Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts shaped by the economic and social context of different generations, particularly from the 70s to the 00s [4][5] - The current consumer market is characterized by a shift from "survival-type" products to "quality + emotional-type" products, with a focus on emotional value and quality-price ratio [4][10] - Investment logic in new consumption should focus on sustainable growth capabilities rather than short-term speculative opportunities, emphasizing product innovation and strong brand recognition [4] Summary by Sections 1. Economic and Demographic Background of Consumption Changes - The per capita GDP in China has grown from over 10,000 RMB in 1995 to 84,000 RMB in 2023, establishing a buyer's market [4][15] - Consumer spending is increasingly constrained by rigid expenditures on housing, healthcare, and education, alongside wealth effects [4][19] - The educational attainment of the 95/00 generation has significantly increased, with a CAGR of 10.5% in the number of undergraduate graduates from 1998 to 2023 [4][23] - Urbanization rates have remained high, influencing consumption patterns and driving the reconstruction of consumption scenarios [4][24] 2. Product Evolution - The transition in consumer products reflects a shift towards quality and emotional engagement, with head brands focusing on domestic alternatives and functional trends [4][10] - The market has seen a rise in low-cost, emotionally valuable products, such as beauty care, jewelry, and IP toys, which are now key segments [4][10] 3. Marketing Evolution - Marketing strategies have evolved from traditional brand advertising to performance-driven advertising, with a focus on maximizing advertising efficiency [4][10] - The rise of digital platforms has transformed marketing channels, emphasizing the importance of consumer engagement and conversion rates [4][10] 4. Channel Evolution - The shift towards online channels has significantly increased penetration rates across various categories, with a focus on consumer value rather than supplier value [4][10] - The integration of public and private domains has become crucial for navigating the challenges posed by traditional retail models [4][10]

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Group 1: Cooling Economy Trends - The "cooling economy" is gaining traction with innovative products and services driven by rising temperatures, aligning with policies aimed at boosting consumption [1][2] - Major brands like Midea, Xiaomi, and Haier saw over 200% increase in air conditioner sales during the "618" shopping festival, indicating strong consumer demand for cooling products [1] - Instant retail services are enhancing the delivery speed of cooling products, with Meituan offering 30-minute delivery for essential items [1] Group 2: Beverage Market Innovations - There is a growing demand for refreshing beverages, with new product launches from tea brands and the rise of homemade drinks [2] - Companies like Shanghai Jahwa and New Hope Liuhe are leveraging brand collaborations and product innovations to capture opportunities in the cooling economy [2] Group 3: Experience and Tourism Innovations - Tourist attractions are innovating experiences to cater to summer visitors, such as the "20-degree Ice Whale Watching Tour" at Shanghai Haichang Ocean Park, which has seen a fourfold increase in visitor numbers [2][3] - The trend of summer tourism is shifting towards experiential offerings, with a focus on integrating local culture and lifestyle into the tourism experience [3] Group 4: Policy Support for Consumption - Local governments are promoting summer consumption through initiatives like the "Colorful Summer" tourism season in Hubei, which includes various cooling experiences [3][4] - Night economy initiatives are being launched in cities like Shanghai and Shenzhen to stimulate consumption, featuring diverse nighttime activities [4][5] Group 5: Future Consumption Trends - The integration of sports and tourism is expected to drive summer consumption, with recommendations for developing diverse sports tourism products [5] - Analysts predict that new consumption avenues related to ready-to-drink beverages and sports events will continue to receive policy support, enhancing local economic growth [5]

