林清轩完成港股上市备案，冲击港股“国货高端护肤第一股”

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shanghai Linqingxuan Cosmetics Group Co., Ltd., which plans to issue up to 16,061,400 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [2] Company Overview - Linqingxuan is a leading high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its flagship brand "Linqingxuan" which offers high-end skincare solutions based on natural camellia flower ingredients [3][4] - The company has pioneered the "oil-based skincare" concept since 2012, launching its first camellia essence oil in 2014, which has become a core product line [3][5] Market Position - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail sales in 2024 and is the only domestic brand among the top 15 high-end skincare brands, including both domestic and international brands [3][4] - The high-end skincare market in China is rapidly growing, projected to increase from RMB 749 billion in 2019 to RMB 1,144 billion in 2024, with expectations to reach RMB 2,185 billion by 2029 [4] Financial Performance - The company's revenue increased from RMB 6.91 billion in 2022 to RMB 8.05 billion in 2023, and is expected to further rise to RMB 12.10 billion in 2024, reflecting a compound annual growth rate of 32.3% from 2022 to 2024 [8] - In 2024, the total profit and comprehensive income amounted to RMB 1.87 billion, with a net profit margin of 15.4% [8] Product Development and R&D - Linqingxuan emphasizes independent development of core ingredients and technologies related to camellia flower for anti-wrinkle and skin repair, with R&D costs of RMB 21.1 million, RMB 19.7 million, and RMB 30.4 million for 2022, 2023, and 2024 respectively [7] - The company offers a full range of high-end skincare solutions, including essence oils, creams, toners, and masks, with a total of 188 SKUs as of December 31, 2024 [5] Production Capacity - Linqingxuan operates two production bases in Shanghai, with a total building area of 49,120 square meters and an annual designed production capacity of 365 tons of raw materials and 40,700 thousand skincare products [7]