Youngor(SH:600177) Zheng Quan Shi Bao·2025-12-08 11:55Group 1 - Lin Qingxuan, a well-known domestic beauty brand, has resubmitted its IPO application, changing its name to "Shanghai Lin Qingxuan Cosmetics Group Co., Ltd." to reflect its positioning as a high-end domestic skincare brand [1] - The company was founded in 2003 and focuses on the anti-wrinkle market, pioneering the "oil-based skincare" concept and dedicating efforts to the research and application of camellia oil [1] - The Chinese skincare market has shown steady growth, with the market size increasing from 332.9 billion yuan in 2019 to an expected 461.9 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 6.8% [1] Group 2 - Lin Qingxuan has emerged as a leader in the high-end domestic skincare sector, ranking first among domestic brands and being the only domestic brand in the top 15 high-end skincare brands in China [2] - In the first half of 2025, Lin Qingxuan achieved revenue of 1.052 billion yuan, a 98.3% increase year-on-year, with a net profit of 182 million yuan, up 109.9% [2] - The company's revenue is projected to grow from 691 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit shifting from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [2] Group 3 - Lin Qingxuan's high gross margin is supported by significant marketing investments, with sales and distribution expenses of 509 million yuan, 485 million yuan, and 688 million yuan from 2022 to 2024, representing 73.7%, 60.3%, and 56.9% of revenue, respectively [3] - The company's online sales have rapidly increased, driven by strategies such as IP matrix, internal live streaming, and collaborations with KOLs and KOCs [3] - The founder, Sun Laichun, holds 38.21% of the shares directly, with a total ownership of approximately 79.27% when including indirect holdings [3] Group 4 - Lin Qingxuan completed its Series A financing in January 2021, raising several hundred million yuan from investors including Haina Hua Shanghai and others [4] - In September 2021, the company announced the completion of its Series B financing, with participation from various investment firms [4] - Prior to its IPO, several firms acquired shares from existing shareholders, including Shanghai Kaihui Chuangmei and Zhangjiagang Xinghan Qicheng [4] Group 5 - Shanghai Kaihui Chuangmei is a limited partnership established under Chinese law, with significant stakes held by entities controlled by L'Oréal and the Shanghai Jing'an District State-owned Assets Supervision and Administration Commission [5] - This indicates that L'Oréal has indirectly become a shareholder of Lin Qingxuan through its investment in Shanghai Meici Fang Investment Co., Ltd. [5]