12月2日，上海林清轩化妆品集团股份有限公司（下称"林清轩"）更新招股书，继续推进港交所主板上市进程，中信证券和华泰国际担任联席保荐人。 根据最新招股书，今年上半年，林清轩的营收从2024年同期的5.30亿元增长98.3%至10.52亿元；经调整净利润从2024年同期的0.92亿元增长117.4%至2.00亿 元，已几乎与2024年全年盈利规模持平。 公开资料显示，成立于2003年的林清轩作为高端国货护肤品牌，始终聚焦抗皱紧致类护肤品市场。其中，旗舰品牌「林清轩」专注提供基于天然、山茶花成 分的高端护肤改善方案，其收入在2022年、2023年、2024年分别占公司总收入的99.1%、99.0%、99.0%。 今年5月29日，林清轩首次向港交所递交招股书，拟于港交所主板上市。根据灼识咨询的资料，按2024年零售额计算，林清轩在中国所有高端国货护肤品牌 中排名第一，有望成为港股"国货高端护肤第一股"。然而，就在近日，其首次提交的上市申请显示失效。 对此，林清轩于12月1日回应称："因审计报告有效期届满，公司出现上市申请资料'失效'情况，这是港交所的正常流程机制，不意味着上市工作终止或暂 停。公司将尽快更新招股书重 ...

2025年12月14日，上海林清轩化妆品集团股份有限公司正式披露通过港交所聆讯后的招股文件，标志着这家定位高端的国货护肤品牌距离登陆香港资本市场 仅一步之遥。若成功上市，林清轩有望成为港股市场"高端国货护肤第一股"，其发展历程与市场表现引发广泛关注。 内容来源：行业资讯 责编丨小逸 排版丨小逸 2518字｜4分钟阅读 随着国货消费浪潮的兴起，中国本土护肤品牌正迎来价值重估的关键时期。 作为这一领域的代表性品牌，林清轩凭借其标志性的山茶花系列产品，已在国内高端市场占据一席之地。 此次公司IPO进程的推进，不仅为其自身打开了新的融资与发展窗口，也为观察国货品牌在资本市场的走向提供了一个重要样本。 赴港上市进程提速，年内两度递表 林清轩的港股上市之路在2025年下半年明显加快。公司曾于2025年5月29日首次向港交所递交上市申请。随后，在2025年12月2日，公司第二次递交了申请文 件，并在短短十余天后便通过了上市聆讯。 这一高效的进展，通常意味着公司已满足主要监管要求，上市进程进入最后冲刺阶段。 更为关键的是，在此次聆讯前，林清轩已于2025年11月28日获得了中国证监会出具的《境外发行上市备案通知书》。 根据该 ...

按2024年零售额计算，林清轩是中国前15大高端护肤品牌（包括国货及国际品牌）中唯一 的国货品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）日前已通过港交所聆 讯并于12月14日披露通过聆讯后的资料集，中信证券和华泰国际担任联席保荐人。 这意味着，林清轩即将正式成为"国货高端护肤第一股"。 值得注意的是，根据最新版本的招股书，林清轩今年上半年的业绩迎来爆发式增长—— 今年上半 年，林清轩的营收从2024年同期的5.30亿元增加98.3%至10.52亿元。根据灼识咨询的资料， 2022年至2024年、以及今年上半年，林清轩的收入增长率远高于行业平均水平。同时，林清轩今年 上半年经调整净利润亦从2024年同期的0.92亿元增加117.4%至2.00亿元，已几乎与2024年全年 盈利规模持平。 得益于此， 林清轩打造了多品类产品，广泛涵盖精华油、面霜、爽肤水、乳液、精华液、面膜及防 晒霜等。 除核心大单品山茶花精华油外，林清轩亦推出山茶花焕亮精华霜、高倍隔离防晒霜、山茶 花保湿胜肽紧致面膜、山 ...

