Core Viewpoint - Lin Qingxuan is positioned as a leading high-end domestic skincare brand in China, focusing on camellia oil-based products and the concept of "oil-based skincare" [1][4]. Company Overview - Founded in 2003, Lin Qingxuan has a concentrated and stable shareholding structure, with founder Sun Laichun holding approximately 71.34% of the shares [1]. - The management team, led by Sun Laichun, has over 20 years of industry experience, contributing to strategic and brand development [1]. Financial Performance - Revenue is projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a CAGR of 32.7% [1]. - Net profit is expected to turn from a loss of 6 million yuan to a profit of 187 million yuan, with a year-on-year increase of 120% in 2024 [1]. - In the first half of 2025, revenue reached 1.052 billion yuan, a year-on-year increase of 98.3%, and net profit was 182 million yuan, up 109.9%, with a net profit margin of 17.3% [1]. Industry Trends - The skincare market in China has reached a scale of 400 billion yuan, with significant growth potential compared to Europe and the U.S. [2]. - The facial essence oil segment is experiencing rapid growth, with a CAGR of 42.8% from 2019 to 2024, significantly outpacing the overall industry growth [2]. - The high-end skincare market is expected to expand to 218.5 billion yuan by 2029, driven by the mainstream adoption of the "oil-based skincare" concept [2]. Product Development - Lin Qingxuan's core product, the camellia oil essence, has undergone five iterations and has sold over 45 million bottles, maintaining the top position in the national facial essence oil sales for 11 consecutive years [3]. - The product matrix is expanding with stable growth in sales of creams and essence waters, contributing to a second growth line [3]. - The company has established a professional R&D team and developed key ingredients through innovative processes, enhancing product efficacy [3]. Market Positioning - Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China for 2024, holding a market share of 1.4% in a market dominated by international brands [3]. - The company has built a comprehensive business model that includes a core product matrix, deep channel layout, and collaborative operations across the entire supply chain, enhancing brand recognition and customer loyalty [4].