Core Viewpoint - The successful listing of Lin Qingxuan marks the emergence of the first high-end domestic skincare stock in China, symbolizing a significant milestone in the brand's 22-year journey from Shanghai to the international capital market [1]. Group 1: Company Growth and Milestones - Lin Qingxuan's IPO price was set at HKD 77.77 per share (approximately RMB 70.05), with an opening price of HKD 85 and a peak of HKD 91, resulting in a total market capitalization of HKD 124.02 billion by 13:10 [1]. - The company is projected to achieve over RMB 1 billion in revenue in the first half of 2025, reflecting a substantial year-on-year growth of 98.30%, and aims to join the RMB 2 billion club by the end of this year [1]. - The brand's journey began in 2003 with the creation of its first handmade soap, and it has since sold over 20 billion units, with its core product, camellia oil, achieving cumulative sales of over 45 million bottles [1]. Group 2: Brand Philosophy and Strategy - Lin Qingxuan's founder, Sun Laichun, chose a name that reflects Chinese culture rather than following the trend of adopting Western names, which has proven beneficial as domestic consumer preferences have shifted towards local brands [4][5]. - The brand's focus on camellia oil since 2012, despite the dominance of international brands in the high-end skincare market, has significantly contributed to its revenue growth, with camellia oil products accounting for over 10 billion in revenue by 2025 [5]. - Lin Qingxuan emphasizes quality over speed in product development, with extensive time spent on research and development to ensure the natural efficacy of its products [8][10]. Group 3: Resilience and Adaptation - The company faced a critical challenge during the COVID-19 pandemic in 2020, where all offline stores were closed, leading to a near-zero performance for over 1,000 sales staff [14][15]. - Instead of resorting to layoffs, Lin Qingxuan's management opted for salary reductions and encouraged employees to adapt, which helped the company survive the crisis [20]. - The brand's commitment to its mission and values played a crucial role in navigating through difficult times, demonstrating the importance of corporate culture in crisis management [20]. Group 4: Strategic Decisions and Market Positioning - Lin Qingxuan made a strategic decision to discontinue its hand soap business, which generated over RMB 100 million in GMV, to focus on the higher potential camellia oil project, despite initial backlash [22]. - The company has maintained a high-end positioning by avoiding low-priced products and investing heavily in research and development, with the R&D budget since 2022 surpassing the total of the previous ten years [22][23]. - Lin Qingxuan's approach to market positioning emphasizes deep specialization in core products, which has allowed it to carve out a unique space in the high-end skincare market [23]. Group 5: Future Outlook - The listing on the Hong Kong Stock Exchange is viewed as a starting point for Lin Qingxuan's multi-brand and global expansion strategy [25]. - The brand's success story serves as an inspiration for emerging domestic brands, highlighting that with a focus on core values and quality, local brands can thrive in the competitive high-end market [25][26].
恭喜林清轩，上市成功！！