林清轩（02657）：IPO申购指南

Investment Rating - The report recommends subscription for Lin Qingxuan (2657.HK) [1] Core Insights - The company focuses on the high-end domestic skincare market, particularly anti-wrinkle and firming products, with a comprehensive range of offerings including essential oils, creams, toners, emulsions, serums, and masks. The core product is camellia oil [2] - In 2024, the company ranks 13th among all high-end skincare brands in China and 10th in the anti-wrinkle segment, with market shares of 1.4% and 2.2% respectively [2] - The Chinese skincare market has shown steady growth, with a CAGR of 6.8% over the past six years. The market size is projected to increase from CNY 332.9 billion in 2019 to CNY 461.9 billion in 2024, with the high-end segment expected to grow from CNY 74.9 billion to CNY 114.4 billion during the same period [2] - By 2029, the overall skincare market is anticipated to reach CNY 698.5 billion, with a CAGR of 8.6% from 2024 to 2029, while the high-end segment is expected to grow to CNY 218.5 billion, with a CAGR of 13.8% [2] Financial Performance - The company has accelerated revenue growth and improved profitability, achieving revenues of CNY 0.691 billion, CNY 0.805 billion, CNY 1.210 billion, and CNY 1.052 billion for the first half of 2022 to 2025, with year-on-year growth rates of +16.5%, +50.3%, and +98.3% [3] - Net profits transitioned from a loss of CNY -0.06 billion in 2022 to CNY 0.85 billion in 2023, and further to CNY 1.87 billion and CNY 1.82 billion in 2024 and 2025, with year-on-year growth rates of +121.1% and +109.9% [3] - The gross profit margins for the same period were 78.0%, 81.2%, 82.5%, and 82.4%, while net profit margins were -0.9%, 10.5%, 15.4%, and 17.3% [3] - The company is positioned as a leading high-end domestic skincare brand, leveraging traditional Chinese botanicals to build its brand image. Future strategies include expanding product categories around core items and enhancing multi-channel operations [3] - The total market capitalization for this issuance is estimated at CNY 10.86 billion, with an initial public offering price corresponding to a static PE ratio of approximately 53.8, compared to the industry average PE of 28.3 for 2025 [3]