Lin Qingxuan (02657) Revenue surged by more than 40% in the first half of 2026: increasing shareholder returns, breaking down dependence on single products and consolidating the growth base
The Zhitong Finance App learned that on August 31, Lin Qingxuan (02657), the “first domestic high-end skincare stock”, announced the 2026 interim results. In the first half of the year, the company achieved operating income of 1500 billion yuan, an increase of 42.6% year on year; adjusted net profit of 285 million yuan, an increase of 42.1% year on year; gross profit margin of 81.6%. The core operating indicators continued the steady growth trend since listing.
At the performance meeting, Sun Laichun, founder of Lin Qingxuan, chairman of the board of directors and president, said that the company will steadily implement a long-term brand strategy, consolidate its market position with high-end, open up a segmented circuit with multiple brand layouts, open up growth space through global expansion, balance short-term management and long-term brand value, and achieve high-quality and sustainable growth.
Product structure continues to be optimized, and omnichannel opens up room for growth
The underlying driving force for performance growth comes from two-way collaboration between products and channels. Relying on the “1+4+N” pyramid product layout, Lin Qingxuan maintained the basic market of ace flagship products on the one hand, and continued to expand new categories to cover more people and skincare scenarios.
As the core pillar of the brand, as of June of this year, the cumulative sales volume of camellia anti-wrinkle repair oil has exceeded 70 million bottles, ranking first in the national facial serum retail sales list for 12 consecutive years. At the same time, the revenue contribution rate of the essential oil category fell to 34.3% in the first half of the year compared to 45.5% of 2025 H1, and the dependence on a single hit product gradually eased. The sixth-generation Camellia Anti-Wrinkle Serum has been officially launched, continuing to strengthen its competitive position on the essential oil circuit.
In addition to essential oils, the company's second growth curve is clearly evident. “Little Golden Pearl” essence has continued to be released since it was launched in 2025, and it won No. 1 in the Douyin platform's toner list from January to June and 618. In May of this year, the brand launched a new whitening essence and officially entered the 100 billion whitening and skincare circuit. The new product ranked among the top three whitening categories on the platform during the live streaming testing phase, injecting new momentum into subsequent growth.
At the channel level, Lin Qingxuan's online and offline synergies continue to be unleashed. On the offline side, the brand continues to cultivate high-end shopping center channels. In the first half of the year, offline channel revenue increased by about 23% compared to the same period last year. By the end of the reporting period, the company had 638 stores nationwide and 410 directly managed stores, continuing to strengthen the brand's high-end positioning.
Major online platforms have blossomed. During the 618 promotion period, omni-channel GMV increased by more than 100% year-on-year, and major platforms such as Douyin, Tmall, JD, and WeChat all achieved significant growth. The brand reached the top 1 in the Douyin platform in both the facial essence oil category and toner/toner category, further consolidating the competitive advantage of the high-end domestic skincare circuit. As of the first half of 2026, the number of active brand customers reached 7.3 million, and the repurchase rate remained at about 32.5%, which is significantly higher than the industry average, and the user chassis continues to be stable.
Increase scientific research and innovation, and transform technological achievements to build strong competitive barriers
Behind the steady increase in performance is Lin Qingxuan's continued high investment in research and development. In the first half of 2026, Lin Qingxuan invested 34 million yuan in R&D, an increase of 88.8% over the previous year. The growth rate was significantly higher than the revenue growth rate. By the end of the first half of the year, Lin Qingxuan had obtained a total of 103 patents, including 49 invention patents related to core ingredients, technologies, or camellia formulations, covering patented ingredients such as Qingxuancui and Camellia Eats Black 677.
Since this year, the company has made many breakthroughs on the raw materials side. In March, the two major self-developed ingredients, “Zhejiang Hongshan Camellia Extract” and “Zhejiang Hongshan Tea Leaf Extract,” completed the filing. Since then, Lin Qingxuan's self-developed new ingredients have reached 5 new ingredients for Zhejiang black tea flower cosmetics, and the self-developed ingredient matrix continues to expand. In addition, the “Zhejiang Hongshan Tea Multi-dimensional Full-Price High-Value Utilization Technology and Industrialization Application” project led by the company won the first prize of the Science and Technology Progress Award of the China Chamber of Commerce Science and Technology Award, and the achievements of industry-university-research integration were recognized by industry authorities.
In terms of transformation of technological achievements, in April, the company officially released the platform-based technology “microfluidic oil suspension and fresh-locking technology”, which took four years to simultaneously launch three new ingredients: camellia oil coagulants, red camellia 1000 peptides, and double PDRN (self-developed red camellia PDRN + salmon PDRN); at the same time, it also took the lead in formulating and releasing the “Technical Specification for Oil Curd Essence Water”, which promoted the transformation of the industry from marketing-driven to “technology+ standard” two-wheel drive. The company simultaneously laid out patents related to PDRN penetration promotion technology and participated in the compilation of the first domestic group standard focusing on PDRN raw materials.
In terms of scientific research system construction, in the first half of 2026, the company, in collaboration with national and industry authorities, industry associations and leading enterprises, participated in the formulation and publication of 13 national standards, industry standards, and group standards, covering various core areas such as raw material standards, product standards, efficacy evaluation methods, testing methods, and technical specifications. In the second half of the year, Lin Qingxuan's investment in scientific research continued to increase. The root cell-level anti-wrinkle research platform jointly built by the company and Shanghai Jiao Tong University was officially unveiled, and was awarded the IFSCC Gold Partner; it also released the first “Chinese Root Cell-level Anti-Wrinkle Skin Care Blue Book” focusing on “root cell-level anti-wrinkle” in China, fully outputting core research results, and achieving leaps and bounds in comprehensive scientific research capabilities.
Dividend repurchases go hand in hand! Three-year shareholder return plan anchors long-term value
While handing over steady results, Lin Qingxuan simultaneously disclosed the mid-term dividend plan. According to the announcement, the company plans to pay an interim dividend of RMB 1.32 per share, and the total cash dividend is expected to reach RMB 185 million. Combined with the 2025 final dividend of about 135 million yuan already paid during the year, the total cumulative dividends after the company's listing will reach 320 million yuan. In addition, the company launched a share repurchase program in early July. Up to now, it has repurchased a total of 1.8992 million shares, with a repurchase amount of approximately HK$94.911 million.
At the same time, the company officially launched the dividend plan for the next three years (2026-2028) to further consolidate the capital market valuation base with clear and stable dividend expectations. The plan is clear. In 2026-2028, the company's total annual cash dividends will account for no less than 50% of the net profit attributable to shareholders of the parent company in that year.
Referring to future development, Lin Qingxuan said at the performance conference that the company will continue to adhere to the main high-end beauty business, adhere to the main line of high-end, multi-brand and global development, take product innovation, channel cultivation, brand upgrading and organizational efficiency as a starting point, and return the trust and support of investors with steady management and high-quality development.