林清轩再度递表港交所，“国货高端护肤第一股”成色几何？

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, has resubmitted its IPO application to the Hong Kong Stock Exchange, highlighting significant revenue growth and a strategic rebranding to position itself as a high-end skincare brand in China [1][2]. Group 1: Financial Performance - In the first half of 2025, Lin Qingxuan reported total revenue of 1.05 billion yuan, representing a remarkable year-on-year growth of 98% compared to the first half of 2024 [1]. - The gross profit margin for Lin Qingxuan reached 82.4% in the first half of 2025, up from 81.9% in the same period of 2024, indicating strong pricing power and operational efficiency [2]. Group 2: Market Positioning - Lin Qingxuan emphasizes its high-end positioning, ranking first among 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 [2]. - The brand's revenue is heavily reliant on its single product category, with essence oil contributing 45.5% of total revenue in the first half of 2025, up from 37% in 2024 [2]. Group 3: Marketing and Growth Strategy - The company has significantly increased its sales and distribution expenses, which rose by 100.2% to 580.6 million yuan in the first half of 2025, driven by enhanced online and offline marketing activities [4]. - Lin Qingxuan's growth is largely attributed to its brand reputation and market recognition, with a focus on marketing and brand strength rather than heavy R&D investment [3][4]. Group 4: Shareholder Structure and Investments - The founder, Sun Laichun, holds 38.21% of the shares directly and approximately 79.27% in total, while external investors include notable entities like Yagao Fashion and Country Garden Venture Capital [5][6]. - The estimated valuation of Lin Qingxuan before the IPO is around 3.846 billion yuan, with significant investments from entities including L'Oréal through a joint fund [7]. Group 5: Industry Trends - The trend of domestic beauty brands pursuing IPOs in Hong Kong is increasing, with Lin Qingxuan joining other brands like Natural Hall and Proya in seeking capital to enhance competitiveness and global presence [8]. - The domestic market for plant essential oils is expected to grow, with increasing consumer demand anticipated in the coming years [9].