After Mao Geping, premium C-beauty label Forest Cabin goes public

What happened Forest Cabin (Lin Qingxuan) closed at HK$86.75 ($11.10) on January 6, up 11.5% from its listing price of HK$77.77 ($9.95) for its December 30 debut on the Hong Kong Stock Exchange's main board — a rare public-market listing for a Chinese premium skincare brand. Founded in 2003, Forest Cabin built its reputation around camellia-based facial oils and the concept of “oil skincare,” a niche it began cultivating in 2014 with its flagship Camellia Essence Oil. That single product has sold more than 45 million bottles and has ranked first in China’s facial essence oil category by retail sales for 11 consecutive years. In 2024, it generated 448 million RMB ($62 million), accounting for 37% of company revenue, with a gross margin of 85.3% The brand’s rise is notable because it challenges an entrenched hierarchy. China’s high-end skincare market was worth 1.14 trillion RMB (about $159 billion) in 2024, with the top 15 brands controlling 66.1% of sales — almost all of them international. Forest Cabin ranked 13th with a 1.4% share, making it the only domestic brand in the top tier. The IPO signals the end of a long, founder-led growth phase — and the start of closer scrutiny from public investors. The Jing Take: A premium brand built on one big bet Forest Cabin’s success is rooted in extreme focus. While many Chinese beauty brands chase fast-moving ingredient trends, it concentrated almost entirely on camellia and educated consumers around “oil skincare.” The result is a classic “super SKU” model: one hero product that anchors brand recognition, pricing power, and repeat purchase behavior. That strategy has worked — so far. But if consumer preferences shift away from facial oils, or if a new skincare narrative captures attention, Forest Cabin’s dependence on camellia could quickly become a vulnerability rather than a strength. Forest Cabin’s offline depth meets online speed Another defining feature is Forest Cabin’s heavy offline footprint. As of June 30, 2025, it operated 554 stores nationwide, more than 95% located in shopping malls — an unusually large network in a beauty industry often described as “online-first.” Offline channels still contributed 40.8% of 2024 revenue, supported by in-store skincare services designed to function as a “third space” beyond home and work. That depth creates brand presence and higher average order values, but it also brings rigid costs. Rent and staff expenses do not flex easily during downturns, a risk the company itself acknowledged after pandemic disruptions in 2022. Online, the picture is almost the inverse. Digital channels expanded from 45.2% of revenue in 2022 to 65.4% in the first half of 2025, driven by Douyin, Tmall, and livestream commerce. The challenge now is coordination: online average order values are roughly half of offline levels, making true “OMO” — online-merge-offline — harder in practice than in strategy decks. C-beauty brands’ pricing power challenge Public investors will also weigh reputational risk. Forest Cabin has already tested the boundaries of premium storytelling. In early 2022, its founder publicly accused Chanel of “unfair competition” after the luxury house launched a red camellia skincare line in China, framing it as a battle over consumer mindshare around camellia. In November 2023, Forest Cabin faced a backlash after launching a perfume priced at 1,702 RMB ($238) for a 75ml bottle. Netizens questioned the price comparable to or higher than established luxury fragrances. The perfume was later removed from the brand’s online store. The controversy highlighted a recurring pricing challenge for ambitious premium domestic brands. Forest Cabin’s IPO is a milestone for China’s push into high-end beauty. It proves that focus, cultural storytelling, and channel depth can build scale. But public markets are unforgiving. They will judge not just growth, but its durability — and whether a camellia-led success story can evolve into a multi-engine premium brand. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Forest Cabin: Can one flower carry a public company?

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Forest Cabin: Can one flower carry a public company?