国货护肤品林清轩递表港交所

Company Dynamics - On December 2, the Hong Kong Stock Exchange disclosed that Shanghai Linqingxuan Cosmetics Group Co., Ltd. submitted its listing application, with CITIC Securities and Huatai International as joint sponsors [2] - Linqingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its flagship brand offering high-end skincare solutions based on natural camellia ingredients [2] - Since starting research on camellia skincare products in 2012, the company pioneered the "oil-based skincare" concept, launching its first camellia essence oil in 2014, which laid the foundation for its core product line [2] - As of June 30, 2025, Linqingxuan has a total of 230 SKUs, including essence oils, creams, toners, lotions, serums, masks, and sunscreens [2] - Research and development costs for Linqingxuan were RMB 21 million, RMB 20 million, RMB 30 million, and RMB 18 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Overview - The Chinese skincare market has been steadily growing, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, representing a compound annual growth rate (CAGR) of 6.8% [3] - The high-end segment of the market has seen significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [3] - In 2024, Linqingxuan ranked first among all high-end domestic skincare brands in China, capturing a market share of 1.4% based on retail sales [3] - Linqingxuan's revenue for the years 2022, 2023, 2024 was RMB 691 million, RMB 805 million, and RMB 1.21 billion, with revenue for the first half of 2025 reaching RMB 1.052 billion [3] - The adjusted net profits for Linqingxuan were RMB -4 million, RMB 88 million, RMB 200 million, and RMB 201 million for the years 2022, 2023, 2024, and the first half of 2025, indicating significant fluctuations in growth [3]