Core Viewpoint - Lin Qingxuan (02657) is positioned as a high-end skincare brand focusing on camellia oil, experiencing rapid growth in 2023, with plans for an IPO by December 30, 2025, aiming to raise approximately HKD 9.97 billion (around RMB 8.97 billion) for channel expansion and brand development [1] Group 1: Company Overview - Lin Qingxuan, established in 2003, specializes in high-end skincare with a focus on anti-aging, leveraging its proprietary camellia oil [1] - As of H1 2025, Lin Qingxuan operates 554 offline stores, primarily located in high-end shopping malls, and is projected to rank first among domestic high-end skincare brands in 2024 [1] Group 2: Market Dynamics - The Chinese cosmetics market is expected to reach approximately RMB 688.6 billion in 2024, with skincare products accounting for 67% of sales [2] - The high-end skincare segment is projected to grow at a CAGR of 13.8% from 2024 to 2029, while the facial oil segment is anticipated to grow at a CAGR of 42.8% during the same period, reaching a market size of RMB 13.9 billion by 2029 [2] Group 3: Financial Performance - For 2024, Lin Qingxuan's revenue and net profit are projected to be RMB 1.21 billion and RMB 190 million, respectively, reflecting year-on-year increases of 50% and 121% [3] - In H1 2025, the company reported revenue of RMB 1.052 billion, a 98% increase year-on-year, with net profit reaching RMB 182 million, up 110% [3] - The core product, camellia oil essence, has maintained the top sales position in the facial oil category for 11 consecutive years, with H1 2025 sales increasing by 176% [3] Group 4: IPO and Future Strategy - The IPO proceeds will focus on brand enhancement, channel development, supply chain improvements, and multi-brand strategies [4] - Key long-term strategies include brand rejuvenation targeting younger consumers, synergistic channel development, and expanding product categories beyond anti-aging to include whitening and makeup [4] - Profit forecasts for 2025-2027 indicate net profits of RMB 382 million, RMB 578 million, and RMB 742 million, with respective growth rates of 104.24%, 51.50%, and 28.38% [4]