21世纪经济报道记者 高江虹 实习生 张贺芸 过去一周行业上演冰火两重天。过去一年奢侈品工业全球遇冷，但一些品牌仍交出亮眼答卷，意大利奢 牌Brunello Cucinelli发布2025年初步业绩，销售额刷新历史纪录；以卡地亚珠宝为增长引擎的历峰集团 延续双位数增长。而户外运动市场却在快速增长，多个国际户外品牌正在加速布局中国市场，中国巨头 也希望通过收购全球知名品牌切入高端赛道。平价品牌Aritzia单季收入首破10亿美元，瑞士户外老牌猛 犸象 Mammut以5亿欧元高价待售。 同时，优胜略汰的残酷市场也目睹一些黯然撤场。华伦天奴美妆宣布退出韩国市场，Hoka 母公司再缩 品牌矩阵，目的都是为了聚焦增长核心。美国奢侈品百货集团 Saks Global 申请破产保护，未来悬而未 决。中国品牌出海带来市场全球美妆市场新一轮重构期，2025中国美妆市场呈现鲜明的 "进口冷、出口 热" 格局。 1. 时尚男刊《GQ》中文版重启 停刊近十八个月后，康泰纳仕集团旗下时尚男刊《GQ》中文版于 1 月 16 日正式重启中国业务，当天宣 布与南方报业达成品牌合作，以新刊号《精英GQ》复刊并官宣王嘉尔为首期封面人物，标志着这 ...

Core Insights - The surge of Chinese beauty brands aiming for IPOs on the Hong Kong Stock Exchange reflects a strong desire for growth and market expansion within the industry [1][7] - The listing of Lin Qingxuan marks a significant milestone as it aims to enhance its multi-brand and global strategy [1][7] - The performance of beauty stocks varies significantly, with some brands experiencing substantial declines post-IPO [2][8] Industry Trends - Over 41 beauty-related companies have pursued IPOs since 2025, covering various segments of the supply chain [1][7] - Lin Qingxuan's IPO on December 30, 2025, was well-received, with its stock price rising 9.3% on the first day, achieving a market capitalization of over 11.8 billion HKD [2][8] - Conversely, brands like Pechoin have faced stock price declines, with a notable drop in revenue growth, indicating market concerns about sustainability [2][8] Market Challenges - Several previously popular brands, such as Betaini and Huaxi Biological, have seen stock price declines, suggesting a reevaluation of their growth models and valuations [3][8] - The internationalization strategies of these brands are still in early stages, with limited overseas sales contributing to overall revenue [4][11] - Brands face challenges in establishing a strong presence in international markets, often relying heavily on domestic success factors like online marketing and social media [11][12] Strategic Moves - Companies are increasingly focusing on international expansion, with many viewing the Hong Kong listing as a critical step towards building global brand recognition [4][10] - Pechoin has made strategic investments to enhance its capabilities, including acquiring stakes in medical companies to bolster its credibility [12] - Lin Qingxuan and other brands are exploring overseas markets, but their current international sales remain minimal, highlighting the need for stronger brand positioning abroad [11][12]

这场集体奔赴，映射了中国美妆行业寻求破局与跃升的渴望。但正如林清轩创始人孙来春所说，"在港交所上市，是林清轩正式开启多品牌化、全球化布 局，踏上做强做大的全新里程（002219）。" 上市仅是登陆资本市场的新起点，在上市之后，以及上市之外，仍有资本暗涌。如"国货彩妆第一股"毛戈平的股价，从2025年6月4日高点130.6港元/股一路 下跌至2026年1月16日86.6港元/股，跌幅超过30%。 冷暖分化 抢在2026年到来之前，12月30日，上海林清轩化妆品集团股份有限公司正式在香港交易所主板挂牌上市，拿下"国货高端护肤第一股"的光环，收获资本热 捧。上市首日，其发售价定为77.77港元/股，开盘即报85港元，较发行价上涨9.3%，市值一举突破118亿港元。 然而，并非所有上市企业都享受着同样的温暖。作为A股昔日的"20倍大白马"，珀莱雅在宣布拟发行H股赴港上市的同时，其A股股价正经历深度回调。 自2023年高点以来，珀莱雅股价波动明显，市场担忧的核心在于增长"失速"。2025年上半年，珀莱雅营收同比增速放缓至7.21%，创下自2017年A股上市以 来的新低，其中贡献近八成营收的主品牌甚至出现了近五年来的首次 ...