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the "first high-end domestic skincare stock" in Hong Kong, with significant revenue and profit growth reported in the first half of the year [3][4]. Company Overview - Founded in 2003, Linqingxuan focuses on high-end domestic skincare products, particularly anti-wrinkle and firming products, with its flagship product being the Camellia Oil [5]. - The Camellia Oil has sold over 45 million bottles since its launch in 2014 and has consistently ranked first in retail sales among facial oils in China for 11 consecutive years [5][8]. Financial Performance - In the first half of this year, Linqingxuan's revenue surged by 98.3% to 1.052 billion yuan compared to the same period in 2024 [3]. - The adjusted net profit for the same period increased by 117.4% to 200 million yuan, nearly matching the total profit for the entire year of 2024 [4]. Product Development - Linqingxuan has developed a range of proprietary ingredients and products centered around Camellia, including various patented components that target specific skincare needs [7]. - As of June 30, 2025, the company offers 230 SKUs, including serums, creams, toners, and sunscreens, catering to diverse customer skincare needs [8]. Market Position - Linqingxuan ranks first among domestic high-end skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international brands [8]. - In the anti-wrinkle and firming segment, Linqingxuan is also the leading domestic brand and ranks among the top 10 overall [8]. Customer Engagement - The company has over 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, exceeding the industry average [9]. Distribution Channels - As of June 30, 2025, Linqingxuan operates 554 stores, primarily located in shopping malls, ranking first among domestic and international high-end skincare brands in terms of store count [11]. - The company has a strong online presence, with a compound annual growth rate of 51.2% in online revenue from 2022 to 2024, and a remarkable 137.2% year-on-year growth in the first half of this year [12]. Future Plans - Linqingxuan plans to initiate a global expansion strategy, starting with the Southeast Asian market [13]. - The funds raised from the IPO will be used for brand development, sales network enhancement, production capacity improvement, and digital infrastructure upgrades [14].

Core Viewpoint - The article discusses Lin Qingxuan's upcoming IPO in Hong Kong, highlighting its ambition to become the "first high-end domestic skincare stock" while revealing underlying issues such as product dependency, high marketing costs, and weak R&D capabilities [1][2][6]. Capitalization and Market Dynamics - Lin Qingxuan's valuation has surged due to significant capital influx, with notable investments from various funds and companies, including a recent acquisition by a firm linked to JD.com [1][2]. - The market for facial essence oils is rapidly growing, with a projected increase from 900 million yuan in 2019 to 5.3 billion yuan in 2024, reflecting a compound annual growth rate of 42.8% [2]. Product Dependency and Market Limitations - Lin Qingxuan's revenue heavily relies on its camellia oil product, which accounted for 37% of total revenue by 2024, raising concerns about market saturation as the total market size is only 5.3 billion yuan [3][4]. - The company has attempted to diversify its product line with creams and sunscreens, but these efforts have not significantly impacted overall sales, with sunscreen contributing only 364 million yuan in 2024 [3][4]. Financial Performance and Marketing Strategy - The company boasts a high gross margin of 82.5% in 2024, approaching that of premium brands like Moutai, but its net profit margin has shown volatility, rising from -0.9% to 15.4% [4][5]. - Marketing expenses have been substantial, with over 50% of revenue allocated to sales and distribution costs, leading to concerns about the sustainability of this "burning money" marketing model [4][5]. Brand Trust and Market Perception - The founder's controversial marketing tactics have raised questions about the brand's credibility, with consumers increasingly associating the brand with hype rather than expertise [5][6]. - A McKinsey survey indicates that Chinese consumers have significantly lower trust in domestic high-end beauty brands compared to international counterparts, particularly in key areas like anti-aging and repair [5][6]. Path Forward for Lin Qingxuan - To succeed in the Hong Kong market, Lin Qingxuan must focus on product diversification, increase R&D investment to build technological barriers, and shift marketing strategies from a focus on traffic to brand-driven approaches [6]. - The company's journey reflects broader trends in the domestic beauty industry, where many brands struggle with a "heavy marketing, light R&D" approach, emphasizing the need for sustainable growth through innovation and product quality [6].

