过去几年，中国化妆品行业杀红了眼，人人都在打逆风局时，韩束却贡献了一场堪称经典的翻身仗。 淘宝称王的时代里，韩束也曾坐过冷板凳。它冠名过《非诚勿扰》，请吴亦凡鹿晗做过代言，但由于把 资源主要投进了线下，在天猫上连前20名都挤不进。 转折出现在2022年前后，曾经的微商王者突然变了画风，GMV一脚迈进60亿俱乐部，成为冉冉升起 的"国货之光"，母公司上美集团的股价也开始抬头，2025年11月较最低点翻了5倍。 咸鱼翻身的功臣只有两个字： 抖音 。 2023年，韩束和抖音主播合作的短剧爆红，8月起韩束冲上抖音美妆榜首，开启长达14个月的霸榜。 2025年，韩束抖音GMV的保持双位数增长。青眼数据显示，2025年化妆品线上交易额排行榜中韩束 位居第二，仅次于欧莱雅[1]。 | 排名 | 品牌 | 排名 | 品牌 | | --- | --- | --- | --- | | 1 | 欧莱雅 | 11 | OLAY | | 2 | 韩東 | 12 | 自然堂 | | 3 | 珀菜雅 | 13 | 谷園 | | 4 | 兰蔻 | 14 | 后 | | 5 | 雅诗兰黛 | 1 ટ | 薇诺娜 | | 6 | 海蓝之谜 | ...

Investment Rating - The report maintains an "Overweight" rating for the cosmetics industry [7]. Core Insights - The U.S. beauty market is experiencing a notable divide, with consumers becoming more selective in their purchases, leading to a stronger performance in the high-end segment compared to mass-market products [1]. - Estee Lauder's "Beauty Reimagined" strategy is showing early signs of success, with market share recovery in the U.S. and significant growth in China after a period of decline [2]. - ULTA Beauty reported strong same-store sales growth, leading to an upward revision of its revenue guidance for FY25 [3]. - Smaller players in the beauty and medical aesthetics sectors are facing challenges, with many reporting declining revenues [4]. - K-beauty brands are performing exceptionally well in the U.S., with significant export growth and market share gains [5]. Summary by Sections U.S. Beauty Market Overview - The U.S. high-end and mass beauty markets grew by 4% and 5% year-over-year respectively in Q1-Q3 2025, with mass fragrances showing the strongest growth [1]. - Consumers are cutting back on non-essential spending, impacting overall market performance, but brands like ELF and Coty are still facing challenges [1]. Estee Lauder's Strategy - The new CEO's "Beauty Reimagined" strategy is effectively attracting new consumers and has led to a recovery in market share in the U.S. and China [2]. - The company's stock has rebounded approximately 130% since April 2025, although it remains below its peak market value of $133.9 billion from December 2021 [2]. ULTA Beauty Performance - ULTA reported a 6.3% year-over-year increase in same-store sales for Q3, exceeding Bloomberg consensus estimates [3]. - The company has raised its FY25 revenue guidance to $12.3 billion, with same-store sales growth projected between 4.4% and 4.7% [3]. Challenges for Smaller Players - Smaller beauty and medical aesthetics companies are struggling, with ELF reporting a -3% organic revenue growth in FY26Q2, and Coty experiencing five consecutive quarters of revenue decline in the Americas [4]. - Medical aesthetics companies like InMode are facing significant revenue drops, with a 28% year-over-year decline reported for Q3 2025 [4]. K-beauty Market Performance - South Korea's beauty exports to the U.S. reached $1.75 billion in 2025, marking a 13% year-over-year increase, making the U.S. the largest export market for Korean beauty products [5]. - New entrants like APR are gaining market share rapidly, with significant sales growth in the U.S. [5].

