高端定位VS大众门店？林清轩赴港上市遭质疑：轻研发、博眼球营销

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. is set to officially list on the Hong Kong Stock Exchange on December 30, 2025, with a global offering price of HKD 77.77 per share, indicating strong confidence from long-term institutional investors in domestic skincare brands [3][20]. Group 1: IPO and Fundraising - The IPO process received approval from the China Securities Regulatory Commission on November 27, 2025, allowing the issuance of up to 16.06 million shares [3][20]. - The public offering will take place from December 18 to 23, 2025, with a final global offering of 13.97 million shares [3][20]. - The company aims to raise approximately HKD 997 million, with 40% allocated for brand value enhancement and sales network expansion, and 45% for supply chain improvements and product development [3][20]. Group 2: Financial Performance - Revenue increased from CNY 691 million in 2022 to CNY 1.21 billion in 2024, with a compound annual growth rate of 32.3%, while net profit turned from a loss of CNY 5.93 million to a profit of CNY 187 million [4][21]. - The gross margin has consistently remained above 80%, reaching 82.5% in 2024 and 82.4% in the first half of 2025, outperforming competitors [5][23]. Group 3: Marketing and R&D Expenditure - The company has adopted an aggressive marketing strategy, with sales expenses reaching CNY 688 million in 2024, accounting for 56.86% of revenue, while R&D expenses were only CNY 30.4 million, representing 2.5% of revenue [6][23]. - In the first half of 2025, the sales expense ratio was 55.2%, and R&D expense ratio dropped to 1.7% [7][23]. Group 4: Product Dependency and Sales Channels - The company heavily relies on its core product, Camellia Oil, which accounted for 45.5% of revenue in the first half of 2025, up from 31.5% in 2022 [8][23]. - Online sales have increased significantly, with the proportion rising from 45.2% in 2022 to 65.4% in the first half of 2025, with Douyin contributing 55.9% of online sales [9][24]. Group 5: Challenges and Strategic Issues - The company faces challenges such as over-reliance on a single product and sales channel, particularly Douyin, which may lead to risks if market trends shift [16][31]. - The rapid expansion into lower-tier cities has resulted in a significant increase in the number of stores, but many stores are underperforming, with 31 stores reporting losses in the first half of 2025 [14][30]. - The strategic direction of the company appears inconsistent, with shifts between franchise and joint venture models, raising concerns about operational control [15][30].