Core Viewpoint - Lin Qingxuan, a Chinese skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a valuation close to 4 billion yuan, which could position it as the first high-end domestic skincare stock in Hong Kong [3][15]. Company Overview - Lin Qingxuan was founded in 2003 by Sun Laichun in Shanghai, initially focusing on handmade soaps and natural skincare products [5][6]. - The brand pivoted towards camellia oil skincare after Sun Laichun was inspired by its unique properties during a visit to a friend in Fujian [7][8]. - The company has only recently engaged in significant financing rounds with VC/PE firms, particularly after facing challenges during the COVID-19 pandemic [10][9]. Financial Performance - Lin Qingxuan's revenue has shown impressive growth, with figures of 691 million yuan in 2022, 805 million yuan in 2023, and projected 1.21 billion yuan in 2024, reflecting a compound annual growth rate of 32.3% [18]. - The company has turned around its net profit from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [18]. - The gross margin has improved from 78% in 2022 to 82.5% in 2024, indicating enhanced profitability [18]. Product and Market Strategy - Lin Qingxuan's flagship product, the camellia anti-wrinkle repair essence oil, has been the best-selling facial essence oil in China for 11 consecutive years, contributing 448 million yuan to total revenue in 2024 [18]. - The company offers a comprehensive range of 188 SKUs, covering various skincare categories [19]. - Lin Qingxuan plans to expand its market presence in Southeast Asia and enhance its digital and smart operations, including upgrading its membership management and big data analysis systems [20][21][23]. Industry Context - The demand for high-end skincare products in China is rising, with Lin Qingxuan ranking first among domestic high-end skincare brands in 2024 [25][26]. - The successful IPO of Lin Qingxuan may encourage other domestic skincare brands, such as Proya and Shiseido, to pursue public listings, reflecting a growing trend in the industry [24][26].

Core Viewpoint - Lin Qingxuan Biotech Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first high-end domestic skincare stock in Hong Kong, attracting significant market attention [1] Financial Performance - Lin Qingxuan's revenue for 2022, 2023, and 2024 is projected to be 691.5 million RMB, 805 million RMB, and 1.209641 billion RMB respectively, indicating steady growth [3][4] - The company reported a net profit turnaround from a loss of 5.931 million RMB in 2022 to a profit of 84.518 million RMB in 2023, with a further increase to 186.833 million RMB in 2024 [3][4] - Gross profit margins for 2022, 2023, and 2024 are 78%, 81.2%, and 82.5% respectively, showing an upward trend [3] Market Position - Lin Qingxuan focuses on the anti-wrinkle and firming skincare market, with its core product, the Camellia Oil Anti-Wrinkle Repair Essence, ranking first in sales among all facial essence products in China for 11 consecutive years since 2014, with cumulative sales exceeding 30 million bottles [2] Store Expansion - As of December 31, 2024, Lin Qingxuan has expanded its offline store network to 506 locations, with over 95% of these stores located in shopping malls, reflecting a compound annual growth rate of 17.6% from 366 stores at the end of 2022 [4] Regulatory Challenges - Lin Qingxuan faced penalties for false advertising in 2021, receiving a fine of 50,000 RMB for misleading claims about product efficacy [5] - In February 2025, the company encountered another controversy regarding false advertising, resulting in a fine of 21,000 RMB, which raised concerns about its promotional practices [9]

Group 1 - Lin Qingxuan Biotech Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on May 29, aiming for a main board listing, potentially becoming the "first high-end domestic skincare stock" in Hong Kong [2] - Founded in 2003, the company specializes in anti-wrinkle and firming skincare products, featuring natural camellia flower ingredients, and has sold over 30 million bottles of its core product, camellia anti-wrinkle repair essence oil, since its launch in 2014 [2] - Financial data shows revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.3%, and net profit turning from a loss of 5.93 million yuan in 2022 to a profit of 187 million yuan in 2024 [2] Group 2 - The company operates 506 stores nationwide, with over 95% located in shopping malls, leading in store count among domestic and international high-end skincare brands [2] - Online sales are strong, with the company topping multiple essence oil sales rankings on Tmall in 2024, accumulating over 4.3 million active customers and an average annual repurchase rate of 34.6% [2] - The funds raised from the IPO will be primarily used for brand building, channel expansion, supply chain enhancement, technology research and development, brand matrix creation, and digitalization [3]