Core Viewpoint - The breakthrough of "transdermal collagen" technology by Furuida Biological Co., under the brand Kemi, marks a significant advancement in the global cosmetics science arena, showcasing China's transition from application follower to principle definer in beauty technology [3][4][10]. Group 1: Event Overview - The 79th Annual Scientific Meeting of the Society of Cosmetic Chemists (SCC) was held in New York on December 16, 2025, celebrating the 80th anniversary of the SCC, which is a historic and influential academic platform in the cosmetics science field [5]. - The conference theme "Science Reimagined" indicates the ongoing transformation within the industry, with a focus on innovative technologies from Chinese enterprises [5][9]. Group 2: Technology Breakthrough - Kemi's report highlighted a 27.5 times increase in the permeability of large molecular collagen, addressing the long-standing challenge of low absorption rates in skincare applications [3][14]. - The technology utilizes a "transdermal engine" that integrates a short peptide sequence capable of penetrating cell membranes into the collagen gene, allowing the collagen to actively enter skin cells [12]. Group 3: Scientific Validation - The efficacy of the transdermal collagen was validated through rigorous scientific methods, including Raman spectroscopy, ensuring that the technology is grounded in real physiological conditions and consumer experiences [4][20]. - Clinical trials demonstrated that after 28 days of using the Kemi Recombined Collagen Anti-Wrinkle Essence, participants experienced a 17.16% reduction in crow's feet and a 23.24% reduction in frown lines, confirming the product's effectiveness [16]. Group 4: Market Impact - Kemi's products have achieved significant market success, with the "transdermal collagen essence" becoming a top-selling item shortly after launch, reflecting consumer demand for scientifically validated anti-aging products [21][23]. - The brand's positioning as a high-end product with a clear technological narrative has resulted in a customer price point significantly above the industry average, breaking the traditional price barriers for domestic brands [21][23]. Group 5: Future Implications - The success of Kemi at the SCC signifies a new phase for Chinese beauty technology, transitioning from product and ingredient output to technology solution output, showcasing the competitive edge of Chinese enterprises in global innovation [23][24]. - The global collagen market is expected to grow at a compound annual growth rate of over 40%, indicating a shift in competition towards a focus on bioactive design, intelligent delivery technology, and scientific efficacy validation [24].

Summary of the Conference Call Company Overview - **Company**: 福瑞达 (Furida) - **Industry**: Cosmetics and Probiotics Key Points 1. Product Adjustments and Market Strategy - The **爱尔博士 (Aier Doctor)** probiotic series will suspend shipments by the end of 2024 due to market pricing issues, with a transition to the higher-margin **287 series** expected to complete by early 2026, alongside the launch of a new product, **王江酸 (Royal Jelly Acid)**, anticipated to drive growth in 2026. This strategy aims to protect brand integrity despite a potential short-term revenue decline of 5-10% [2][3][6] - The **颐莲 (Yilian)** brand is projected to grow rapidly in 2025, benefiting from the upgrade from **1.0 to 2.0 spray** products and effective endorsements, with expectations of double-digit growth for the year [2][5] 2. Channel Management and Inventory Control - The company has effectively addressed market pricing issues, with data indicating that the chaotic pricing phenomenon has been largely eliminated. This was achieved through a comprehensive channel management strategy, including the suspension of shipments to restore pricing integrity [2][6][7] - The company plans to increase the number of offline stores to enhance brand presence and scale, responding to the decline in online traffic benefits [8][9] 3. Product Performance and Future Expectations - The **287 series** has performed well, maintaining user retention despite price increases, and is expected to fill gaps left by declining other products [13] - The **王江酸** product, currently limited in promotion due to budget constraints, has received positive feedback and is expected to see significant growth with increased investment in 2026 [11][20] 4. Marketing and Sales Strategy - The company plans to collaborate with mid-tier influencers instead of top-tier ones, as the latter have shown declining efficiency. This shift is expected to enhance the effectiveness of marketing efforts [12] - The **颐莲** brand's marketing strategy includes a focus on high-margin non-spray products, aiming to reduce the spray product's share from 70-80% to around 65% by 2026 [15] 5. Financial Projections - The overall growth rate for **颐莲** is expected to be between 15-20% for 2025, despite a decline during the Double Eleven shopping festival being within expectations [14] - The company anticipates maintaining a gross margin of 80-85% for new products and aims to reduce costs through in-house production of raw materials and efficient packaging strategies [27] 6. Research and Development Focus - The company is prioritizing **王江酸** due to its high research barriers and broad application potential in skincare, health supplements, and medical aesthetics. This product is seen as a significant opportunity for future growth [20][21] 7. Challenges and Opportunities - The company acknowledges the challenges posed by regulatory scrutiny in the health supplement sector but is actively working to enhance its capabilities in this area, aiming to capitalize on the growing market [23][24] - The company is also exploring acquisition opportunities in the medical aesthetics and related pharmaceutical sectors, focusing on familiar fields to ensure successful integration and growth [26] 8. Internal Structure and Market Adaptation - Improvements have been made in aligning R&D with market needs, ensuring that product decisions are made collaboratively between teams to enhance market responsiveness [19] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's proactive measures in addressing market challenges and its optimistic outlook for future growth.

