认购超1000倍，透视“国货高端护肤第一股”林清轩成长价值进阶之路

Core Viewpoint - Lin Qingxuan has successfully completed its IPO, becoming the "first high-end domestic skincare stock" in the Hong Kong market, reflecting strong market interest and investor confidence in its growth story and fundamentals [1][2]. Group 1: IPO Details - Lin Qingxuan's IPO involved the issuance of 13.9665 million shares, with 10% allocated for Hong Kong and 90% for international investors, aiming to raise HKD 1.086 billion at a price of HKD 77.77 per share [1]. - The company experienced an oversubscription of over 1,032 times, with total subscriptions reaching approximately HKD 112.13 billion, indicating high demand from investors [1]. - On the eve of its listing, Lin Qingxuan's shares saw a significant increase in the dark market, closing up 18.75% at HKD 92.35 [1]. Group 2: Market Position and Strategy - Lin Qingxuan has strategically positioned itself in the high-growth "high-end anti-wrinkle" segment, focusing on the "oil-based skincare" concept with its core product, Camellia Oil, which has dominated the retail market for facial oils in China for 11 consecutive years [4]. - The anti-wrinkle skincare market in China is projected to reach RMB 119.8 billion by 2024, with a compound annual growth rate (CAGR) of 15.0%, significantly outpacing the overall skincare market growth of 6.8% [4]. Group 3: Technological and Competitive Advantages - The company has established a robust technological and industrial chain barrier centered around "cell-level anti-wrinkle" technology, ensuring a competitive edge that is difficult to replicate [5]. - Lin Qingxuan has over 600 formula patents and 87 patents, including 46 invention patents, which cover key areas such as Camellia extraction and anti-wrinkle repair technology [5]. Group 4: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue is expected to grow from RMB 690 million to RMB 1.21 billion, achieving a CAGR of 32.3%, surpassing the industry average [6]. - In the first half of 2025, the company reported revenue of RMB 1.052 billion, a year-on-year increase of 98.3%, with a net profit of RMB 182 million, nearing the total for 2024 [6]. - The company's gross margin has shown consistent improvement, with figures of 78.0%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025, indicating strong operational effectiveness and market dominance [6]. Group 5: Future Outlook - Lin Qingxuan plans to utilize the raised funds for brand building, marketing, channel expansion, research and quality control, and deepening its industrial chain, which will significantly impact its future growth [7]. - The company's strategic focus on building a strong competitive moat is essential for maintaining its growth trajectory and achieving a dual leap in performance and value [7].