在招股书中，林清轩多次强调其高端定位，并引用说明道，根据灼识咨询的资料，于2024年，按零售额计，林清轩在中国所有高端国货护肤品牌中排名第 一，也是中国前15大高端护肤品牌中唯一的国货品牌。 "我们营运所在的中国高端护肤品行业相对集中，根据灼识咨询的资料，前15大品牌占据了66.1%的市场份额。"林清轩在招股书中也提及了竞争风险："可 能面临来自现有竞争对手或新准入者在定价方面的竞争，这可能导致价格下跌或利润率降低，从而对我们的盈利能力造成不利影响。" 林清轩成立于2003年，总部位于上海，由来自东北的孙来春、孙福春兄弟联合创立。当前聚焦抗皱紧致类护肤品，其核心产品定价200—800元区间。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 收入 | 691.150 | 805.004 | 1.209.641 | 530.448 | ...

近日，知名国货美妆品牌林清轩已重新递交并更新了IPO申请文件。据悉，今年5月，林清轩首次向港交所递交招股书开启上市之路。 最新递交的招股书主要更新了2025年上半年的业绩，上半年林清轩总营收为10.5亿元，同比2024年上半年同比增长高达98%。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 收入 | 691.150 | 805.004 | 1.209.641 | 530.448 | 1.051.768 | | 销售成本 | (152.073) | (151,141) | (211,985) | (96.115) | (185,562) | | 毛利 | 539,077 | 653,863 | 997,656 | 434,333 | 866,206 | | 其他收入及收益 | 14.433 | 18,402 | 20,500 | ...

Core Viewpoint - Lin Qingxuan is facing regulatory scrutiny as it prepares for its IPO in Hong Kong, with concerns over unpaid social insurance and false advertising penalties impacting its brand image and potential market performance [2][3][4]. Group 1: Regulatory Concerns - The company received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing, specifically requesting details on unpaid social insurance and housing fund contributions, as well as corrective actions taken after penalties for false advertising [2]. - Lin Qingxuan has a history of regulatory issues, including a fine for misleading advertising claims about its products' anti-aging effects, which raises questions about its compliance and brand integrity [3][4]. Group 2: Financial Performance - Lin Qingxuan has shown significant revenue growth over the past three years, with revenues of 6.91 billion, 8.05 billion, and 12.10 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 16.5% and 50.3% [7]. - The company turned a profit in 2023 with a net profit of 845.18 million yuan, and projected a net profit of 1.87 billion yuan for 2024, following a loss of 5.93 million yuan in 2022 [7]. Group 3: Profitability and Cost Structure - Lin Qingxuan's gross margin exceeded 80% in 2024, significantly higher than industry peers, indicating a strong pricing strategy [2]. - The company's marketing expenses are disproportionately high, reaching 365 million yuan in 2024, which is 12 times its research and development expenditure of 30.4 million yuan [8][10]. Group 4: Brand Positioning and Market Perception - Lin Qingxuan positions itself as a high-end skincare brand, with product prices at least 50% above the industry average, and emphasizes its brand image and retail channel access [11]. - However, market feedback suggests that the perceived value of its products does not align with their high prices, leading to concerns about long-term consumer loyalty and brand reputation [12].

Core Viewpoint - Lin Qingxuan, a domestic skincare brand, has officially initiated its IPO process by submitting a prospectus to the Hong Kong Stock Exchange, aiming for a valuation of approximately 38.26 billion RMB with a projected revenue of 1.209 billion RMB and a net profit of 187 million RMB for 2024 [2][15]. Financial Performance - In 2024, Lin Qingxuan's revenue is expected to reach 1.209 billion RMB, with a net profit of 187 million RMB, marking a significant increase from a loss of 5.93 million RMB in 2022 [2][15]. - The company's revenue structure remains heavily reliant on direct sales, with 398 million RMB from direct stores, accounting for over 90% of total revenue, while income from franchise and joint venture stores is only 45.76 million RMB [3][5]. Market Positioning - Lin Qingxuan positions itself as a high-end brand, comparable to foreign brands, but faces challenges in establishing a strong market presence and brand recognition in high-end retail environments [8][14]. - The brand's gross margin stands at 86% for direct stores, significantly higher than the 71.5% for cooperative stores, indicating a disparity in profitability between the two sales channels [5][13]. Growth Strategy - The company has opened its franchise system in 2023 to accelerate offline expansion, but the results have not yet yielded significant revenue growth, with franchise and joint venture stores showing lower efficiency compared to direct stores [3][7]. - Lin Qingxuan's future growth strategy will focus on optimizing its joint venture model and enhancing product development and financial structure to support long-term valuation [2][15]. Competitive Landscape - Compared to competitors like Maogeping, Lin Qingxuan's market share and positioning in the high-end skincare segment are still developing, with both brands claiming to be the only domestic brands competing with foreign counterparts [8][11]. - The brand's R&D investment is relatively low at 2.56% of revenue, which is below industry leaders, indicating a need for increased investment in innovation to strengthen its high-end positioning [14]. Leadership and Market Sentiment - The founder, Sun Laichun, has significantly influenced the brand's growth through active participation in live-streaming sales, which has raised concerns about the sustainability of this growth model [15][16]. - Recent market trends show a recovery in the Hong Kong consumer sector, providing a favorable environment for Lin Qingxuan's IPO, as other beauty brands have seen their stock prices double [17].