Core Insights - The Chinese cosmetics market has surpassed 1.1 trillion yuan, maintaining its position as the largest cosmetics consumer market globally [2][3] - The market share of domestic cosmetics has increased to 57.37%, solidifying its leading position [3][25] - Approximately 27,000 brands were eliminated in the past year, while over 60% of the top 500 brands achieved positive growth, indicating a shift from a broad growth phase to a deep transformation focused on structural optimization [3][19] Market Size and Growth - In 2025, the total transaction value of the Chinese cosmetics market is projected to be 1,104.25 billion yuan, with a year-on-year growth of 2.83%, indicating a stable development phase [8] - The growth rates for the years 2023, 2024, and 2025 are 3.61%, 2.80%, and 2.83% respectively, reflecting a new normal of single-digit growth [8] - The retail sales of cosmetics in 2025 are expected to reach 465.3 billion yuan, with a growth rate of 5.1%, outpacing the overall retail sales growth [11] Market Dynamics - The data from the China Cosmetics Association and the National Bureau of Statistics complement each other, presenting a comprehensive view of the market landscape [14] - The divergence in data is attributed to different statistical scopes, with the National Bureau focusing on larger enterprises while the Association includes a broader range of market players [14] - The market is experiencing a significant internal structural change, with resources concentrating on larger, compliant, and research-capable enterprises, while smaller firms face increasing survival pressures [15] Brand Performance - Over 60% of the top 500 brands achieved positive growth, while the number of brands with over 100 million yuan in sales increased from 746 in 2023 to 839 in 2025 [16] - The elimination of approximately 27,000 brands in 2025 signifies the end of competition based on traffic and homogenized products, marking an acceleration of the survival of the fittest [19] Channel Competition - Online channel transaction value grew by 4.45% in 2025, while offline channels remained stable, indicating the end of reliance on a single growth channel [22] - The shift towards comprehensive channel operations is becoming the new foundation for brand development [22] Rise of Domestic Brands - Domestic brands' market share has risen to 57.37%, marking a fundamental shift in market dynamics [25] - Successful domestic brands focus on niche markets, technological barriers, and unique brand cultures rather than just price competitiveness [28] - The victory of domestic brands reflects a new development model that emphasizes long-term value and systemic capabilities [31] Regulatory and Competitive Landscape - The modernization of the regulatory system during the 14th Five-Year Plan has clarified the direction for high-quality development [34] - The shift from marketing wars to technology and brand wars is reshaping competitive dynamics within the industry [35] - Continuous investment in R&D is evident, with the average R&D expense ratio for Chinese cosmetics companies increasing from 2.36% in 2020 to 3.24% in 2025 [35] Consumer Behavior and Market Trends - The market is witnessing a dual pursuit among consumers for both high-value basic products under 300 yuan and luxury products over 1,000 yuan, while mid-range products are declining [38] - Brands must clearly position their value propositions to succeed in this evolving market landscape [38] Global Market Expansion - Expanding into global markets is becoming essential for leading brands, with some achieving significant breakthroughs in mature markets [39] - The dual drivers of strong policy and active market dynamics are propelling the Chinese cosmetics industry towards a new era of high-quality development [40]

Core Viewpoint - The beauty brand Sanzi Tang focuses on innovation for the majority, targeting everyday consumers who seek confidence in their daily lives, contrasting with the industry's trend towards niche and luxury products. This approach has led to over 1.5 billion in sales within three years and successful entry into Sephora as a representative of domestic brands [3][25]. Group 1: Brand Positioning and Growth - Sanzi Tang's rapid growth is attributed not only to capturing traffic benefits but also to resonating with the fundamental relationship between brands and the public [4]. - The brand's narrative in its first TV commercial, "Facing with Composure," metaphorically presents life as an interview, highlighting the pressures faced by contemporary individuals [6]. - The brand identifies itself as a practical makeup brand innovating for the majority, serving as an empathetic companion that understands daily struggles and provides emotional support [8][10]. Group 2: Product Innovation and Market Strategy - Sanzi Tang aims to redefine makeup as an accessible psychological empowerment tool, transforming the act of makeup into a confidence-building ritual [21]. - The brand has successfully iterated its star product, the dual-tip eyebrow pencil, seven times since its launch, receiving multiple international design awards and achieving top sales in its category [14]. - The brand's strategy includes lowering barriers to makeup enjoyment by addressing common user challenges such as application difficulty and time consumption [10][23]. Group 3: Market Position and Channel Strategy - Sanzi Tang's entry into Sephora marks a significant milestone, positioning the brand alongside international competitors and enhancing its credibility in the market [25][29]. - Sephora's selection of Sanzi Tang reflects a shift in its product selection logic, focusing on market validation and consumer demand rather than exclusivity [27]. - The brand's growth trajectory demonstrates a transition from a popular online product to a trusted professional brand recognized in mainstream retail [25][29]. Group 4: Systematic Support and Future Growth - The brand's growth is supported by its parent company, which provides robust supply chain capabilities, efficient channel integration, and strategic foresight [32]. - Sanzi Tang's journey illustrates a systematic approach to brand development, emphasizing product innovation, operational efficiency, and brand resonance [34]. - As the brand reaches a new sales milestone, its focus shifts from rapid growth to sustainable growth, leveraging its emotional connection with millions of users [36].

