2026年1月31日，法国功效护肤品牌菲洛嘉（Filorga）将正式关闭其天猫官方旗舰店。 近日，菲洛嘉在天猫发布公告称，因"公司经营策略调整"，店铺将于上述日期停止营业。结合其微信小程序会员中心已于2025年12月31日停止服务来看， 这并非一次临时决策，而是一轮有计划的渠道调整。 值得注意的是，菲洛嘉并不是"卖不动"才离场。 回归到菲洛嘉来看，其并非中国市场的"失败者"。 公告发布时，其天猫旗舰店粉丝数仍超过300万，在海外功效护肤品牌中依然属于第一梯队。这也让问题变得更具代表性：为什么一个仍具备体量的外资 护肤品牌，选择主动收缩中国线上主阵地？ 01 外资品牌的集体退场？ 事实上，如果把时间轴拉长，菲洛嘉的选择并不孤立。 过去两年，中国美妆市场陆续出现外资品牌关店、缩编、减少投放、调整渠道重心的动作——有的关闭天猫旗舰店，有的撤出抖音直播，有的将中国市场 从"增长引擎"降级为"稳定现金流市场"。 比如24年，LVMH集团旗下高端彩妆品牌贝玲妃在天猫、抖音、京东旗舰店发布闭店公告。而事实上，贝玲妃在中国市场的大撤退在更早的时候就已经开 始了。2021年3月，网络传出贝玲妃线下专柜渠道大撤退的消息，4月，多 ...

Investment Rating - The report indicates a positive outlook for the cosmetics raw materials industry, highlighting the stable growth of the downstream cosmetics sector and the leading positions of companies like Weiqi Technology and Jiakai Biological [1]. Core Insights - The cosmetics raw materials industry in China is projected to grow from CNY 1,147.80 billion in 2019 to CNY 1,603.90 billion by 2024, with a compound annual growth rate (CAGR) of 6.9% [2][12]. - The peptide active ingredients market is expected to grow from CNY 11.2 billion in 2019 to CNY 21.7 billion by 2024, achieving a CAGR of 14.1% [2][16]. - The plant extract raw materials market is anticipated to increase from CNY 204.5 billion in 2019 to CNY 270.2 billion by 2024, with a CAGR of 6.5% [2][20]. - Weiqi Technology holds a 6.6% market share in the peptide raw materials sector, ranking first in China [2][25]. - Jiakai Biological has established a leading position in the plant extract efficacy raw materials field, with significant revenue growth [2][33]. Summary by Sections 1. Growth of the Cosmetics Raw Materials Industry - The cosmetics raw materials market in China is expected to reach CNY 1,604 billion by 2024, driven by the stable growth of the cosmetics industry [2][5]. - The global cosmetics market is projected to reach USD 550.3 billion in 2024, with China being the largest market [5][8]. 2. Performance of Weiqi Technology and Jiakai Biological - Weiqi Technology's revenue for the first half of 2025 is CNY 132 million, a year-on-year increase of 34.6%, with a net profit of CNY 40.2 million, up 68.76% [2][30]. - Jiakai Biological's revenue for the first three quarters of 2025 is CNY 195 million, reflecting a year-on-year growth of 7.91%, with a net profit of CNY 47.3 million, up 16.91% [2][37]. 3. Market Trends and Valuation - The median price-to-earnings (P/E) ratio for the North Exchange consumer service sector increased to 50.1X, indicating a slight upward trend [2][50]. - The total market capitalization of consumer service companies on the North Exchange rose from CNY 1,096.29 billion to CNY 1,152.85 billion [2][43]. 4. Competitive Landscape - The cosmetics raw materials industry is characterized by a low concentration, with many small-scale companies primarily serving domestic mid-to-low-end markets [2][12]. - The demand for active ingredients, particularly peptides, is growing rapidly, driven by consumer preferences for effective skincare products [2][15].

