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]