Group 1 - The core viewpoint is that international raw material giants continue to dominate the high-end cosmetics market in China, while domestic companies are primarily focused on the mid-to-low end [1] - The registration and filing of new cosmetic raw materials in China will accelerate, with a new "immediate reporting and review" policy being implemented by the National Medical Products Administration (NMPA) [2] - As of June 30, 2025, a total of 272 new raw materials are expected to be registered and filed, with 262 of these being added after May 1, 2021, representing a 26-fold increase compared to the previous decade [2] Group 2 - The total transaction value of China's cosmetics market is projected to reach 1,073.822 billion yuan in 2024, reflecting a year-on-year growth of 2.8% [2] - The self-sufficiency rate for ordinary raw materials is approximately 60%, while the dependence on imports for high-end active ingredients, specialty oils, and functional monomers exceeds 70% [2] - The NMPA emphasizes the importance of raw material innovation as a cornerstone for the high-quality development of the cosmetics industry, indicating that domestic companies need to enhance their R&D investment and capabilities [3]

Core Viewpoint - The National Medical Products Administration (NMPA) reports a steady increase in the registration and filing of new cosmetic raw materials in China, with a total of 272 new materials expected by June 2025 [1] Group 1: Regulatory Changes - Since the implementation of the Cosmetic Supervision and Administration Regulations in 2021, significant adjustments have been made to the management of new cosmetic raw materials in China [1] - New raw materials are categorized based on their risk levels, with higher-risk materials requiring registration and others subject to filing management [1] Group 2: Support for Innovation - The NMPA is actively supporting innovation in cosmetic raw materials by optimizing the registration and filing processes [1] - There is an emphasis on enhancing the internal motivation for innovation among companies while ensuring quality and safety standards are maintained [1]