Core Viewpoint - The acquisition of the functional skincare brand Baizhicui by the makeup brand Judo's parent company, Juyi Group, marks its official entry into the skincare sector, reflecting a broader trend of multi-brand and cross-category development in the beauty industry [1][2]. Category Expansion: Skincare/Makeup/Medical Devices - Skincare brands are primarily venturing into makeup and fragrance, while makeup brands are increasingly extending their reach into skincare [3][4]. - The mainstream choice for skincare brands entering the makeup market is to launch base makeup products, followed by fragrances [5]. Skincare Brands Entering Makeup Market - Notable brands like Proya, Han Shu, and Baique Ling have launched cushion products, while others like Natural Hall and Oushiman have introduced foundation products [5][6]. Skincare Brands Focusing on Medical Devices - Skincare brands are showing a strong interest in the medical device category, primarily launching products featuring recombinant collagen [6][7]. Makeup Brands Entering Skincare Market - Makeup brands are primarily focusing on masks as their first choice for skincare products, followed by serums and creams [8][9]. - The low technical requirements and acceptance of masks make them an attractive entry point for makeup brands [10]. Product Pricing Strategies - Skincare brands typically price their makeup products below 200 yuan, with many under 100 yuan, while makeup brands entering skincare tend to target mid to high-end price ranges [13][14]. - Medical device products from skincare brands have a wider pricing range, with some products priced as high as 300 yuan [13]. Market Performance - Sales figures for newly launched products vary significantly, with some brands achieving over 10,000 units sold, while others struggle to reach even 100 [15][16]. - For instance, the luxury caviar mask from Mao Ge Ping has sold over 100,000 units, contributing significantly to the brand's revenue [17]. Challenges in Cross-Category Development - The drive for cross-category development is largely due to rising traffic and customer acquisition costs, as well as the saturation of single-category growth [18]. - Successful cross-category ventures depend on the ability to transfer existing consumer perceptions to new product categories [19].

Group 1: Meitu Company (美图公司) - Meitu is a leading domestic imaging software company that started with Meitu Xiuxiu in 2008, accumulating deep technical capabilities and aesthetic data over the years [3][13] - The company has undergone significant changes in its fundamentals since 2023, including a management change and a focus on core business areas, with the founder taking over as chairman [13] - The introduction of GenAI has enhanced product capabilities, expanding both consumer and business applications, with a strategic partnership with Alibaba to promote Meitu's AI tools on e-commerce platforms [13] - The company is expected to achieve adjusted net profits of 8.51, 11.63, and 15.09 billion CNY from 2025 to 2027, with a target market value of 46.6 billion HKD, indicating a potential upside of 33% [3][13] Group 2: Lin Tai New Materials (林泰新材) - Lin Tai New Materials is the only domestic supplier of wet paper-based friction plates for passenger vehicles, breaking the monopoly in the market [3][12] - The company has seen significant growth, with revenue and net profit increasing by 107% and 288% year-on-year in Q1 2025, driven by projects with major clients like BYD and Geely [12][15] - The market for automatic transmission friction plates is expected to grow significantly, with a projected market size of 5.112 billion CNY by 2035 [12][15] - The company is expected to achieve net profits of 1.53, 2.19, and 2.83 billion CNY from 2025 to 2027, with a target market value of 6.832 billion CNY, indicating a potential upside of 30.4% [12][15] Group 3: Guangbo Co., Ltd. (广博股份) - Guangbo is accelerating its transformation into IP cultural and creative products, leveraging its traditional stationery manufacturing advantages [17][18] - The company is expected to generate 1.87 billion CNY in revenue from IP cultural and creative products in 2024, accounting for 7% of total revenue [17][18] - The IP derivative market is projected to reach 174.2 billion CNY in GMV in 2024, with a growth rate of 30.2% [17][18] - The company has developed several sub-brands and has successfully obtained IP licenses for popular franchises, enhancing its product offerings [17][18] Group 4: Debt Market Analysis - The report defines a "debt bull market" as a period where the 10Y government bond yield is in a downward trend, lasting at least one month with a decline of at least 20 basis points [5][14] - Since 2022, there have been four instances of "debt bull markets," typically occurring during periods of economic downturn and credit contraction [5][14] - The report emphasizes that the fundamental economic outlook and a loose monetary environment are crucial for the initiation of a debt bull market [5][14]

