【导读】毛戈平正式宣布品牌首个香港专柜登陆海港城 国货美妆正从国内市场的"内卷"转向全球市场的"外拓"。 10月22日，毛戈平集团旗下中国高端美妆品牌MAOGEPING（毛戈平）在香港举办仪式，正式宣布品牌 首个香港专柜登陆海港城。 记者获悉，毛戈平品牌此次以"光影美学"为核心差异化定位入驻，凭借专业彩妆技法与东方审美内核的 融合，要在国际品牌林立的赛道中构建独特竞争力。 值得注意的是，这一动向并非孤立事件，毛戈平的出海也是国货美妆整体崛起并寻求更广阔天地的缩 影。 模式升级"品牌立身" 与过去依赖跨境电商平台"铺货"的模式不同，本轮国货美妆品牌出海潮显著的特征是"品牌化"和"高端 化"。 这一策略与中国美妆市场的整体成熟密不可分。根据中国香料香精化妆品工业协会的数据，2024年，中 国化妆品品牌交易额占比已达到55.2%，历史上首次超越国际品牌，并且这一比例仍在持续提升。同 时，年成交额过亿的品牌数量创下历史新高。 国内市场在蓬勃发展的同时，竞争也日趋白热化，"走出去"寻求新增量空间成为头部品牌的共识。 海关数据显示，2025年上半年，中国大众市场美妆产品的出口额同比增长12%，显著高于国内市场的增 速。与 ...

【导读】毛戈平正式宣布品牌首个香港专柜登陆海港城 中国基金报记者 赵心怡 国货美妆正从国内市场的"内卷"转向全球市场的"外拓"。 10月22日，毛戈平集团旗下中国高端美妆品牌MAOGEPING（毛戈平）在香港举办仪式，正 式宣布品牌首个香港专柜登陆海港城。 记者获悉，毛戈平 品牌此次以 "光影美学" 为核心差异化定位入驻，凭借专业彩妆技法与东 方审美内核的融合， 要 在国际品牌林立的赛道中构建独特竞争力。 值得注意的是，这一动向并非孤立事件，毛戈平的出海也是国货美妆整体崛起并寻求更广阔 天地的缩影。 品总数达201.2万个，为近五年来最高。 有业内人士认为，行业监管体系的完善以及原料创新的不断涌现，标志着中国化妆品行业正 迈向高质量发展新阶段。这也意味着，国货美妆在产品质量、研发和创新上具备了与国际品 牌对话的基础。 渠道选择与本土化成为关键 国货美妆集体转向海外，不同品牌的资源与定位，决定了不同的出海策略。 毛戈平在财报中披露的战略 为 ：不仅通过百货专柜和网店进行双渠道布局，更强调"建立当 地团队，专门负责海外市场的产品开发、营销及销售"。 此次毛戈平选择入驻香港高端商场， 也与其高端美妆的定位相符。 而 ...

（文/观察者网 张广凯 霍东阳） 伴随着15日晚间李佳琦直播间开播，今年"双十一"的美妆大战早早打响。数据显示，今年直播间首小时 加购GMV仍然保持同比增长，首日"超级美妆节"订单量也保持增长态势 。 在美妆市场早已进入存量竞争的当下，这样的增长来之不易。国家统计局数据显示，2025年上半年我国 限额以上化妆品零售额同比仅增长2.9%，低于社会消费品零售总额5.0%的增速。《化妆品观察》援引 第三方数据称，2024年国内最大电商平台的美妆GMV甚至出现10%的下降。 李佳琦直播间的"逆势"增长，本质上是国货品牌势能释放的缩影。观察国内美妆市场，外资品牌正积极 调整策略以适应市场格局变化，而国货品牌市场占有率则保持持续攀升态势——其中不少头部国货品牌 最初正是通过李佳琦直播间打开知名度。历经多年，李佳琦直播间通过深度连接国货品牌与消费者、参 与产品创新，逐渐成为国货风潮的"风眼"与国货美妆的重要推动者。 国货美妆之风吹到现在，早期依托营销与种草快速成长的模式已进入迭代阶段，比拼品质的下半场即将 开启。当头部品牌的业绩开始分化，那些真正将精力投入产品和服务的品牌优势愈发明显，而中国品牌 的出海策略也在显著调整，这 ...