Group 1 - The core viewpoint of the article is that Amazon's report on global e-commerce trends highlights emerging consumer demands and market opportunities driven by technology, emotional needs, and lifestyle changes [1][39]. - Trend One: AI Quality Space emphasizes the transformation of homes into emotionally interactive environments, with over 65% of consumers in Europe and the U.S. willing to spend more on smart home products that provide comfort and understanding [4][6]. - Trend Two: The Sleep Economy is emerging as 37% of American adults reported a decline in sleep quality in 2023, leading to increased consumer spending on sleep-related products and services [10][12]. Group 2 - Trend Three: Happiness at Work focuses on the growing expectations for workspaces that enhance comfort and productivity, highlighting ergonomic office furniture and technology that improve employee well-being [13][14]. - Trend Four: Technology's Subtle Integration reflects a consumer preference for seamless technology experiences that enhance quality of life without being intrusive, as seen in brands like Apple [15]. - Trend Five: The Pet Economy is projected to grow by 45% over the next six years, with 55% of pet owners in Europe and Japan willing to invest more in pet healthcare and products, indicating a shift towards emotional spending [16][19]. Group 3 - Trend Six: Outdoor Cooking is gaining popularity as consumers seek social and experiential cooking opportunities in nature, leading to demand for specialized outdoor cooking equipment [20][22]. - Trend Seven: The Mobile Treasure Chest describes how vehicles are evolving into multifunctional spaces, with features that enhance comfort and utility for various activities [23][27]. - Trend Eight: Generation Z is becoming a significant consumer force, characterized by values-driven purchasing, a preference for personalized experiences, and a focus on sustainability [28][30]. Group 4 - Trend Nine: The Fitness Vanguard highlights the increasing consumer focus on health and fitness, with a demand for personalized and technologically advanced fitness solutions [31][34]. - Trend Ten: The Esports Enthusiasts market is rapidly expanding, particularly in emerging markets, driven by a demand for high-performance gaming equipment and immersive experiences [35][37]. - The article concludes that the key drivers of these trends are technological acceleration, emotional shifts, and lifestyle evolution, reflecting the complex needs of modern consumers [39][40].

来源：证券日报 1月16日，NEWty2026天猫超级新品盛典在上海举办。盛典回顾了2025年亮眼新品增长成绩的同时，正 式发布了2026年优质新品扶持核心举措，同时公布涵盖百大年度新品的六大新品奖项，颁发年度商业人 物奖，并特别设立女性专项表彰，联动商业与公益，凝聚行业创新力量。 增长数据印证平台实力，新品驱动品牌增长 2025年，超过1600万款优质新品在天猫首发，新品规模创历史新高，超30000款优质新品成交破百万， 数量同比增长35%，新品整体实现34%的成交增长，充分彰显平台的新品孵化力与增长确定性。 盛典现场，行业标杆品牌们登台分享了独家的新品方法论。阿迪达斯讲述了通过新中式系列与天猫小黑 盒全球首发秀深度联动，实现了"即看即买"的新品爆发，25年销量较前两年增长超25倍。潘婷推出了蕴 含护肤级3A胜肽配方的胜肽泡弹发膜，联合天猫精准触达需求人群，新品上市后1个月内新增人群资产 破1亿，以功效创新与平台人群运营驱动了新品增长。以端侧AI Agent技术赋能创意生态，AMD连续三 年打造以中国文化为内核、AI生成技术载体的大众赛事，借力天猫推动"科技+艺术"新品落地消费场 景，建立起中国应用AI先锋 ...

Core Viewpoint - L'Oréal has launched a €100 million (approximately 8.11 billion RMB) sustainable innovation accelerator project called "L'AcceleratOR," aimed at investing in companies related to bio-based and bio-manufacturing sectors over the next five years [4][9]. Group 1: Investment and Companies - The first batch of 13 companies selected from nearly 1,000 applications across 101 countries focuses on sustainable innovations in packaging, materials, and data intelligence [4][6]. - The selected companies include: - **Kelpi (UK)**: Produces recyclable, low-carbon packaging from seaweed [8]. - **Bioworks (Japan)**: Develops new bio-plastics from sugarcane and other plant-based materials [8]. - **Blue Ocean Closures (Sweden)**: Manufactures fiber-based caps as alternatives to plastic [8]. - **PULPAC (Sweden)**: Innovates in low-carbon paper packaging [8]. - **Biosynthis (France)**: Produces renewable and biodegradable raw materials [8]. - These companies will undergo pilot projects supported by L'Oréal's global resources, with successful innovations potentially being scaled across L'Oréal's 37 global brands in over 150 countries [7][13]. Group 2: Broader Strategy and Future Outlook - L'Oréal's investment strategy extends beyond the L'AcceleratOR project, with over 10 investments made in the past three years, covering various regions and technologies [10][11]. - By 2030, L'Oréal aims for 90% of its formula ingredients and packaging to come from bio-based sources, indicating a significant market opportunity for suppliers in the bio-based materials sector [18][19]. - The company has established partnerships with various firms, including GS Caltex (Korea) for bio-based cosmetic ingredients and IBM for AI-driven formulation optimization [11][12]. Group 3: Market Implications - The successful implementation of innovations like Kelpi's seaweed packaging could lead to widespread application across different product lines, enhancing L'Oréal's market presence [15]. - Despite the absence of Chinese companies in the initial selection, L'Oréal's investment activities in China are accelerating, highlighting the potential for local bio-based material firms to engage with global markets [16][17]. - The "L'Oréal for the Future" strategy opens a significant market window for bio-based industries, emphasizing that sustainability is becoming essential for product development [19].