Core Insights - The beauty science communication has shifted from a "one-way output of scientific strength" to a "temperature dialogue with consumers" over the past 25 years, focusing on social emotional insights rather than just scientific data [2][4] - The NUTE model (Need-Unique-Technology-Evidence) is introduced as a methodology for scientific communication, emphasizing the importance of translating hard science into relatable solutions for consumers [3][5] Evolution of Beauty Science Communication - The initial phase focused on creating market buzz through ingredient efficacy and scientific concepts [4] - The explosion of scientific content saw many beauty companies entering the field, but it lacked consumer focus [4] - The communication evolved to a consumer-centric approach, aiming for empathy and understanding [4] - The current phase emphasizes co-creation of brand trust, where consumers focus less on scientific data and more on brand reliability [4] Case Studies in Effective Communication - Natural Hall's "anti-fatigue" marketing effectively resonated with consumers by translating abstract concepts into relatable experiences, such as "post-overtime fatigue" [6] - Zhanmiya utilized cinematic storytelling to connect with the emotional expectations of consumers regarding "China's technological rise," showcasing the journey of artificial skin [8] - Brands like Zhenyan addressed information gaps in post-surgery care by prioritizing knowledge dissemination over direct product promotion [10] The Role of Social Emotion - Social emotion acts as a "translator" in scientific communication, transforming deep research into consumer-friendly language and practical solutions [12] - The understanding of consumer needs is crucial, as effective communication is not about what brands research but what consumers need to know [12] Unique Research Frameworks - Establishing a unique research framework is essential for brands to create an irreplaceable competitive edge, allowing them to transition from "ingredient followers" to "category definers" [13] - Brands must avoid merely showcasing single-point technologies and instead build comprehensive frameworks or focus on specialized breakthroughs [13][14] Challenges in Consumer Acceptance - Concepts like ECM (extracellular matrix) are difficult for consumers to grasp; thus, brands must create relatable scenarios to make advanced theories accessible [16][18] - Shiseido's innovative approach to anti-aging through "memory T cells" represents a reverse strategy in a market focused on collagen supplementation [19][22] Evidence-Based Communication - The beauty industry is adopting a structured evidence chain similar to that in clinical research, categorizing evidence into various levels to enhance credibility [34][36] - Brands like HBN are leading the way in establishing standardized guidelines for efficacy evidence, promoting transparency and scientific rigor [41] Visualizing Scientific Evidence - OLAY's use of 3D technology to visualize the effects of their products represents a shift towards making scientific evidence more comprehensible and relatable to consumers [42][44] - The focus is on reducing the complexity of scientific data to enhance consumer trust and understanding [45] Future Directions - The industry is moving towards a model where storytelling is used to explain science, fostering a two-way relationship between brands and consumers [47] - The expectation is for brands to create relatable narratives that connect scientific advancements with everyday consumer experiences, enhancing trust and engagement [47]

