Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 有投资者在互动平台向若羽臣提问："请问董秘，目前若羽臣港股上市的进展情况如何？" 针对上述提问，若羽臣回应称："尊敬的投资者，您好。公司已于2025年9月19日向香港联交所递交了发 行境外上市股份（H股）并在香港联交所主板挂牌上市的申请，目前相关工作正在有序推进中，具体请 以公司在指定信息披露媒体发布的公告为准。感谢您的关注。" ...

（编辑 王雪儿） 证券日报网讯 1月20日，若羽臣在互动平台回答投资者提问时表示，抖音已成为公司重要渠道之一，公 司会持续关注其发展态势并动态调整经营策略。关于全年具体的渠道目标规划，属于公司内部经营信 息，公司将严格按照相关法律法规及信息披露的要求，在定期报告等文件适时进行披露。 ...

证券日报网讯 1月19日，若羽臣在互动平台回答投资者提问时表示，2025年，公司聚焦自有品牌建设， 保持品牌管理与电商运营业务稳健发展。未来，公司推进多品牌矩阵建设，将自有品牌作为核心竞争优 势沉淀与战略发展基石，持续深化产业链上下游的生态布局，同时，持续打造平台型能力，解构品牌成 长路径，提炼品牌冷启动、销售爆发等关键阶段的核心要素，形成从需求洞察、产品设计、品牌定位、 全渠道运营到用户转化的标准化能力图谱，高效赋能多品牌成长。2025年度经营情况及公司未来发展展 望，请以公司后续披露的定期报告为准。 （文章来源：证券日报） ...

Core Insights - The Chinese consumer market is transitioning towards high-quality development driven by quality upgrades and consumption segmentation by 2025, with listed companies' competitiveness being a focal point [1] - Ruoyuchen has been recognized in the "Outstanding Competitive Listed Companies in Consumer Sector" list due to its product innovation, brand building, and market competitiveness in the new consumption field [1][3] Company Strategy and Performance - Ruoyuchen has maintained a consumer-centric core value and leveraged technology to build competitive barriers, utilizing big data and artificial intelligence to meet diverse consumer needs [3] - The company has developed a proprietary brand matrix since 2020, launching high-end fragrance cleaning brand Zhanjia, scientific anti-aging brand Feicui, and mass dietary supplement brand Niuyibei, addressing various consumer pain points [3][6] Product Highlights - Feicui has established a core advantage in the scientific anti-aging sector by collaborating with top research institutions, achieving the "No. 1 in online sales of oral ergothioneine" in 2025, and ranking among the top 10 health brands on Tmall International [5] - Zhanjia has differentiated itself in the fragrance cleaning market with its innovative positioning, achieving over 80% year-on-year growth in GMV during the 2025 Double Eleven shopping festival, ranking second in Tmall's cleaning agents category [6] - Niuyibei has entered the market with a focus on high cost-effectiveness and precise efficacy, achieving top rankings in multiple categories during its debut on Tmall International [8] Future Outlook - The recognition as an "Outstanding Competitive Listed Company in Consumer Sector" reflects Ruoyuchen's brand value and market competitiveness, emphasizing the strategic significance of its proprietary brand matrix [8] - The company plans to continue enhancing technology-driven and brand innovation efforts, solidifying its proprietary brand matrix to contribute to high-quality development in the consumer sector [8]

Market Overview - The internet e-commerce sector experienced a decline of 1.46% on January 13, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable stock performances included: - Saiwei Times (301381) closed at 22.94, up 0.88% with a trading volume of 114,200 shares and a transaction value of 265 million [1] - ST Yigou (002024) closed at 1.66, up 0.61% with a trading volume of 350,700 shares and a transaction value of 57.89 million [1] - Qingmu Technology (301110) closed at 93.10, down 5.97% with a trading volume of 126,800 shares and a transaction value of 1.239 billion [2] Capital Flow - The internet e-commerce sector saw a net outflow of 506 million from main funds, while retail investors contributed a net inflow of 508 million [2] - Detailed capital flow for selected stocks showed: - Liren Lizhuang (605136) had a main fund net inflow of 14.37 million, while retail investors had a net inflow of 1.06 million [3] - ST Yigou (002024) had a main fund net inflow of 7.48 million, but a significant retail outflow of 1.40 million [3]

Core Viewpoint - The rise of Generative Engine Optimization (GEO) is reshaping digital marketing strategies as user information acquisition methods evolve, with nearly 500 million monthly active users in China and over 1.27 billion globally [1][2] Group 1: GEO Overview - GEO focuses on whether brand content can be understood and recommended by AI models, contrasting with traditional SEO which optimizes keywords and rankings [1][2] - The implementation of GEO is expected to significantly enhance customer acquisition conversion rates, with a reported increase of 2.8 times compared to traditional search methods, and a 40% reduction in user decision-making cycles [3] Group 2: Market Trends - The Chinese GEO market is experiencing rapid growth, with a year-on-year increase of 215% projected for Q2 2025, and over 78% of enterprise decision-makers prioritizing AI search optimization in their digital transformation strategies [3] - Gartner predicts a 25% decline in traffic from traditional search engines by 2026, as AI chatbots and other virtual AI optimization methods capture more market share [3] Group 3: Impact on Marketing Strategies - The transformation in marketing models is compelling brands to adjust their advertising strategies, particularly affecting small and medium-sized brands that may lack the necessary technology and content production capabilities for GEO [4] - E-commerce operators that prioritize GEO are expected to benefit, as they can quickly establish GEO content generation capabilities and provide comprehensive services from semantic analysis to performance tracking [4] Group 4: Investment Recommendations - E-commerce operators are positioned to capitalize on the shift from SEO to GEO, with specific recommendations including RuYueChen (003010.SZ), YiWanYiChuang (300792.SZ), and ShuiYang Co. (300740.SZ) [5] - Related companies include QingMu Technology (301110.SZ), LiRenLiZhuang (605136.SH), BaoZun E-commerce (BZUN.US), and KaiChun Co. (301001.SZ) [5]

