Core Viewpoint - Lin Qingxuan, a Chinese skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a valuation close to 4 billion yuan, which could position it as the first high-end domestic skincare stock in Hong Kong [3][15]. Company Overview - Lin Qingxuan was founded in 2003 by Sun Laichun in Shanghai, initially focusing on handmade soaps and natural skincare products [5][6]. - The brand pivoted towards camellia oil skincare after Sun Laichun was inspired by its unique properties during a visit to a friend in Fujian [7][8]. - The company has only recently engaged in significant financing rounds with VC/PE firms, particularly after facing challenges during the COVID-19 pandemic [10][9]. Financial Performance - Lin Qingxuan's revenue has shown impressive growth, with figures of 691 million yuan in 2022, 805 million yuan in 2023, and projected 1.21 billion yuan in 2024, reflecting a compound annual growth rate of 32.3% [18]. - The company has turned around its net profit from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [18]. - The gross margin has improved from 78% in 2022 to 82.5% in 2024, indicating enhanced profitability [18]. Product and Market Strategy - Lin Qingxuan's flagship product, the camellia anti-wrinkle repair essence oil, has been the best-selling facial essence oil in China for 11 consecutive years, contributing 448 million yuan to total revenue in 2024 [18]. - The company offers a comprehensive range of 188 SKUs, covering various skincare categories [19]. - Lin Qingxuan plans to expand its market presence in Southeast Asia and enhance its digital and smart operations, including upgrading its membership management and big data analysis systems [20][21][23]. Industry Context - The demand for high-end skincare products in China is rising, with Lin Qingxuan ranking first among domestic high-end skincare brands in 2024 [25][26]. - The successful IPO of Lin Qingxuan may encourage other domestic skincare brands, such as Proya and Shiseido, to pursue public listings, reflecting a growing trend in the industry [24][26].
林清轩,要IPO了
Sou Hu Cai Jing·2025-06-07 00:50