每经记者｜宋美璐 每经编辑｜董兴生 ｜ 2025年7月14日 星期一 ｜ NO.1 欧莱雅否认香港办事处关闭及裁员传闻 7月11日，针对近期有关"欧莱雅计划将香港办事处与内地业务合并，导致逾200名员工被裁"的传闻，欧 莱雅中国予以否认，称报道失实。欧莱雅表示，为应对不断变化的市场环境和消费者需求，集团会持续 评估并优化在全球和本土市场的组织架构，以确保其与时俱进。 点评：在全球消费市场多变、成本压力加剧的大背景下，企业组织架构调整已成常态。虽然欧莱雅未正 面回应是否会裁员，但强调"持续优化"也释放出调整预期。对跨国企业而言，如何在战略整合与员工稳 定间取得平衡，成为舆论关注焦点。 NO.2 "BilibiliWorld 2025"预计三天观展人次达30万 7月11日至13日，"BilibiliWorld 2025"在上海举行，定位为亚洲规模最大的二次元综合性展会，共计24万 平方米展出面积，吸引700个以上展商、1000余位全球UP主报名参与，预计三天整体观展人次达30万。 第一轮开票35秒售罄，第二轮开票6秒售罄。 点评："BilibiliWorld 2025"盛大举办，再次印证二次元经济的强劲号召力。B ...

Core Insights - The beauty industry is experiencing significant shifts, with a competitive landscape characterized by the rise of domestic brands and the stability of international brands [1][2][4] - The top beauty brands on Douyin are dominated by domestic players, with 韩束, 珀莱雅, and 欧莱雅 leading the rankings [2][9] - New entrants like 百雀羚 and 丸美 have made their way into the top 20, indicating a resurgence of domestic brands [9][11] Brand Performance - 韩束 has maintained its position as the top brand, followed by 珀莱雅 and 欧莱雅, while international brands like YSL and 兰蔻 have shown mixed results [2][9] - The emergence of brands like MEICHIC美诗 and 蒂洛薇 highlights the competitive nature of the market, with 蒂洛薇 recently achieving the top spot in the color cosmetics category [9][27] - The performance of brands such as 花西子 and 极萌 has declined, indicating a shift in consumer preferences [7][9] Influencer Ecosystem - The influencer landscape is shifting towards entertainment-oriented and comprehensive content creators, with traditional beauty influencers losing ground [1][44] - Influencers like 韦雪 have gained prominence, showcasing the changing dynamics in the beauty influencer market [44][48] - Brands are increasingly relying on a mix of influencer marketing and self-operated accounts to drive sales [41][42] Market Trends - The beauty market is seeing a trend towards self-operated models and direct-to-consumer strategies, with brands like 林清轩 and 百雀羚 successfully leveraging these approaches [14][20] - The reliance on heavy investment in advertising and low pricing strategies by brands like ELL and 三资堂 raises questions about long-term sustainability [37][39] - The competitive landscape is expected to evolve as brands focus on product development and brand strength to navigate market fluctuations [49]

Core Insights - The Greater Bay Area (GBA) is demonstrating strong attraction for foreign investment amidst global economic uncertainties, with over 1,300 companies establishing or expanding operations in Hong Kong from January 2023 to mid-2025, generating over HKD 160 billion in foreign direct investment (FDI) and creating more than 19,000 new jobs [1][2] Investment Trends - Guangdong Province reported a 23.4% year-on-year increase in newly established foreign enterprises, totaling 12,000 from January to May 2023, with actual foreign investment reaching USD 50.84 billion, a 6.1% increase [1][6] - Major multinational companies, such as L'Oréal, are significantly investing in the GBA, with L'Oréal expanding its operations in Guangzhou and viewing the region as a strategic priority for its global layout [3][7] Major Projects - Significant foreign investment projects include ExxonMobil's USD 10 billion ethylene project in Huizhou, which is the first major petrochemical project wholly owned by a U.S. company in China [3] - Other notable projects include the construction of a 160,000-ton/year ethylene facility by CNOOC and Shell, a fully automated energy factory by GAC Honda, and a gas turbine service base by Mitsubishi Heavy Industries [4] Financial Market Performance - Hong Kong's IPO market raised HKD 107.1 billion in the first half of 2025, a sevenfold increase year-on-year, making it the top global market for IPOs during this period [5] - The performance of foreign enterprises in Hong Kong exceeded expectations, with 671 foreign companies establishing operations, primarily from the U.S., U.K., Singapore, and Canada [5] Economic Environment - The GBA has developed a comprehensive advantage with a complete industrial ecosystem, convenient infrastructure, active technological innovation, and a rich talent pool, enhancing its attractiveness to foreign investors [6][8] - The region is witnessing a shift in foreign investment focus from manufacturing to high-value sectors such as product development, biomedicine, and artificial intelligence, reflecting a transformation in its competitive landscape [6][7] Policy and Talent Dynamics - Policies tailored for foreign investment, such as Guangzhou's "20 measures for high-quality foreign investment development," and Shenzhen's incentives for new foreign enterprises, are fostering a conducive environment for multinational companies [8] - The GBA continues to experience population growth, with an increase of 440,000 residents from 2022 to 2024, supporting its labor market and economic dynamism [8]

