毛利率超80％，割女性韭菜？

Core Viewpoint - Lin Qingxuan has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming for a valuation of over 3.8 billion yuan and projected revenue of 1.05 billion yuan in the first half of 2025, showcasing a remarkable year-on-year growth of 98% [1][4]. Company Overview - Founded in 2003 by Sun Laichun, Lin Qingxuan initially focused on selling aloe vera gel and handmade soap, targeting students with no core competitiveness [1]. - The brand pivoted in 2012 after discovering the benefits of camellia oil, leading to the launch of its flagship product, which has since sold over 45 million bottles [4]. Financial Performance - Revenue increased from 691 million yuan in 2022 to 1.21 billion yuan in 2024, nearly doubling in three years, with a 98% growth rate in the first half of 2025 [9]. - The company turned a profit of 187 million yuan in 2024, recovering from a loss of 5.93 million yuan in 2022, with a compound annual growth rate of approximately 32% [9]. Product and Pricing Strategy - Lin Qingxuan positions itself as a high-end domestic skincare brand, with core products priced between 200 and 800 yuan, leading to a gross margin of 82.4% [12]. - The pricing strategy has sparked debates on social media, with comparisons to international brands like Chanel and Clarins, where Lin Qingxuan's products are significantly more expensive [10][12]. Marketing and Distribution - The company has shifted its focus from offline retail to online sales, with online revenue accounting for 59.1% by 2024 [6]. - Lin Qingxuan has expanded its offline presence from 366 stores in 2022 to 554 stores in the first half of 2025, primarily in high-end shopping centers [7]. Research and Development - Lin Qingxuan claims to be a brand born in the laboratory, with partnerships for research and development, but its R&D spending remains below industry averages, raising concerns about its long-term sustainability [16][17]. - The company spent 7.6 billion yuan on marketing over three years, significantly outpacing its R&D investment [18]. Regulatory and Compliance Issues - Lin Qingxuan has faced regulatory scrutiny for exaggerated claims about its products, resulting in fines for misleading advertising [20][21]. - The company has also dealt with public relations challenges, including customer service scandals that have impacted its reputation [21]. Future Outlook - As Lin Qingxuan prepares for its IPO, it must address the challenges of maintaining its high-end image while ensuring compliance and building a solid reputation in the market [22][23].