12月14日晚，上海林清轩化妆品集团股份有限公司(以下简称 " 林清轩 ")顺利通过港交所聆讯，并披露 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，林清轩将向港交所主板发起最后冲 刺，成为港股"国货高端护肤第一股"。 乘行业东风，林清轩业绩快速增长。2022年-2024年，公司总收入分别为人民币6.91亿元、8.05亿元和 12.1亿元，复合年增长率达32.3%。今年上半年，公司实现营业收入10.52亿元，同比增长98.3%。同 时，林清轩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，增长动能强劲。 随着中国经济的持续发展与社交媒体的普及，精致护肤观念不断加深，推动抗皱、紧致、修护等细分护 肤品赛道成为行业发展的重要增长点，而国货的崛起更能激发消费者的文化共鸣与信心。据灼识咨询， 预计高端抗皱紧致类护肤品的市场规模将由2024年的人民币594亿元增加至2029年的1,555亿元，复合年 增长率为21.2％。而到2029年，中国高端护肤品行业预计将达到2,185亿元，2024年至2029年的复合增长 率为 ...

Core Viewpoint - Lin Qingxuan is accelerating its IPO process after receiving the CSRC filing notice, with updated IPO application materials now available on the Hong Kong Stock Exchange website [1] Company Overview - Lin Qingxuan, a pioneer in the "oil-based skincare" sector, has focused on anti-wrinkle and firming skincare products, becoming a leading brand in cell-level anti-wrinkle essence oils [1] - The company's flagship product, the Camellia Oil Anti-Wrinkle Repair Essence Oil, has ranked first in retail sales among all facial essence oil products in China for 11 consecutive years since 2014 [1] Financial Performance - The company's total revenue has shown consistent growth over the past three years, with a compound annual growth rate (CAGR) of 32.3%, increasing from RMB 691 million in 2022 to RMB 1.21 billion in 2024 [1] - In the first half of this year, the company achieved a net profit of RMB 182 million, with a gross margin of 82.4%, and the gross margin for the essence oil category reached 86.2% [1] Product Sales Performance - The Lin Qingxuan Black Gold Time Peptide Anti-Wrinkle Brightening Cream is projected to generate RMB 61.5 million in revenue for 2024, with RMB 50 million already achieved in the first half of 2025, making it one of the best-selling products [2] - The Lin Qingxuan High SPF Sunscreen has rapidly developed since its launch in 2024, generating RMB 36.3 million in its first year and increasing to RMB 42.1 million in the first half of this year, indicating strong market recognition [2] Industry Growth Potential - The market for high-end anti-wrinkle and firming skincare products is expected to grow from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2% [2] - The overall high-end skincare market in China is projected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] - As a leading brand in the high-end domestic skincare industry, Lin Qingxuan is well-positioned to benefit from strong R&D capabilities and existing leading products [2]

Core Viewpoint - Lin Qingxuan is advancing its IPO process in Hong Kong, aiming to become the leading domestic high-end skincare brand listed in the market, leveraging its unique product offerings and competitive advantages in the industry [1][3]. Group 1: Company Overview - Lin Qingxuan plans to issue up to 16.061 million overseas listed shares and list on the Hong Kong Stock Exchange, marking a significant step in its IPO journey [1]. - The company is recognized as the top domestic high-end skincare brand in China, particularly noted for its signature product, Camellia Oil, which has established a strong market presence [1][2]. - Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China, which includes international competitors [1]. Group 2: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue is projected to grow from 691 million RMB to 1.21 billion RMB, reflecting a compound annual growth rate (CAGR) of 32.3%, significantly outpacing the industry average [2]. - The flagship product, Camellia Oil, has sold over 30 million bottles since its launch in 2014, maintaining its position as the retail sales champion in the facial oil category for 11 consecutive years [2]. Group 3: Research and Development - Lin Qingxuan has invested heavily in R&D, with expenses increasing from 21.12 million RMB in 2022 to 30.4 million RMB in 2024, resulting in 80 patents, including 42 related to core ingredients and technologies [2]. - The flagship patented ingredient, Qingxuan Extract, derived from high-altitude red camellia flowers, offers targeted skin benefits, enhancing skin elasticity and reducing fine lines [2]. Group 4: Market Strategy - The company is redefining high-end domestic skincare through comprehensive control over its supply chain and an OMO (Online-Merge-Offline) sales model, which positions it well for future growth and global expansion [3].

