林清轩上市近了：上半年首破10亿

Core Viewpoint - Lin Qingxuan is set to go public on the Hong Kong stock market after successfully submitting its prospectus following the listing hearing, aiming to become the first high-end domestic skincare stock and the first domestic essence oil stock in China [2][17]. Financial Performance - Lin Qingxuan's revenue has significantly increased from 691.5 million RMB in 2022 to 1.209641 billion RMB in 2024, with a notable 98.3% year-on-year growth in the first half of 2025, marking its first half-year revenue exceeding 1 billion RMB [3][18]. - The company turned a profit in 2023 with a net profit of 85 million RMB, which further increased to 187 million RMB in 2024, and reached 182 million RMB in the first half of 2025, with net profit margins improving to 10.5%, 15.4%, and 17.3% respectively [4][19]. Product Structure - The core product category for Lin Qingxuan is essence oil, generating revenues of 448 million RMB in 2024 and 478 million RMB in the first half of 2025, accounting for 37% and 45.5% of total revenue respectively [5][20]. - Lin Qingxuan's camellia oil essence has ranked first in retail sales among all facial essence oil products in China for 11 consecutive years since 2014, with cumulative sales exceeding 45 million bottles by June 30, 2025 [7][22]. Sales Channels - Online sales have seen a substantial increase, with revenue rising from 312 million RMB in 2022 to 714 million RMB in 2024, achieving a compound annual growth rate of 51.2%. By the first half of 2025, online revenue reached 688 million RMB, making up 65.4% of total sales [8][23]. - Offline revenue also grew from 378 million RMB in 2022 to 494 million RMB in 2024, with a compound annual growth rate of 14.3%. As of June 30, 2025, Lin Qingxuan operated 554 stores, primarily located in shopping malls [10][25]. Market Position - Lin Qingxuan is positioned as the leading high-end domestic skincare brand in China by retail sales in 2024, and it is part of a broader trend of domestic beauty brands seeking to list in Hong Kong to enhance their capital structure and global competitiveness [11][26]. - The company is among several domestic beauty brands, including Pechoin and Marubi, that have initiated their listing processes in Hong Kong, reflecting a new phase of capitalized development in the industry [14][29].