Lin Qingxuan (02657) made a dazzling debut on the stock market, and the long-term value is promising with strong technical barriers.

Standing at the end of 2025, the Hong Kong stock market for new listings remains hot. Lin Qingxuan (02657), known as the "number one high-end Chinese skincare stock", which received strong interest since its IPO, ended the year with a bang, securing the crucial milestone of the "initial public offering". On December 30th, Lin Qingxuan officially listed on the Hong Kong stock main board, with its stock price soaring as soon as the market opened, rising over 16% at one point. By the time the market closed, Lin Qingxuan's stock price was 85 Hong Kong dollars. With the stock price skyrocketing on the first day of listing, Lin Qingxuan further confirmed its status as the "number one high-end Chinese skincare stock". Based on a deep understanding of the company's core competitiveness and excellent fundamentals, its long-term investment value is promising. Deepening the label of "cellular anti-aging" technology, building the strongest technical barrier In terms of core competitiveness, Lin Qingxuan's ability to rank as the "number one high-end Chinese skincare stock" is because of the strong technical barriers built around its core technology. Founded in 2003, Lin Qingxuan started with skincare products around one hundred yuan such as handmade soaps and moisturizing oils. In 2012, the company started focusing on camellia skincare products. In 2014, the company successfully launched the core product "Camellia Essence Oil", and pioneered the concept of "nourishing the skin with oil", becoming the first brand in China to enter the "facial essence oil" market. By 2016, Lin Qingxuan had cut off all other product lines with different plant components, focusing on camellia components, successfully transitioning to the high-end skincare market. According to data from Zhuo Shi Consulting, in 2024, based on retail sales, Lin Qingxuan ranked first among all high-end Chinese skincare brands in China. Based on total retail sales from all channels, Lin Qingxuan's Camellia Essence Oil has been the top-ranked facial essence oil product nationwide for 11 consecutive years since 2014. The reason why Lin Qingxuan quickly became the number one high-end Chinese skincare brand is its unique core competitiveness built through in-depth research and development of camellia anti-aging, firming, and skin repair-related ingredients. It is reported that the company has produced unique patented ingredients such as Qingxuan Extract, Camellia Super Peptides, Camellia Super Collagen, Camellia Super Retinol, Camellia Flower Callus Extract Filtrate, and peptide combinations based on the unique properties of high mountain red camellia. These patented ingredients provide repair effects such as repairing the skin barrier, improving elasticity, and reducing wrinkles. Taking the star product "Camellia Anti-Aging Repair Essence Oil" as an example, this product is made from fermented camellia seed oil using molecular recombination biotechnology. This advanced formula can promote deep cell rejuvenation and provide targeted anti-aging, firming, and skin repair effects, further promoting the company's brand of "cellular anti-aging". In addition to using "cellular anti-aging" as a core technological label, Lin Qingxuan also partnered with academic institutions to publish the "Cellular Anti-Aging White Paper" to establish its leadership position. At the same time, it established the "Cellular Anti-Aging Joint Research Laboratory" with Shanghai Jiao Tong University to directly connect cutting-edge basic research with industrial applications, providing continuous endorsement for theories. Furthermore, the company has deepened its research and development efforts in every aspect of the industry chain. On one hand, they have a large camellia planting base to optimize the content and stability of active substances from the source. On the other hand, they control core processes such as low-temperature extraction and biotech fermentation, producing batch high-quality products in their self-built GMP clean room. This full-chain layout centered around camellia, with the combination of "raw material scarcity + technological uniqueness + efficacy certainty + industrial integration", has created a hard-to-replicate barrier for Lin Qingxuan. By the last feasible date, Lin Qingxuan had accumulated over 600 formulations and 87 patents, with 46 of them being the highest-value invention patents covering camellia extraction, formulation, and anti-aging repair technologies. Both revenue and net profit are increasing rapidly, long-term value is promising Performance is the best touchstone. The strong technological barriers built around the core of "cellular anti-aging" have obviously led Lin Qingxuan to demonstrate strong growth. In terms of revenue, from 2022 to 2024, the company's revenue continued to achieve high-speed growth, reaching 691 million yuan, 805 million yuan, and 1.2 billion yuan respectively, with a compound annual growth rate of 32.3%. By the first half of 2025, the company achieved revenue of 1.052 billion yuan, a year-on-year increase of 98.3%, with half-year revenue approaching the annual revenue scale. Profit momentum has also been impressive. From a loss of 5.93 million yuan in 2022 to a profit of 8.45 million yuan in 2023, to a net profit increase of 121.1% to 187 million yuan in 2024, and a net profit of 182 million yuan in the first half of 2025, nearing the level of the whole year. In just a few years, Lin Qingxuan's net profit has achieved a leap in both quality and quantity. Among these, Lin Qingxuan's star product "Camellia Essence Oil" has produced a strong pillar effect. According to the prospectus, the company's Camellia Essence Oil, since its launch in 2014, has iterated to the fifth generation, with cumulative sales exceeding 45 million bottles by June 30, 2025. In the first half of 2025, this essence oil category contributed 45.5% of revenue, with a growth rate of 176%. Furthermore, the category's gross profit margin also demonstrated a very high level, reaching 86.2% in the first half of the year, further confirming Lin Qingxuan's strong brand premium capability. Moreover, the company's ability to launch new products and their market acceptance has also been excellent. The recently launched Camellia Anti-Aging Peptide Microbead Essence Water ("Little Gold Beads") sold out on its first day, with sales exceeding 20,000 units, achieving a total GMV of over 7 million yuan in the first live broadcast round, ranking first on Tmall's new toner product list and anti-aging essence water bestseller list, and topping the Douyin Double 11 major promotion cosmetics category list. The product surpassed 100 million yuan in sales within three months of its listing, with current GMV exceeding 260 million yuan; the Camellia Black Golden Peptide Anti-Wrinkle Brightening Essence (Black Gold Cream) earned 61.5 million yuan in the same year of its launch, with 50 million yuan in income in the first half of 2025; the High SPF Isolation Sunscreen Cream (400 Small Gold Umbrella) achieved 36.3 million yuan in sales in its first year of listing, with a substantial increase to 42.1 million yuan in the first half of 2025. Supported by high brand premium capability and strong technological barriers, Lin Qingxuan's profitability has been greatly realized - from 78.0% to 81.2%, 82.5%, and 82.4% in gross profit margin from 2022 to the first half of 2025, showing a yearly growth trend and high profitability. In conclusion, whether from the excellent profit level, the strong technological barriers, or the impressive performance on the first day of listing, Lin Qingxuan has evolved from "a successful high-end brand story" to "a business entity with strong self-generating ability and long-term investment value". This is also where the company's long-term value lies, as the company continues to grow, the company's future performance and value are expected to have a significant upside.