11月17日，美妆巨头欧莱雅集团宣布对中国纯净护肤品牌LAN兰进行少数股权投资，标志着其中国投资公司美次方成立以来首次投资本土护肤品牌。与 此同时，日本乐敦制药旗下品牌肌本科发布天猫旗舰店终止经营公告，预计将于2025年12月11日正式关闭。这一进一退之间，清晰映射出中国美妆市场正 在经历的重大洗牌：具备科技创新能力的本土品牌正赢得国际认可，而部分反应迟缓的国际品牌则面临严峻挑战。 欧莱雅为何选中LAN兰？ 美次方此次投资LAN兰，获得了欧莱雅集团战略创新风险投资基金BOLD的全力支持。虽然具体投资金额未公开，但这次合作被视为欧莱雅深化在中国美 妆科技领域布局的关键一步。欧莱雅北亚总裁兼中国首席执行官博万尚直言，此次投资充分体现了中国市场在集团全球战略中的核心地位，双方在"美与 科学"追求上的高度契合为合作奠定了坚实基础。 从美次方的投资轨迹来看，这一选择绝非偶然。自成立以来，美次方在中国的投资多集中在香氛、原料创新等领域，先后投资了高端香氛品牌"闻献""观 夏"以及生物材料企业"杉海创新""未名拾光"。数字化、研发、美学、原创始终是其投资的关键词，而LAN兰恰好精准匹配了这一标准。 六年成长，年销破10亿的 ...

浴见的故事以一把单价近200元的猪鬃浴刷起步。在早年考察市场时，李励发现日本、德国有体验极佳的千元级浴刷，而国内这个领域尚属空白。 作为贝泰妮（300957）2025年公布的首笔战略投资，浴见不仅仅是一个身体护理品牌，更是贝泰妮在主营业务增速放缓背景下，寻找新增长曲线的重要落 子。 浴见的"情绪溢价"方程式 浴见的品牌哲学根植于"身体即自我，身体即自由"的理念。 这一理念源自2015年创始人李励的"中年觉醒"——时年33岁的她，在每天半小时独处的浴缸时间里，决定换一种活法。正是在国内美妆"黄金十年"落幕、电 商新玩法萌芽的2015年，李励创立了浴见，聚焦东方女性的护理需求。 近日，国内身体护理品牌浴见（Bathfeel）在上海上生新所开出全国首家线下门店"一个人的自由浴室。" 这个看似普通的开业新闻背后，隐藏着一个关于消费升级、品牌情绪价值与上市公司投资逻辑的精彩故事。 凭借押注"小品类"的策略，这把猪鬃刷几年后成功让浴见登顶天猫浴刷类目。截至今年6月，这把刷子已卖出超40万把，其坚固耐用的特性也使其成为许多 女性消费者馈赠好友的佳品。 但浴刷复购率相对较低的问题促使浴见思考转型。 李励观察到，近几年女性对于 ...

一周时尚快报 白金汉宫将举办伊丽莎白二世特展 为了纪念伊丽莎白二世女王对英国时尚业的深远影响，白金汉宫将于明年4月10日至10月18日推出新展"伊丽莎白 二世女王：她的时尚生活"。 这将是有史以来规模最大的伊丽莎白二世时装展，呈现约200件展品，其中约一半为首次展出。从高级定制晚装到 合身的非公务服装，游客们将走近女王的衣柜，一览这位传奇君主的风采。 2026年是伊丽莎白二世的百年诞辰，这场展览也将呈现近一个世纪里女王的时尚生活。三位知名英国设计师 Erdem Moralioglu、Richard Quinn和Christopher Kane受邀参展。他们在职业生涯中各自创作了受女王独特风格影响 的作品，并挑选其中一件代表作，与女王时尚档案中的相关作品一起展出。 展览中，游客们可以看到女王衣柜中罕见且从未展出过的物品，它们是皇家收藏信托基金管理下的皇家收藏的一 部分。还有一些晚年私人衣柜中的常服，比如哈里斯花呢夹克、巴尔莫勒尔格子裙，以及女王在最后几年里常穿 的绿色外套。 历峰集团中国市场止跌 卡地亚母公司的出色表现令投资者松了一口气，奢侈品行业似乎正在缓慢复苏。 根据11月14日公布的最新数据，截至2025 ...