Group 1 - The article discusses the extreme pursuit of beauty in South Korea, highlighting the significant number of plastic surgery clinics and the societal pressure regarding appearance [3][4][10] - In 2023, Seoul has 1,544 plastic surgery clinics, indicating a booming cosmetic surgery industry [3] - A recent trend in South Korea is a "looks-based" matchmaking system, where applicants must undergo an appearance review, reflecting the societal emphasis on beauty [4][10] Group 2 - 86% of South Koreans believe that appearance is crucial for quality of life, indicating a collective anxiety about looks that has developed over the past two decades [7] - The cosmetic surgery industry is highly industrialized, with 40% of South Koreans having undergone some form of cosmetic procedure [10] - The export value of South Korean cosmetics is projected to reach $9.35 billion in 2024, making South Korea the second-largest cosmetics exporter globally [11] Group 3 - Olive Young, a leading beauty store chain in South Korea, has established a dominant market position with 1,339 stores and significant sales figures [20] - International beauty brands are struggling in the South Korean market, with several exiting due to the stronghold of local brands [21] - The rise of convenience stores offering affordable beauty products is changing the landscape, with prices often below 4,000 KRW (approximately 20.56 RMB) [25][26] Group 4 - The South Korean beauty market is characterized by a high demand for affordable products, with many local brands focusing on price competitiveness [12][25] - The collaboration between convenience stores and local beauty brands is expanding the availability of beauty products, catering to the immediate shopping needs of consumers [28] - The article suggests that while convenience stores may not directly compete with Olive Young, they provide an alternative shopping experience that could benefit local brands [28][29]

Core Viewpoint - The performance of various domestic beauty brands in the first half of the year shows a mixed picture, with some brands experiencing growth while others struggle with declining revenues and profits as the industry faces intensified competition and the end of the traffic dividend era [1][3][5]. Financial Performance - Up to now, several domestic beauty brands have reported their half-year results, with Proya, Shangmei, Mao Geping, and Shuiyang showing increases in both revenue and net profit [1]. - Shangmei's revenue reached 4.108 billion yuan, a year-on-year increase of 17.3%, with a net profit of 524 million yuan, up 30.65% [3]. - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3]. - Shuiyang's revenue was 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3]. - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and a net profit of 799 million yuan, up 13.8%, but growth rates have slowed compared to previous years [3][4]. - Conversely, Beitaini and Yixian E-commerce continue to face growth challenges, with Beitaini's revenue down 15.43% to 2.372 billion yuan and net profit down 49.01% to 247 million yuan [4][5]. Strategic Adjustments - Beitaini is focusing on strategic adjustments and operational optimization, emphasizing high-value products and quality growth, which has led to improved gross margins and cash flow despite short-term revenue impacts [4][5]. - Yixian E-commerce is pursuing a strategic transformation driven by innovation, aiming to enhance product competitiveness through collaborative innovation among multiple brands [4][5]. - Proya is adopting a multi-brand strategy, acquiring various brands to strengthen its market position, including cosmetic brands and medical supplies [5][6]. Market Trends - The domestic beauty industry is witnessing a shift from high marketing-driven growth to a focus on strategic brand positioning and international expansion as the traffic dividend diminishes [5][9]. - Brands are increasingly looking for overseas growth opportunities, with Proya planning to issue H-shares for international expansion and Beitaini establishing regional headquarters in Thailand [9][10]. - Water Sheep is also pursuing a high-end transformation by acquiring luxury brands to enhance its market presence [6][10]. Competitive Landscape - The beauty industry is facing intensified competition, with brands needing to adapt to changing consumer behaviors and market dynamics [5][9]. - The low-price competition strategy adopted by Shangmei has raised concerns about its long-term sustainability as consumer rationality increases [7][9]. - Experts suggest that domestic beauty brands must enhance their brand structure and user value to compete effectively on a global scale [10].

