重启上市！透过林清轩再冲“高端第一股”，看国货美妆突围困局仍未破？

Core Viewpoint - Lin Qingxuan's IPO plan has been suspended due to the failure to complete the hearing within six months of submitting its prospectus, but it has since reinitiated its listing process with a new target date [1][3]. Financial Performance - Lin Qingxuan is experiencing a significant revenue growth period, with a projected 98% year-on-year increase in revenue for 2024, and a gross margin of 82% for its core product, camellia oil, which exceeds the average in the beauty industry [3]. - The company's revenue heavily relies on a single product, the camellia oil priced at 599 yuan for 30ml, which accounts for nearly 60% of total revenue, raising concerns about its risk resilience [3]. Marketing and Cost Structure - Lin Qingxuan's marketing expenses are substantial, with sales and distribution costs reaching 688 million yuan in 2024, representing 56.9% of revenue, and a 100.2% increase in marketing expenses in the first half of 2025, outpacing revenue growth [3][8]. - The company's growth model is heavily dependent on online sales, which increased from 45.2% in 2022 to 65.4% in the first half of 2025, but this has led to rising customer acquisition costs, which doubled from 180 yuan to 320 yuan per effective customer [8]. Brand and Market Positioning - The high-end beauty market in China is growing rapidly, with a compound annual growth rate of 15.3% from 2020 to 2024, but domestic brands like Lin Qingxuan face challenges in gaining consumer acceptance at higher price points due to a lack of brand heritage compared to international brands [4][5]. - Lin Qingxuan's reliance on KOLs and live streaming for sales has created a fragile growth model, as any negative publicity or decline in traffic can directly impact revenue [9]. Regulatory and Compliance Issues - Lin Qingxuan faced a fine of 21,000 yuan in 2023 for misleading advertising regarding its anti-aging claims, highlighting weaknesses in compliance management that could hinder its IPO process [3][7]. Expansion and Control Challenges - The company has expanded its retail presence significantly, with 506 stores by the end of 2024, but over 30% of these are franchise stores, which can dilute brand control and lead to inconsistent customer experiences [11][12]. - The franchise model has resulted in high closure rates and operational inconsistencies, undermining the brand's high-end positioning [11][12]. Valuation and Investment Concerns - Lin Qingxuan's valuation has seen significant increases, reaching 3.846 billion yuan before its IPO, but this high valuation lacks support from substantial assets or R&D investments, raising doubts about its long-term sustainability [13][14]. - The company's focus on marketing over R&D has led to a misalignment between its valuation logic and long-term value, as seen in the practices of other successful beauty brands that prioritize research and brand integrity [14].