Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

最为亮眼的是，今年黑五的"Super Brand Day(超级品牌日)"携手25个全球顶级品牌，推出68款超级新 品，Fanttik、POP MART、TYMO BEAUTY、EUHOMY、EcoFlow、Wavytalk等多个品牌参与，线上线 下品牌玩法多样：线下品牌联袂明星与顶流达人助阵、策划事件造势、打造户外广告氛围，线上则打造 了一系列品牌CEO空降直播间、技术达人专场答疑、圣诞主题直播间等特色直播活动。 其中，TikTok Shop品牌商家Fanttik的黑五品牌突围，颇具标杆意义。为打破海外市场认知壁垒、深化品牌信任，同时 精准触达注重性能、热爱科技的男性核心客群，Fanttik与NBA休斯顿火箭队达成深度合作，展开了一场 极具视觉冲击力和品牌联动效应的跨界营销活动。 据了解，此次合作并非简单联动，而是基于双方精神内核的深度共鸣。火箭队所代表的精准、力量与团 队协作，与Fanttik"专业、可靠、高性能"的品牌形象高度契合，助力品牌快速融入美国体育文化脉络。 通过公开信息了解到，为放大合作效果，Fanttik在TikTok Shop同步上线限时了50% off专属折扣，并配 合了高燃比赛现场电子大 ...

当时代的大潮冲刷向每一片商业的滩涂，美妆的航船也驶入了一片未知水域。 往前三十年，每一轮美妆周期都有属于自己的"造富逻辑"：1990年代靠制造筑基，2000年代以渠道为王，2010年代借流量红利。近五年，行业迈入新的生命 周期，"下滑"成为一种普遍现象，"增长"反而变成了稀缺能力。 拿着旧地图，找不到新大陆，只有理解新周期的运行逻辑，才能在行业跌宕中，找到属于自己的增长路径。 迷雾之中，屹立潮头的美妆企业家、品牌主理人、投资人作为一个更具生长韧性的群体，有着远超常人的洞见。这种洞见，不仅源于躬身入局的实战经验， 更来自于对当下及未来的清醒认知。 11月25日，由品观主办，伟博海泰、杉海创新、立道集团Latop、乐美达生物战略合作的2025（第六届）中国化妆品年会，在广州白云国际会议中心越秀万 豪酒店成功举办。作为化妆品产业年度总结与趋势瞭望的重磅会议，中国化妆品年会已连续举办至第六届，成功邀请300+演讲嘉宾分享最新思考洞察，在 不断变化的时代里见证中国化妆品产业的变革与发展。 在2025（第六届）中国化妆品年会现场，上美股份创始人兼CEO吕义雄，逸仙集团创始人、董事长兼CEO黄锦峰，上海家化美妆事业部总经理 ...

Group 1 - The company plans to list on the Hong Kong stock exchange, which is a key step in its global development strategy, providing funding to support supply chain and brand expansion, as well as facilitating overseas acquisitions and enhancing global brand image and recognition [1] - The company experienced short-term performance pressure in Q3 due to adjustment periods and promotional activities, with Q3 revenue at 1.736 billion, down 11.63%, and net profit at 227 million, down 23.64% [2] - Despite the short-term challenges, the company expects a sequential improvement in Q4, maintaining stable overall operations for the year, with projected net profits of 1.6 billion and 1.79 billion for 2025 and 2026, respectively, corresponding to PE ratios of 18x and 16x [3] Group 2 - In Q3, the company's gross margin was 74.68%, up 4 percentage points, driven by product mix optimization and cost reduction efforts, including lower freight rates and improved procurement negotiation capabilities [2] - The sales expense ratio in Q3 was 49.91%, up 4.5 percentage points, attributed to the early promotional activities for the Double 11 shopping festival and increased brand promotion expenses [2] - The company is currently in a steady adjustment phase, focusing on improving operational performance after the adjustment period [3]

本报讯 （记者梁傲男）今年海外"双11"刚结束，"黑五"大促还在热卖，深圳清洁家电品牌ILIFE已经交出了一份让同行侧 目的成绩单。 海外"双11"期间，ILIFE在阿里旗下跨境电商平台速卖通AliExpress上的销售额同比增长130%，首次超过了其在亚马逊平台 的销售额。过去一年，ILIFE在速卖通的总销售额同比增长近3倍。仅在波兰一个国家，ILIFE年销售额就突破千万美元，一举 成为波兰"国民级"清洁家电品牌。 "每10户波兰家庭就有一台我们的扫地机。"ILIFE总经理缪群毅表示，"我们过去一年的增长基本全来自速卖通，明年速卖 通有可能成为我们'出海'第一阵地。" ILIFE选择加大速卖通投入的一个重要因素是经营成本。"在速卖通上的整体成本约为亚马逊的一半。其中佣金费率在5%— 10%，低于亚马逊约10个百分点；且人力投入不到亚马逊的一半，售后率相对更低。"缪群毅介绍。 速卖通正在攻入亚马逊的欧美核心主场，成为越来越多中国品牌"出海"的第一阵地。 据悉，海外"双11"大促期间，超300个品牌在速卖通实现了对亚马逊销量的双倍反超，达成百万美金销售额的品牌数量同 比激增80%。应用分析平台Sensor To ...

