Core Viewpoint - Lin Qingxuan, known as the "first stock of high-end domestic skincare," is expected to be included in the Hong Kong Stock Connect list on March 9, which will enhance its liquidity and market attention, broadening its financing channels [1]. Group 1: Company Overview - Lin Qingxuan officially listed on the Hong Kong Stock Exchange on December 30, 2025, with an initial offering price of HKD 77.77 per share, closing at HKD 90.45 two days later, marking a rise of over 16% and a market capitalization exceeding HKD 12.6 billion [4]. - The company focuses on providing high-end skincare solutions using natural camellia oil ingredients, ranking first among domestic high-end skincare brands in China and being the only domestic representative among the top 15 high-end skincare brands [4]. - Lin Qingxuan has established itself as a pioneer in the "oil-based skincare" segment, with its flagship product, camellia oil essence, achieving cumulative sales of over 50 million bottles by the end of 2025, maintaining the top position in the national facial essence oil category for 11 consecutive years [4]. Group 2: Product Performance - The camellia oil essence has undergone five iterations, now positioned as a "cell-level" anti-wrinkle essence, with comprehensive upgrades in efficacy, ingredients, technology, and packaging [4]. - New products launched in recent years have quickly gained market validation, contributing to the company's growth trajectory [4]. - For instance, the camellia anti-wrinkle peptide microbead essence water achieved over HKD 7 million in GMV on its first day and surpassed HKD 260 million in cumulative GMV within three months [5]. - The black gold anti-wrinkle brightening essence cream generated revenue of HKD 61.5 million in its first year and HKD 50 million in the first half of 2025, while the high SPF sunscreen achieved sales of HKD 36.3 million in its debut year, with a significant increase to HKD 42.1 million in the first half of 2025 [5].

Core Viewpoint - The Hong Kong IPO market remains vibrant as Lin Qingxuan, known as the "first high-end domestic skincare stock," successfully listed on December 30, 2025, with its stock price surging over 16% on the first day, closing at 85 HKD, indicating strong market confidence in its growth potential [1]. Group 1: Company Overview - Lin Qingxuan was founded in 2003, initially offering affordable skincare products before pivoting to high-end skincare with a focus on camellia flower ingredients starting in 2012 [2]. - The company has established a strong technological barrier through deep research and development, leading to its position as the top high-end domestic skincare brand in China by retail sales in 2024 [2][4]. Group 2: Product Innovation and Technology - Lin Qingxuan has developed patented ingredients such as Camellia Extract and various peptides, which provide skin repair benefits, including enhancing elasticity and reducing fine lines [3]. - The company emphasizes "cell-level anti-wrinkle" technology, supported by collaborations with academic institutions and the establishment of a dedicated research laboratory [3][4]. Group 3: Financial Performance - Lin Qingxuan has shown impressive revenue growth from 6.91 billion CNY in 2022 to an expected 12 billion CNY in 2024, with a compound annual growth rate of 32.3% [5]. - The company transitioned from a loss of 5.93 million CNY in 2022 to a profit of 8.45 million CNY in 2023, with net profit reaching 1.87 billion CNY in 2024, reflecting a growth of 121.1% year-on-year [6]. Group 4: Market Reception and Sales Performance - The star product, Camellia Essence Oil, has sold over 45 million bottles since its launch in 2014, contributing 45.5% of the company's revenue in the first half of 2025, with a remarkable growth rate of 176% [6][7]. - New product launches have also performed exceptionally well, with the Camellia Anti-Wrinkle Peptide Microbead Essence Water achieving over 700 million CNY in sales during its first live broadcast [7]. Group 5: Long-term Investment Value - Lin Qingxuan's strong financial performance, robust technological barriers, and impressive market debut position it as a business entity with significant self-sustaining capabilities and long-term investment value [8].