林清轩启动公开招股：国货高端护肤第一股价值几何?

Core Viewpoint - Lin Qingxuan, a high-end skincare brand in China, has officially launched its IPO process, aiming to become the first domestic high-end skincare stock on the Hong Kong Stock Exchange, with a global offering of approximately 13.97 million shares [1] Group 1: Company Development and Technology - Lin Qingxuan has transitioned from following technology to leading it, particularly in the field of cell-level anti-wrinkle technology, marking a significant leap in the domestic skincare industry [2] - The brand's flagship product, the fifth-generation Camellia Oil Anti-Wrinkle Repair Essence, utilizes a core ingredient that activates cellular autophagy mechanisms, representing a new paradigm in anti-wrinkle skincare [3] - The company has established a robust R&D ecosystem by integrating industry, academia, and medical research, enhancing its technological foundation for sustainable growth [4] Group 2: Market Position and Performance - Lin Qingxuan ranks first among domestic high-end skincare brands in China, with a market share of 1.4%, and is the only domestic brand among the top 15 high-end skincare brands [8] - The brand's sales performance is strong, with its star product achieving cumulative sales of over 45 million bottles and maintaining the top position in retail sales for 11 consecutive years [6] - Financially, Lin Qingxuan has shown impressive growth, with revenue increasing from 690 million yuan in 2022 to 1.21 billion yuan in 2024, reflecting a compound annual growth rate of 32.3% [7] Group 3: Future Plans and Strategic Goals - The funds raised from the IPO will be used to deepen R&D innovation, expand channel networks, and strengthen brand building, with a goal to increase the number of stores to 1,500 within three years [10] - Lin Qingxuan aims to further leverage its cell-level anti-wrinkle technology to enhance its product matrix and accelerate offline store expansion [10] - The company is positioned to contribute significantly to the global skincare technology landscape, showcasing the rise of domestic technological capabilities in the high-end beauty market [11]