今年4月，深圳市商务局发布2025年深圳稳外贸支持政策要点。其中提出，支持跨境电商企业打造自有 品牌。鼓励有条件的企业自建独立站，开展选品、引流、运营、支付、物流、培训等跨境电商业务， 为"深圳制造""深圳品牌"出海提供一体化服务方案。每家企业最多奖励3个符合条件的独立站，每个独 立站最高予以100万元奖励。 "企业必须从'流量思维'转向'品牌思维'！"分享会上，深圳艾维联合创始人Lisa表示。她认为，中国品牌 出海已进入"经营力竞争"新周期。当前广告成本攀升、转化波动加剧，从业者应将独立站视为长期经营 阵地，而非短期引流渠道。"唯有通过内容驱动、信任构建与用户沉淀，才能实现从'货架电商'到'品牌 专卖店'的认知升级，真正打造出海品牌的护城河。" 星盘跨境独立站运营经理朱伟斌认为，品牌企业在运营时应具备"独立站+平台"1+1>2的破局思路—— 平台作为"前哨站"实现海量获客，独立站作为"根据地"沉淀私域与品牌资产，在流量、用户、品牌、运 营层面形成互补放大效应。 【深圳商报讯】（首席记者 刘琼）深圳品牌出海，独立站如何打通全链条增长逻辑？11月25日，一场 由深圳市商务局主办、聚焦独立站全链路破局的电子商务分 ...

Core Viewpoint - The report from Guosheng Securities suggests a strategic and tactical bullish outlook on A-share assets, driven by the anticipated rise of new economic drivers and forces in China during the "14th Five-Year Plan" period, particularly in advanced manufacturing and technology [2][3] Group 1: Investment Strategy - The report emphasizes the importance of investing in China, highlighting that each era has its core assets that reflect the macroeconomic environment, with the upcoming period expected to attract global resources and create a bull market in equities [2] - The focus is on four main investment themes: "All in AI, new productive forces, self-control, and going global" [1][2] Group 2: Asset Allocation - A-shares are viewed positively, with a focus on a "dumbbell strategy" where investments are concentrated at both ends: technology growth and dividend stocks, while rotating through mid-range assets [3] - The report identifies key sectors for investment, including technology related to self-control and domestic substitution, as well as long-duration low-yield assets like dividend stocks [3] Group 3: Market Conditions - The domestic bond market is expected to experience fluctuations, with the 10-year government bond yield projected to range between 1.5% and 1.9% due to various economic factors [4] - In the U.S. market, the report anticipates volatility in U.S. stocks, with a downward trend in U.S. Treasury yields and a weakening dollar, influenced by AI narratives and fiscal policies [5][6] Group 4: Commodity Outlook - The report notes a broad presence of bullish options in commodities, with precious metals like gold and silver benefiting from trends such as "de-dollarization" and "debt monetization" [6] - Specific commodities such as copper, aluminum, and rare earths are expected to gain from energy transition and technological advancements, as well as geopolitical tensions [6]

Core Viewpoint - The company is accelerating its brand internationalization efforts, focusing on its main brands, Yilian and Aier Doctor, and has already exported to countries such as the United States and Malaysia [1] Group 1 - The company is leveraging global platforms like the China International Import Expo to enhance its overseas market presence [1] - The company aims to connect with international brand export resources to create a model for overseas markets [1] - The goal is to provide global consumers with more high-quality skincare products [1]

Core Viewpoint - The company is accelerating its overseas expansion efforts, focusing on its main brands, Yilian and Aier Doctor, and has already begun exporting to countries such as the United States and Malaysia [1] Group 1: Overseas Expansion Plans - The company has plans to enhance its brand presence internationally, particularly in Southeast Asia and South America [1] - The company is leveraging global platforms like the China International Import Expo to strengthen its overseas market layout [1] Group 2: Product Focus - The company aims to provide high-quality skincare products to global consumers through its key brands [1] - The focus is on exporting hyaluronic acid and collagen products as part of its international strategy [1]

Core Viewpoint - The brand "Fish You Together" has been recognized as a leading Chinese food brand, emphasizing the importance of storytelling in Chinese cuisine and its global outreach [1][2]. Group 1: Brand Recognition and Achievements - "Fish You Together" won the Annual Brand Award at the CCTV 2025 "National Brand" ceremony, highlighting its innovative spirit and social contributions [1]. - The brand has over 2,500 stores globally, covering more than 360 cities, and is recognized as the number one brand in the world for sauerkraut fish by Frost & Sullivan [2]. Group 2: Social Responsibility and Rural Revitalization - The brand's development reflects its commitment to social responsibility, particularly in rural revitalization efforts in Henan Province, where it has transformed traditional farming practices [3]. - Through an "order agriculture" model, the brand has invested 3 million yuan to ensure farmers' financial security, leading to significant income increases for local farmers [3]. Group 3: Global Expansion Strategy - "Fish You Together" has implemented a comprehensive global strategy that includes supply chain, investor, and service exports, aligning with China's 14th Five-Year Plan for cross-border industrial layout [4][5]. - The brand's successful entry into the Malaysian market, with six new store openings in September 2025, exemplifies its effective global expansion [5]. Group 4: Localization and Cultural Integration - The brand has adopted a "standardization + localization" approach, introducing menu items that cater to local tastes, such as Thai-style fish dishes, while incorporating local cultural elements into store designs [6][7]. - This strategy has facilitated the brand's transition from being perceived as a "Chinese brand" to a "local choice" in international markets [6]. Group 5: Industry Integration and Value Creation - "Fish You Together" exemplifies the integration of agriculture, industry, and services, acting as a demand insight and value integrator within the food industry [7]. - The brand's standardization efforts have improved the quality and processing of agricultural products, significantly increasing their market value [7]. Group 6: Future Vision and Brand Philosophy - The brand's core values focus on creating happiness for users, providing entrepreneurial opportunities for partners, and revitalizing rural economies, aligning with the broader goals of high-quality development [8]. - The recognition as a "National Brand" is seen as both an acknowledgment of past achievements and a new starting point for future growth [8].