【IPO追踪】高端国货护肤品林清轩开启招股，下一个毛戈平？

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, is set to launch its IPO in Hong Kong, following the success of Mao Geping, and is attracting significant investor interest due to its strong market position and growth potential [2][5]. Group 1: IPO Details - Lin Qingxuan's IPO subscription period is from December 18 to December 23, with an expected listing date of December 30 [2]. - The company plans to issue approximately 13.97 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [2]. - The offer price is set at HKD 77.77 per share, aiming to raise approximately HKD 999.7 million if the over-allotment option is not exercised [2]. Group 2: Financial Performance - Lin Qingxuan reported revenues of RMB 691 million, RMB 805 million, RMB 1.21 billion, and RMB 1.05 billion for the years 2022 to 2025 (first half), with net profits of RMB -5.93 million, RMB 84.5 million, RMB 187 million, and RMB 182 million respectively [5]. - The adjusted net profits for the same periods were RMB -3.66 million, RMB 88.5 million, RMB 200 million, and RMB 201 million, indicating a strong recovery and growth trajectory [5]. Group 3: Use of Proceeds - The net proceeds from the IPO will be allocated as follows: 20% for brand value enhancement, 20% for expanding sales networks, 15% for production and supply chain improvements, 15% for R&D and product development, 15% for brand matrix development through internal incubation and acquisitions, 5% for digital infrastructure upgrades, and 10% for working capital and general corporate purposes [4]. Group 4: Market Position and Support - Lin Qingxuan focuses on anti-aging skincare products and has established itself as a leader in the facial oil segment, with its camellia oil product ranking first in retail sales for 11 consecutive years since 2014 [5]. - The IPO has garnered support from cornerstone investors, including Fidelity, SS Capital, and others, with a total subscription amount of USD 62 million [5].