林清轩报考上市：所谓“高端”靠营销堆砌，研发投入少到惊人

Core Viewpoint - Lin Qingxuan is preparing for an IPO in the Hong Kong market, aiming to become the first "high-end domestic skincare stock" in the market, despite concerns about its marketing-heavy approach and low R&D investment [1][3]. Financial Performance - Lin Qingxuan's revenue for 2022, 2023, and 2024 is projected to be 6.91 billion, 8.05 billion, and 12.10 billion RMB, with year-on-year growth rates of 16.5% and 50.3% for 2023 and 2024 respectively [3][4]. - The company reported a net loss of 5.93 million RMB in 2022, but turned a profit in 2023 with a net profit of 84.52 million RMB, and is expected to achieve a net profit of 187 million RMB in 2024 [3][4]. Product Strategy - Lin Qingxuan has transformed from a mass-market brand to a high-end skincare brand, focusing on camellia oil products, which have become its core revenue driver, contributing nearly 40% of total revenue [6][7]. - The company offers six main product categories, with camellia oil being the highest revenue-generating product, achieving sales of 2.18 billion, 2.84 billion, and 4.48 billion RMB from 2022 to 2024 [7]. Sales Channels - The company has shifted its sales focus online, with online revenue growing from 3.12 billion RMB in 2022 to 7.14 billion RMB in 2024, accounting for 59.1% of total revenue [8][9]. - Lin Qingxuan operates 506 stores nationwide, ranking first among high-end skincare brands, but the revenue from offline channels has been declining, with direct store revenue dropping from 51.3% to 32.9% [9][10]. Marketing and R&D Investment - Lin Qingxuan has significantly increased its marketing expenditures, spending 5.09 billion, 4.86 billion, and 6.89 billion RMB from 2022 to 2024, which represents 73.66%, 60.37%, and 56.86% of revenue respectively [15][16]. - In contrast, the company's R&D investment has been minimal, with expenditures of only 0.21 billion, 0.20 billion, and 0.30 billion RMB from 2022 to 2024, accounting for just 3.05%, 2.45%, and 2.51% of revenue [16][18]. Market Position and Challenges - Lin Qingxuan's gross margin is notably high at 78%, 81.2%, and 82.5% from 2022 to 2024, indicating strong pricing power compared to competitors [13][14]. - The skincare market is projected to grow, with the high-end segment expected to reach 1.144 trillion RMB by 2024, growing at a compound annual growth rate of 13.8% [14][15]. - The company faces challenges related to its heavy reliance on marketing and low R&D investment, which could impact its long-term sustainability and brand trust [19][20].