毛利82.5%的林清轩启动IPO，披露收购战略规划

Core Viewpoint - Lin Qingxuan is preparing for its IPO on the Hong Kong Stock Exchange, aiming to become the "first high-end skincare stock in China" [3] Group 1: Company Background and Development - Lin Qingxuan was founded in 2003 and has been planning to enter the capital market since 2020, with a name change to "Shanghai Lin Qingxuan Biotechnology Co., Ltd." in February 2023 marking its first step towards listing [3][5] - The company has experienced significant growth, with revenue projected to increase from 691.5 million RMB in 2022 to 1.209641 billion RMB in 2024, reflecting a compound annual growth rate of 32.5% [5][8] - Lin Qingxuan achieved profitability in 2022 with a net profit of 84.518 million RMB, expected to rise to 187 million RMB by 2024 [5] Group 2: Revenue Channels and Market Strategy - The company has a balanced revenue stream from both online and offline channels, with online sales projected to account for 59.1% of total revenue by 2024 [6][8] - Lin Qingxuan operates 506 stores across over 100 cities in China, with more than 95% located in shopping malls, and 67.5% of these stores are direct-operated [7] - The company is expanding its presence in the CS (cosmetics store) channel, aiming to increase its store count tenfold in the next five years [9] Group 3: Product Development and Innovation - Lin Qingxuan focuses on its core product, the camellia oil series, which is expected to grow from 31.5% of total revenue in 2022 to 37% in 2024 [9] - The company has developed 188 SKUs, including various skincare products, and emphasizes research and development around camellia flower ingredients [11] - Lin Qingxuan has established a research center and has obtained 80 patents, including 42 invention patents, showcasing its commitment to innovation [17] Group 4: Brand Positioning and Future Plans - The brand has redefined its positioning as an "anti-aging repair expert" and is actively pursuing a multi-brand strategy to cater to diverse consumer preferences [15][11] - Lin Qingxuan plans to expand internationally, starting in Southeast Asia, and aims to establish a presence outside China while promoting the concept of "Chinese beauty" [25] - The company is also enhancing its cultural soft power by integrating beauty and tourism, exemplified by the establishment of the "Thousand-Year Camellia King Protection Station" [23]