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]

Core Viewpoint - Lin Qingxuan, a Chinese beauty brand, is set to become the first domestic high-end skincare stock in Hong Kong, marking a significant breakthrough for domestic brands in the high-end market [1][4]. Company Overview - Lin Qingxuan, founded in 2003, focuses on producing safe, natural, and effective cosmetics using high-altitude red camellia [4]. - The brand has established itself as a leader in the high-end domestic skincare market, with its flagship product, the Camellia Oil, being the top-selling facial oil in China for 11 consecutive years, with over 20 million units sold [4][5]. Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales and is the only domestic brand among the top 15 high-end skincare brands [5]. - The company has invested heavily in R&D, with annual expenditures in the tens of millions, resulting in 81 patents, including 40 invention patents [5]. Product Development - The brand has developed two core ingredients, "Qingxuan Extract" and "Camellia Peptides," through extensive research on the active components of high-altitude red camellia [5]. - Lin Qingxuan's products are designed to provide anti-aging benefits, with a focus on continuous iteration and building a technological barrier [5]. Sales and Distribution Strategy - The company employs an OMO (Online-Merge-Offline) model, achieving significant online sales growth, with a 60% increase in sales during the 2023 Double Eleven shopping festival [5][6]. - Lin Qingxuan aims to open 1,500 new stores within three years, with a current total of 506 stores, primarily located in shopping malls [6]. Challenges and Competition - The brand faces challenges in balancing its high-end positioning with its expansion into lower-tier cities, which may dilute its premium image [7]. - Lin Qingxuan's pricing strategy has faced scrutiny, with some products priced higher than international competitors, leading to mixed market reception [7]. - The company competes with international giants like L'Oréal and Estée Lauder, which have superior R&D resources [7][8]. Future Outlook - Lin Qingxuan plans to use IPO proceeds for R&D, brand building, and channel expansion, with a new research center set to support its high-end strategy [8]. - The high-end skincare market in China is expected to grow significantly, with the market size projected to increase from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, reflecting a compound annual growth rate of 21.2% [11]. - The company's revenue is projected to grow from RMB 6.91 billion in 2022 to RMB 12.1 billion in 2024, with a compound annual growth rate of 32.3% [11].

Core Viewpoint - Lin Qingxuan is poised to become the first high-end domestic skincare stock in Hong Kong, having submitted its prospectus to the Hong Kong Stock Exchange, highlighting its leadership in the high-end domestic skincare market in China [1] Industry Overview - The Chinese cosmetics market is expanding, driven by increased consumer focus on health and appearance, digital transformation in shopping behavior, and innovation in cosmetics [1] - The skincare segment holds the largest market share, with the market size growing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [1] Company Performance - Lin Qingxuan's total revenue is projected to grow from RMB 691 million in 2022 to RMB 1.21 billion in 2024, achieving a CAGR of 32.3% [2] - The company's net profit is expected to reach RMB 187 million in 2024 [2] Market Trends - The market for high-end anti-wrinkle and firming skincare products is anticipated to increase from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2% [2] - The overall high-end skincare market in China is expected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] Strategic Outlook - As a leading brand in the high-end domestic skincare sector, Lin Qingxuan is expected to benefit from its strong R&D capabilities and existing product leadership [2] - The company aims to align its product strategy with evolving consumer demands, focusing on core products and expanding its product matrix to offer customized skincare solutions [2]