Core Viewpoint - The article highlights the rise of domestic beauty brands in China, particularly focusing on the investment by L'Oréal in the local skincare brand LAN, which reflects the growing importance of the Chinese market in L'Oréal's global strategy [2][5]. Investment and Brand Development - L'Oréal Group has invested in the Chinese clean skincare brand "LAN," marking its first investment in a local skincare brand through its Shanghai Meici Fang Investment Co., supported by the BOLD fund [2][3]. - LAN was founded by a young female entrepreneur, Ding Xiaolan, in Hangzhou around 2018, capitalizing on the clean beauty trend and has gained recognition for its "oil-based skincare" philosophy [2][6]. - The brand has achieved significant sales success, with its products ranking among the top in facial oil sales in China for two consecutive years [2]. L'Oréal's Strategic Focus - L'Oréal has established a strong presence in the Chinese market, launching the BOLD fund in 2018 and setting up Shanghai Meici Fang Investment Co. in 2022, which is its first investment company in China after 25 years [3][5]. - The investment in LAN aligns with L'Oréal's mission to create beauty and reflects its commitment to long-term investment in the Chinese market [5]. Market Trends and Consumer Behavior - The clean beauty trend emphasizes ingredient safety, environmental sustainability, and effective skincare, which LAN has successfully integrated into its product offerings [6][9]. - LAN's core product, the "Time Essence Oil," quickly gained popularity, achieving over 20 million yuan in sales within four months of launch and becoming a top seller on platforms like Tmall [9]. Regional Market Dynamics - The article notes the booming beauty market in the Jiangsu-Zhejiang-Shanghai region, with brands like LAN and others achieving significant sales during events like Double Eleven [10][12]. - The region has become a hub for beauty brands due to favorable geographic and policy conditions, attracting international cosmetic groups and fostering a vibrant local industry [12][13].

| 时间 | 投资项目 | 投资领域 | 投资特点 | | --- | --- | --- | --- | | 2022 年９月 | 闻献 DOCUMENTS | 香水香氛 | 首个投资项目 | | 2023 年 9 月 | 杉海创新 | 美妆科技 | 首个开放式创新投资 | | 2024 年２月 | 观夏 TO SUMMER | 香水香氛 | 第二个香水品牌 | | 2025 年 5 月 | 未名拾光 | 生物技术 | 前沿生物制造 | | 2025 年 11 月 | LAN 兰 | 护肤 | 首个本土护肤品牌 | 美次方投资时间线 经济观察报据公开信息整理 11月17日，欧莱雅中国宣布对中国护肤品牌LAN兰进行少数股权投资，这是欧莱雅中国继投资自然堂后，今年在护肤品领域的第二笔投资。 本次交易的投资方为欧莱雅中国旗下首家投资公司上海美次方投资有限公司（下称"美次方"），这也是美次方首次投资中国本土护肤品牌。目前，欧莱雅中 国方面未披露交易后的持股比例及具体投资金额。 LAN兰2019年成立于杭州，该护肤品牌归属杭州兰匠化妆品有限公司（下称"兰匠"）所有，主打精简护肤与分子油萃理念。天眼查信息显示，2020 ...

11月17日，欧莱雅官宣投资了中国本土护肤品牌"LAN兰"。此次投资由欧莱雅中国旗下上海美次方投资有限公司进行，得到欧莱雅集团战略创新风险投资基 金公司BOLD的支持。这也是美次方首次投资中国护肤品牌。 以2025年中递交招股书的林清轩为例，2024年公司收入12.1亿元、盈利1.87亿元，精华油仍是最核心的收入来源，近三年占比由31.5%升至37%。相比之下， 常被品牌用于提升客单价和形象的面霜、精华液在该公司的结构中占比提升有限：面霜从13.7%增至15.7%，精华液则由14.5%降至10%。 LAN兰的主力价位集中在200至300元区间，相比林清轩的高端定价略低一档。但需要注意的是，林清轩近年来促销力度较大，部分精华油产品在折扣后的 价格已与LAN兰形成一定重叠，使两者在细分客群上的区隔度并非完全明确。 LAN兰2019年创立于杭州，是主打"以油养肤"、"科技植萃成分"的纯净护肤品牌。其宣称其下产品依托"分子油萃"、"植物愈伤"等生物科技，目前上市时光 兰花、凤凰美白等产品系列。 界面时尚就品牌融资后未来发展向LAN兰提问，得到回应称："未来我们将进一步在功能油脂研发与植萃科技上持续投入，完善线下零售体 ...