Core Insights - HuazhiXiao, a domestic cosmetics brand, has completed a Series B financing round exclusively funded by Proya, with Chishan Capital serving as the long-term exclusive financial advisor [2] - Proya's investment reflects its alignment with HuazhiXiao's long-term commitment to product quality and innovation, appealing to the Gen Z consumer demographic [2] - HuazhiXiao, founded in 2016, focuses on original design and targets young consumers, becoming a popular brand amid the rise of domestic products [2] Company Development - HuazhiXiao has completed three rounds of financing, with previous rounds led by Tiantu Investment and Kunyan Capital, raising nearly 100 million yuan in the A round [2] - The brand positions itself in the affordable market, with product prices generally under 100 yuan, and is projected to achieve over 1 billion yuan in revenue by 2025 [2] International Expansion - HuazhiXiao has made significant strides in international markets, entering Japan in 2019 and establishing a presence in over ten countries, including the U.S. and Southeast Asia [3] - The brand's overseas revenue currently accounts for 10% of its total revenue, with the recent financing aimed at further global expansion and supply chain integration [3] Strategic Partnerships - Proya's investment is seen as mutually beneficial, enhancing HuazhiXiao's competitive edge in the cosmetics sector while allowing Proya to leverage HuazhiXiao's international experience [4] - Proya is also pursuing its own international strategy, planning to issue H-shares for listing in Hong Kong to accelerate overseas business development [4] Market Trends - The domestic beauty market is becoming increasingly competitive, prompting many local brands to seek growth opportunities abroad [4] - The current investment climate has shifted, with a cooling in financial institution investments in the consumer sector, presenting opportunities for industry-specific investments in brands like HuazhiXiao [4]

Core Insights - The export value of beauty cosmetics and personal care products reached 25.8 billion yuan in the first half of 2025, marking a year-on-year growth of 12% [1] - The Chinese cosmetics industry has become the world's largest consumer market, with a market size exceeding 1 trillion yuan for two consecutive years since 2023 [3] - Domestic brands have gained a market share of over 55%, showcasing significant market vitality and development potential [3] Industry Growth - The market transaction total for cosmetics in 2024 was 1,073.82 billion yuan, reflecting a year-on-year increase of 2.8% [3] - Retail sales of cosmetics above designated size reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9% [3] - The rapid rise of domestic beauty brands is supported by government policies aimed at promoting cultural and tourism consumption [3] International Expansion - Chinese beauty brands are accelerating their international expansion, with companies like Orange Group entering over 30 countries since 2021 [5] - The brand Mao Geping is also seeking to enter overseas markets, planning to establish department store counters and online stores in regions like Europe and Asia-Pacific [5][9] - The overall production, brand operation, and marketing capabilities of Chinese beauty brands have improved, leading to a surge in international presence [6] Company Performance - Up to August 5, 2025, Up Beauty Co. expects revenue between 4.09 billion and 4.11 billion yuan, a year-on-year increase of approximately 16.8% to 17.3% [8] - Mao Geping anticipates revenue of 2.57 billion to 2.60 billion yuan for the first half of 2025, reflecting a year-on-year growth of 30.4% to 31.9% [9] - Proya achieved a revenue of 2.36 billion yuan in Q1 2025, an increase of 8.13% compared to the previous year [10]

