Core Insights - The core viewpoint of the articles highlights the rapid growth of the Chinese dermatological skincare market, with Winona emerging as a leading brand due to its focus on efficacy and safety in sensitive skin care products [1][3][12]. Market Overview - In 2024, the Chinese dermatological skincare market is projected to reach 33.96 billion yuan, showcasing significant expansion over the past fifteen years [1]. - Winona has established itself as the market leader in this segment, emphasizing its unique approach to product development and clinical validation [1][3]. Brand Development - Winona entered the market in 2010 with a focus on sensitive skin, leveraging its background in the OTC industry to develop effective skincare products based on pharmaceutical standards [3][4]. - The brand has maintained a strong commitment to research and development, with a reported investment of 337 million yuan in 2024, consistently achieving over 5% annual R&D investment [7]. Product Innovation - Winona's product development is guided by the NUTE principle, which stands for Need, Unique, Technology, and Evidence, ensuring that products address clinical needs and are backed by scientific validation [4][5]. - The brand has successfully launched new products targeting advanced needs such as anti-aging for sensitive skin, expanding its product line beyond basic care [8]. Strategic Positioning - Winona aims to become the world's leading efficacy skincare brand, integrating international research resources and establishing laboratories in France and Japan, with plans for a research center in Israel [8][9]. - The company is focused on transforming Yunnan's unique plant resources into competitive advantages, enhancing its value chain from low-end to high-end [8][9]. Consumer Engagement - Winona has developed a robust membership program with approximately 40 million members, emphasizing value-added services and solutions for sensitive skin issues [11]. - The brand's marketing strategy centers on embedding the message "for sensitive skin, use Winona" into consumer consciousness [11]. Industry Contribution - Winona is committed to promoting high-quality development standards in the skincare industry, addressing challenges such as product homogeneity and safety concerns [12]. - The brand has published significant research contributions, including a comprehensive guide on efficacy skincare, which consolidates expert guidelines and clinical studies [12].

Group 1 - The high-end beauty market is experiencing a stark contrast, with luxury brand La Prairie seeing a significant decline in sales, while affordable brands like Pechoin are thriving [1][2] - La Prairie's sales dropped by 17.5% year-on-year, marking the largest decline in five years, with limited sales on high-priced products [2] - In contrast, Beiersdorf's affordable brand Nivea achieved global sales of €5.6 billion, with popular products in the Chinese market [6] Group 2 - Consumers are increasingly prioritizing ingredient transparency and value over brand prestige, leading to a rise in demand for effective, affordable skincare products [8][11] - Domestic brands like Pechoin and Han Shu are performing exceptionally well, with Pechoin's online GMV expected to exceed 10 billion yuan in 2024 [9] - The shift in consumer behavior is reshaping the beauty industry, as effective products become more important than expensive branding [12]

五一假期前夕，我们在成都看到了一个"不一样"的典萃。 在 成 都 锦 华 万 达 中 庭 ， 上 海 家 化 旗 下 功 效 护 肤 品 牌 典 萃 和 屈 臣 氏 共 同 举 办 的 " 焕 活 秘 境 实 验 室"新品路演，吸引来一大批消费者驻足。 与普通的品牌路演不同，"焕活秘境实验室"中，上海家化美妆事业部总经理陈旻、上海家化研 发中心首席科学家贾海东博士、上海家化销售部总经理金雷、屈臣氏中国皮肤护理采购总监陈 莉女士等高层悉数到场，直接面向消费者透传品牌历史和新品科技升级。 《FBe a u t y未来迹》在活动现场发现，过去作为上海家化旗下佰草集子品牌的典萃，如今正在 以功效护肤品牌定位和全新的科研主张脱胎而出。与此同时，它还凭借多年沉淀下的实体渠道 优势，与全国最大美妆个护连锁屈臣氏携手，共同探索功效护肤时代下的零售新解法。 如果把品牌、产品和消费者的距离分为"远场"、"近场"和"现场"，那么"焕活秘境实验室"，就 是典萃与屈臣氏共同创造出的，将品牌溯源、科研溯源、皮肤科学科普、新品发布、人群互动 等环节有机结合的"现场"，极大程度上消除了品牌与消费者之间的信息差。 这些现场交流，被典萃分成了三 ...