Core Viewpoint - The event "Perfect Harmony, Great Unity" marks the launch of a cultural dialogue and showcases the integration of traditional herbal wisdom with modern technology by Perfect (China) Co., Ltd. in Datong, Shanxi [1] Group 1: Event Highlights - Perfect Company unveiled its latest technological achievement, the Memory Flower Essence Oil, promoting a new paradigm of skin care through oil [4] - The company announced a collaboration with the Dunhuang Academy to create a series of cultural products that blend traditional aesthetics with modern life [4][10] Group 2: Leadership Insights - Chairman Gu Runjin emphasized the company's growth in China since the reform and opening-up, highlighting the importance of cultural heritage and social responsibility [7] - CEO Peng Zhihong noted the shift in consumer preferences towards a "heart-price" model, indicating a dual upgrade in cultural confidence and health needs [8] Group 3: Product Innovation - The Memory Flower Essence Oil focuses on skin barrier repair and aligns with the concept of "nurturing body and mind" through its innovative formulation [15] - The product features a "4+4 Youth Dual Protection System" that combines high-affinity plant lipids with rare flower extracts, aiming to meet both skin barrier repair and rejuvenation needs [15] Group 4: Market Strategy - Perfect Company is implementing a dual-driven strategy of "Community Growth" and "Perfect Life" to lead healthy lifestyles and create low-threshold entrepreneurial platforms [8] - The company has invested 1.4 billion in research and innovation, establishing a comprehensive product and service system to provide holistic health and beauty solutions [8] Group 5: Cultural Integration - The collaboration with the Dunhuang Academy aims to bring ancient art into daily life through various products, ensuring the continuity of cultural heritage [12] - The event highlighted the importance of integrating traditional aesthetics with modern consumer needs, showcasing the potential of cultural products in the beauty industry [12][18]

Investment Rating - The report maintains a "Positive" investment rating for the cosmetics industry [5]. Core Insights - The cosmetics industry is currently experiencing a stable growth phase, with a shift from double-digit growth in 2020 to single-digit growth, showing a slight year-on-year increase of 3% in the first half of 2025 [13][20]. - The competitive landscape has stabilized, with opportunities arising in niche segments, particularly for brands that can differentiate themselves through specific customer groups, ingredients, or product categories [17][20]. - Lin Qingxuan is highlighted as a typical case of achieving differentiated growth through unique product offerings and a focus on e-commerce [25][29]. Industry Overview - The cosmetics industry has seen a return to stable growth, with retail sales data indicating a shift from double-digit growth to a single-digit growth range, with a 3% year-on-year increase in the first half of 2025 [13]. - The competitive landscape has transitioned from frequent changes to relative stability, although there remains significant movement among mid-tier brands, with some successfully capitalizing on niche customer segments and ingredient trends [17]. - Niche segments are more likely to generate structural opportunities, as brands with differentiated customer targeting or ingredient focus can achieve growth that outpaces the overall market [20]. Company Analysis: Lin Qingxuan - Lin Qingxuan has successfully established itself in the cosmetics industry by focusing on differentiated products, particularly through the use of camellia oil, which has become a core component of its offerings [25][56]. - Since 2022, Lin Qingxuan has entered a growth phase, with projected revenues and net profits reaching 1.21 billion yuan and 190 million yuan respectively in 2024, representing year-on-year growth rates of 50% and 120% [29]. - The company has maintained a stable executive team, with key personnel having long tenures and deep familiarity with the business [35][37]. Product Differentiation - Lin Qingxuan has carved out a niche in the high-end skincare market, particularly in the anti-aging and camellia oil segments, achieving a market share of 12.4% in the facial oil category by 2024 [51]. - The brand's flagship product, the camellia oil, has undergone multiple iterations, with the latest version set to launch in July 2025, reflecting a commitment to innovation and quality [62]. - The company has developed a "1+4" product matrix strategy, expanding its offerings to include creams, serums, masks, and sunscreens, which has helped broaden its customer base [67]. Customer Segmentation - Initially targeting mature consumers through offline channels, Lin Qingxuan has gradually shifted towards younger demographics through online platforms, with online revenue reaching 710 million yuan in 2024, accounting for 59% of total revenue [87]. - The brand has successfully attracted younger consumers, with 31% of its customer base aged 18-30 as of September 2025, indicating a successful transition in its marketing strategy [87].