Core Viewpoint - PDRN is expected to be a popular skincare ingredient by 2026, with a projected CAGR of 49% in the Chinese market from 2023 to 2029, indicating rapid growth in demand for related products [2][5]. Group 1: PDRN Research and Development - The UNISKIN MED center has been providing various PDRN/PN treatments since 2020, accumulating nearly 6 years of clinical experience with over 10,000 cases [7]. - UNISKIN has developed a dual approach in functional skincare and professional medical aesthetics, enhancing its exploration in the PDRN research field [9]. - The company has introduced a PDRN skincare and medical treatment model, showing significant efficacy in various applications such as scar treatment and anti-aging [11]. Group 2: Scientific Standards and Regulations - UNISKIN, in collaboration with the Chinese Society of Plastic Surgery, launched the "PDRN/PN Cosmetics Application Specification" to standardize the quality and safety of PDRN/PN ingredients in skincare products [23]. - The specification addresses three major challenges in the PDRN sector: defining molecular weight, standardizing application amounts, and establishing detection methods for PDRN in cosmetics [24][27]. - The recommended addition of PDRN/PN raw materials is between 0.0001% and 1%, depending on specific conditions [25]. Group 3: Molecular Weight Control and Mechanisms - UNISKIN has developed the NeoEdge sequence cutting technology to precisely control PDRN molecular weight, creating the PDRN-850K core ingredient that activates five anti-aging pathways [16][19]. - The precise control of molecular weight is crucial for effective transdermal delivery and achieving the desired effects, addressing challenges such as low penetration efficiency and unclear mechanisms [14][20]. - The company emphasizes that effective PDRN application requires understanding the skin environment and controlling inflammation before activating systemic anti-aging pathways [13][19]. Group 4: Industry Position and Future Directions - UNISKIN's commitment to deep scientific research positions it as a leader in the PDRN market, providing a clear path for high-quality development in the industry [21][42]. - The establishment of industry standards signifies a maturation of the PDRN sector, allowing for more informed consumer choices and reducing the risks associated with unregulated growth [29][31]. - UNISKIN's innovative approach and rigorous research standards are expected to drive further exploration of PDRN's potential in skincare, highlighting the need for a more professional perspective in the industry [40][42].

2 0 2 5年，中国底妆市场继续展现出强劲的消费活力。 据《FBe a u t y未来迹》后台数据显示，2 0 2 5年度底妆品类交易额同比增长近2 5%，突破5 7 9亿 元，成为一个确定性的高增长赛道。然而，市场扩容的同时也意味着竞争加剧与消费者需求的 持续分化。如何在广阔但拥挤的赛道中，构建清晰的品牌辨识度与稳定的增长模式，成为所有 参与者面临的核心课题。 在此行业背景下，《FBe a u t y未来迹》观察到，国货底妆品牌Pa ssi o n a l Lo v e r恋火（后文简 称PL）于2 0 2 6年初举办的"花意限定"发布会，提供了一种值得关注的破题思路。 透 过 这 场 兼 具 高 度 时 尚 感 与 产 品 力 的 发 布 会 ， 我 们 可 以 观 察 一 个 国 货 头 部 底 妆 品 牌 的 当 下 策 略： 集品牌美学叙事、核心技术攻坚与成熟增长模式于一体的系统性展示。 这既是PL对自身 品 牌 力 的 自 信 展 示 ， 也 折 射 出 国 货 底 妆 竞 争 步 入 深 水 区 后 ， 对 品 牌 综 合 叙 事 能 力 提 出 的 新 要 求。 序厅"南法连廊"作为叙事起点 ...

Core Viewpoint - The second wave of K-Beauty is characterized by the rise of independent brands, which are collectively driving growth in the North American market, moving away from reliance on traditional giants like Amorepacific and LG Household & Health Care [4][5][7]. Group 1: Market Dynamics - The growth engine of Korean beauty has shifted to a "long-tail ecosystem" composed of numerous small and medium-sized brands, leveraging a mature ODM system and affordable quality pricing strategies [4][5]. - By the end of 2025, approximately 75% of Korea's beauty exports will come from small and medium enterprises, highlighting their role as the core engine of growth [7]. - The pricing strategy of K-Beauty independent brands targets a previously overlooked middle market, with key skincare products priced between $25 and $50, significantly lower than traditional luxury brands [13]. Group 2: ODM Evolution - The advanced ODM ecosystem in Korea allows independent brands to compress the product development cycle to 3-6 months, enabling them to quickly capture and validate global trends [15][19]. - ODM companies have evolved from mere manufacturers to comprehensive solution providers, supporting brand innovation and market responsiveness [19]. Group 3: Digital Native Pathways - Unlike the first wave of K-Beauty, which relied heavily on offline channels, the second wave's independent brands adopt a digital-first approach, validating demand through platforms like TikTok and YouTube before scaling on e-commerce sites [20][23]. - This strategy significantly reduces risks and costs associated with international expansion, marking a maturation of their go-to-market model [20]. Group 4: Cultural Influence - The popularity of Korean culture, including K-Pop and K-Dramas, has created a favorable consumer perception of Korean products in the U.S., facilitating market entry for K-Beauty brands [24]. - The cultural groundwork laid by Korean entertainment has established a consumer base that is already receptive to Korean beauty products [24]. Group 5: Challenges in China - Korean beauty is experiencing a decline in its core growth market, China, with exports dropping from approximately 45% in 2022 to about 25% in 2024 [25][26]. - The challenges in the Chinese market stem from a shift in consumer standards, where the previous advantages of Korean beauty—trend design and cultural appeal—are losing effectiveness [28]. - The traditional giants in the Korean beauty industry are facing pressure to adapt, as the market evolves towards higher standards of efficiency and value [29].

