As FOREST CABIN makes its final sprint to become the "first high-end domestic skincare stock" on the Hong Kong stock market, this "camellia flower," deeply cultivated in China's high-end skincare market for over a decade, has also completed a critical leap in the capital markets. The five-day subscription period for FOREST CABIN (02657) officially concluded on December 23. According to the announcement, the company plans to issue 13.9665 million shares, with the Hong Kong public offering accounting for 10% and the international offering for 90%, plus a 15% over-allotment option. The offer price was set at HKD 77.77 per share, aiming to raise approximately HKD 1.086 billion. Brokerage data indicated that the cumulative margin financing for the offering reached about HKD 112.13 billion. Based on the HKD 109 million raised in the public offering portion, the margin financing oversubscription exceeded 1,032 times, demonstrating exceptionally high market enthusiasm.
Beyond this, on the day before its listing (December 29), FOREST CABIN's grey market performance was also impressive, with its price surging nearly 30% intraday. By the close, data from Futu's grey market showed the stock ended up 18.75% at HKD 92.35. It is worth noting that the favor FOREST CABIN received from capital was foreshadowed. The company's IPO featured a prestigious lineup of cornerstone investors, including Fidelity Fund, Greater Bay Area Homeland Investments (GBA), Zhen Fund, Duckling Fund, Dajia Insurance Group, and Yield Royal Investment, among seven in total. These investors collectively subscribed to USD 62 million, representing 44.43% of the total shares offered, further reflecting strong recognition of the company's long-term value from institutional players.
It is evident that both cornerstone investors and secondary market participants have cast significant "votes of confidence" with real capital in FOREST CABIN's growth story and fundamentals as the "first high-end domestic skincare stock," creating an excellent start for its market debut. Of course, FOREST CABIN's ability to gain recognition from both "smart money" and "market money" was not achieved overnight. Firstly, the company precisely positioned itself in the high-growth "high-end anti-wrinkle" segment and successfully accumulated a leading market effect. Back in 2012, when domestic brands generally pursued cost-effectiveness and "face oils" were still a niche category, FOREST CABIN pioneered the "skin-nourishing with oil" concept. It focused on the "anti-wrinkle and firming" benefits with its core product, "Camellia Flower Face Oil," and entered the relatively untapped high-end price segment, successfully carving out a position in this high-growth赛道.
According to a report by CIC, China's anti-wrinkle and firming skincare market has become a core growth engine for the industry, reaching a scale of RMB 119.8 billion in 2024. The compound annual growth rate over the past five years was a robust 15.0%, significantly outpacing the overall skincare market's growth of 6.8%. As is well known, successful companies win not by starting fast but by choosing the right track. By avoiding saturated markets and precisely targeting the high-growth "high-end anti-wrinkle" segment, FOREST CABIN has established a leading position. Its core product, the Camellia Flower Face Oil, has ranked first in retail sales value for facial oils in China for 11 consecutive years and is the only product in the category to achieve annual retail sales exceeding RMB 100 million for eight straight years.
This leading effect has also made the product a key pillar of the company's performance growth, creating a virtuous cycle where strength begets further strength. Secondly, the company has built solid technological and supply chain barriers, effectively branding its "cellular-level anti-wrinkle" technology. The underlying logic for high premiums and market recognition essentially constitutes a "popularity certification" of the deep brand barriers FOREST CABIN has built around "cellular-level anti-wrinkle." By focusing on camellia as its core ingredient and continuously deepening R&D, the company has achieved full-chain technological control from source cultivation to end products. This enables the efficient transformation of scientific research into market value, creating a competitive advantage that is difficult to replicate.
Notably, "cellular-level anti-wrinkle" has been successfully branded. The company strongly associates this complex mechanism with the tangible "Camellia Flower Face Oil" product, giving the technology a tangible carrier. Furthermore, supported by patents, clinical reports, and top-tier capital, it directly communicates a message of "hardcore technology" to consumers. As of the latest practicable date, the company possessed over 600 formulations and 87 patents, 46 of which are high-value invention patents covering core areas like camellia extraction, formulations, and anti-wrinkle repair technologies. Supported by such robust competitive barriers, FOREST CABIN's impressive financial data provides investors with strong confidence.
According to the prospectus, from 2022 to 2024, the company's revenue grew from RMB 691 million to RMB 1.21 billion, achieving a compound annual growth rate of 32.3%, which is higher than the industry average. In the first half of 2025, the company's performance continued its explosive growth: revenue reached RMB 1.052 billion, a year-on-year increase of 98.3%; net profit was RMB 182 million, already approaching the full-year 2024 level. Simultaneously, the company's gross profit margin has been outstandingly high and stable, recorded at 78.0%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025, respectively. This trend not only shows growth but also indicates a high level of profitability, further evidencing operational effectiveness and market dominance.
In summary, FOREST CABIN's ability to break through the intense competition between international giants and domestic brands to become the "first high-end domestic skincare stock" is no accident. Its success stems from a strategic combination that achieves maximum results, resonating from multiple factors: precise market positioning, difficult-to-replicate technological barriers, and forward-looking strategic vision. Given this strategic resolve coupled with explosive growth performance, the market's fervent追捧 for FOREST CABIN is entirely understandable. Looking ahead, FOREST CABIN plans to use the raised funds for brand building and marketing, omnichannel network expansion and upgrade, R&D and quality control, and supply chain deepening and operations. This will have profound implications for the company's future development. Only by digging a deep enough moat and building high enough walls can a company truly seize the initiative in its development, break through to higher growth ceilings, and achieve a dual leap in both performance and value.
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