HONG KONG, December 30th, 2025 —— Today marks a pivotal moment for Forest Cabin, as the company (02657. HK) is officially listed on the Hong Kong Exchanges and Clearing Limited (HKEX), securing its position as a "First IPO of Premium Local Skincare". This landmark listing not only validates the brand's decade-long dedication to premium skincare innovation but also signals the rising influence of local brands in China's high-end skincare market, a sector long dominated by international players.
As a leading premium skincare brand in China, Forest Cabin focuses on the anti-aging and firming skincare segment, committed to delivering high-end skincare solutions based on camellia ingredients. According to CIC，By 2024 retail sales, Forest Cabin ranked No. 1 among all premium local skincare brands in China and was the only local brand among China's Top 15 premium skincare brands (including international brands). In the anti-aging and firming skincare sub-segment (by 2024 retail sales), it also claimed the No. 1 spot among premium local brands and stood as the sole local representative in China's Top 10 premium skincare brands.
CIC's research highlights Forest Cabin's unique competitive edge: it is the only company in China's facial essence oil market to achieve full-value chain integration of core ingredients, covering exclusive camellia sourcing, patented ingredient extraction, product development, and production. Its flagship camellia essence oil has maintained the No. 1 position in national retail sales across all facial essence oil products for 11 consecutive years since 2014. Additionally, Forest Cabin has established one of the first R&D and production bases in the skincare industry, designed to meet carbon neutrality standards, setting a benchmark for sustainable development in the sector.
The IPO features a professionally structured financing framework: Forest Cabin offered a total of 13.9665 million shares globally at an offer price of HK$77.77 per share, corresponding to a market capitalization of HK$10.9 billion. The offering also attracted 7 cornerstone investors, including Fidelity International, Greater Bay Area Fund, Zhenxin Gu Capital, Tianyi Capital, SSCapital, Dajia Life Insurance, and Yarun Investment, with a total subscription of US$62 million.
China's Skincare Market: Steady Growth with Premium Segment Outperforming
As one of the world's largest cosmetics markets, China's cosmetics industry maintains steady growth. According to CIC Reports, skincare products account for the largest share of China's total cosmetics market, representing 67.1% of retail sales in 2024. This proportion is expected to continue rising as skincare has become an integral part of consumers' daily lives. China's skincare market size increased from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, and is projected to grow to RMB 698.5 billion by 2029, with a CAGR of 8.6% from 2024 to 2029.
The premium skincare segment is experiencing even more robust growth. Driven by increasing consumer demand for high-quality, effective, and unique skincare solutions, China's premium skincare market has expanded from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024. It is forecast to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029—outperforming the mass skincare segment consistently.
Key Drivers Shaping China's Skincare Market (CIC Reports)
Deepening of Sophisticated Skincare Concepts: Consumer demand has evolved from basic cleansing and moisturizing to more professional and personalized care. The rise of sophisticated skincare concepts has driven higher requirements for product efficacy, ingredients, and brands, fueling the growth of the premium skincare market.
Growing Demand for Natural Skincare Driven by Health Awareness: With enhanced health consciousness, consumers are increasingly seeking skincare products with natural, additive-free ingredients to meet dual needs for safety and efficacy.
Integration of Technological Innovation and Product Development: Technological innovation is optimizing R&D processes, improving product efficacy, and enabling the application of new technologies. R&D teams are closely following market trends to launch innovative products that meet consumer needs, creating broader market space and development opportunities for the industry.
Proliferation of Online Sales and Social Media Marketing: The popularity of the internet and social media has enabled skincare brands to engage with consumers through online channels, enhancing brand awareness and customer loyalty. Meanwhile, the convenience of online sales and the penetration of social media marketing have effectively driven the market's rapid growth.
As an independent third-party industry research and consulting firm, CIC has in-depth expertise in cosmetics and skincare industries, providing comprehensive and systematic market insights covering market size measurement, competitive landscape analysis, growth drivers, and industry trends.
With global-leading experience in advising "first-in-sector" IPOs in the consumer and retail sectors, CIC offers services such as market sizing, competitive analysis, and enterprise value verification. From IPO preparation to listing hearings, CIC helps enterprises refine their core competitiveness from an investor's perspective. CIC has supported numerous leading consumer enterprises in successful listings both domestically and overseas, including MIXUE Group, Goodme Tea, Auntea Jenny China CR Beverage , IFBH LIMITED, Green Tea Restaurant Group, DAHON Bicycles , and HIPINE, etc.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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