Core Insights - The surge of Chinese beauty brands aiming for IPOs on the Hong Kong Stock Exchange reflects a strong desire for growth and market expansion within the industry [1][7] - The listing of Lin Qingxuan marks a significant milestone as it aims to enhance its multi-brand and global strategy [1][7] - The performance of beauty stocks varies significantly, with some brands experiencing substantial declines post-IPO [2][8] Industry Trends - Over 41 beauty-related companies have pursued IPOs since 2025, covering various segments of the supply chain [1][7] - Lin Qingxuan's IPO on December 30, 2025, was well-received, with its stock price rising 9.3% on the first day, achieving a market capitalization of over 11.8 billion HKD [2][8] - Conversely, brands like Pechoin have faced stock price declines, with a notable drop in revenue growth, indicating market concerns about sustainability [2][8] Market Challenges - Several previously popular brands, such as Betaini and Huaxi Biological, have seen stock price declines, suggesting a reevaluation of their growth models and valuations [3][8] - The internationalization strategies of these brands are still in early stages, with limited overseas sales contributing to overall revenue [4][11] - Brands face challenges in establishing a strong presence in international markets, often relying heavily on domestic success factors like online marketing and social media [11][12] Strategic Moves - Companies are increasingly focusing on international expansion, with many viewing the Hong Kong listing as a critical step towards building global brand recognition [4][10] - Pechoin has made strategic investments to enhance its capabilities, including acquiring stakes in medical companies to bolster its credibility [12] - Lin Qingxuan and other brands are exploring overseas markets, but their current international sales remain minimal, highlighting the need for stronger brand positioning abroad [11][12]

Core Insights - The company Ximu Yuan has undergone a rebranding, changing its name to Ximu Yuan Biotechnology Group, signaling a strategic shift towards de-regionalization and enhancing brand identity in the domestic beauty market [1][2] - The recruitment of a Human Resources Director with a salary of 650,000 annually indicates the company's intent to establish a comprehensive incentive system in preparation for an IPO [2][8] - The company is also actively hiring senior marketing and operations talent, reflecting its commitment to enhancing its marketing capabilities and operational efficiency in a competitive landscape [3][5][6] Recruitment Strategy - Ximu Yuan is offering a salary range of 35,000 to 50,000 per month for the HR Director position, emphasizing the need for experience in equity incentive design and performance systems aligned with IPO standards [2][3] - The company is also seeking a Product Marketing Director with a total annual compensation nearing 1 million, focusing on full-chain marketing capabilities and data-driven strategies [5][6] - Additional roles include a Tmall Operations Head and a Douyin Operations Manager, both with competitive salaries, highlighting the company's focus on digital marketing and e-commerce strategies [6][7] Growth Trajectory - Ximu Yuan has shown impressive growth, with sales exceeding 1 billion in its first year, reaching a GMV of 15 billion in 2022 and over 23 billion in 2023, with a valuation surpassing 7 billion [9][10] - The company is entering a critical phase for growth, having initiated a three-day strategic planning workshop to define its future direction and enhance brand and product strength [10][12] - The broader domestic beauty industry is witnessing a surge in IPO ambitions, with competitors also pursuing public listings, indicating a collective push towards capital market engagement [12][13]

Core Viewpoint - Lin Qingxuan is set to go public on the Hong Kong stock market after successfully submitting its prospectus following the listing hearing, aiming to become the first high-end domestic skincare stock and the first domestic essence oil stock in China [2][17]. Financial Performance - Lin Qingxuan's revenue has significantly increased from 691.5 million RMB in 2022 to 1.209641 billion RMB in 2024, with a notable 98.3% year-on-year growth in the first half of 2025, marking its first half-year revenue exceeding 1 billion RMB [3][18]. - The company turned a profit in 2023 with a net profit of 85 million RMB, which further increased to 187 million RMB in 2024, and reached 182 million RMB in the first half of 2025, with net profit margins improving to 10.5%, 15.4%, and 17.3% respectively [4][19]. Product Structure - The core product category for Lin Qingxuan is essence oil, generating revenues of 448 million RMB in 2024 and 478 million RMB in the first half of 2025, accounting for 37% and 45.5% of total revenue respectively [5][20]. - Lin Qingxuan's camellia oil essence has ranked first in retail sales among all facial essence oil products in China for 11 consecutive years since 2014, with cumulative sales exceeding 45 million bottles by June 30, 2025 [7][22]. Sales Channels - Online sales have seen a substantial increase, with revenue rising from 312 million RMB in 2022 to 714 million RMB in 2024, achieving a compound annual growth rate of 51.2%. By the first half of 2025, online revenue reached 688 million RMB, making up 65.4% of total sales [8][23]. - Offline revenue also grew from 378 million RMB in 2022 to 494 million RMB in 2024, with a compound annual growth rate of 14.3%. As of June 30, 2025, Lin Qingxuan operated 554 stores, primarily located in shopping malls [10][25]. Market Position - Lin Qingxuan is positioned as the leading high-end domestic skincare brand in China by retail sales in 2024, and it is part of a broader trend of domestic beauty brands seeking to list in Hong Kong to enhance their capital structure and global competitiveness [11][26]. - The company is among several domestic beauty brands, including Pechoin and Marubi, that have initiated their listing processes in Hong Kong, reflecting a new phase of capitalized development in the industry [14][29].