证券之星消息，12月24日化妆品板块较上一交易日上涨0.73%，嘉亨家化领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.51 | 8.32% | 7.93万 | | 3.25 乙 | | 300132 | 青松股份 | 8.26 | 4.03% | 33.14万 | | 2.72亿 | | 300849 | 锦盛新材 | 16.44 | 1.54% | 3.26万 | 5332.58万 | | | 600315 | 上海家化 | 22.93 | 1.37% | - 3.05万 | 6938.73万 | | | 300740 | 水羊股份 | 21.62 | 1.22% | 8.64万 | | 1.86亿 | | 301371 | 敷尔佳 | 24.02 | 0.88% | 1.77万 | 4224.01万 | ...

Investment Rating - The industry maintains a "Recommended" rating, focusing on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The market performance for the week of December 15-20, 2025, showed significant gains in the retail, social services, and beauty care sectors, outperforming the overall market with increases of +6.66%, +2.66%, and +2.87% respectively [2][14]. - The total retail sales of consumer goods from January to November 2025 reached 45.61 trillion yuan, a year-on-year increase of 4%. In November alone, retail sales totaled 4.39 trillion yuan, growing by 1.3% year-on-year, which was below market expectations [3][22]. - The service consumption growth rate outpaced that of goods retail, with service retail sales increasing by 5.4% year-on-year from January to November 2025 [3][22]. Summary by Sections Market Performance - The beauty care, retail, and social services sectors ranked first, fourth, and third among 31 primary industries, respectively, during the week [2][14]. - Specific sub-sectors such as general retail, hotel and catering, and professional chains saw notable increases of +9.67%, +8.40%, and +5.06% [15]. Key Industry Data and News - The retail sales of consumer goods in November 2025 showed a modest increase, with categories like communication equipment and jewelry performing well, while automotive and home appliances faced challenges due to high base effects and subsidy reductions [3][22]. - The Ministry of Commerce initiated a two-year pilot program for new consumption models in 50 cities, aiming to stimulate consumption through various innovative approaches [3][22]. Investment Recommendations - The report suggests focusing on companies in the beauty care and new consumption sectors, recommending specific stocks such as Shangmei Co., Juzhi Biotechnology, and Marubi Biotechnology [5][28].

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

Core Viewpoint - Shandong Furuida Pharmaceutical Group has launched two products, Huangqi Chenpi Water and Wumei Luoshen Water, in Ginza Group supermarkets, igniting a "light health" consumption trend in the market [2][3] Group 1: Product Launch and Market Trends - The launch of Huangqi Chenpi Water and Wumei Luoshen Water represents Furuida's commitment to the "light health" trend, which emphasizes convenience, science, and personalization in health products [3] - The "Healthy China 2030" plan aims for the total scale of China's health service industry to reach 16 trillion yuan by 2030, highlighting the growing importance of health and wellness products [3] Group 2: Product Features and Technology - Furuida's products are characterized by modern interpretations of traditional formulas, utilizing advanced technologies such as sterile cold filling and instant sterilization to ensure the active ingredients' efficacy [4] - Huangqi Chenpi Water includes hyaluronic acid to protect the intestinal lining and hydrate the skin, showcasing the integration of traditional Chinese medicine with modern science [4] Group 3: Industry Collaboration and Development - Furuida has established a comprehensive product matrix with various "light health" products, supported by a strong research foundation and collaborations with institutions like the Chinese Academy of Sciences [5] - The company has launched a supply chain service platform for "medicinal food homology" products, aiming to create a digital information service system for the industry [6][8] Group 4: Strategic Integration and Market Expansion - Furuida's participation in the "One Plate" supply chain strategy of the Lushang Group aims to enhance resource integration and brand influence within the health industry [9][10] - The development of Huangqi Chenpi Water aligns with the "One Plate" strategy, targeting urban professionals' health needs and combining traditional Chinese medicine with modern extraction techniques [10]

福瑞达（600223.SH）12月15日在投资者互动平台表示，公司与常州药物研究所有限公司曾就海大福瑞 达品牌开展业务合作，目前合作已到期。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司与常州药物研究所有限公司是否有关联？其 长期使用海大福瑞达品牌。 （记者 王晓波） ...

