林清轩（2657.HK）敲钟港交所，价值释放只是刚刚开始

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, marking the emergence of the "first domestic high-end skincare stock" and signifying a pivotal moment in the high-end skincare industry, traditionally dominated by international giants [1][4]. Group 1: Company Growth and Product Strategy - The listing is seen as a new starting point for Lin Qingxuan's growth, with a clearer path to becoming a leading beauty brand [4]. - The cornerstone of Lin Qingxuan's success is its signature Camellia Oil, which has established a strong market presence and is expected to drive long-term growth [5]. - According to Zhi Zhi Consulting, Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China by retail sales in 2024, ranking first among all domestic high-end skincare brands [5]. - The Camellia Oil has maintained its position as the best-selling facial oil in China for 11 consecutive years, with cumulative sales exceeding 45 million bottles by June 30, 2025 [5][6]. - The introduction of the new 5.0 Camellia Anti-Wrinkle Repair Oil is expected to enhance the product's performance and contribute to overall revenue growth, with the oil category's revenue contribution projected to rise to 45.5% in the first half of 2025 [7]. Group 2: Future Growth Strategies - Lin Qingxuan aims to expand its product matrix with a focus on "cell-level anti-wrinkle" products to meet diverse skincare needs, including the upcoming "Cell Energy Black Gold Cream 2.0" [8]. - The company is also developing a multi-brand strategy, launching the "Xiaoxin Xuan" brand for consumers with sensitive skin and a community beauty service brand "Huaiqizhuang" to provide accessible personal care services [8]. - Lin Qingxuan has initiated its global expansion through the Southeast Asian market and cross-border e-commerce, creating new market opportunities [9]. - The partnership with global beauty giant L'Oréal is expected to enhance Lin Qingxuan's growth strategies by providing access to top-tier research resources and procurement systems, potentially accelerating the development of its Camellia-based products [10][11].