国货护肤龙头林清轩通过港交所上市聆讯，高端市场迎本土“第一股”

Core Viewpoint - Lin Qingxuan Cosmetics Group has officially disclosed its prospectus after passing the Hong Kong Stock Exchange hearing, marking a significant step towards its IPO and potential to become the first high-end domestic skincare brand listed in Hong Kong [2][6]. Group 1: IPO Progress - The IPO process for Lin Qingxuan accelerated significantly in the second half of 2025, with the company submitting its first application on May 29, 2025, and a second application on December 2, 2025, which was approved shortly thereafter [7]. - Prior to the hearing, Lin Qingxuan received a notice from the China Securities Regulatory Commission on November 28, 2025, allowing it to issue up to 16.0614 million shares for overseas listing [8]. Group 2: Market Position and Product Focus - Established in 2003, Lin Qingxuan focuses on the high-end anti-wrinkle skincare market, with its signature camellia flower series products [5][9]. - According to independent consulting firm Zhi Shi, Lin Qingxuan ranked first among all domestic high-end skincare brands in China by retail sales in 2024, holding a market share of approximately 1.4% [9]. Group 3: Sales Network and Product Range - Lin Qingxuan has built an OMO (Online-Merge-Offline) sales network, with 554 stores nationwide as of June 30, 2025, making it the leading brand in terms of store count among domestic and international high-end skincare brands [14]. - The company offers a comprehensive product line, including essence oils, creams, toners, serums, and masks, totaling 230 SKUs to meet various consumer needs [16]. Group 4: Financial Performance - Lin Qingxuan has demonstrated strong revenue growth, with operating income increasing from RMB 691.15 million in 2022 to RMB 1.21 billion in 2024, and reaching RMB 1.052 billion in the first half of 2025 [17][18]. - The company turned a net loss of RMB 5.93 million in 2022 into a net profit of RMB 84.52 million in 2023, with net profit further increasing to RMB 186.83 million in 2024 and reaching RMB 181.85 million in the first half of 2025 [19]. Group 5: Strategic Partnerships - Since 2017, Lin Qingxuan has partnered with Yima Chain Industry Group to enhance its store management system, facilitating a transition from experience-driven to system-driven operations [20][22].