林清轩过聆讯：系以油养肤开创者，连续11年精华油全国销量第一

Core Viewpoint - Lin Qingxuan is set to become the first high-end domestic skincare brand listed on the Hong Kong Stock Exchange, following its successful hearing and submission of post-hearing documents [1] Industry Overview - The Chinese cosmetics market is expanding, driven by increased consumer focus on health and appearance, digital transformation in shopping behavior, and a growing interest in healthier, high-quality products. Skincare products hold the largest market share, with the market size projected to grow from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [1] Company Performance - Lin Qingxuan's total revenue is projected to grow from RMB 691 million in 2022 to RMB 1.21 billion in 2024, achieving a CAGR of 32.3%. In the first half of this year, the company reported revenue of RMB 1.052 billion, a year-on-year increase of 98.3%. The adjusted net profit for the same period rose by 117.4% to RMB 200 million, nearly matching the full-year profit for 2024, indicating strong growth momentum [2] - The market for high-end anti-wrinkle and firming skincare products is expected to increase from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2%. The overall high-end skincare industry in China is projected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] Strategic Positioning - Lin Qingxuan is poised to benefit from its strong R&D capabilities and leading products. The company plans to enhance its product matrix and offer more customized skincare solutions for diverse applications, thereby strengthening brand recognition and leading the high-quality development of domestic beauty brands [3]