Core Insights - The beauty industry is experiencing a shift from short-term gains to a focus on "slow value," emphasizing stability, efficiency, supply chain advantages, and shopping experience [5][6][25] - JD Beauty has reported significant growth, achieving double-digit growth in the first half of 2025 and maintaining accelerated growth over four consecutive quarters [4][22] - High-end brands like SK-II have established JD Beauty as a primary online sales channel, contributing approximately 60% of their sales in China [6][9] Market Dynamics - Consumers are becoming more rational and discerning, focusing on ingredients, sourcing, and long-term usage experiences rather than marketing narratives [3][5] - The beauty market is characterized by fluctuating trends, with brands recognizing that certainty, rather than mere traffic, is crucial for success [5][12] - The high return rates in live commerce have led brands to seek more stable sales channels, with JD Beauty offering lower return rates compared to competitors [7][9] Brand Strategies - SK-II's early partnership with JD Beauty has allowed it to dominate the online sales channel in China, with a stable return rate of around 9% [6][7] - JD Beauty's focus on quality customer engagement through its JD PLUS membership has resulted in a loyal customer base that is less likely to return products [9][10] - The platform's commitment to genuine products and customer trust has become a significant factor for brands investing in JD Beauty [23][24] Innovation and Growth - JD Beauty's "Tenfold Growth Plan" has seen over 230 brands participate, with many achieving substantial sales increases, including high-end brands like La Mer and Armani [22][25] - The platform is innovating the shopping experience by integrating instant delivery services, allowing customers to receive products within minutes [24] - Collaborative marketing strategies, such as the "Super Star Fan Day," have created emotional connections between brands and consumers, enhancing customer loyalty [24][25] Consumer Behavior - Recent studies indicate that over 50% of consumers prioritize hydration and anti-aging benefits when purchasing skincare products, reflecting a more informed consumer base [23] - The demand for genuine products has heightened, with consumers increasingly concerned about authenticity, especially for high-priced skincare items [23][24] - Brands are adapting to these changes by focusing on product efficacy and customer experience, moving away from reliance on single explosive products [18][20]

Core Viewpoint - The article emphasizes the importance of managing three key aspects of life in middle age: family, health, and personal image, suggesting that these are more valuable than material possessions [2][4][6]. Group 1: Family Management - The article highlights that the greatest success in life is to manage one's family well, which includes having a supportive partner, grateful children, and healthy parents [2]. Group 2: Health Management - It stresses the need for maintaining physical health, especially after the age of 40, advocating for regular exercise, proper diet, and sufficient sleep to prevent health issues [4]. Group 3: Personal Image Management - The article discusses the significance of maintaining a good personal image, which reflects self-discipline and the pursuit of a fulfilling life, recommending regular exercise and skincare [6]. Group 4: Skincare Product Promotion - The article promotes a skincare event featuring Lin Qingxuan products, highlighting the variety of skincare options available and the benefits of specific products, such as the new "Little Gold Pearl Essence Water" and "Black Gold Cream" [8][9][15][20][30]. - It mentions that Lin Qingxuan is a well-established brand in China, known for its innovative essence oils and extensive retail presence [9][11]. - The article outlines several featured products, including their unique ingredients and benefits, such as the "Camellia Essence Oil" and "Salmon Freeze-Dried Essence," which are designed to combat aging and improve skin texture [30][45].