Core Viewpoint - The article emphasizes the importance of cultural empathy and brand storytelling in the growth of Chinese brands, particularly in the context of the global market where mere cost advantages are no longer sufficient for success [7]. Group 1: Brand Development Strategies - Chinese brands are transitioning from a focus on production capabilities to establishing their ecological positions and selling brand value in a competitive market [7]. - The article identifies the "golden decade" for lifestyle brands in sectors such as beauty, home, dining, and fashion, highlighting the need for brands to learn from European counterparts in creating emotional connections with consumers [7]. - The three core elements of enduring European brands are identified as scarcity narrative, supply chain control, and lifestyle definition [8]. Group 2: Learning from European Brands - Scarcity narrative involves shifting from "selling products" to "selling dreams," which is crucial for brand differentiation [8]. - Supply chain control is essential for defining industry standards, as exemplified by L'Oréal's integration of technology, content, and channels to create successful products [10]. - Lifestyle definition focuses on how design and innovation can reshape consumer experiences, as seen in the practices of brands like Prada and educational institutions like Le Cordon Bleu [12]. Group 3: Program Overview - The program includes visits to key locations in Paris and Milan, such as the IFM French Fashion Institute and Loro Piana, to understand the foundations of luxury branding and the importance of material quality [16][23]. - Participants will explore how to leverage brand origin stories and craftsmanship to build competitive advantages [18]. - The itinerary also covers insights into the integration of art and design in product offerings, as demonstrated by brands like FORMER, which has successfully elevated furniture to a higher value proposition [24].

Core Viewpoint - The article discusses the importance of exploring international markets for Chinese companies in response to domestic demand shortages and increasing competition, emphasizing the need for a comprehensive approach to overseas expansion that includes the entire value chain [2][5][6]. Group 1: Value Chain Expansion - The concept of "going overseas" has evolved from merely exporting products to relocating the entire value chain, including branding, research and development, and business models to foreign markets [8][11]. - An example is Miniso, which engages with its millions of private domain users to understand their preferences and directly opens stores overseas to enhance brand recognition [12][13]. Group 2: Collaborating with Industry Leaders - Many industry leaders are beginning to explore international markets, but successful expansion requires integrating and collaborating with a complex supply chain [14][15]. - Tesla's Shanghai factory exemplifies this, as it operates efficiently due to the support of numerous upstream and downstream suppliers within a 300-kilometer radius [18][20]. - When Tesla expanded to Mexico, its suppliers followed, indicating that collaboration with leading companies can create opportunities for others [21][22]. Group 3: Leveraging Unique Advantages - Companies are finding unique advantages to succeed in international markets, such as cost advantages where products can be sold at double the domestic price on cross-border platforms [25][26]. - Product advantages are also highlighted, with examples like Mech-Mind Robotics, which enhances industrial robots with advanced technology to perform complex tasks [27][29]. Group 4: Building Long-Term Trust - The story of Pang Donglai illustrates the importance of building long-term trust through exceptional customer service and employee treatment, leading to a loyal customer base [31][34]. - By ensuring employees are respected and valued, companies can foster a culture of listening to customer feedback, which in turn enhances the customer experience and profitability [34][36]. Group 5: Meeting Aspirations for a Better Life - The article notes a shift in consumer behavior towards a desire for better experiences, with examples of services like travel photography that cater to previously unrecognized consumer needs [39][40]. - As traditional large-scale commercial opportunities diminish, there is a growing trend towards more refined and heartfelt business ecosystems that focus on fulfilling ordinary people's aspirations for a better life [43][46].

1月16日，NEWty2026天猫超级新品盛典在上海举办。盛典回顾了2025年亮眼新品增长成绩的同时，正 式发布了2026年优质新品扶持核心举措，同时公布涵盖百大年度新品的六大新品奖项，颁发年度商业人 物奖，并特别设立女性专项表彰，联动商业与公益，凝聚行业创新力量。 增长数据印证平台实力，新品驱动品牌增长 天猫作为品牌新品首发第一阵地，增长势能强劲。2025年，超过1600万款优质新品在天猫首发，新品规 模创历史新高，超30000款优质新品成交破百万，数量同比增长35%，新品整体实现34%的成交增长， 充分彰显平台的新品孵化力与增长确定性。 盛典现场，行业标杆品牌们登台分享了独家的新品方法论。阿迪达斯讲述了通过新中式系列与天猫小黑 盒全球首发秀深度联动，实现了"即看即买"的新品爆发，25年销量较前两年增长超25倍。潘婷推出了蕴 含护肤级3A胜肽配方的胜肽泡弹发膜，联合天猫精准触达需求人群，新品上市后1个月内新增人群资产 破1亿，以功效创新与平台人群运营驱动了新品增长。以端侧AI Agent技术赋能创意生态，AMD连续三 年打造以中国文化为内核、AI生成技术载体的大众赛事，借力天猫推动"科技+艺术"新品落地消费 ...

