步入被称作"比难更难"的2025年，国货美妆行业的"退场名单"持续拉长，巧迪尚惠、境生之源、椿山、帷幕……这些曾在细分赛道有过声量的品牌都"倒 下"了。 行业寒冬下，新品牌的生存土壤也愈发贫瘠，从孵化到落地的每一步，都更具挑战性。但越是艰难的时候，越能见证国货美妆的破局魄力。庆幸的是，我 们看到2025年以来，行业不仅没有陷入新品牌停滞期，反而迎来一轮布局热潮。 如，上美股份一口气推出3个新品牌，贝泰妮酝酿三年的祛痘品牌进入待推倒计时，珀莱雅则意欲通过海外并购剑指婴童、香水、男士护肤等空白赛道， 就连半亩花田、方里、橘朵等中腰部品牌的母公司，也纷纷推出第二品牌…… 种种动作意味着，这些在处于领先地位的国货美妆企业们，正集体按下子品牌加速键，一场多品牌矩阵的攻坚战已全面打响。 头部企业扎堆"练小号" 今年布局子品牌的国货美妆中，既包含登陆资本市场的上市公司，也不乏处于行业中腰部的企业代表。 上市公司"多条腿并行" 于上市公司而言，当主品牌竞争到了一定阶段，往往会面临增长瓶颈，加之，企业为了触达更多细分人群，也需要拓宽市场覆盖维度。 这时候，"多条腿并行"就成为上市公司摆脱主品牌依赖、构建多元竞争力的重要战略选择 ...

Core Insights - The Southeast Asian beauty market is emerging as a "blue ocean" for Chinese brands, driven by a population of 670 million and over 40% e-commerce penetration, as domestic markets face saturation [1][24] - The market is expected to grow from $22 billion in 2024 to between $31 billion and $36 billion by 2030, with Indonesia, Vietnam, and Thailand contributing nearly 70% of the market share [1][2] Market Size and Growth - The Southeast Asian beauty industry is in a rapid expansion phase, with Indonesia holding the largest market share at 35.7%, followed by Vietnam and Thailand [1][2] - Indonesia is recognized as the largest halal beauty center globally, while Vietnam is becoming a hub for live commerce, and Thailand dominates the efficacy skincare segment [1][2] Online and Offline Channels - The online beauty market in Southeast Asia reached approximately 141.79 billion yuan in the past 11 months, with Shopee capturing 63.9% of the market share [2][3] - TikTok is emerging as a unique platform where content drives sales, with brands achieving significant conversion rates through creative marketing strategies [2][3] Localization Strategies - Successful market entry requires a deep understanding of local cultures, preferences, and needs, moving beyond a one-size-fits-all approach [4][5] - Brands like Fan Beauty Diary and Veenona have successfully established themselves in local markets by leveraging trusted retail channels and adapting products to meet local demands [3][4] Future Outlook - The integration of online and offline strategies is essential for sustained growth, with brands encouraged to test markets through platforms like TikTok and Shopee before scaling [4][5] - Long-term success will depend on creating culturally resonant content and building emotional connections with consumers, rather than relying solely on traffic acquisition [4][5]

Core Insights - The cosmetics sector experienced a slight decline of 0.13% on September 29, with Qingdao Jinhao leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Group 1: Stock Performance - The top-performing stocks in the cosmetics sector included: - Jinsong New Material (300849) with a closing price of 13.99, up 2.87% and a trading volume of 57,900 shares [1] - Shuiyang Co. (300740) closed at 21.36, up 2.69% with a trading volume of 116,500 shares [1] - Jiahen Home Care (300955) closed at 28.60, up 2.25% with a trading volume of 26,900 shares [1] - Qingdao Jinhao (002094) was the biggest loser, closing at 7.77, down 2.88% with a trading volume of 287,600 shares [2] - Other notable declines included: - Lafang Home Care (603630) down 1.66% [2] - Beitaini (300957) down 1.37% [2] Group 2: Capital Flow - The cosmetics sector saw a net outflow of 104 million yuan from major funds, while retail funds experienced a net inflow of 58.59 million yuan [2] - The capital flow for specific stocks showed: - Furuida (600223) had a net inflow of 9.18 million yuan from major funds [3] - Jinsong New Material (300849) saw a net inflow of 2.32 million yuan from major funds [3] - Beitaini (300957) experienced a net outflow of 2.96 million yuan from major funds [3]

