Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Lin Qingxuan, founded in 2003, is a leading high-end domestic skincare brand in China, known for its "oil-based skincare" concept and camellia oil facial essence, focusing on anti-wrinkle and firming skincare products [6][8] - The company has experienced rapid growth, with revenue reaching 1.05 billion yuan in the first half of 2025, a year-on-year increase of 98%, and a net profit margin of 17.3% [6][14] - The market for oil-based skincare is expanding, with a projected market size of 11 billion yuan by 2025, driven by consumer awareness and the rise of domestic brands [6][51] Company Overview - Lin Qingxuan is recognized as a pioneer in the "oil-based skincare" market, with its camellia oil essence being a flagship product that has sold over 45 million bottles since its launch [6][19] - The company operates a multi-channel sales strategy, with 554 physical stores and a significant online presence, particularly on platforms like Douyin, where it holds a 72% market share in its category [6][30][66] - The founder, Sun Laichun, holds a significant stake in the company, which enhances stability and strategic direction [11] Financial Performance - Revenue has grown from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.42% [14][15] - The gross profit margin for the camellia oil essence has increased from 33% in 2022 to 48% in the first half of 2025, contributing to overall profitability [19][24] Market Dynamics - The "oil-based skincare" market is characterized by a shift towards high-end products, with a significant portion of the market now held by domestic brands [51][53] - Lin Qingxuan leads the market with a 12% share in facial essence sales, outperforming competitors on major e-commerce platforms [55][57] - The demand for oil-based skincare products is driven by a growing understanding of skin barrier science and the need for lipid-based protection [51][64] Product Strategy - The product lineup includes 230 SKUs, with the camellia oil essence accounting for 46% of revenue and 48% of gross profit [19][24] - The company emphasizes the use of natural ingredients and has positioned itself as a high-end brand through effective marketing and product differentiation [6][64] Sales Channels - The company has successfully integrated online and offline sales channels, with online sales accounting for 65% of total revenue in the first half of 2025 [30][66] - Douyin is identified as the primary sales channel for the company, reflecting the effectiveness of live-streaming and visual marketing strategies [66]
林清轩（02657）：公司深度报告：以油养肤快速破圈前景广阔，高端国货护肤产品渠道多维发力