Core Insights - The overall trend of China's import and export market is positive, but the beauty and cosmetics sector shows a contrasting pattern with "cold imports and hot exports" [1][3] - In 2025, the export value of cosmetics increased by 10.4% year-on-year, while the import value slightly decreased by 0.3% [1][2] Import and Export Data - In 2025, the total import quantity of cosmetics reached 348,095.4 tons, a year-on-year increase of 7.2%, while the import value was 115.71 billion yuan, a slight decrease of 0.3% [2][4] - The import quantity of cosmetics has been on a downward trend since 2021, with 2025's figure of 34.8 tons being only slightly higher than 2024's [4][6] - The import value of cosmetics in 2025 was the lowest in nearly six years, indicating a significant decline in international beauty brands' market share in China [8][12] Market Dynamics - The decline in import value contrasts with the continuous growth of domestic cosmetics exports, which have seen a consistent increase for four years [15][31] - The top five countries for China's cosmetics exports in the first half of 2025 were the United States, the United Kingdom, Indonesia, the Netherlands, and Japan, with exports to Indonesia growing by 94.34% [21][24] Competitive Landscape - International beauty brands are facing challenges in the Chinese market, with many brands from Japan and South Korea experiencing significant sales declines [13][14] - Domestic brands are increasingly capturing market share, with some successfully expanding overseas through e-commerce and brand acquisitions [29][30] - The shift in consumer preferences and the competitive pressure from local brands are reshaping the market dynamics, indicating a need for international brands to adapt [12][31] Future Outlook - The ongoing adjustments in the global beauty market suggest that Chinese beauty brands are moving from domestic market competition to international expansion [31][32] - The ability to build global brand influence while leveraging supply chain advantages will be crucial for the future success of the Chinese beauty industry [32][33]

Macro Economic Group - In December, China's CPI increased by 0.8% year-on-year, matching expectations, and up from 0.7% in November. Core CPI also remained stable at 1.2% year-on-year [5] - December's PPI decreased by 1.9% year-on-year, slightly better than the expected decline of 2% [6] - The U.S. non-farm payrolls increased by 50,000 in December, below the expected 60,000, while the unemployment rate fell to 4.4% [7][8] Industry Comprehensive Group - TSMC reported a revenue of NT$335 billion in December 2025, a 2.5% decrease from November but a 20.4% increase year-on-year. The fourth quarter revenue reached NT$1.05 trillion, approximately US$33.1 billion, exceeding market expectations [10] - The competition for satellite orbital resources between China and the U.S. has officially begun, with significant implications for satellite manufacturing and commercial rocket industries [11] Advanced Manufacturing Group - Starting April 1, 2026, China will cancel the VAT export rebate for photovoltaic products and reduce the rebate for battery products from 9% to 6%. This is expected to stabilize export prices and enhance product structure upgrades in the battery industry [13] - In December, the retail sales of new energy passenger vehicles reached 1.337 million units, a year-on-year increase of 2.6%, with a penetration rate of 59.1% in the domestic market [14] Consumer Group - Mao Geping has launched new products and formed a strategic partnership with LVMH's investment firm, aiming to enhance its global presence in the beauty market. This collaboration focuses on expanding high-end retail channels and establishing a beauty investment fund [16] - The CES 2026 highlighted the importance of LiDAR technology, which is expected to drive the growth of smart lawn mowers and other intelligent devices, with the global market projected to reach US$4 billion by 2028 [17]

Core Insights - The current period is identified as the "best window" for Chinese beauty brands to expand overseas, supported by a growing global beauty market projected to reach $446.43 billion by 2025 and $1.2 trillion by 2030 [1][23] - Southeast Asia, particularly Vietnam, is highlighted as a key growth market for Chinese beauty brands due to its large population and high acceptance of Chinese products [1][2] Market Dynamics - Southeast Asia has a population of 670 million, with 65% aged between 18-35, and 78% acceptance of high-quality domestic products [1] - Brands like Colorkey, Han Shu, and Judy Doll have successfully penetrated the Vietnamese market, achieving significant sales milestones on platforms like TikTok [1][2][3] Competitive Landscape - The initial market entry strategy for many Chinese beauty brands relied on single product "hit" strategies, but the focus is shifting towards brand building and comprehensive market strategies [4][9] - There is a notable challenge in brand recognition, with Chinese brands still categorized as "others" in consumer perception compared to established Western and Korean brands [4][5] Brand Strategy - Successful brands are now prioritizing product quality and brand identity over low-cost strategies, with a focus on R&D and efficient operations [5][10] - Localized teams and tailored marketing strategies are essential for effective brand positioning in overseas markets [10][12] Content and E-commerce Integration - The rise of content-driven e-commerce platforms like TikTok is reshaping how beauty brands engage with consumers, allowing for lower-cost market entry and effective brand building [17][19] - Brands are leveraging TikTok for both product promotion and brand identity establishment, utilizing influencer marketing and user-generated content [11][21] Future Outlook - As competition intensifies in high-end markets like Japan and the U.S., collaboration among Chinese beauty brands is encouraged to enhance market presence and consumer trust [22][23] - The current global landscape presents a unique opportunity for Chinese beauty brands to capitalize on their supply chain strengths and adapt content for global markets [23]

