10年半卖爆4500万瓶精油，林清轩IPO背后的“东北网红”家族身家近100亿

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, officially listed on the Hong Kong Stock Exchange on December 30, 2025, with a closing price of HKD 85 per share, a 9.3% increase from the issue price of HKD 77.77, resulting in a market capitalization of approximately HKD 11.9 billion [2][28]. Group 1: Company Overview - Lin Qingxuan's flagship product, the Camellia Oil, has sold over 45 million bottles since its launch in 2014, averaging 4.29 million bottles sold annually [8][28]. - The company has a diverse product line with 188 SKUs, including essential oils, creams, toners, lotions, serums, masks, and sunscreens, with essential oils, creams, serums, and sunscreens being the four core categories [5][32]. - The pricing of Lin Qingxuan's products ranges from 80 to 2000 RMB, with the 50ml Camellia Oil priced at 799 RMB and a New Year gift set priced at 1443 RMB [7][34]. Group 2: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew from 691 million RMB to 1.21 billion RMB, with a compound annual growth rate of 32.5%. In the first half of 2025, the company achieved revenue of 1.052 billion RMB and a net profit of 182 million RMB [8][35]. - The gross margin of Lin Qingxuan has been increasing, reaching 82.5% in 2024, with the gross margin for the Camellia Oil at 86.2%, comparable to high-end liquor margins [10][38]. - The marketing expenses over three and a half years totaled approximately 1.121 billion RMB, with a significant portion of the workforce (85.2%) dedicated to sales and marketing [11][12][39]. Group 3: Marketing Strategy - The founders, Sun Laichun and Sun Fuchun, actively engage in live streaming and social media to promote the brand, creating a unique "Lin Qingxuan family IP matrix" that includes family members participating in content creation [4][30]. - The company has accumulated around 7.96 million followers on Tmall and over 1.66 million on Douyin, with significant sales during promotional events [19][46]. - Lin Qingxuan has faced challenges with advertising compliance, receiving fines for misleading claims about product efficacy, which highlights the importance of regulatory adherence in marketing strategies [20][47]. Group 4: Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international competitors [8][34]. - The company has expanded its offline presence, with 554 stores nationwide, primarily located in shopping centers, reinforcing its high-end brand image [19][46]. - Despite facing consumer complaints regarding product efficacy and pricing, the overall market sentiment towards Lin Qingxuan remains positive, with significant backing from institutional investors [27][51].