Core Insights - The report focuses on the independent market research of the Chinese cosmetics raw materials industry for 2025, analyzing the current status and trends from multiple dimensions [1] - The demand for high-quality and innovative raw materials is increasing due to consumers' rising expectations for safety and efficacy, driven by advancements in biotechnology and green chemistry [1][6] Market Overview - The global cosmetics raw materials market was valued at $88.56 billion in 2019 and is projected to reach $114.24 billion by 2024, with a CAGR of 5.2%. By 2029, it is expected to grow to $169.43 billion at a CAGR of 8.2% [21][23] - The Chinese cosmetics raw materials market was valued at ¥114.78 billion in 2019, expected to grow to ¥160.39 billion by 2024, with a CAGR of 5.7%. By 2029, it is projected to reach ¥256.18 billion at a CAGR of 8.6% [25][27] Industry Trends - Future trends include a revolution in raw materials driven by biotechnology, an upgrade in precise skincare demands, a deepening commitment to sustainable development, and accelerated policy support for technology transformation [2][31] - The industry has undergone several iterations, evolving from natural raw materials to synthetic, efficacy-driven, and now to biotechnology-driven solutions [10][9] Competitive Landscape - The global market is concentrated in Europe, America, and the Asia-Pacific region, with Chinese companies like Weiqi Technology excelling in peptide fields [2][33] - Major players include BASF, Lubrizol, Croda, and DSM, each with unique competitive advantages in various segments of the cosmetics raw materials market [34] Business Models - The business models in the cosmetics raw materials industry include raw material sales, customized services, and joint research and development, with a growing emphasis on service-oriented models [14][16] - Companies are increasingly offering customized raw materials and collaborative R&D to reduce inventory costs for smaller brands [14] Regulatory Environment - Continuous policy support and regulation are fostering a conducive environment for innovation in the cosmetics raw materials market, with an increasing number of new raw material registrations [17][29] - The Chinese regulatory framework has been evolving to enhance the safety and efficacy of cosmetics, promoting a more transparent and standardized industry [29] Technological Innovations - Advances in biotechnology, nanotechnology, and green manufacturing are driving the development of new raw materials, enhancing their efficacy and safety [19][18] - The integration of AI in formulation design and the use of sustainable production processes are reshaping the industry landscape [31][19]

国浩律师（上海）事务所 关 于 上海家化联合股份有限公司 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200041 T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于上海家化联合股份有限公司 2025 年员工持股计划的 法律意见书 致：上海家化联合股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海家化联合股份有限公司 （以下简称"上海家化"或"公司"）的委托，作为其实施 2025 年员工持股计划（以下 简称"本次员工持股计划"）的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《中国证券监督管理委员会关于 上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《指引第 1 号》"）等法律法 ...

关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 6 月 26 日（星期四）上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：600315 证券简称：上海家化 公告编号：2025-039 上海家化联合股份有限公司 投资者可于 2025 年 6 月 19 日（星期四）至 6 月 25 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 ir@jahwa.com.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长、首席执行官、总经理：林小海先生 独立董事：夏海通先生 上海家化联合股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公司 20 ...

国浩律师（上海）事务所 关 于 上海家化联合股份有限公司 2025 年员工持股计划 的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200041 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 国浩律师（上海）事务所（以下简称"本所"）接受上海家化联合股份有限公司 （以下简称"上海家化"或"公司"）的委托，作为其实施 2025 年员工持股计划（以下 简称"本次员工持股计划"）的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《中国证券监督管理委员会关于 上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《指引第 1 号》"）等法律法规及规范性文件的相关规定，按照《律师事务所从事证券法律业务 管理办法》（以下简称"《执业办法》"）和《律师事务所证券法律业务执业规则（试 行）》（以下简称"《执 ...

上海家化联合股份有限公司 2024 年年度股东会资料 2025 年 6 月 25 日 上海家化年度股东会资料 上海家化联合股份有限公司 2024 年年度股东会议程 本次股东会将审议以下议案： - 1 - 1.00 2024 年度董事会工作报告 2.00 2024 年度监事会工作报告 3.00 2024 年年度报告 4.00 2024 年度财务决算报告 5.00 关于公司 2024 年度不进行利润分配暨 2025 年半年度利润分配计划的议案 6.00 2025 年度财务预算报告 7.00 关于公司 2025 年度投资理财计划的议案 8.00 关于 2025 年度与中国平安保险（集团）股份有限公司及其附属企业日常关 联交易的议案 9.00 关于新聘会计师事务所的议案 10.00 《上海家化 2025 年员工持股计划（草案修订稿）》及其摘要 11.00 《上海家化 2025 年员工持股计划管理办法（修订稿）》 12.00 《上海家化长期激励基金管理办法》 13.00 关于提请股东会授权董事会全权办理公司 2025 年员工持股计划相关事宜 的议案 14.00 听取独立董事 2024 年度述职报告 上海家化年度股东会资 ...