Lin Qingxuan IPO: Known Domestic Beauty Brand Eyes IPO; Valuation Tops ¥3.846 Billion RMB ($538.44M USD)

Key Points

Quick take — Lin Qingxuan IPO and why it matters

Lin Qingxuan IPO has refiled its prospectus and added H1 2025 results, signaling a fresh push toward a Hong Kong listing.

The updated filing shows a company with strong H1 revenue growth, a concentrated product strategy, and high reported gross margins.

This combination makes Lin Qingxuan a useful case study for investors tracking domestic high‑end skincare, pre‑IPO valuations, and the role of livestream selling in modern China cosmetics distribution.

Company updates: new filing, strong H1 growth and a name change

Lin Qingxuan (Lín Qīngxuān 林清轩) refiled and updated its IPO prospectus with first half of 2025 figures.

The company reports total revenue of ¥1.05 billion RMB ($147.00 million USD) in H1 2025.

That revenue figure represents an increase of about 98% year‑over‑year compared with H1 2024.

The firm also changed its registered name from “Shanghai Lin Qingxuan Biotechnology Co., Ltd.” (Shànghǎi Lín Qīngxuān Shēngwù Kējì Yǒuxiàn Gōngsī 上海林清轩生物科技有限公司) to “Shanghai Lin Qingxuan Cosmetics Group Co., Ltd.” (Shànghǎi Lín Qīngxuān Huàzhuāngpǐn Jítuán Yǒuxiàn Gōngsī 上海林清轩化妆品集团有限公司).

Management says the rename—completed in November 2025—better reflects the company’s positioning as a high‑end China domestic skincare brand.

Product mix and margin profile: concentrated SKUs, premium pricing

Lin Qingxuan emphasizes a high‑end positioning in the prospectus.

The business is heavily dependent on a single category: camellia seed oil / essence products.

• Essence oil category contributed 45.5% of revenue in H1 2025.

• In 2024 that category generated ¥448,000,000 RMB ($62.72 million USD), accounting for 37% of total revenue.

• The category’s share has trended up from prior years (31.5% and 35.3%).

Gross margin is very high for the sector.

The prospectus reports a gross margin of 82.4% in H1 2025, versus 81.9% in H1 2024.

The company highlights these figures as evidence of product pricing power and its premium positioning.

What the margin and SKU concentration imply

• High gross margin (82.4%) suggests strong markup on core SKUs and likely efficient cost structure for those items.

• Single‑category dependence (camellia oil / essence) raises product concentration risk if consumer taste or raw material dynamics shift.

• Maintaining margins while diversifying the product mix will be key to sustaining valuation multiples post‑IPO.

Market positioning and competitive risks

The company cites Zhaoshi (灼识咨询) research ranking Lin Qingxuan as the top domestic high‑end skincare brand in China by retail sales in 2024.

Lin Qingxuan is noted as the only domestic brand among the top 15 high‑end skincare names in China, according to the cited research.

At the same time, the prospectus warns that competition from incumbents and new entrants on price could pressure margins.

That tension—premium positioning versus price competition—is a recurring theme for fast‑growing domestic skincare names.

Founder profile and sales approach

Founder and chairman Sun Laichun (Sūn Láichūn 孙来春), 51, co‑founded the company with his brother Sun Fuchun (Sūn Fúchūn 孙福春) in 2003.

Sun is credited with steering the brand into a differentiated “oil‑nurture” (以油养肤) product strategy focused on camellia‑derived ingredients.

Sun has personally been very active in livestream selling since 2020.

The prospectus and subsequent reports note that his on‑camera involvement increased year by year from 2021 onward.

By 2024 he had reportedly shifted most of his work focus into livestream activity to support sales.

A notable example: during a Valentine’s Day livestream in 2023, Sun poured a sample of the camellia essence water into a wine glass and drank it on camera to demonstrate confidence in the product’s natural origin.

He later posted on social media that he felt fine and urged viewers not to copy the action—clarifying the product is not formulated as a food.

Livestream selling as a strategic lever

• Founder‑led livestreams can strengthen brand authenticity and conversion rates, especially for product categories tied to natural or artisanal claims.

• But founder visibility introduces execution and reputational risk if stunts or regulatory scrutiny arise.

• Investors should watch whether sales from livestreams remain stable as the company scales and channels diversify.

Shareholders, financing and pre‑IPO moves

Before listing, Sun Laichun directly held 38.21% of the company.

Via three controlled entities, Sun held a combined stake of roughly 79.27%.

External investors named in the prospectus include:

• Youngor Fashion (Yǎgē’ěr 雅戈尔) — reported stake ~4.49%.

• Country Garden Venture Capital (Bìguìyuán 碧桂园) — via two vehicles holding ~2.69% and ~1.26%.

• Toutou Shidao (头头是道) — ~3.59%.

• Investment vehicles linked to Jiang Nanchun (Jiāng Nánchūn 江南春) — ~0.9%.

The company’s capital‑raising track began around 2021.

An A round of several hundred million RMB occurred in January 2021 with investors including Haina Asia, Toutou Shidao, Country Garden venture arms and others.

A B round was announced in September 2021 with additional institutional backers.

In May 2025, ahead of the Hong Kong IPO push, several equity transfers took place.

Shanghai Kaihui Chuangmei (Shànghǎi Kǎihuī Chuàngměi 上海凯辉创美), Zhangjiagang Xinghan Qicheng (Zhāngjiāgǎng Xīnghàn Qǐchéng 张家港星翰啓承) and Xiamen Womeida (Xiàmén Wòměidá 厦门沃美达) acquired stakes from multiple shareholders.

The total transaction value exceeded ¥225,000,000 RMB ($31.50 million USD).

Based on those deals, pre‑IPO valuation was estimated at approximately ¥3.846 billion RMB ($538.44 million USD).

Notably, Shanghai Kaihui Chuangmei was established in March 2025 by Kaihui Capital (Kǎihuī Jījīn 凯辉基金), L’Oréal Group (Ōuláiyǎ 欧莱雅集团) and the Shanghai Jing’an District government.

Through that vehicle, L’Oréal has become an indirect investor in Lin Qingxuan.

Industry observers say this fits normal foreign strategic allocations into promising domestic specialty beauty players and signals confidence in plant‑based essential oil product categories.

What to watch next

• Prospectus updates and the final IPO size and pricing in Hong Kong.

• Dependence on a small number of SKUs and whether the company can diversify the product mix while sustaining premium margins.

• Execution risk tied to livestream sales momentum and potential regulatory or reputational challenges from high‑profile stunts.

Investor checklist — how founders, investors and marketers can think about Lin Qingxuan

• For investors: Validate revenue sustainability from livestream channels and test sensitivity of margins to price competition.

• For founders: Study the company’s founder‑led branding and see what parts of that approach scale versus what must be institutionalized.

• For marketers: Note how a single ingredient (camellia) can anchor a premium narrative and product portfolio.

Summary: Lin Qingxuan has strong H1 2025 growth, premium margins, concentrated product exposure, and a pre‑IPO valuation of ¥3.846 billion RMB ($538.44 million USD), making the company a noteworthy case for anyone tracking China’s domestic high‑end skincare sector.

Disclaimer: This article summarizes public prospectus disclosures and media reports for informational purposes only and is not investment advice.

Investors should perform independent due diligence and assume their own risk.

Lin Qingxuan IPO

References

• Known domestic beauty brand rushes IPO; valuation over ¥3.846 billion – Eastmoney
• Known domestic beauty brand rushes IPO; valuation over ¥3.846 billion – National Business Daily
• Lin Qingxuan Official Site – 林清轩