Summary of Conference Call on Beauty Industry Trends during Double 11 Industry Overview - The conference focused on the beauty industry during the Double 11 shopping festival in 2025, highlighting the performance of international and domestic brands on major e-commerce platforms like Taobao and Douyin [1][3][10]. Key Insights - **Performance of International Brands**: International brands showed strong performance on Taobao, with mid-range and luxury lines growing over 10%, and some brands exceeding 20% growth. They accounted for 70%-90% of the contribution from the 88 VIP user segment, which grew from 35 million to 53 million users [1][4][5]. - **Domestic Brands Performance**: Domestic brands, particularly non-listed companies like Naturals, Pechoin, and Lin Qingxuan, performed well, with only the listed company Maogeping exceeding 50% growth [1][3][13]. - **Platform Fee Structures**: International brands faced fees of approximately 15%-20% on Taobao and around 25% on Douyin, while domestic brands experienced higher fees on Douyin, often exceeding 40% [6][12]. - **Return Rates**: Douyin had high return rates, with skincare products around 25% and makeup over 30%, leading to actual sales data falling short of expectations. Taobao's data was considered more reliable due to adjustments for returns [8][10]. Market Trends - **Diverging Growth Trends**: The beauty industry is experiencing a bifurcation, with high-end international brands continuing to grow while emerging domestic non-listed companies rise. Instant retail and membership systems are crucial for boosting sales [9][12]. - **Marketing Strategies**: International brands have shifted their focus to performance marketing, targeting specific user segments on Taobao and Douyin. They are increasingly using live streaming and influencer partnerships to enhance customer acquisition [12][18]. - **Challenges for Domestic Brands**: Non-listed domestic brands have gained an edge due to their ability to adapt marketing strategies and maintain dual-channel operations, unlike some listed companies that have abandoned offline channels [13][14]. Additional Insights - **Consumer Behavior**: There is a growing trend of consumers becoming more rational and discerning about product ingredients and pricing, moving away from solely relying on influencer recommendations [17][20]. - **Emerging Offline Channels**: New offline channels, such as high-end department stores and flagship stores, are performing well, with some brands achieving significant sales figures [19]. - **Future Outlook**: The beauty industry is expected to face increased competition and marketing costs, particularly for domestic brands in the mass market segment. Brands with unique positioning and strong IP are likely to thrive [14][15]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future trends of the beauty industry in the context of the Double 11 shopping festival.

Core Insights - The article emphasizes the robust double-digit growth during the Double Eleven shopping festival, highlighting the impressive performance of instant retail and the trend towards integrated service across platforms [1][2]. Group 1: Overall Market Performance - The total GMV for the Double Eleven event in 2025 is projected to reach 1,695 billion, reflecting a 14% growth compared to 2024 [1]. - Major platforms like Tmall and JD.com reported significant growth, with Tmall achieving its best growth in four years, driven by the 88VIP program and new business models [1]. - Instant retail showed remarkable growth, with GMV reaching 670 billion, marking a 138% increase year-on-year [1]. Group 2: Beauty Sector Insights - The beauty category across multiple platforms is expected to grow between 5-15% during the Double Eleven event, with Tmall's top 10 beauty brands remaining stable [2]. - Domestic brands like Proya and Winona are performing well, with Proya maintaining the top position in Tmall's beauty category [2]. - The high-end international brands are also seeing a recovery, with Estee Lauder and SK-II improving their rankings [2]. Group 3: Brand Performance Highlights - Brands such as RuYuchen and Shangmei have shown outstanding performance during the Double Eleven, with RuYuchen's Zhenjia achieving an 80% year-on-year increase in GMV [3]. - The brand management and e-commerce operations of Kangwang and Aveeno also reported significant growth, with GMV increasing by 50% and 242% respectively [3]. - The overall sales for brands like Anmin and Jiyuan have seen substantial increases, with Anmin's total sales up by 208% [3].