Group 1 - The popularity of Chinese beauty products in overseas markets is increasing, with a 12% year-on-year growth in cosmetic exports, reaching 18.7 billion RMB (approximately 2.6 billion USD) in the first half of this year [1] - Major export destinations for Chinese cosmetics include the United States, the United Kingdom, Indonesia, the Netherlands, and Japan [1] - The overseas sales of Chinese beauty products on AliExpress doubled in the past year, with Europe, Mexico, Brazil, and Japan being the best-performing markets [1] Group 2 - A McKinsey survey revealed that 63% of consumers do not believe high-end brands are superior to mass-market brands, contributing to a 5% and 4% increase in global market share for mass skincare and makeup products, respectively, over the past five years [1] - Since June of last year, 24% of consumers have shifted towards cheaper beauty products, particularly notable in Southeast Asia [1] - The compound annual growth rates for Chinese mass makeup, skincare, and facial care brands in Southeast Asia from 2019 to 2024 are projected to be 70%, 115%, and 111%, respectively [2] Group 3 - Chinese brands are leveraging their cost-performance advantage and extensive digital marketing to penetrate international markets, with over 50 domestic beauty brands already expanding overseas [2] - Brands like Huaxizi and HuazhiXiao have gained significant recognition in overseas markets, particularly through platforms like TikTok [2] - Despite rapid growth, Chinese brands face challenges in establishing credibility and reputation in new markets, requiring strong supply chains, marketing, and mature sales channels for success [2]

Core Insights - Ju Yi Group is accelerating its international expansion, with its brand "Jiao Se" opening its first overseas physical store in Singapore's Wisma Atria shopping center [1][5] - The brand has historically focused on online sales but is now exploring physical retail to enhance brand building and technology output [5][10] - Since starting its overseas expansion in 2021, Ju Yi Group has entered over 30 countries and established local teams in markets like Singapore, Indonesia, and Vietnam [7][10] Company Strategy - Ju Yi Group's revenue reached 3.5 billion in 2023, marking a 36% year-on-year growth, indicating a strong performance despite a challenging market environment [8] - The company plans to continue expanding its brand matrix through new brand incubation and acquisitions, including the recent acquisition of a domestic skincare brand [8][10] - The opening of physical stores is seen as a crucial step for Ju Yi Group to enhance its sub-brands and adapt to the preferences of Southeast Asian consumers [10][11] Market Dynamics - Southeast Asia is a preferred market for Chinese beauty brands due to the limited growth potential in the domestic market [8][10] - Local market research and tailored product offerings are essential for success, as consumer preferences and cultural differences vary significantly [10][11] - Many Chinese beauty brands face challenges in differentiating themselves in overseas markets, where competition is fierce and price sensitivity is high [10][11]

Core Insights - The beauty industry is a rapidly growing segment in cross-border e-commerce, with significant opportunities for Chinese beauty brands to expand globally [1] Group 1: Market Trends - The global beauty and personal care market is projected to reach $677.19 billion by 2025 and exceed $799.07 billion by 2030, with oral care, beauty devices, and bathing products being the top three segments [1] - The demand for home beauty devices is expected to grow explosively after 2023, indicating a "blue ocean" market for brands focusing on technology and performance [2] Group 2: Brand Strategies - JOVS, a personal care brand, has successfully entered 35 countries since its launch in 2018, emphasizing the importance of a strong supply chain and high-performance products [2] - Yangbo Trading Co., a leader in the nail care industry, maintains over 20% annual revenue growth by understanding customer needs and leveraging social media for marketing [3] Group 3: Localization Efforts - Companies are increasingly focusing on localization to meet the specific demands of different markets, including product preferences and language requirements [4] - Effective localization strategies involve understanding local customer preferences and deploying localized marketing teams to enhance brand presence [4] Group 4: Market Opportunities - The U.S. beauty and personal care market is expected to reach $85.44 billion by 2029, with significant growth also anticipated in the UK, Germany, and Japan [5] - High-growth beauty categories on Amazon include anti-aging devices and multifunctional styling tools in North America, and eco-friendly bathing tools in Europe [5]