东北兄弟卖美妆，6个月收入10亿，冲刺国货高端护肤第一股

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, has resubmitted its IPO application to the Hong Kong Stock Exchange, highlighting a significant revenue growth of 98% year-on-year for the first half of 2025, reaching 1.05 billion yuan [1]. Company Overview - Founded in 2003 and headquartered in Shanghai, Lin Qingxuan focuses on high-end anti-aging skincare products, with core product prices ranging from 200 to 800 yuan [3]. - The company has rebranded itself from "Shanghai Lin Qingxuan Biotechnology Co., Ltd." to "Shanghai Lin Qingxuan Cosmetics Group Co., Ltd." to align with its positioning as a high-end domestic skincare brand [2]. Market Position and Performance - Lin Qingxuan ranks first among domestic high-end skincare brands in China by retail sales, and is the only domestic brand among the top 15 high-end skincare brands [3]. - The high-end skincare market in China is concentrated, with the top 15 brands holding 66.1% of the market share [3]. - The company's revenue from its essence oil product line accounted for 45.5% of total revenue in the first half of 2025, showing a rising trend from previous years [3]. Financial Metrics - Lin Qingxuan achieved a gross margin of 82.4% in the first half of 2025, up from 81.9% in the same period of 2024, indicating strong pricing power [4]. - Sales and distribution expenses increased significantly, from 290.1 million yuan in the first half of 2024 to 580.6 million yuan in the first half of 2025, primarily due to increased marketing activities [4]. Investment and Shareholding - The founder, Sun Laichun, holds 38.21% of the shares directly and approximately 79.27% in total, making him the largest shareholder [6]. - External investors include prominent names such as Yagao Fashion and Country Garden Venture Capital, with Yagao holding 4.49% of the shares [6]. Industry Trends - The trend of domestic beauty brands going public in Hong Kong is increasing, with Lin Qingxuan following other brands like Natural Hall and Proya in seeking capital for growth [9]. - The domestic beauty market is expected to see a shift towards plant-based essential oils, indicating a growing consumer demand in the coming years [10].