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposed share reductions, adjustments, and redemption details for various bonds [1][2][4]. Group 1: Share Reduction and Bond Adjustments - Zhengyuan Wisdom plans to reduce its repurchased shares by no more than 2.842 million shares [1]. - Dongshi Convertible Bond will undergo a downward adjustment [1]. - Yuguang Convertible Bond is subject to strong redemption [1]. - Several convertible bonds, including Polai, Ruike, Zhongte, and Leizhi, will not undergo adjustments [1]. Group 2: Convertible Bond Details - A table lists various convertible bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [2][4]. - For instance, the current price of Chenfeng Convertible Bond is 155.357, with a conversion value of 156.23 and a remaining scale of 0.446 billion [2]. - The Yuguang Convertible Bond has a current price of 207.107, with a conversion value of 206.05 and a remaining scale of 6.826 billion [2].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting strong performance in the sector [2]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from November 7 to November 14, 2025, surpassing the market average [3][4]. - The Double 11 shopping festival saw significant sales for domestic brands, with Proya leading sales on Tmall for three consecutive years, indicating a sustained rise of domestic brands [9][30]. - Proya has re-entered the men's skincare market, launching a new product line aimed at addressing various skincare needs, which is seen as a strategic move to enhance revenue and compete with international brands [30]. - Marubi Biotech announced plans for an H-share listing in Hong Kong to strengthen its capital base and international strategy, following similar moves by other domestic beauty brands [31]. Summary by Sections Industry Performance - The Shenwan Beauty Care Index increased by 3.7%, with the cosmetics index up by 2.5% and personal care index up by 3.7%, indicating strong sector performance [3][4]. - The Double 11 sales event resulted in high single-digit growth in online GMV for beauty products, second only to home appliances and clothing [9]. Key Company Developments - Proya's Q3 2025 revenue reached 7.098 billion yuan, a year-on-year increase of 1.89%, with a net profit of 1.026 billion yuan, reflecting a stable performance despite a slight decline in Q3 [10][11]. - Marubi Biotech's revenue for the first three quarters of 2025 was 2.45 billion yuan, a 25.51% increase year-on-year, indicating strong growth potential [31]. Market Trends - The cosmetics retail sector saw a 9.6% year-on-year growth in October 2025, driven by the Double 11 shopping festival, which boosted consumer demand [25][27]. - Domestic brands are gaining market share, with Proya and other local brands performing well against international competitors [34]. E-commerce Insights - Data from October 2025 shows that Proya achieved a GMV of 21.5 billion yuan across Tmall and Douyin, despite a 9% decline year-on-year, indicating resilience in a competitive market [24]. - The report highlights the importance of e-commerce channels for domestic brands, which are leveraging their advantages in pricing and local market insights to capture market share [34].

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

Group 1 - The core observation is that during the 2025 "Double 11" shopping season, domestic brands dominated sales across multiple platforms, indicating a significant shift in consumer preference towards local products [1] - Data from Tmall shows that the Chinese brand Proya ranked first in beauty sales, while two out of the top three positions in apparel sales were also occupied by Chinese brands [1] - According to JD's data, Chinese brands held two of the top three positions in cumulative mobile phone sales, and Douyin reported that domestic brands topped the lists for trendy menswear and fashionable womenswear [1] Group 2 - The change in consumer preferences is supported by a report from Accenture, which indicates that around 60% of consumers now prefer domestic products, a significant increase from previous years [1] - In the home appliance category, the preference for domestic brands rose from 55% in 2021 to 69% in 2025, while in the beauty and skincare category, the preference increased from approximately 12% to 43% during the same period [1] - This trend reflects a broader shift in consumption patterns from international brand dominance to a comprehensive rise of domestic products, marking the "Double 11" event as a natural culmination of these changes [1] Group 3 - The performance of domestic brands during "Double 11" is attributed to changes in consumption structure and industrial upgrades, with consumers prioritizing quality and experience [2] - The success of domestic brands is also linked to continuous investments in brand enhancement and R&D, which have been ongoing for several years [2] - The growth in brand orders has stimulated demand for local components, materials, and manufacturing services, creating a positive cycle that enhances domestic economic momentum [2] Group 4 - Industry experts believe that domestic brands have transitioned from being "alternatives" to competing on equal footing with international brands, driven by sustained investments in quality, technology, and branding [3] - Future success for domestic brands will depend on continuous improvements in product strength, innovation, and global capabilities, rather than relying solely on promotional events [3]

本报记者谢若琳见习记者何成浩 2025年"双11"购物季正式收官，其间多平台榜单上国产品牌占据"C位"。例如，天猫相关数据显示，美 妆销售额榜单中国品牌珀莱雅位列第一，服饰销售榜单中国品牌占得前三中的两个席位。京东相关数据 显示，手机品牌累计销量排名中，中国品牌占得前三中的两个席位。抖音相关数据显示，趋势男装及时 尚女装品牌榜中，第一皆为国产品牌。在业内人士看来，今年的"国货热"并非偶然，而是过去几年消费 结构变化在"双11"场景下的一次集中体现。 埃森哲《美好生活新主张—中国消费者洞察》报告显示，近五年来，中国消费者的品牌偏好正在悄然改 变，进口品牌不再是"优先项"，六成左右的消费者现在会选择国货。如家用电器品类，在2021年，55% 的消费者会优先选择国际品牌，而2025年，69%的消费者会优先选择国产品牌。美妆护肤品类，从2021 年的约12%优先选择国产品牌提升至2025年的43%。 袁帅认为，从宏观层面看，国货在"双11"的表现，折射出消费端与供给端的一系列深层变化：一方面， 消费侧更重视品质与体验，愿意为"好国货"反复买单；另一方面，供给侧通过技术投入和供应链改造， 不断增强产品竞争力。"这一轮' ...

