高端化妆品行业系列：高端国货品牌林清轩即将上市，产品渠道齐发力

Investment Rating - The investment rating for the industry is "Outperform the Market" [2][3] Core Insights - The beauty industry has entered a stable growth phase, with increasing consumer demand differentiation and intensified competition, necessitating higher operational standards for brand management [4][65] - Domestic brands, including Lin Qingxuan, have made significant progress in the high-end market, leveraging unique Chinese ingredients to create differentiated products and enhancing brand value through effective channel strategies [4][65] - Lin Qingxuan is positioned as a leading domestic high-end skincare brand, ranking 13th among all high-end skincare brands in China with a market share of 1.4% [5][26] Company Overview - Lin Qingxuan plans to officially list on the Hong Kong Stock Exchange on December 30, issuing approximately 13.97 million H shares at an offering price of HKD 77.77 per share, aiming to raise around HKD 1.086 billion [4] - The company has established a full industry chain from raw material planting to R&D, production, and sales, focusing on its core product, the Camellia Oil, which has been a market leader for 11 consecutive years [5][6] Financial Performance - In 2024, Lin Qingxuan is projected to achieve revenue of CNY 1.21 billion, a year-on-year increase of 50.27%, and a net profit of CNY 187 million, up 121.06% [15] - The company has maintained rapid revenue growth over the past three years, with a significant increase in profit margins, indicating strong operational efficiency [15][20] Product and Channel Strategy - The core product, Camellia Oil, has seen substantial revenue growth, contributing 46% of total revenue in the first half of 2025, with a remarkable growth rate of 176% [39] - The company has a balanced online and offline channel strategy, with online sales accounting for 65% of total revenue in the first half of 2025, reflecting a 137% growth [18][47] Brand Positioning and Customer Base - Lin Qingxuan has over 5.6 million active customers, with an average annual repurchase rate of 33.5%, indicating strong brand loyalty [30] - The brand is actively expanding its customer base, targeting younger consumers aged 18 to 24 through affordable yet effective skincare solutions [34] Future Growth Plans - The company plans to use the funds raised from the IPO to enhance brand marketing, upgrade supply chain capabilities, and explore overseas markets, aiming for sustainable growth and brand diversification [62][64]