Core Viewpoint - Lin Qingxuan, known as the "first high-end skincare stock of domestic goods" in Hong Kong, officially listed on the Hong Kong Stock Exchange on December 30, 2023, marking a significant milestone in its multi-brand and global expansion strategy [1][10]. Company Overview - Lin Qingxuan was established in 2003 and gained prominence with its core product, Camellia Oil, launched in 2014, solidifying its position in the high-end skincare segment [3]. - The company aimed to enter the capital market within five years, a goal achieved in approximately seven months from its initial filing in May 2023 to its listing [3]. Financial Highlights - The company raised approximately HKD 9.97 billion (about RMB 8.98 billion) through its IPO, with notable institutional investors subscribing to 44.43% of the total shares [4]. - Revenue projections show a continuous increase from RMB 6.91 billion in 2022 to an expected RMB 20 billion by the end of 2025, with a significant 98.3% revenue growth in the first half of 2025 [4][10]. - Lin Qingxuan turned a profit in 2023 with a net profit of RMB 84.5 million, expected to rise to RMB 187 million in 2024, and reached RMB 182 million in the first half of 2025 [5]. Market Position - Lin Qingxuan is projected to rank first among domestic high-end skincare brands in China by retail sales in 2024, and it is the only domestic brand among the top 15 high-end skincare brands [5]. - The company's gross margin has consistently remained around 80%, with figures of 78%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025 [5]. Product and Brand Development - The Camellia Oil product line is a key driver of revenue growth, with its revenue share increasing from 31.5% in 2022 to 45.5% in the first half of 2025 [5]. - Lin Qingxuan has expanded its brand portfolio to include two new brands, Xiaoxinxuan and Huaiyizhuang, targeting younger consumers and community beauty services, respectively [9]. Distribution and Sales Channels - The company has experienced growth in both online and offline channels, with offline revenue increasing steadily and online revenue growing at a compound annual growth rate of 51.2% [6][7]. - As of June 30, 2025, Lin Qingxuan operated 554 stores, ranking first among domestic and international high-end skincare brands in terms of store count [6]. Future Outlook - The successful listing is seen as a new starting point for Lin Qingxuan, with expectations to join the ranks of the top ten domestic beauty companies [10]. - The recent supportive policies from the China Securities Regulatory Commission and the Hong Kong Stock Exchange are likely to encourage more beauty companies to pursue dual listings [11].
刚刚！林清轩正式上市