Core Viewpoint - Lin Qingxuan, a high-end skincare brand from China, officially listed on the Hong Kong Stock Exchange, becoming the first domestic high-end skincare stock, amidst fierce competition in the skincare market [1][3]. Group 1: Company Overview - Founded in 2003, Lin Qingxuan initially focused on basic skincare products but pivoted to high-end offerings centered around camellia oil after discovering its benefits [4]. - The brand has established itself as a leader in the high-end skincare segment, particularly with its camellia oil products, which have dominated the market for over a decade [4][7]. Group 2: Financial Performance - Lin Qingxuan's revenue grew from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate of 32.3%, surpassing the industry average [5]. - In the first half of 2025, revenue surged to 1.052 billion yuan, nearly doubling from the same period in 2024, while adjusted net profit increased by 117.4% to 200 million yuan [5]. Group 3: Market Position - By 2024, Lin Qingxuan ranked 13th among all high-end skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 [7]. - The brand is positioned as the leading domestic high-end skincare brand in China [7]. Group 4: Innovation and R&D - Lin Qingxuan has developed over 600 formulas and 87 patents, focusing on advanced extraction and purification techniques to enhance its product efficacy [8]. - The company integrates traditional herbal wisdom with modern cellular-level skincare technology, establishing a comprehensive solution for anti-wrinkle skincare [9][10]. Group 5: Future Strategy - Following its IPO, Lin Qingxuan aims to enhance its brand presence and expand its retail footprint while continuing to invest in R&D for skincare technologies [11][12]. - The company plans to leverage its capital to strengthen its core products and deliver exceptional skincare experiences to consumers [12].

Core Viewpoint - Lin Qingxuan is launching a new high-end skincare sub-brand "Hua Yao Zhuang" targeting affluent consumers, with a focus on red ginseng as a key ingredient for anti-aging and firming effects [1][7][11]. Brand Development - The new brand "Hua Yao Zhuang" has already undergone trademark registration, indicating progress towards its market introduction [1][6]. - In addition to "Hua Yao Zhuang," two other sub-brands, "Xiao Xin Xuan" and "Bing Xue Liu Li," are also in the trademark registration process, although they cover fewer categories than "Hua Yao Zhuang" [8]. Market Strategy - "Hua Yao Zhuang" aims to align with Lin Qingxuan's existing plant-based skincare philosophy, emphasizing natural ingredients [7]. - The brand is expected to include offline community skincare services, potentially offering products in spa settings [9]. Financial Performance - Lin Qingxuan's flagship product, "Camellia Oil," generated approximately 448 million yuan in sales, accounting for 37% of total revenue in 2024 [11][12]. - The company is actively expanding its product lines, with the recent launch of "Black Gold Cream 2.0," which aims to build on the success of its predecessor [9][10]. Strategic Necessity - The company is seeking to reduce its reliance on a single product category by diversifying its brand portfolio, as indicated in its IPO prospectus [10][11]. - The need for a multi-brand strategy is underscored by the observation that many domestic beauty brands struggle to achieve significant growth beyond their flagship products [13].