新股消息 | 林清轩递表港交所主板 在中国高端国货护肤品牌中排名第一

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand in China, has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1][3]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, known for its high-end solutions based on natural camellia oil since its research began in 2012 [3]. - The company launched its first camellia oil essence in 2014, which has since sold over 45 million bottles, maintaining the top position in retail sales among all facial oil products in China for 11 consecutive years [3][4]. - As of June 30, 2025, Lin Qingxuan offers 230 SKUs and has generated significant revenue, with 99% of its income coming from its core product lines in recent years [4]. Market Position - In 2024, Lin Qingxuan ranked first among all high-end domestic skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands [4]. - The high-end skincare market in China is rapidly growing, with the market size expected to increase from RMB 749 billion in 2019 to RMB 2,185 billion by 2029 [4]. Financial Performance - Revenue for Lin Qingxuan was approximately RMB 6.91 billion in 2022, RMB 8.05 billion in 2023, and RMB 12.1 billion in 2024, with a projected revenue of RMB 10.52 billion for the first half of 2025 [8]. - Gross profit figures were RMB 5.39 billion in 2022, RMB 6.54 billion in 2023, and RMB 9.98 billion in 2024, with a gross profit of RMB 8.66 billion for the first half of 2025 [9]. Market Growth Potential - The market for high-end anti-wrinkle and firming products is projected to grow from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, with a compound annual growth rate (CAGR) of 21.2% [5]. - The facial oil market in China is expected to reach RMB 139 billion by 2029, with a CAGR of 21.3% from 2024 to 2029 [6]. Sales Strategy - The company has established a comprehensive sales network that combines online and offline channels, enhancing brand engagement and consumer touchpoints [7].