靠“山茶花”年入12亿，毛利率82.5%，林清轩赴港IPO

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, has successfully entered the high-end market with its Camellia Oil, achieving significant revenue growth and high profit margins while facing challenges in marketing and distribution strategies [1][3]. Group 1: Product Performance - The Camellia Oil contributes nearly 40% of Lin Qingxuan's revenue, with a gross margin of 85.3%, showcasing the brand's successful transition to high-end products [3][6]. - Revenue figures for Lin Qingxuan are projected to grow from 691.5 million RMB in 2022 to 1.21 billion RMB in 2024, with gross profit increasing from 539.1 million RMB to 997.7 million RMB during the same period [5][6]. - The gross margin has increased from 78% in 2022 to 82.5% in 2024, with the core product's gross margin reaching 88%, surpassing competitors [6][12]. Group 2: Marketing and Growth Strategy - Lin Qingxuan has invested approximately 760 million RMB in marketing over three years, with marketing expenses accounting for 30% of revenue in 2024 [9][11]. - The brand's marketing strategy includes controversial promotions and a strong online presence, but it has faced regulatory scrutiny for unverified claims about product efficacy [11][12]. - The reliance on a single product category, the Camellia Oil, raises concerns about sustainable growth if market trends shift or competition increases [12][13]. Group 3: Distribution and Market Challenges - Despite increasing the number of stores from 366 in 2022 to 506 in 2024, the revenue contribution from physical stores has declined from 54.7% to 40.8% [12]. - The franchise model has not performed well, with the number of franchise stores decreasing from 35 to 32, and their revenue significantly lower than that of direct stores [12]. - Customer complaints regarding product effectiveness and pricing issues indicate potential challenges in managing brand reputation and consumer expectations [12].