今年5月25日是第18个全国护肤日，为积极响应"健康中国行动"，着力提升全民健康素养水平，当日，薇诺娜"525全国护肤日"公益行动再次启程，携手 中国医师协会开展全国皮肤义诊行动，普及皮肤健康知识与科学护肤意识，促进皮肤健康的理念融入公共社会行动。 当前，在"健康中国"2030战略指引下，薇诺娜正在以健康为引领，把握健康领域发展规律，坚持预防为主、防治结合。以绿色为依托，以打造中国皮肤 健康生态为使命，聚焦功效性护肤领域，书写中国美妆创新故事，促进皮肤健康和美丽。 25日，在上海人民广场来福士活动现场，除为前来咨询的市民提供问诊咨询外，薇诺娜还设置了资料发放区、互动体验区等多个服务区域，通过专业、 趣味的方式向大众传播科学的护肤观念及知识。据悉，薇诺娜将在全国范围内持续开展为期一个月的全民免费皮肤义诊与皮肤健康科普行动，走进社区、药 房、医院、屈臣氏等多个渠道进行公益问诊，并在相关平台开展线上问诊专区，加强皮肤健康理念普及。 上海三甲医院皮肤学专家表示："如今大家对皮肤健康、护肤等方面关注度越来越高，但由于了解相关知识的渠道有所不同，所以可能会产生一些认知 偏差。薇诺娜携手中国医师协会开展的这次全国皮肤义诊行 ...

2025年9月25日至27日，第四届山地未来国际会议在云南昆明举行。本届会议以"包容性生物经济：自然 积极与气候韧性的山地之道"为主题，由中国科学院昆明植物研究所联合联合国环境署、联合国粮农组 织、国际山地综合发展中心等机构共同主办。来自30余个国家的近200位科学家、政策制定者、企业代 表与社区实践者齐聚一堂，探讨全球山地可持续发展的路径。 在开幕式上，世界农用林业中心首席科学家、中国科学院昆明植物研究所研究员、山地未来研究中心主 任许建初强调了山地在全球生态体系中的关键地位。联合国助理秘书长兼联合国环境规划署副执行主任 Elizabeth Maruma Mrema则通过视频致辞指出："山地生态系统是地球生物多样性与淡水供应的重要屏 障，其保护与可持续管理对实现昆明-蒙特利尔全球生物多样性目标至关重要。" amos C NDJWAY d 参考案 COMES 会议期间，《全球山地生物经济框架》正式发布，围绕中国西南山地、东南亚大陆山地、兴都库什-喜 马拉雅山脉、非洲高地和南美安第斯山脉五大热点区域，提出系统性行动指南，为全球山地可持续发展 和绿色转型提供科学支撑与合作框架。 在本次国际会议上，贝泰妮集团被推荐 ...

本报讯 （记者李如是）2025年9月25日至27日，第四届山地未来国际会议在中国昆明隆重举行。本次会 议以"包容性生物经济：自然积极与气候韧性的山地之道"为主题，汇聚了来自联合国机构、30多个国家 的科学家、政策制定者、企业代表和山地社区实践者等近200名代表，共同探讨全球山地可持续发展路 径，启动了《全球山地生物经济框架》，为推动构建人与自然和谐共生的山地未来贡献智慧与力量。 会议期间，来自全球五大山地区域的代表共同启动了区域合作计划。中国西南山地将重点发展茶产业生 态种植、智慧梯田技术和食用菌可持续利用；东南亚大陆山地推动橡胶、咖啡等热带作物的可持续种植 和贸易；兴都库什－喜马拉雅山脉加强药用植物保护和公平贸易，发展生态旅游；非洲高地推进咖啡基 因组研究和生态牧业发展；南美安第斯山脉发展藜麦生物技术和羊驼毛可持续生产。 其中，云南贝泰妮生物科技集团股份有限公司（以下简称"贝泰妮"）作为西南山地生物经济典型推荐案 例"亮相"。公司以云南高原独特的山地生物资源为根基，构建了"科研—保护—产业化"三位一体的可持 续美妆生态模式。通过绿色植物、科技创新与社区赋能，实现从高原植物到高效护肤品的全链路价值提 升。 贝 ...