Core Viewpoint - The article emphasizes the growing importance of ESG (Environmental, Social, and Governance) practices among Chinese beauty companies, highlighting their commitment to sustainable development and social responsibility through innovative practices and reporting [2][3]. Group 1: ESG Practices and Reporting - The "Sustainable Innovation Laboratory" by Southern Metropolis Daily is collaborating with Shanghai University of Finance and Economics to evaluate and recognize outstanding ESG practices among companies, culminating in the release of the "2025 ESG Sustainable Innovation Trend Insight Report" [3]. - Major Chinese beauty companies, including Up Beauty, Proya, and Huaxi Biological, are increasingly focusing on "green packaging" as a key ESG issue, with a consensus emerging on carbon reduction and product circular consumption [3][4]. - Proya has provided detailed disclosures regarding its green packaging initiatives, including a 20% increase in sustainable materials and a 15% reduction in packaging usage intensity [4]. Group 2: Specific Initiatives by Companies - Up Beauty has implemented eight guidelines for sustainable packaging, including using FSC-certified paper and eco-friendly inks, while Huaxi Biological has improved packaging processes to minimize waste [4]. - Beitaini reported a significant increase in its bottle recycling program, achieving 2.67 million bottles recycled in 2024, which is eight times the amount from 2023 [5]. - L'Oréal has committed to ensuring that 100% of its plastic packaging is refillable, reusable, recyclable, or compostable by 2025, promoting refillable options for its products [6]. Group 3: Emerging Trends in ESG Reporting - Chinese beauty companies are beginning to incorporate "Chinese characteristics" into their ESG narratives, such as employee welfare initiatives and rural revitalization projects [7][8]. - The trend of "pure beauty" is gaining traction, with companies focusing on the safety and transparency of product ingredients, responding to consumer demand for cleaner products [14][15]. - Companies are increasingly establishing anti-corruption mechanisms, with some, like Mao Geping, including anti-corruption training in their ESG reports [10]. Group 4: Challenges and Opportunities - There is a notable lack of quantifiable targets in ESG reporting among Chinese beauty companies, particularly regarding greenhouse gas emissions and sustainable sourcing [16][19]. - The complexity of supply chains poses challenges for accurate carbon emission reporting, with many companies struggling to obtain reliable data from suppliers [19]. - The regulatory environment in China is less stringent compared to Western markets, leading to a reliance on voluntary commitments rather than mandatory compliance for ESG goals [19].

Core Insights - The cosmetics sector experienced a decline of 0.37% on December 9, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] Company Performance - Qing Song Co. (300132) saw a closing price of 8.17, with an increase of 4.34% and a trading volume of 475,200 shares, amounting to a transaction value of 383 million [1] - Kesheng Co. (300856) closed at 15.70, up 3.36%, with a trading volume of 158,000 shares and a transaction value of 252 million [1] - Jiaheng Jiahua (300955) closed at 36.00, down 2.91%, with a trading volume of 64,600 shares and a transaction value of 23.4 million [2] Capital Flow - The cosmetics sector experienced a net outflow of 88.18 million from main funds, while retail investors saw a net inflow of 55.04 million [2] - Main funds showed a net inflow in Qing Song Co. of 20.05 million, while Jiaheng Jiahua experienced a net outflow of 2.01 million [3] - Retail investors contributed a net inflow of 804.95 million to Shuiyang Co. (300740), while Qingdao Jinwang (002094) saw a net outflow of 264.27 million [3]

Core Insights - The global beauty industry is undergoing significant changes, with international giants maintaining dominance in the high-end market while emerging Chinese brands leverage local consumer insights and technological advancements to reshape the competitive landscape [1] - China's beauty industry has surpassed a market size of 1 trillion yuan for two consecutive years, with domestic brands accounting for over 55% of the market share, indicating a golden era for the industry [1] Industry Trends - The "14th Five-Year Plan" emphasizes the transition from rapid growth to high-quality development, with a focus on research and development as a key driver for companies [2] - The beauty industry is expected to see increased competition based on ecosystem advantages and policy benefits, with a strong emphasis on technological innovation and sustainable practices [7][8] Company Strategy - Furuida Biotech has established a strong foundation in the beauty industry over 40 years, focusing on a "medicine-cosmetics dual-source" research approach and a comprehensive industry chain layout [3] - The company plans to deepen its core technology research, particularly in the development of Chinese plant resources, aligning with national goals for high-quality development [5] Research and Development - Furuida's R&D investment for 2024 is projected to be 199 million yuan, a 20.05% increase year-on-year, with R&D expenditure accounting for 4.99% of revenue, surpassing the average of 3.2% for leading companies at the end of the "14th Five-Year Plan" [3] - The company has established a robust R&D innovation system covering new technologies, raw materials, and applications, which is difficult for competitors to replicate in the short term [4] Brand Development - Furuida's "5+N" brand strategy has shown success, with brands like Yilian and Aier Doctor demonstrating the value of technology-driven branding [6] - Future brand upgrades will focus on differentiation, youthfulness, and premium positioning, responding to consumer demand and consumption upgrades [6] Sustainability and Collaboration - The company is committed to sustainable practices, from raw material sourcing to low-carbon production processes, aligning with national green development goals [6] - Furuida aims to enhance collaboration within the industry ecosystem, leveraging its position as a key player in the Northern Beauty Valley industrial cluster [7] Future Outlook - The beauty industry is expected to evolve into a competition of ecosystems, with Furuida focusing on building a health skin microbiome database and establishing efficacy testing standards based on local population data [7] - The company is positioned to capitalize on policy changes that encourage innovation and global competitiveness, aiming to transform policy benefits into growth momentum [8]