（来源：化妆品观察 品观） 林清轩，上市近了。 昨日（12月14日），林清轩已正式递交通过上市聆讯后的招股书。按常规流程，在完成后续路演、招股等环节后，林清轩即将登陆港股资本市场。 上半年首破10亿 涨幅近100% 近年来，林清轩的业绩大幅上扬。 此前我们在《30亿级高端国货或即将上市！》一文中指出，毛戈平、颖通均在获得备案通知书后数月内成功上市。如今林清轩在拿到备案通知书后又顺利 通过聆讯，亦有望在短期内完成挂牌。 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。按全渠道销售的总零售额计，林清轩的山茶花精华油自 2014年以来连续11年于所有面部精华油产品中位居全国榜首。 若此次上市顺利，林清轩将有望同时摘得"国货高端护肤第一股"与"国货精华油第一股"两项称号。 2022年至2024年，林清轩营收从6.91亿元上涨至12.09亿元。2025年上半年，林清轩营收同比大幅增长98.30%，首次在半年度突破10亿元，标志其发展进 入全新量级。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | - ...

上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）已顺利通过港交所聆讯。12月14日，港交所 披露易显示，林清轩已披露聆讯后资料集，意味着"国货高端护肤第一股"即将登陆港交所主板。 2014年，公司率先提出"以油养肤"理念，通过深入研究本土高山红山茶花及其在精华油配方中的突破性 运用，首创山茶花面部精华油。据灼识咨询数据，截至2025年6月30日，公司山茶花抗皱修护精华油累 计销量突破4,500万瓶，自2014年起连续11年以全渠道零售额第一的成绩占据全国面部精华油榜首，更 是该品类中唯一连续8年零售额超1亿元的产品。 除核心大单品山茶花精华油外，公司还推出了山茶花焕亮精华霜、高倍隔离防晒霜、山茶花抗皱肽微珠 精华水、山茶花保湿胜肽紧致面膜、山茶花修护平衡精华肌底液、红山茶焕活淡纹精华水及山茶花黑金 时光肽抗皱焕亮柔肤液等一系列广受认可的产品，可全方位满足消费者护肤需求。 在渠道布局上，林清轩亦实现了线上线下协同发力、全域覆盖。截至2025年6月30日，公司全国门店总 数达554家，其中超过95%位于购物商场。灼识咨询的数据显示，按门店总数计，其在中国的国货及国 际高端护肤品牌中排名第一。 林清轩线上渠道 ...

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 Insights - Lin Qingxuan has updated its prospectus for its IPO in Hong Kong, indicating a potential shift in the competitive landscape of domestic beauty brands in China [1] - The company has changed its name from "Shanghai Lin Qingxuan Biotechnology Co., Ltd." to "Shanghai Lin Qingxuan Cosmetics Group Co., Ltd." to reflect its strategic intent towards multi-brand and group operations [2][4] - The updated prospectus highlights a significant increase in revenue, with a 98.3% year-on-year growth in the first half of 2025, reaching 1.052 billion yuan [21][22] - Lin Qingxuan aims to expand its brand portfolio and enhance its market presence through internal incubation and strategic acquisitions [32][36] - The company plans to initiate international expansion starting with Southeast Asia, leveraging its unique plant resources and the concept of "Chinese beauty" [48] Company Name Change - The name change signifies a strategic shift towards a multi-brand and group-oriented operation [2][4] - The term "high-end" appears more frequently in the updated prospectus, indicating a continued focus on premium positioning [5] Financial Performance - Lin Qingxuan reported a revenue of 1.052 billion yuan in the first half of 2025, a substantial increase from 530 million yuan in the same period last year [21][22] - The company’s net profit for the same period was 182 million yuan, with a gross margin of 82.4% [22] - Historical revenue figures show a consistent upward trend, with revenues of 691 million yuan in 2022, 805 million yuan in 2023, and projected 1.21 billion yuan in 2024 [23] Shareholder Structure - The shareholder structure remains largely unchanged, with the founder holding a significant portion of shares [12][15] - Notably, a new investment from Shanghai Kaihui Chuangmei, an affiliate of L'Oréal, has been made, indicating increased interest from international beauty giants [18][20] Product and Brand Strategy - Lin Qingxuan's flagship product, the Camellia Oil, has been a major revenue driver, accounting for 45.5% of total revenue in the first half of 2025 [28][31] - The company is focusing on expanding its product matrix and has introduced new brands targeting different consumer segments [32][35] Retail and Distribution - As of June 30, 2025, Lin Qingxuan operates 554 stores, with over 95% located in high-end shopping malls [44] - The average repurchase rate has slightly decreased to 33.5%, while the active customer base has grown significantly [44] - Online sales accounted for 65.4% of total revenue in the first half of 2025, indicating a strong digital presence [48] Future Outlook - Lin Qingxuan plans to enhance its R&D capabilities, with an increase in the number of researchers to 85, focusing on developing proprietary ingredients and technologies [36][42] - The company is exploring potential acquisitions to strengthen its supply chain and expand its brand portfolio [36][40] - The upcoming IPO could position Lin Qingxuan as the leading domestic high-end skincare brand in the Hong Kong market, potentially altering the competitive dynamics within the industry [11][48]

