林清轩冲刺港交所：2024年零售额位居高端国货护肤品牌之首，营收复合年增32%

Core Viewpoint - Lin Qingxuan is the only domestic high-end skincare brand among the top 15 in China, focusing on anti-wrinkle and firming products, with a strong emphasis on natural ingredients like camellia oil [1][7]. Company Overview - Founded in 2003, Lin Qingxuan specializes in high-end skincare products, particularly those based on camellia flower ingredients [3]. - The flagship product, Camellia Essence Oil, launched in 2014, has sold over 30 million bottles and has been the top-selling facial essence oil in China for 11 consecutive years [5]. Product Development - Lin Qingxuan has developed a range of patented ingredients and products, including various serums, creams, and masks, totaling 188 SKUs as of December 31, 2024 [6]. - The company has introduced several successful products, such as the Camellia Black Gold Anti-Wrinkle Cream, generating significant revenue in its first year [6]. Market Position - As of 2024, Lin Qingxuan ranks first among domestic high-end skincare brands in China and is the only domestic brand in the top 15 overall [7]. - The brand leads the market in high-end anti-wrinkle and firming products among domestic brands [7]. Customer Engagement - Lin Qingxuan has over 4.3 million active customers, with an average annual repurchase rate of approximately 34.6%, surpassing the industry average [8]. Distribution Channels - The company operates 506 stores, primarily in shopping malls, with a significant portion being direct-operated stores, ensuring consistent customer experience [10]. - Online sales have seen rapid growth, with a compound annual growth rate of 51.2% from 2022 to 2024 [10]. Financial Performance - Lin Qingxuan's revenue has grown from 691 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.5% [12]. - The company achieved profitability in 2023, with adjusted net profits exceeding 200 million yuan in 2024 [13]. Future Plans - Lin Qingxuan aims to expand into Southeast Asian markets as part of its globalization strategy [11]. - The company plans to use IPO proceeds to enhance brand value, sales networks, production capabilities, and technological development [14]. Industry Outlook - The high-end skincare market in China is projected to grow from 74.9 billion yuan in 2019 to 114.4 billion yuan in 2024, with anti-wrinkle products expected to see a compound annual growth rate of 21.2% [14].