林清轩，到底多“高端”？

Core Viewpoint - Lin Qingxuan is attempting to position itself as a high-end skincare brand in the Chinese market, but its actual support for this positioning appears weak, particularly in terms of R&D investment compared to competitors [1][2][3]. Group 1: Brand Positioning and Market Strategy - Lin Qingxuan emphasizes "high-end" in its narrative, mentioning it over 150 times in its prospectus, aiming to tell a story of luxury Chinese skincare [1]. - The company defines "high-end skincare brand" based on three criteria: products priced at least 50% above the industry average, a strong brand image, and the ability to develop skincare technology and core ingredients [4]. - The core product line includes six categories, with Camellia Oil being the main revenue driver, contributing nearly 40% of total income [5]. Group 2: Financial Performance and Investment - Lin Qingxuan's R&D investment over the past three years totaled less than 100 million RMB, while marketing expenses reached 760 million RMB [1][10]. - The company's gross margins are projected to be 78.0%, 81.2%, and 82.5% from 2022 to 2024, which are higher than competitors like Proya and Betaini [5]. - R&D costs for 2022 to 2024 were 21.12 million, 19.74 million, and 30.40 million RMB, with R&D expense ratios of 3.06%, 2.45%, and 2.51%, significantly lower than peers [6]. Group 3: Sales Channels and Revenue Structure - Lin Qingxuan's offline store count increased from 366 in 2022 to 506 in 2024, but the revenue contribution from offline sales decreased from 54.7% in 2022 to 40.8% in 2024 [8][9]. - Online sales surged from 312.33 million RMB in 2022 to 714.35 million RMB in 2024, with online revenue accounting for over 59.1% of total revenue by 2024 [9]. - The company plans to enhance its high-end brand image by opening flagship stores in first- and second-tier cities while expanding into lower-tier markets [10]. Group 4: Marketing and Compliance Issues - Lin Qingxuan has faced scrutiny for its marketing practices, including a fine for misleading advertising related to its products [13]. - The company has spent 760 million RMB on marketing over three years, indicating a strong focus on brand promotion despite compliance challenges [10][13].