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].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed. Core Insights - The report highlights Lin Qingxuan as a leading high-end domestic skincare brand in China, focusing on camellia oil as a core ingredient and emphasizing the "oil-based skincare" philosophy. The company has experienced significant growth, with revenue projected to increase from 6.91 billion RMB in 2022 to 12.1 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 32.7% [4][26]. - The skincare industry in China is on an upward trend, with the market size expected to grow from 332.9 billion RMB in 2019 to 461.9 billion RMB in 2024, reflecting a CAGR of 6.8% [60]. The facial essence oil segment is particularly robust, with a projected CAGR of 42.8% from 2019 to 2024 [60]. Company Overview - Lin Qingxuan was established in 2003 and has evolved through three phases: initial establishment (2003-2015), expansion (2016-2019), and maturity (2020-present). The company has achieved significant milestones, including the launch of its flagship product, camellia oil, and has maintained the top sales position in the facial essence oil category for 11 consecutive years [4][10]. - The company is controlled by founder Sun Laichun, who holds approximately 70.61% of the shares, ensuring stable governance and management with over 10 years of industry experience among core team members [11][13]. Financial Analysis - Revenue and Profitability: Lin Qingxuan's revenue is expected to grow from 6.91 billion RMB in 2022 to 12.1 billion RMB in 2024, with net profit turning from a loss of 0.06 billion RMB in 2022 to a profit of 1.87 billion RMB in 2024, reflecting a 120% year-on-year growth [4][26][50]. - The gross margin is projected to remain stable above 78%, reaching 82.5% in 2024, significantly higher than the industry average [37]. Industry Analysis - The skincare market is the largest segment of the cosmetics industry in China, with a market size expected to grow from 332.9 billion RMB in 2019 to 461.9 billion RMB in 2024 [60]. The high-end skincare segment is also expanding, with projections indicating growth from 74.9 billion RMB in 2019 to 114.4 billion RMB in 2024 [74]. - The anti-wrinkle skincare market is experiencing rapid growth, with a projected CAGR of 15.0% from 2019 to 2024, driven by advancements in research and consumer demand for effective products [65]. Competitive Landscape - Lin Qingxuan is positioned as a leader in the high-end domestic skincare market, ranking 13th among high-end skincare brands in China with a market share of 1.4% [78]. The company is the only domestic brand in the top 15 high-end skincare brands and ranks 10th in the anti-wrinkle category with a market share of 2.2% [80]. - The product matrix includes a wide range of offerings centered around camellia oil, with 188 SKUs planned for 2024, including essence oils, creams, and masks [20][81].

