach RMB 4,619 billion by 2024, with the high-end segment expected to grow from RMB 749 billion in 2019 to RMB 1,144 billion [14]. - Lin Qingxuan ranks first among domestic high-end skincare brands and 13th among the top 15 high-end skincare brands in China, with a retail revenue of RMB 1.59 billion and a market share of 1.4% in 2024 [14][19]. Group 3: Product and Sales Performance - Lin Qingxuan's flagship product, the camellia oil essence, has sold over 30 million bottles since its launch in 2014, maintaining the top position in the facial essence category for 11 consecutive years [24]. - The company reported revenues of RMB 6.91 billion, RMB 8.05 billion, and RMB 12.10 billion for the years 2022, 2023, and 2024 respectively, with a gross margin increasing to 82.5% by 2024 [35][43]. Group 4: Distribution and Channel Strategy - Lin Qingxuan operates 506 stores, with over 95% located in shopping malls, and has a significant online presence, with online sales growing from RMB 312 million in 2022 to RMB 714 million in 2024 [26][29]. - The company has a strong digital marketing strategy, with over 7 million followers on Tmall and over 1 million on Douyin, achieving top sales rankings during major shopping events [29][31]. Group 5: Research and Development - Lin Qingxuan has invested in R&D, with 64 employees dedicated to this area, focusing on innovative ingredients and technologies, including proprietary compounds derived from camellia [47][48]. - The company has filed for 500 formulations and 80 patents, emphasizing its commitment to quality and innovation in product development [48].