Hong Kong stocks will welcome the first stock of high-end Chinese skincare products! Lin Qingxuan (02657) global sales launch, is the leading brand of Chinese cell-level anti-wrinkle.

On December 18, Shanghai Linqingxuan Cosmetics Group Co., Ltd. (hereinafter referred to as "Linqingxuan") officially launched its IPO. The company plans to globally issue 13.9665 million shares, with 10% for sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option. The offering price is HK$77.77 per share with a unit of 50 shares. It is scheduled to be listed on the Hong Kong Stock Exchange on December 30 with the stock code 02657. As a pioneer in the "oil-based skincare" track, Linqingxuan has been deeply involved in the anti-wrinkle and firming skincare field for over ten years. It has not only built a complete product matrix including essential oils, creams, lotions, emulsions, essences, masks, and sunscreens but has also grown into a leading brand in cellular anti-wrinkle essential oils. With its strong capabilities, Linqingxuan ranked first in China's high-end domestic skincare brands by retail sales volume in 2024, as well as the top domestic brand in the anti-wrinkle and firming skincare category, and was the only domestic representative among the top 15 high-end skincare brands (including international brands) in China. According to data from Zhoushi Consultancy, as of June 30, 2025, Linqingxuan's star product, Camellia Anti-wrinkle Repairing Essence Oil, has accumulated sales of over 45 million bottles since its introduction in 2014. It has consistently ranked first in national facial essence oil sales across all channels for 11 years and is the only product in its category to have maintained sales exceeding one billion yuan for eight consecutive years. Currently, its Camellia Anti-wrinkle Essence Oil has introduced its fifth generation, positioning itself as a "cellular-level" anti-wrinkle essential oil that has undergone comprehensive iterations in efficacy, ingredients, technological content, and packaging. The continuous expansion of its explosive product matrix further confirms market recognition. The company's Camellia Black Gold Peptide Anti-wrinkle Brightening Essence Cream, launched in 2024, generated 61.5 million yuan in revenue in its first year, with an additional 50 million yuan in revenue in the first half of 2025. The high-level isolation sunscreen cream achieved sales of 36.3 million yuan in its first year and recorded a significant year-on-year revenue increase to 42.1 million yuan in the first half of 2025, becoming a new growth engine for the brand. The prospectus shows that in the first half of 2025, the company's profitability further improved, with operating income reaching 1.052 billion yuan, a year-on-year increase of 98.3%, and a net profit of 182 million yuan, with an overall gross profit margin of 82.4%. Among them, the gross profit margin of the essence oil category reached 86.2%, showcasing the profitability resilience of a high-end skincare brand. The strength of Linqingxuan's comprehensive sales network has also played a crucial role in these achievements. The company has built an integrated sales network that combines diverse online sales channels with a strong offline presence. The OMO model integrated by Wuxi Online Offline Communication Information Technology Co., Ltd. allows the company to leverage the extensive brand influence and strong consumer recognition accumulated over the years through brand building into robust sales momentum. At the offline end, Linqingxuan focuses on directly operated stores as its core, strategically deploying in core shopping malls. As of June 30, 2025, the total number of stores nationwide reached 554, with over 95% located in core shopping malls, ranking first in the number of stores among Chinese domestic and international high-end skincare brands. The online channel has also performed well, with the brand securing multiple championships in the 2024 Tmall Double 11 anti-wrinkle essence oil pre-sale ranking, facial essence oil hot selling ranking, and Tmall "618" facial essence oil hot selling ranking. The brand has accumulated more than 5.6 million active customers, with an average annual repurchase rate of approximately 33.5%, surpassing the industry average for local skincare brands. It is evident that from high-mountain cultivation bases to cellular-level anti-wrinkle technology to the OMO comprehensive sales model, Linqingxuan is redefining China's high-end skincare industry. Industry experts believe that as the concept of refined skincare deepens, driving the growth of specific skincare products such as anti-wrinkle, firming, and repairing has become an important growth point for the industry. Linqingxuan, with its strong research and development innovation capabilities and leading products, is poised to benefit from this trend.