林清轩(02657)上市首秀表现亮眼，硬核技术壁垒下长期价值可期

Core Viewpoint - The Hong Kong IPO market remains vibrant as Lin Qingxuan, known as the "first high-end domestic 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 before pivoting to high-end skincare with a focus on camellia flower ingredients starting in 2012 [2]. - The company has established a strong technological barrier through deep research and development, leading to its position as the top high-end domestic skincare brand in China by retail sales in 2024 [2][4]. Group 2: Product Innovation and Technology - Lin Qingxuan has developed patented ingredients such as Camellia Extract and various peptides, which provide skin repair benefits, including enhancing elasticity and reducing fine lines [3]. - The company emphasizes "cell-level anti-wrinkle" technology, supported by collaborations with academic institutions and the establishment of a dedicated research laboratory [3][4]. Group 3: Financial Performance - Lin Qingxuan has shown impressive revenue growth from 6.91 billion CNY in 2022 to an expected 12 billion CNY in 2024, with a compound annual growth rate of 32.3% [5]. - The company transitioned from a loss of 5.93 million CNY in 2022 to a profit of 8.45 million CNY in 2023, with net profit reaching 1.87 billion CNY in 2024, reflecting a growth of 121.1% year-on-year [6]. Group 4: Market Reception and Sales Performance - The star product, Camellia Essence Oil, has sold over 45 million bottles since its launch in 2014, contributing 45.5% of the company's revenue in the first half of 2025, with a remarkable growth rate of 176% [6][7]. - 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's strong financial performance, robust technological barriers, and impressive market debut position it as a business entity with significant self-sustaining capabilities and long-term investment value [8].