（文/霍东阳 编辑/张广凯） 此外，有业内人士认为欧莱雅香港并入内地是大势所趋，与香港零售业积极转型密切相关。 7月2日，香港特区政府公布了今年5月的零售数据，该月零售业总销货值达313亿港元，按年上升2.4%。但值得注意的是，这是连续13个月零售数据下跌的 首次正增长。其中，线上销售占比升至8.3%，有82%的企业认为数字化是未来核心。 同时，背后也离不开内地游客的推动。据香港旅发局6月16日公布的数据，5月初步访港游客数量达到了408万人次，较去年同期上升两成。今年1-5月，访港 旅客量超2000万人次，按年增加12%，其中内地游客共有1520万人次，按年增加1成。 本文系观察者网独家稿件，未经授权，不得转载。 继7月2日欧莱雅中国否认了"欧莱雅集团计划在中国香港裁员，比例高达90%"的消息后，欧莱雅香港又有了新消息。 7月8日，有港媒报道称欧莱雅香港裁员正在进行中，预计将在9月底完成，涉及员工超过200名，香港分部只剩下少量与前线沟通的员工以维持基本运营。报 道同时也称，欧莱雅香港约有300名员工（不包含销售人员），按裁员200人来算，裁员比例的确不是90%，而是67%。 有被裁员工指出，公司是在赚钱的 ...

Core Viewpoint - UBS analysts Guillaume Delmas and Silvia Xu indicate that despite a slowdown in the overall beauty industry, L'Oréal is expected to achieve sequential growth [1] Group 1: Sales Growth - Analysts forecast a 2.9% organic sales growth for L'Oréal in the second quarter [1] Group 2: Market Insights - In the Chinese market, a key indicator remains consumer confidence, which is currently moving in a positive direction [1] - In the U.S. market, consumer attitudes are becoming more cautious due to ongoing concerns about potential inflation resurgence [1]

Core Viewpoint - Tinci Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming for global expansion in the personal care industry [2][6]. Company Overview - Founded in 2000, Tinci Materials started in the personal care sector and now covers lithium-ion battery materials, personal care materials, and specialty chemicals [4]. - The company is the second-largest producer of Carbomer in the industry with a capacity of 5,000 tons and is the largest producer of amphoteric surfactants in Asia [4]. Business Performance - In 2024, Tinci Materials' total revenue is projected to be 12.518 billion yuan, with personal care materials and specialty chemicals contributing 1.161 billion yuan, accounting for 9.27% of total revenue, reflecting a year-on-year growth of 14.14% and a gross margin of 30.04% [4]. Product Portfolio - Tinci Materials' personal care product offerings include surfactants, silicone oils, water-soluble polymers, cationic conditioning agents, and organic silicon, serving various sectors such as skincare, color cosmetics, and hair care, with sales exceeding 110,000 tons in 2024 [4]. Strategic Partnerships - The company has established stable partnerships with major beauty brands such as L'Oréal, Procter & Gamble, and Unilever for the development and supply of key raw materials [4]. Global Expansion Plans - Tinci Materials aims to accelerate its internationalization process, with over 30 subsidiaries and production bases established by early 2025, expanding its operational area from 99 acres to over 6,500 acres [6]. - The company has set up subsidiaries in the U.S., Germany, Morocco, and Singapore, and a laboratory in South Korea, primarily related to its battery materials business [6]. Market Trends - The global hair care industry is expected to maintain steady growth, with North America and Europe markets becoming saturated, while Asia and Africa are projected to show strong growth [9]. - The company plans to focus on market and regulatory trends, targeting segments such as household cleaning products, functional hair care, and baby care products [6].