Core Insights - The global beauty industry is projected to exceed $677 billion by 2025, indicating strong growth, while the Chinese cosmetics market is undergoing significant structural changes, moving away from reliance on single blockbuster products or marketing gimmicks to a focus on genuine brand strength [1][2]. Market Performance - The Chinese cosmetics retail market is expected to maintain moderate growth in the first half of 2025, with retail sales reaching 2.291 billion yuan, a year-on-year increase of 2.9%, although this is below the overall retail growth rate of 5.0% [2][4]. - International beauty giants are facing pressure in the Chinese market, with L'Oréal leading with sales of 186.19 billion yuan, a 3% increase year-on-year, while Estée Lauder reported a 10.88% decline in net sales, marking its lowest sales in five years [4][6]. Domestic Brand Performance - Domestic brands are showing resilience, with the retail scale of the Chinese cosmetics market reaching 1.0738 trillion yuan in 2024, and domestic brands capturing 55.2% of the market share [6][8]. - The top ten domestic beauty companies reported a total revenue growth of 11.72% in the first half of 2025, with Proya, Shiseido, and Shanghai Jahwa leading the rankings [7][8]. Consumer Trends - The beauty market is witnessing a shift towards rational consumption, with consumers increasingly sensitive to price and favoring cost-effective products. The sales of beauty and skincare products reached 235.23 billion yuan in the first half of 2025, a 10.1% increase year-on-year [12][13]. - The anti-aging market is experiencing significant growth, with total sales reaching 65.49 billion yuan, a 30.3% increase year-on-year, and the demand for anti-aging products is expanding to younger demographics [13][14]. Brand Strategies - Brands are increasingly adopting multi-brand strategies to address diverse consumer needs, moving from a single product focus to a more comprehensive brand matrix [14][19]. - Investment in research and development is on the rise among leading domestic brands, with a focus on building technological barriers and enhancing product efficacy [15][16]. Marketing and Distribution - Douyin (TikTok) has solidified its position as a growth engine for the beauty industry, with daily views of beauty videos exceeding 2.5 billion, reflecting a shift towards more refined and systematic marketing strategies [17][18]. - The competition is evolving from a focus on single-channel strategies to an integrated approach that balances online and offline resources, emphasizing the importance of brand experience and customer loyalty [18][19].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant transformation driven by consumer preferences for high-quality, effective products and the integration of technology in skincare and cosmetics [4][6][10] Industry Trends - The high-end fragrance segment is witnessing robust growth, with the Chinese perfume market projected to reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4] - Domestic beauty brands are focusing on scientific innovation, market segmentation, and globalization to enhance competitiveness [6][7] - The integration of medical aesthetics and beauty is becoming a trend, with a projected annual growth rate of 10%-15% for the medical aesthetics market from 2024 to 2027 [10] - The beauty market is seeing a shift towards multi-brand strategies, with companies like Proya and Shiseido leading the way [6][11] Market Environment - Douyin e-commerce is revitalizing the perception of "Chinese good ingredients," enhancing consumer trust in domestic skincare products through educational campaigns [4] - The domestic beauty market grew by 3.1% in the first half of 2025, with significant performance disparities among companies [6] - The trend of "reverse export" to South Korea is emerging, as domestic brands seek to penetrate the Korean market through differentiated product offerings [6] Top Brand Dynamics - Proya leads the domestic beauty market with a revenue of 5.36 billion yuan, followed closely by other major players [11] - The report highlights the rise of makeup artist brands, with Unilever investing in Hung Vanngo Beauty, indicating a growing interest in professional makeup lines [13] - L'Oréal is accelerating its presence in the fragrance market with the launch of high-end perfumes, reflecting a strategic shift towards premium products [14] - The beauty industry is witnessing a surge in e-commerce, with platforms like JD.com reporting double-digit growth in beauty sales [18]

Group 1 - The cosmetics sector experienced a slight increase of 0.1% on September 26, with Qingdao King leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao King rising by 3.49% to a closing price of 8.00 [1] Group 2 - The cosmetics sector saw a net inflow of 55.80 million yuan from main funds, while retail investors experienced a net outflow of 30.36 million yuan [2] - Major stocks like Qingdao King and Shanghai Jahwa had significant net inflows from main funds, indicating investor interest [3] - The overall trading volume and turnover in the cosmetics sector reflected active market participation, with Qingdao King achieving a turnover of 3.83 billion yuan [1][2]

根据中国证券监督管理委员会（以下简称"中国证监会"）《关于上市公 司实施员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监管 指引第 2 号—创业板上市公司规范运作》的相关规定，公司 2024 年员工持股计 划（以下简称"本次员工持股计划"或"员工持股计划"）锁定期将于 2025 年 9 月 26 日届满，现将本次员工持股计划锁定期届满的相关情况公告如下： 一、本次员工持股计划的持股情况和锁定期届满的情况说明 证券代码：300957 证券简称：贝泰妮 公告编号：2025-038 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第二届董事会第十四次会议、第二届监事会第十一次会议，于 2024 年 5 月 22 日召开 2023 年年度股东大会，审议通过《关于公司<2024 年员 工持股计划（草案）>及其摘要的议案》《关于公司<2024 年员工持股计划（草 案）管理办法>的议案》《关于提请股东大会授权董事会办理 2024 年员工持股 计划相关事宜的议案》等相关议 ...