Core Viewpoint - Ruo Yu Chen has been awarded the "Golden Bridge Award for Outstanding Brand Influence Enterprise," highlighting its significant achievements in brand building and industry influence, establishing its benchmark position in the high-quality development wave of the consumer goods industry [1][3]. Group 1: Brand Development - The award signifies Ruo Yu Chen's self-owned brand influence has reached the top tier of the industry, providing strong momentum for brand upgrades and market expansion [3]. - Ruo Yu Chen is a technology-driven, consumer-centric new consumer brand company focused on high-quality, differentiated products that meet unmet consumer needs in emotional value, functional value, scenario experience, and self-expression [3]. - The company has launched several self-owned brands since 2020, including the high-end fragrance home cleaning brand LYCOCELLE, the scientific anti-aging brand FineNutri, and NuiBay, showcasing its vibrant brand development [3]. Group 2: Product Innovation - LYCOCELLE has quickly entered the market by identifying gaps in the high-end home cleaning market, leveraging natural plant-based formulas and exceptional product experiences to lead the trend of fragrance in home cleaning [3]. - The brand has developed a product matrix that includes laundry liquids, fragrance laundry beads, floor cleaners, and more, consistently ranking in the top three of various home cleaning category lists [3]. - LYCOCELLE has innovatively introduced a laundry bead with a 30% high-concentration fragrance oil formula, making each bead comparable to a piece of art [4]. Group 3: Brand Narrative - LYCOCELLE collaborates with beloved IPs like Audrey Hepburn and Hello Kitty to deepen its fragrance narrative, enhancing brand storytelling [6]. Group 4: Market Performance - The scientific anti-aging dietary supplement brand FineNutri is a significant expansion into the health sector, focusing on different causes of aging and user needs across various age groups [8]. - FineNutri achieved rapid market performance, with retail sales exceeding 500 million yuan within 12 months of launch, setting a record for growth in the oral anti-aging brand category [9]. Group 5: Future Outlook - The award is a testament to Ruo Yu Chen's self-owned brand strength and marks a new starting point for continuous innovation and development [11]. - The company aims to leverage this recognition to further enhance the quality of its self-owned brands and improve product research and brand operation capabilities, writing a new chapter in high-quality brand influence development [11].

Investment Rating - The report assigns an "Accumulate" rating for the industry [5] Core Insights - With the proliferation of AI tools, GEO (Generated Engine Optimization) is expected to become a new marketing paradigm, allowing e-commerce operation companies to leverage their understanding of platforms and content marketing to capture incremental brand marketing demand [2][5] - The Chinese GEO market is rapidly growing, with a year-on-year increase of 215% in Q2 2025, and over 78% of enterprise decision-makers prioritizing AI search optimization in their digital transformation strategies [5] - The transition from traditional SEO to GEO is anticipated to reshape brand marketing strategies, with e-commerce operation companies positioned to benefit from this shift due to their close collaboration with platforms and deep understanding of consumer insights [5] Summary by Sections Industry Overview - The report highlights the shift from SEO to GEO as a significant change in digital marketing strategies, emphasizing the need for brands to adapt to new consumer information acquisition methods [2][5] Investment Recommendations - E-commerce operation companies such as Ruoyuchen, Yiwang Yichuang, and Shuiyang Co. are recommended as key players to watch, with additional related companies including Qingsong Technology, Liren Lizhuang, Baozun E-commerce, and Kaichun Co. [5] Market Trends - The report notes that traditional search engine traffic is projected to decline by 25% by 2026, while AI chatbots and other virtual AI optimization methods are expected to capture more market share [5] - The conversion rate for businesses using GEO is reported to be 2.8 times higher than that of traditional search engines, with a 40% reduction in user decision-making cycles [5]

Market Performance - The internet e-commerce sector increased by 5.51% on January 12, with 壹网壹创 leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Highlights - 壹网壹创 (300792) closed at 42.18, with a rise of 20.00% and a trading volume of 363,000 shares [1] - 青木科技 (301110) saw a closing price of 99.01, up 17.51% with a trading volume of 146,300 shares [1] - 凯淳股份 (301001) closed at 35.75, increasing by 13.10% with a trading volume of 97,200 shares [1] - 焦点科技 (002315) closed at 58.30, up 9.44% with a trading volume of 136,350 shares [1] - 华凯易佰 (300592) closed at 13.22, increasing by 8.81% with a trading volume of 544,900 shares [1] Capital Flow - The internet e-commerce sector experienced a net inflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of 71.76 million yuan [2] - Retail funds saw a net outflow of 206 million yuan from speculative funds [2] Individual Stock Capital Flow - 壹网壹创 had a net inflow of 78.46 million yuan from institutional investors, but a net outflow of 64.39 million yuan from retail investors [3] - 青木科技 experienced a net inflow of 55.07 million yuan from institutional investors, with a net outflow of 55.08 million yuan from retail investors [3] - 凯淳股份 had a net inflow of 34.29 million yuan from institutional investors, while retail investors saw a net outflow of 19.22 million yuan [3]