林清轩今起招股：获富达基金等6200万美元基石认购

Core Viewpoint - Shanghai Lin Qingxuan Cosmetics Group Co., Ltd. is set to become the first domestic high-end skincare stock listed on the Hong Kong Stock Exchange, with an IPO planned to raise over HKD 1 billion and a market valuation of HKD 10.862 billion [2] Group 1: IPO Details - Lin Qingxuan will issue 13,966,450 H shares, with 1,396,650 shares available for public sale in Hong Kong and 12,569,800 shares for international sale [2] - The IPO price is set at HKD 77.77 per share, aiming to raise over HKD 1 billion [2] - The company has attracted seven cornerstone investors, collectively subscribing USD 62 million, including Fidelity Fund and GBA Investment [2] Group 2: Product and Market Position - Lin Qingxuan has been a pioneer in the "oil-based skincare" sector for over a decade, offering a comprehensive product range including essence oils, creams, and masks [3] - The flagship product, "Camellia Oil," has sold over 45 million bottles and has been the top-selling facial essence oil in China for 11 consecutive years [5] - The company ranks first among domestic high-end skincare brands in China and is the only domestic brand in the top 15 high-end skincare brands [6] Group 3: Financial Performance - In the first half of 2025, Lin Qingxuan's revenue surged by 98.3% year-on-year to HKD 1.052 billion, with adjusted net profit increasing by 117.4% to HKD 200 million [6] - The company's revenue growth rate significantly outpaces the industry average from 2022 to 2024 [6] Group 4: Sales Network and Strategy - Lin Qingxuan operates 554 stores nationwide, ranking first among domestic and international high-end skincare brands in terms of store count [8] - The company employs an OMO (Online-Merge-Offline) sales model, achieving a 51.2% compound annual growth rate in online revenue from 2022 to 2024, with a 137.2% year-on-year increase in the first half of 2025 [8] - The brand has a strong online presence with approximately 7.9 million followers on Tmall and over 2.7 million on Douyin, achieving top sales rankings during major shopping events [8] Group 5: Future Outlook - Lin Qingxuan is positioned to benefit from the growing demand for anti-aging and tightening skincare products, supported by its strong R&D capabilities and leading products [9]