Core Insights - Lin Qingxuan, a beauty company, has positioned itself in the high-end skincare market with its flagship product, Camellia Oil, which has a gross margin of 82.5% [1][6] - The company has shown significant revenue growth, with sales increasing from 691 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.3% [1][5] - Lin Qingxuan plans to use the funds raised from its Hong Kong IPO to enhance brand value, expand sales channels, and improve production and supply chain capabilities [1] Revenue and Product Performance - The Camellia Oil product line has contributed over 30% of the company's revenue, with sales reaching 218 million yuan in 2022, 284 million yuan in 2023, and 448 million yuan in 2024 [3][5] - The market for facial oils in China is rapidly growing, with a projected increase from 900 million yuan in 2019 to 5.3 billion yuan in 2024, achieving a CAGR of 42.8% [2] - Lin Qingxuan's product strategy includes continuous upgrades to its core products and the introduction of new SKUs, resulting in a diverse product offering of 188 SKUs by the end of 2024 [3][6] Sales Channels and Market Strategy - The company has expanded its sales channels, with nearly 60% of its revenue coming from online sales by 2024, up from 45.2% in 2022 [9][10] - Lin Qingxuan has focused on offline expansion, with over 95% of its 506 stores located in high-end shopping malls, contributing significantly to its revenue [8] - The company has successfully leveraged live-streaming e-commerce, with its founder participating in live broadcasts to boost online sales [10] Investment and Valuation - Lin Qingxuan has attracted notable investors, including YOUNGOR and various venture capital firms, indicating strong market interest [11][12] - The company's valuation before its IPO is estimated to be around 3.84 billion yuan, based on recent equity transactions [12][13] - Compared to other publicly listed beauty companies, Lin Qingxuan's revenue is relatively smaller, with 1.21 billion yuan in 2024, highlighting the challenges it may face in meeting IPO valuation expectations [14]

Core Viewpoint - The article discusses the IPO of Shanghai Linqingxuan Biotechnology Co., Ltd., highlighting its high-end positioning in the skincare market and the success of its flagship product, Camellia Oil, which has achieved significant sales and profitability growth since its launch [1][2][3]. Group 1: Company Overview - Linqingxuan was founded in 2003, launching its flagship brand in 2004 and opening its first store in 2008. The company officially introduced its core product, Camellia Oil, in 2014, targeting the facial oil segment [4]. - The market for facial oils in China has grown from 900 million yuan in 2019 to an expected 5.3 billion yuan by 2024, with a compound annual growth rate (CAGR) of 42.8% [4]. Group 2: Financial Performance - Revenue increased from 691 million yuan in 2022 to 805 million yuan in 2023, and is projected to reach 1.21 billion yuan in 2024, with a CAGR of 32.3% [7]. - The company turned a profit from a loss of 5.93 million yuan in 2022 to a net profit of 85 million yuan in 2023, and further to 187 million yuan in 2024 [8]. - Gross margins have improved from 78.0% in 2022 to 82.5% in 2024 [9]. Group 3: Product Strategy - The company focuses on a single flagship product, Camellia Oil, which has maintained the top position in the facial oil market for 11 consecutive years and is the only product in this category to exceed 100 million yuan in retail sales for eight years [6]. - The product pricing strategy ranges from 200 yuan to 800 yuan, with premium products priced as high as 1,880 yuan for a 50ml cream [5]. Group 4: Marketing and Sales Channels - Linqingxuan has invested 760 million yuan in marketing over three years, although it faced penalties for false advertising [11][13]. - The company has expanded its retail presence to 506 stores by the end of 2024, with over 95% located in shopping malls [18]. - Online sales have surged, with revenue from online channels increasing from 312 million yuan in 2022 to 714 million yuan in 2024, surpassing offline sales for the first time [20]. Group 5: Investment and Valuation - The company has attracted significant investment from notable firms, completing multiple funding rounds and achieving a pre-IPO valuation of approximately 3.84 billion yuan [26]. - Comparatively, Linqingxuan's revenue of 1.21 billion yuan in 2024 is smaller than that of other listed beauty companies, raising questions about its ability to meet IPO valuation expectations [27].