Core Viewpoint - The Hong Kong IPO market remains vibrant as Lin Qingxuan, known as the "first domestic high-end skincare stock," successfully listed on December 30, 2025, with its stock price surging over 16% on the first day, closing at 85 HKD, indicating strong market confidence in its growth potential [1]. Group 1: Company Overview - Lin Qingxuan was founded in 2003, initially offering affordable skincare products, and transitioned to high-end skincare by focusing on camellia oil products starting in 2012 [2]. - The company has established a strong technological barrier through its unique "cell-level anti-wrinkle" technology, which has positioned it as the leading domestic high-end skincare brand in China by retail sales as of 2024 [2][4]. Group 2: Product Innovation and Technology - Lin Qingxuan has developed patented ingredients such as Camellia Super Peptide and Camellia Super Collagen, which provide skin repair benefits, including enhancing elasticity and reducing fine lines [3]. - The company collaborates with academic institutions to establish a "Cell-Level Anti-Wrinkle Joint Research Laboratory," ensuring continuous innovation and application of cutting-edge research [3]. Group 3: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew significantly, reaching 6.91 billion CNY in 2022, 8.05 billion CNY in 2023, and projected at 12 billion CNY in 2024, with a compound annual growth rate of 32.3% [5]. - The net profit transitioned from a loss of 5.93 million CNY in 2022 to a profit of 8.45 million CNY in 2023, and further increased by 121.1% to 187 million CNY in 2024, indicating a strong upward trend in profitability [6]. Group 4: Market Reception and Product Success - The star product, Camellia Essence Oil, has sold over 45 million bottles since its launch in 2014, contributing 45.5% of the revenue in the first half of 2025, with a remarkable growth rate of 176% [6]. - New product launches have also performed exceptionally well, with the Camellia Anti-Wrinkle Peptide Microbead Essence Water achieving over 700 million CNY in sales during its first live broadcast [7]. Group 5: Long-term Investment Value - Lin Qingxuan has evolved from a successful brand story to a commercially viable entity with strong self-sustaining capabilities and long-term investment value, supported by its robust financial performance and technological barriers [8].
林清轩上市首秀表现亮眼，硬核技术壁垒下长期价值可期