Core Viewpoint - The auction of the "Oriental Gift·Jade Age" series by Pechoin, which sold for nearly 1.1 million yuan, has sparked widespread discussion about the cultural value of domestic brands and their ability to gain high-end recognition beyond mere marketing strategies [2][4][9]. Industry Context - This event marks a significant moment in the beauty industry as beauty products entered a top-tier art auction for the first time, challenging traditional valuation methods based on brand recognition and market size [4]. - Pechoin's decision to submit its product to an art auction signifies a departure from everyday consumer logic, embracing a more ancient and uncontrollable value assessment system [4][10]. Unique Positioning - Unlike historical antiques, Pechoin's auction piece was crafted by a non-heritage inheritor using contemporary jade carving techniques, indicating that its high price reflects contemporary cultural creativity and craftsmanship rather than historical value [6][8]. - The auction's uniqueness lies in Pechoin's attempt to position its product as a cultural artifact rather than a mere consumer good, shifting the focus from efficacy and price to cultural significance and craftsmanship [10][11]. Cultural Value Exploration - Pechoin's auction serves as a "value experiment," testing the potential of cultural narratives in the beauty industry, especially as product differentiation based on ingredients and technology diminishes [11][12]. - The event highlights the need for domestic beauty brands to explore cultural premium as a new competitive edge, moving beyond traditional benchmarks against international brands [12][13]. Strategic Implications - The auction indicates a shift in Pechoin's strategy from functional expression to value expression, aiming to construct a more comprehensive cultural and aesthetic narrative [13][14]. - This approach may not be universally applicable to all brands, as cultural integration requires a solid foundation of brand equity and long-term commitment [15]. Future Directions - The auction suggests a potential pathway for domestic brands to establish themselves in the high-end market by leveraging their historical and cultural narratives, rather than solely competing on technical specifications and pricing [15]. - Pechoin's actions may serve as a model for the broader beauty industry, indicating that high-end expression can be rooted in cultural and aesthetic systems [15].

Core Viewpoint - The offline cosmetics retail market in China is experiencing a decline, with a total retail value of 382.77 billion yuan in 2024, down 2.28% year-on-year, while online sales continue to grow, reaching 691.05 billion yuan, an increase of 5.86% [2][3]. Group 1: Current Status - The market share of department stores and shopping centers in the cosmetics retail sector decreased from approximately 15.41% in 2023 to 13.71% in 2024, while the cosmetics store channel maintained a share of 13.42% [6]. - The number of cosmetics counters in department stores has sharply decreased from 15,415 in 2019 to 9,502 in 2023, a reduction of 5,913 counters [7]. - High-end brands dominate the department store channel, accounting for 86% of sales in 2023, while mass brands represent only 0.0037% [10]. Group 2: Trends - The "Matthew Effect" is becoming more pronounced, with leading department stores like Yintai becoming the largest offline cosmetics retailers, hosting numerous top-selling brands [16]. - The overall sales in department stores have declined from 518.46 billion yuan in 2019 to 473.13 billion yuan in 2023, while the average product price surged by 86.38% from 344.71 yuan to 642.46 yuan [18][19]. - The growth in cosmetics retail in department stores is primarily driven by lower-tier markets, with luxury brands opening new counters in cities like Nanchang and Kunming [14]. Group 3: Channel Dynamics - Supermarkets and hypermarkets, once dominant in cosmetics sales, have seen their market share plummet to 6.5% by 2024, overtaken by e-commerce and department stores [40][41]. - The OTC pharmacy channel is gaining attention, with brands like Winona achieving over 1 billion yuan in sales, indicating potential growth in this sector [44][46]. - The trend of integrating cosmetics sales into clothing and accessory stores is rising, with brands like Sanfu Fashion Department Store reporting that cosmetics account for nearly 50% of their total revenue [24]. Group 4: Future Strategies - The recovery of offline channels will rely on three core strategies: prioritizing experiential services, focusing on lower-tier market needs, and leveraging technology for enhanced customer engagement [56]. - The shift in consumer behavior towards convenience and lifestyle over traditional shopping norms is reshaping the retail landscape, necessitating a re-evaluation of store locations and product offerings [39].