"这两年很多上市公司都在进入洗护发领域的赛道。"在聊及当下的增量市场、品类时，不少资本方不约而同地指出，洗护市场成为国内外头部企业所看重 的一大商机。 时至2025年下半年，这一领域的热度仍然在持续攀升。仅今年以来，有关洗护赛道的投融资、收购案例就在不断出现，国外来看，前几日，全球美妆巨头 欧莱雅集团官方宣布已签署协议收购护发品牌Color Wow，此后该品牌归专业美发产品部；国内来看，上个月，孩子王联合巨子生物，以16.5亿元的价格 拿下国内养发连锁品牌丝域。 眼下，又有一美发领域相关收购引起了业内人士的关注。昨日(7月7日)，据globalcosmeticsnews报道，全球知名投资公司、美国私募股权公司黑石集团(下 称：Blackstone)拟以5.9亿美元(约合人民币42.33亿元)，收购韩国最大的高级沙龙连锁店Juno Hair，报道显示，该交易正处于谈判当中。 先从被传的收购方来看，据官网显示，Juno Hair创立于1982年，产品组合包括婚纱美容旗舰店Avenue Juno、内部培训机构Juno Academy和专有护发系列 Tria Milia，现已发展成为韩国个人护理市场的主导力量，拥有1 ...

Core Viewpoint - L'Oréal Group has signed an agreement to acquire the hair care brand Color Wow, with the transaction expected to be completed upon regulatory approval and fulfillment of other customary conditions [1] Company Summary - The acquisition of Color Wow is part of L'Oréal's strategy to expand its portfolio in the hair care segment [1] - The deal highlights L'Oréal's commitment to enhancing its presence in the beauty and personal care market [1] Industry Summary - The hair care market continues to see consolidation as major players seek to strengthen their brand offerings through acquisitions [1] - This acquisition reflects ongoing trends in the beauty industry where companies are increasingly focusing on niche brands to capture specific consumer segments [1]

6月2 7日，由中国整形美容协会中医美容分会、国家中西医结合医学中心毛发专病医联体，以 及中国医药教育协会及其皮肤与健康教育专业委员会共同指导的"第二届薇姿DERCOS常见头 皮毛发疾病整全管理案例大赛年度总决赛暨头皮毛发健康临床进阶培训课程发布仪式"，于长 沙瑞吉酒店盛大举行，旨在共同推动中国头皮毛发健康事业迈向新的台阶。 在头皮健康问题日益受到社会广泛关注的当下，这场以"薇力健康，焕发新姿"为主题的行业盛 会，不仅成功汇聚了顶尖头皮毛发领域学术力量与青年精英，通过高水平的案例竞技提升青年 皮肤科医生的诊疗水平，更通过前沿培训课程的发布，开启了头皮毛发健康管理领域的全新篇 章，为"健康中国2 0 3 0 "战略注入新的活力。 本次盛会特邀国家中西结合医学中心毛发专病医联体负责人、中日友好医院毛发医学中心主任 杨顶权教授，中国医药教育协会皮肤与健康教育专业委员会主任委员、复旦大学附属华山医院 吴文育教授，北京大学第一医院杨淑霞教授，首都医科大学附属北京同仁医院魏爱华教授，浙 江大学医学院附属第二医院吕中法教授，重庆医科大学附属第二医院赵恒光教授等毛发医学领 域领军人物组成专家评审团。 评审团围绕脂溢性皮炎、雄 ...

继香水之后，高端护发成为各美妆品牌的新宠儿。7月2日，北京商报记者获悉，欧莱雅已签署协议收购美国专业护发品牌Color Wow。根据欧莱雅的计划， Color Wow的市场将拓展至亚洲等增量市场，这意味着Color Wow将在欧莱雅的主导下进入中国市场。 随着国内护发市场规模不断扩大，护发业务成为欧莱雅用来推动业绩增长的重要抓手之一。什么赛道最能赚钱，行业玩家最有敏感性，当珀莱雅、橘宜集团 等品牌也在想尽办法争夺护发市场份额，美妆品牌新一轮竞争也被拉开帷幕。 高速增长是被欧莱雅看上的原因之一。在欧莱雅对外披露的信息中如此形容该品牌："Color Wow是全球增长最快、最具创新力的专业护发品牌之一。" 在欧莱雅的计划中，Color Wow是对其专业美发业务部门品牌阵容的补充。欧莱雅专业产品事业部总裁Omar Hajeri对外透露："Color Wow作为一个高端护发 品牌，以合理的价格获得高水平的成熟功效，此次收购将使欧莱雅在护发和造型类别中站稳脚跟。" 在美妆资深评论人、美云空间电商创始人白云虎看来，对于欧莱雅而言，多元化发展是其保持业绩增长和竞争力的有效路径。欧莱雅通过对Color Wow的收 购，将会结合 ...