Core Insights - MAOGEPING, a high-end Chinese beauty brand, has officially launched its first store in Hong Kong's Harbour City, marking a significant step in the brand's international expansion [2] - The brand's entry into Hong Kong is part of a broader trend of Chinese beauty brands seeking to expand globally, moving away from intense domestic competition [2][4] Industry Trends - The current wave of Chinese beauty brands going overseas is characterized by a focus on "branding" and "premiumization," contrasting with previous reliance on cross-border e-commerce platforms [4] - In 2024, Chinese cosmetic brands are projected to account for 55.2% of the market share, surpassing international brands for the first time, indicating a shift in market dynamics [4] - The number of brands achieving over 100 million in annual sales has reached a historical high, reflecting the maturation of the Chinese beauty market [4] Market Opportunities - The export value of Chinese mass-market beauty products is expected to grow by 12% year-on-year in the first half of 2025, significantly outpacing domestic market growth [5] - The total number of registered cosmetic products in 2024 is projected to reach 2.012 million, the highest in five years, providing a strong foundation for companies looking to expand internationally [5] Strategic Approaches - MAOGEPING's strategy includes a dual-channel approach with department stores and online platforms, emphasizing the establishment of local teams for product development and marketing in overseas markets [8] - Other brands like Huazhihao and Juzhu are opting for cross-border e-commerce and social media marketing to test market responses, focusing on understanding the aesthetic preferences of overseas young consumers [8] - The challenge of localization is recognized as a critical factor for success, with brands needing to adapt to different regulations, skin types, and makeup preferences in various markets [6][8] Challenges Ahead - While opportunities for overseas expansion are growing, brands face challenges in establishing a lasting presence in mainstream markets like Europe and the U.S., including cultural differences and supply chain management [8]

Core Viewpoint - The entry of MAOGEPING into the Hong Kong market represents a broader trend of Chinese beauty brands expanding globally, moving from domestic competition to international opportunities [1][3]. Group 1: Brand Strategy - MAOGEPING's strategy focuses on "branding" and "premiumization," differentiating itself with "light and shadow aesthetics" rooted in Eastern beauty [3]. - The brand aims to build consumer trust and recognition in Hong Kong by understanding local consumer habits, similar to its approach in the past 25 years [3]. Group 2: Market Dynamics - In 2024, Chinese cosmetic brands are projected to account for 55.2% of the market share, surpassing international brands for the first time, indicating a significant shift in market dynamics [3]. - The number of brands achieving over 100 million in sales has reached a historical high, reflecting the maturity of the domestic market [3]. Group 3: Export Growth - Data shows that in the first half of 2025, the export value of Chinese mass-market beauty products increased by 12% year-on-year, outpacing domestic market growth [4]. - The total number of cosmetic products registered in 2024 is expected to reach 2.012 million, the highest in five years, supporting the industry's expansion [4]. Group 4: Localization and Challenges - Different brands are adopting varied strategies for international expansion, with MAOGEPING emphasizing dual-channel distribution and local team establishment for product development and marketing [5]. - Successful localization is identified as a critical challenge, requiring brands to adapt to different regulations, skin types, and beauty preferences in various markets [5]. - The industry is transitioning from a trial phase to an accelerated phase of international expansion, with opportunities and challenges coexisting [5].

Core Insights - The beauty market in China is experiencing a competitive landscape with a notable shift towards domestic brands, as evidenced by the growth in sales during the "Double Eleven" shopping festival, particularly in live-streaming sales [1][3][5] - Domestic brands are increasingly gaining market share, with many top domestic beauty companies reporting revenue and profit growth, indicating a robust performance against a backdrop of overall market stagnation [5][6][7] Market Trends - The retail sales growth of cosmetics in China is slowing, with a reported year-on-year increase of only 2.9% in the first half of 2025, which is below the overall retail sales growth of 5.0% [3] - The domestic beauty market is seeing a shift from a focus on marketing to an emphasis on product quality and service, as brands like 毛戈平 (Mao Geping) and 薇诺娜 (Winona) adapt their strategies to enhance consumer engagement [5][6][7] Brand Performance - During the "Double Eleven" pre-sale, domestic brand 珀莱雅 (Proya) topped the beauty sales chart, marking its second consecutive year in this position, with an increasing number of domestic brands appearing in the rankings [5][6] - Among the top ten domestic beauty companies, eight reported revenue and profit growth, with notable increases from 上美股份 (Shangmei), 巨子生物 (Juzi), and 毛戈平, which saw revenue growth rates of 17.3%, 22.5%, and 31.3% respectively [5][6] Channel Strategy - The trend of integrating online and offline sales channels is becoming prominent, with brands like 薇诺娜 expanding their offline presence to enhance customer engagement and product visibility [6][7] - 毛戈平 has established a significant offline presence with a large team of professional beauty consultants, which supports its high-end brand positioning and customer service [6][7] International Expansion - The recent cultural export initiative "巴黎合伙人" (Paris Partner) showcased domestic brands in Paris, highlighting the potential for Chinese beauty brands to expand internationally while promoting Chinese aesthetics [8][9] - Despite challenges in penetrating Western markets, there is a growing recognition of the need for Chinese brands to adapt their products and marketing strategies to meet local consumer preferences [10][12][15] Future Outlook - The success of domestic brands in international markets will depend on their ability to leverage local insights and adapt their offerings, as demonstrated by the positive reception of products backed by scientific research [14][15] - The collaboration between Chinese brands and international platforms like TikTok may pave the way for replicating the success of live-streaming e-commerce in overseas markets [16]

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]