Industry Overview - The cosmetics industry is undergoing a significant transformation due to slowing consumer recovery and intensified competition, leading to a deep adjustment period driven by evolving consumer demands and channel model changes [1] - Domestic brands are reshaping market dynamics, with market share projected to reach 55.2% by 2024, an increase of 23% since 2020 [1] - There is a surge in demand for efficacy-driven products, particularly in skincare, with strong interest in anti-aging and whitening products [1] - Emerging technologies such as plant-based ingredients and scientific anti-aging solutions are becoming core competitive advantages [1] - The integration of domestic and international channels is redefining value pathways in the industry [1] Company Performance - Betaini has demonstrated resilience against industry pressures, achieving a revenue of 5.736 billion yuan in 2024, a year-on-year growth of approximately 3.87%, and a net profit of 503 million yuan [3] - The company has maintained positive operating cash flow for three consecutive years, with a year-on-year increase of 13.83% in 2024, highlighting its financial robustness [3] - Betaini's gross profit margin reached 73.74% in 2024, indicating effective cost management and a focus on high-value products [3] Shareholder Value - Over the past four years, Betaini has distributed 1.098 billion yuan in cash dividends to shareholders, with a dividend payout ratio of 50.25% in 2024, significantly higher than the industry average of 30% [4] - The company has also announced a share buyback plan of 235 million yuan for 2024, reinforcing its commitment to returning value to shareholders [4] Innovation and R&D - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning it as a leader in R&D intensity within the industry [5] - The company has established a plant extraction laboratory in Yunnan, successfully developing 13 unique plant ingredients, enhancing its product competitiveness [8] - Betaini's global R&D collaboration model, linking its Yunnan lab with a Swiss anti-aging research center, strengthens its position in the efficacy skincare market [10] Market Strategy - Betaini has built a multi-brand ecosystem through "internal incubation and external mergers," covering diverse skin needs and fostering collaborative growth [13] - The company has strategically invested in high-end body care brands to enhance its efficacy skincare ecosystem, aiming to establish a first-mover advantage in this segment [16] - Betaini is leveraging OMO (Online-Merge-Offline) retail strategies and expanding into Southeast Asia, enhancing its market presence and growth potential [17][19] Consumer Trends - Recent data indicates that product ingredients and efficacy are the primary concerns for Chinese consumers when purchasing cosmetics, aligning with national policies promoting the development of unique plant-based ingredients [7] - The cosmetics retail market in China has shown signs of recovery, with a total retail sales of 72 billion yuan in January-February 2024, reflecting a 4.4% year-on-year growth [22] Future Outlook - Betaini is positioned to benefit from the dual advantages of the "Healthy China" strategy and consumer upgrades, potentially leading to a reassessment of its technological and ecological value in the capital market [25]

跻身"10亿美元俱乐部"在望。 文 ｜ 贺哲馨 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ The Ordinary官方微博 上世纪90年代，某外资美妆公司在中国推出了它的第一瓶面霜，宣传称这款产品能解决细纹、粗糙、毛孔粗大等等瑕疵。为了推广这款面霜，他们请来了当 时炙手可热的影视明星，"一瓶解决多重肌肤问题""24小时焕发年轻光彩"，诸如此类的广告词在各家电视台的黄金时间轮番播放。 在中国之前，类似的广告风格已经在西方世界流行了近一个世纪。意大利作家毛拉·甘奇塔诺在《服美役》一书中写到："面霜广告似乎总是在给人一种虚无 的承诺。它们（指面霜）充满了各种营养物质，你不能去吃，因为会变胖，但可以用在皮肤上……天知道它们怎么发挥作用的。" 以下文章来源于36氪未来消费 ，作者贺哲馨 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 The Ordinary或许是第一个对这种"幻觉"提出质疑的品牌。 与当时的美妆产品不同，The Ordinary的销售人员会根据你的皮肤状况推荐某一款产品（而不是套装！），或清晰劝告你"需要去看皮肤科医生"。这个品牌 大部分护肤品都被装 ...