Core Viewpoint - Marubi Biotech plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and international competitiveness after six years of being listed in A-shares [1][2]. Group 1: Company Actions and Financials - Marubi Biotech announced a delay of two years for its 344 million yuan investment in a "cosmetics intelligent manufacturing factory" project, citing sufficient existing production capacity [1][3]. - The company reported a cash dividend of 0.25 yuan per share, totaling 100 million yuan, on November 14 [1]. - As of the end of Q3 2025, Marubi had 1.592 billion yuan in cash and 413 million yuan in trading financial assets, despite the delay in its investment project [3][4]. Group 2: Performance Metrics - For the first three quarters of 2025, Marubi achieved a revenue of 2.45 billion yuan, a year-on-year increase of 25.51%, while net profit was 244 million yuan, up 2.13% [10][12]. - The company’s cash flow from operating activities increased significantly by 132.19% to 159 million yuan [5]. - Despite revenue growth, the company faced a decline in net profit excluding non-recurring items, which fell by 5.42% to 214 million yuan [10][12]. Group 3: Market Context and Strategic Implications - The trend of A-share companies seeking dual listings in Hong Kong is driven by supportive regulatory policies and a recovering market, with 87 IPOs in Hong Kong in 2025, a 55.36% increase year-on-year [7][8]. - Marubi's actions reflect a broader industry trend where companies are pursuing internationalization strategies amid structural challenges in the market [9][12]. - Analysts question the necessity of Marubi's Hong Kong listing given its substantial idle funds and ongoing delays in existing projects, suggesting a need for clarity on the strategic rationale behind the move [9][12].

Core Insights - The 2025 Double Eleven event concluded with a total transaction volume of 169.5 billion yuan, marking a year-on-year growth of 14.2% [3] - The event has shifted from a "single-point explosive promotion mechanism" to a "long-cycle comprehensive operational test" [4][25] - The importance of omnichannel operational capabilities has been emphasized, with brands and platforms undergoing significant transformations [4] Sales Performance - Household appliances and mobile digital devices contributed the most to overall growth, with clothing in third place and personal care and beauty products maintaining a steady fourth position with an 8.2% market share [5] - The beauty and skincare category dominated with sales of 99.1 billion yuan, showing a year-on-year growth rate of 11.65% [9] Market Dynamics - The top brands in the beauty and skincare category remained stable, indicating strong brand power and supply chain resilience [10] - Significant changes were observed from the second to fifth positions, with brands like 修丽可 and 赫莲娜 entering the top ranks, reflecting a shift towards a new competitive landscape [12] - In the fragrance and makeup categories, foreign brands maintained dominance, while domestic brands like 毛戈平 and 卡姿兰 began to establish their presence [14] Channel Strategies - Tmall's beauty rankings are dominated by international brands, while Douyin showcases a strong presence of domestic brands, indicating a divergence in channel strategies [16] - The growth structure of beauty brands has evolved to include "influencer-driven hits + brand self-broadcasting + big-ticket items" [17] Promotional Strategies - The promotional period for Double Eleven has extended beyond 30 days, with brands focusing on pre-sale strategies to optimize inventory and marketing efforts [21][22] - The sales curve has diversified, with brands employing strategies to create peaks in sales during different phases of the promotional cycle [24] AI Integration - AI has begun to permeate consumer decision-making and merchant operations, enhancing the shopping experience and operational efficiency [27][28] - Platforms like Tmall and JD have introduced AI-driven services to assist consumers and merchants, significantly improving operational capabilities [30][32][35] - The integration of AI is reshaping the competitive landscape, emphasizing the importance of technological efficiency over resource density [39][40] Industry Evolution - The Double Eleven event has evolved into a cultural phenomenon, reflecting broader trends in consumer behavior and brand strategies [41] - Platforms are increasingly differentiating their strategies, with Tmall focusing on a comprehensive consumption platform and Douyin emphasizing content-driven commerce [42] - User engagement is shifting from transactional relationships to long-term asset accumulation, with brands leveraging membership tools to enhance customer loyalty [43] - The value of Double Eleven is transitioning from mere transaction efficiency to ecosystem empowerment, fostering a more rational and long-term relationship among platforms, brands, and consumers [45]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [2][10][12]. Group 1: Convertible Bond Overview - The company issued 7,517,130 convertible bonds on December 8, 2021, with a total amount of 75.1713 million yuan, at a face value of 100 yuan each, with a maturity of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on January 4, 2022, with the bond code "113634" and a ticket rate that increases over the years, starting from 0.30% in the first year to 2.00% in the sixth year [3]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 195.98 yuan per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to 95.46 yuan per share as of October 17, 2025 [4][5][11]. - The conversion price has been adjusted downwards due to the company's annual profit distribution plans and stock incentive plans, with the most recent adjustment occurring on October 23, 2025 [5][6][11]. Group 3: Downward Adjustment Clause and Trigger Conditions - The downward adjustment clause allows for a price reduction if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [10]. - The company confirmed that from October 27 to November 14, 2025, the stock price met the criteria for triggering the downward adjustment clause [10][12]. Group 4: Board Decision on Adjustment - The company's board of directors held a meeting on November 14, 2025, and unanimously decided not to adjust the conversion price of the convertible bonds [12]. - The board expressed confidence in the company's long-term development and internal value, stating that the conversion price would remain unchanged for the next six months, even if the adjustment conditions are met again [12].