IPO雷达｜林清轩首冲港股IPO“夭折”？其实已递新材料，高端国货美妆品牌被指“重营销轻研发”

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. is attempting to restart its IPO process on the Hong Kong Stock Exchange after its application status was marked as "invalid" due to the expiration of the audit report [1][2]. Company Overview - Linqingxuan is positioned as a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming products, and is known for its camellia oil-based skincare solutions [4][6]. - The company aims to issue up to 16.061 million shares for its overseas listing and convert 92,127,177 shares held by 14 shareholders into shares for overseas listing [2]. Market Position - The skincare market in mainland China is projected to grow from RMB 332.9 billion in 2019 to RMB 461.9 billion by 2024, with a compound annual growth rate (CAGR) of 6.8% [6]. - Linqingxuan is expected to rank first among domestic high-end skincare brands in mainland China by 2024, holding a 1.4% market share [6]. Financial Performance - Revenue projections for Linqingxuan are RMB 691.5 million in 2022, RMB 805 million in 2023, and RMB 1.21 billion in 2024, with a significant profit turnaround from a loss of RMB 5.93 million in 2022 to a profit of RMB 845.2 million in 2023 [7][8]. - The company reported a gross margin of 82.4% in the first half of 2025, significantly higher than most competitors [9]. Investment in Marketing vs. R&D - Linqingxuan's marketing expenses from 2022 to 2024 totaled RMB 760 million, while R&D costs were only RMB 70 million, indicating a heavy reliance on marketing over product development [10][11]. Compliance and Consumer Experience - The company has faced regulatory scrutiny for false advertising and has received numerous complaints regarding product efficacy and customer service [16].