林清轩上市！

Core Viewpoint - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, 2025, with a market capitalization exceeding HKD 12 billion, marking a significant milestone in its multi-brand and global expansion strategy [1][3][9]. Summary by Sections Company Overview - Lin Qingxuan, founded in 2003, established its cosmetics factory in Shanghai in 2013 and gained market recognition with its first product, camellia oil, launched in 2014 [3][6]. - The company has maintained its position as the top-selling facial oil brand in China for 11 consecutive years since 2014, with cumulative sales exceeding 50 million bottles [3][4]. Financial Performance - Revenue growth from 2022 to 2024 shows an increase from RMB 691.15 million to RMB 1.21 billion, with a compound annual growth rate (CAGR) of 32.3% [4][5]. - In the first half of 2025, revenue surged by 98.3% year-on-year to RMB 1.05 billion, nearing the full-year net profit of RMB 1.87 billion from 2024 [4][5]. Market Position - Lin Qingxuan ranks first among high-end domestic skincare brands in China and is the only domestic brand in the top 15 high-end skincare brands, including international competitors [3][4]. - The domestic facial oil market is projected to reach RMB 5.3 billion in 2024, with Lin Qingxuan's facial oil revenue growing from RMB 218 million in 2022 to RMB 448 million in 2024 [5][6]. IPO Details - The company issued 13,966,450 shares at an offer price of HKD 77.77 per share, raising approximately HKD 1.086 billion [2][7]. - Key cornerstone investors include Fidelity International and Mega Prime, collectively subscribing to about USD 62 million [7][8]. Brand Strategy and Development - Lin Qingxuan has developed a robust online and offline sales strategy, with over 95% of its 554 stores located in shopping malls as of June 30, 2025 [13][16]. - The company has introduced two new brands, Xiaoxinxuan and Huaiyizhuang, targeting younger consumers and community beauty services, respectively [16]. Research and Innovation - Lin Qingxuan has over 500 formula achievements and 86 patents, focusing on key areas such as camellia oil extraction and anti-wrinkle technology [13][14]. - The company plans to increase investment in research and development, particularly in dermatology and plant science, to enhance its product offerings [14][16].