Core Viewpoint - The opening of Serge Lutens' first independent store in mainland China marks a significant moment for the brand, as it enters a matured fragrance market where consumers are increasingly seeking individuality and personal connection through scent [2][4][14]. Group 1: Market Context and Brand Positioning - The fragrance market in China has evolved from a niche to a more mainstream interest, creating a favorable environment for artistic brands like Serge Lutens to establish themselves [4][14]. - Consumers are shifting from merely seeking high-priced fragrances as status symbols to pursuing scents that resonate with their personal stories and identities [4][14]. - The store's design reflects a modern aesthetic while honoring classic elements, creating a space that emphasizes the sensory experience of fragrance [9][11]. Group 2: Store Concept and Experience - The store concept integrates comfort and artistic spirit, allowing consumers to engage deeply with the brand's narrative and fragrances [11][13]. - Unique design elements cater to the Chinese market, including seating areas for consumers to explore scents at a leisurely pace, contrasting with the standing experience typical in Paris [11][13]. - The store features exclusive limited-edition fragrances, enhancing the allure for collectors and enthusiasts [11][13]. Group 3: Brand Philosophy and Artistic Expression - Serge Lutens is defined by its founder's artistic vision, where each fragrance is a narrative that combines personal experiences, literary influences, and cultural dialogues [19][24]. - The brand's philosophy emphasizes storytelling over mere ingredient lists, inviting consumers to connect emotionally with the scents [31][37]. - Each fragrance series is crafted to evoke specific emotions or narratives, positioning the brand uniquely in a market increasingly focused on self-expression [33][36]. Group 4: Future Strategy and Market Engagement - The brand's strategy in China focuses on a high-experience, slow-penetration approach, leveraging its existing recognition while being cautious about online limitations [39][40]. - Plans include hosting themed salons and cultural collaborations to deepen local engagement and foster a community around the brand [43][44]. - The long-term vision aims to position Serge Lutens as a companion in consumers' journeys of self-exploration and aesthetic evolution, transcending mere commercial success [44].

Core Viewpoint - In recent months, Chinese beauty brands have made significant breakthroughs in the North American market, with brands like Huaxizi and Huazhixiao entering major retail platforms such as ULTA Beauty, indicating a growing acceptance and interest in "Chinese beauty" among North American consumers [3][4]. Group 1: ULTA's Expansion and Strategy - ULTA Beauty has been expanding its market presence, recently entering Europe through the acquisition of Space NK and partnering with local retailers in Mexico, indicating a strategy to replicate its successful North American model internationally [8][10]. - The company's latest financial report for Q3 2025 shows a net sales increase of 12.9% to $2.858 billion, with comparable sales up 6.3%, although operating profit has decreased by 2.9% due to rising operational costs [10][11]. - ULTA's new strategy, "ULTA Beauty Unleashed," focuses on four pillars: product assortment, experiential dimensions, accessibility, and loyalty, aiming to redefine competitive rules and enhance customer engagement [12][13]. Group 2: Product and Brand Strategy - ULTA has developed a diverse product matrix that includes luxury, high-end, and mass-market brands, ensuring a broad appeal to various consumer segments [18][20]. - The company emphasizes the introduction of new and culturally relevant brands, with 43 new brands or exclusive products launched in the first half of 2025, enhancing its market attractiveness [20][21]. - ULTA's approach to product selection is not solely price-driven; it seeks brands that can articulate their cultural narratives and resonate with consumers' emotional needs [22][35]. Group 3: Customer Experience and Engagement - ULTA has established a comprehensive in-store experience that integrates product selection, service, and customer engagement, including professional beauty salon services across its locations [23][25]. - The company's member loyalty program, with over 43 million active users contributing 95% of sales, is designed for simplicity and immediate rewards, enhancing customer retention [28][30]. - ULTA's focus on creating a relatable shopping experience, characterized by a "down-to-earth" atmosphere, encourages repeat visits and fosters a strong brand connection with consumers [27][34]. Group 4: Challenges and Opportunities for Chinese Brands - The entry of Chinese brands like Huaxizi into ULTA signifies a critical milestone, but the real challenge lies in maintaining consumer interest and loyalty in a competitive environment [44]. - Successful adaptation to the North American market requires a deep understanding of local consumer preferences, emphasizing identity, transparency, and emotional value in product offerings [37][38][40]. - The long-term success of Chinese brands in the ULTA ecosystem will depend on their ability to establish themselves as reliable contributors to sales and cultural symbols within the beauty landscape [44].