Core Viewpoint - The 11th Bio-based Conference and Exhibition (Bio-based 2026) will be held from May 20-22, 2026, in Shanghai, China, focusing on promoting green and low-carbon transformation in the industry through various forums and activities [1][15]. Group 1: Event Overview - Bio-based 2026 will feature 10 major upstream and downstream thematic forums, 9 concurrent activities, over 1000 new product displays, and an innovation award ceremony [1][9][15]. - The event aims to facilitate discussions on industry trends, technological innovations, and sustainable practices among industry leaders and brands [1][10]. Group 2: Key Forums and Topics - The event will include forums on critical chemical products and materials, international cooperation, and bio-based materials for packaging, footwear, and automotive applications [10][11][15]. - Specific topics will cover sustainable packaging innovations, carbon reduction practices in various consumer sectors, and the development of biodegradable materials [4][8][11]. Group 3: Participants and Collaborators - Notable participants include global brands and packaging solution companies such as McDonald's, L'Oréal, and Mengniu, as well as bio-based and biodegradable material companies like NatureWorks and 金发科技 [5][6]. - The forums will invite industry leaders from various sectors to discuss collaboration and innovation in sustainable packaging [1][5]. Group 4: Concurrent Activities - Concurrent activities will include a high-level strategic seminar, product and technology release events, and a standard review meeting for bio-based materials [12][15]. - The 4th DT New Leaf Award will also take place, recognizing innovations in materials and applications [15].

Core Insights - The NEWty 2026 Tmall Super New Products Festival highlighted the impressive growth of new products in 2025 and announced key support measures for high-quality new products in 2026, including six major new product awards and a special recognition for women [1][11] Group 1: Growth Data and Brand Performance - Tmall has established itself as the primary launch platform for new products, with over 16 million quality new products launched in 2025, achieving a historical high in new product scale [2] - The overall transaction growth for new products reached 34%, with over 30,000 quality new products achieving sales exceeding one million, reflecting the platform's strong incubation capabilities [2] - Notable brands shared their successful new product strategies, such as Adidas, which saw a sales increase of over 25 times through its new series and Tmall's global launch [2] Group 2: Award Recognition and Brand Innovation - Several brands received awards for their outstanding innovation and marketing performance, including Duck Duck, which achieved over 100 million in sales during Tmall Super Brand Day [3] - Talanis was recognized for its innovative children's running shoes, becoming the first children's shoe brand on Tmall to surpass 100 million in sales [3] - Mao Ge Ping's "Earth Eye Shadow" series achieved over 300 million in exposure during Tmall Super Brand Day, earning the title of "Cultural Creativity Brand of the Year" [3] Group 3: Consumer Engagement and Marketing Strategies - Disney and Shanghai Disneyland won the "Consumer Choice Brand of the Year" for their collaboration on the "Zootopia 2" movie and related experiences [4] - Xiaojia's innovative marketing strategies led to record sales during its 10th anniversary campaign, with its new product ranking first in category sales [4] - Shaoyin's collaboration with Tmall Super Brand Day resulted in a 100% year-on-year sales increase, showcasing effective marketing innovation [4] Group 4: Recognition of Industry Leaders - The Tmall Annual Business Person Award was established to honor individuals who significantly shape the Chinese consumer market, with three notable winners recognized for their contributions [7] - Gao Dekang from Bosideng, Adrian Siu from Adidas, and Jasmine Xu from Procter & Gamble were awarded for their leadership and innovation in their respective fields [7][8] Group 5: Women's Empowerment Initiatives - The festival included special awards focusing on women's empowerment, recognizing brands that integrate commercial practices with support for women's growth [9] - The "Annual Women's Power Brand" award was given to brands like Erdos Group and Estée Lauder for their initiatives supporting women's development [9] - The "Annual Women's Power Award" was awarded to Ma Xiaoyu from L'Oréal China for her efforts in promoting women's rights and empowerment in the industry [9] Group 6: Future Initiatives and Support Measures - Tmall announced its core support measures for high-quality new products in 2026, aiming to enhance resource investment and increase traffic to ensure successful product launches [11] - The platform plans to utilize algorithms to identify target audiences for new products and leverage global marketing events to boost product visibility [11]