On December 18, Shanghai FOREST CABIN Cosmetics Group Co., Ltd. (referred to as "FOREST CABIN") officially launched its IPO. The company plans a global offering of 13.9665 million shares, with 10% allocated to Hong Kong investors and 90% to international investors, plus a 15% over-allotment option. The offering price is set at HK$77.77 per share, with each board lot comprising 50 shares. Trading is expected to commence on the Hong Kong Stock Exchange on December 30 under the stock code 02657.
As a pioneer in the "oil-based skincare" segment, FOREST CABIN has focused on anti-aging and firming skincare products for over a decade. The company has developed a comprehensive product portfolio including facial oils, creams, toners, emulsions, serums, masks, and sunscreens, establishing itself as a leader in cellular-level anti-aging facial oils.
With strong market performance, FOREST CABIN ranked first among domestic premium skincare brands and topped China's anti-aging skincare category by retail sales in 2024. It is also the only domestic brand among China's top 15 premium skincare brands (including international brands). According to CIC data, as of June 30, 2025, the company's star product - Camellia Anti-Wrinkle Repair Facial Oil - has sold over 45 million bottles since its 2014 launch, maintaining its position as China's top-selling facial oil for 11 consecutive years across all channels. It remains the only facial oil product with eight straight years of annual retail sales exceeding 100 million yuan.
The fifth-generation Camellia Anti-Wrinkle Facial Oil, positioned as a "cellular-level" anti-aging product, represents a comprehensive upgrade in efficacy, ingredients, technology, and packaging. The company's expanding hit product lineup further demonstrates market recognition. The Camellia Black Gold Peptide Anti-Wrinkle Brightening Cream, launched in 2024, generated 61.5 million yuan in sales that year, followed by 50 million yuan in the first half of 2025. The High Protection Sunscreen achieved 36.3 million yuan in sales during its debut year, with revenue growing significantly to 42.1 million yuan in H1 2025, becoming a new growth driver.
The prospectus reveals that FOREST CABIN achieved 1.052 billion yuan in revenue in H1 2025, a 98.3% year-on-year increase, with net profit reaching 182 million yuan. The company's gross margin stood at 82.4%, with facial oils achieving an even higher gross margin of 86.2%, demonstrating the profitability resilience of premium skincare brands.
This success is supported by FOREST CABIN's omnichannel sales network, combining diversified online platforms with a strong offline presence. The Online-Merge-Offline (OMO) model effectively converts brand influence and consumer recognition into sales momentum.
As of June 30, 2025, FOREST CABIN operates 554 stores nationwide, with over 95% located in premium shopping malls - the largest store network among domestic and international premium skincare brands in China. Online channels also perform strongly, with the company winning multiple championships on Tmall's Double 11 and 618 shopping festivals. FOREST CABIN has accumulated over 5.6 million active customers with an average annual repurchase rate of approximately 33.5%, outperforming the domestic skincare industry average.
From high-altitude cultivation bases to cellular-level anti-aging technology and the OMO sales model, FOREST CABIN is redefining premium domestic skincare. Market observers note that as sophisticated skincare concepts gain traction, specialized segments like anti-aging, firming, and repair are becoming key industry growth drivers, with FOREST CABIN well-positioned to benefit through its strong R&D capabilities and leading product portfolio.