11月27日下午，SIA2025科学护肤创新联盟年度大会在上海盛大举行。本场大会由上海科学技术交流中 心指导，上海科盟皮肤健康服务科技创新促进中心（SIA科盟）主办，优麦科技、弘盛资本承办，美创 静界等单位协办。大会开幕式吸引了来自全国的皮肤健康产业从业者逾千人参与，包括行业领导、SIA 科盟主席团与年会学术主席，以及产、学、研、医等多维度的行业人士。 在同期举办的"SIA100科创护肤影响力盛典"上，备受关注的"SIA100科学产品及技术成果征集"结果正式 揭晓。该征集活动基于SIA科盟旗下【SIA百人智库】中的专家，核心构建的"SIA100科学护肤评价体 系"，秉持科学循证原则，致力于遴选出本年度具有突出科创属性的SIA科盟联盟企业旗下产品与技 术。 值得一提的是，相较于2024年度征集活动，入围产品和技术在规模及 均有了大幅提升。其中，国内主 打成分的功效护肤品牌hfp（全称为HomeFacialPro）旗下果酸毛孔净透精华水及双管润泽精华油霜 凭借 卓越的产品力和持续的科研创新实力，双双斩获"SIA1002025年度科学产品"殊荣，体现行业及专家对品 牌在功效护肤领域的实力认可。 不仅如此，hfp果酸 ...

近日，有证券业内人士传出消息，称头部国货新锐美妆品牌HBN母公司深圳护家科技（集团）股份有限公司（以下简称"护家科技"）开始筹备上市工作，此 次上市计划的辅导机构大概率为中金证券，双方目前正就相关事宜进行洽谈。 这一传闻一经传出，迅速引发投资界和化妆品行业的关注，作为近年来崛起的国货代表，HBN若正式启动上市计划，将再度佐证国产美妆品牌在资本市场 升温的行业风向。 | 变更前许可信息 | 化妆品生产许可证(),化妆品生产许可证() | | --- | --- | | 变更后许可信息 | | | 变更前许可经营 | 化妆品生产(限分支机构经营)。化妆品生产。(依法须经批准的项目,经相关 | | 变更后许可经营 | 化妆品生产(限分支机构经营)。化妆品生产。(依法须经批准的项目,经相关 | 然而，有媒体消息，另一知情人士指出，HBN开始上市前早期准备应属属实，只是因处于初步阶段，加上信息保密和变数考量，企业通常不会过早公开。 从近年国货美妆的发展趋向来看，HBN未来走向IPO征途，进一步拥抱资本市场，几乎是必然的趋势。 01. 基于A醇奠定科学品牌胜势 延伸品类巩固品牌地位 资料显示，HBN创始人为姚哲男，现任品 ...

Core Insights - The Chinese baby and child care market is undergoing a structural upgrade driven by the Z generation parents, the deepening of scientific parenting concepts, and the improvement of cross-border e-commerce infrastructure [1] - Tmall International is leading the cross-border consumption trend and has collaborated with iResearch to release the "2025 China Baby and Child Care Trends White Paper," marking a shift from "single product-driven" to "systematic insight + ecological co-construction" [1][3] Trend Analysis - **Trend 1: Personalized Age-Specific Care** The market is shifting towards age-specific products due to significant differences in skin structure and care needs among infants, children, and teenagers. Products for infants focus on basic cleaning and barrier protection, while those for older children and teenagers require more complex solutions [4] - **Trend 2: Rise of Efficacy Skincare** As Z generation parents become more knowledgeable, basic cleaning products are losing competitiveness. Brands are focusing on efficacy attributes, with international brands developing targeted solutions for specific skin issues and utilizing active ingredients to enhance consumer trust [5] - **Trend 3: Localization of International Brands** International baby care brands are increasingly localizing their operations in China, utilizing local influencers and content platforms to connect with consumers. This includes collaborations with local research institutions to adapt products to meet local needs [6] Market Dynamics - The domestic baby and child care market is still in its growth phase, presenting vast exploration opportunities. International brands are confident in the market's potential and are developing differentiated strategies [7] Brand Case Studies - **Masata** This Singaporean brand focuses on age-specific and simplified skincare solutions, addressing the unique needs of Asian families. Their product line covers all growth stages from infancy to adolescence, filling a gap in the market [8][12] - **Bebelin** As a pioneer in the B5 panthenol skincare segment, Bebelin emphasizes scientific validation and has a long history of research in skin health, catering to the new generation of informed parents [13] - **Bübchen** This German brand combines local insights with German research to create products tailored to Chinese babies' scalp characteristics, reflecting a dual approach to market entry [14]

前三季度净利润翻番之后，上海家化把下一步棋落在了CS渠道。这个在中国美妆行业中曾创 造无数国货奇迹的线下场景，经历数年深度震荡后再度站到风口中央。 在行业重新洗牌的关键时刻，上海家化交出了一套"产品力×渠道力"双线并进的答案：以典萃 为抓手，在CS渠道推行新机制、新技术、新产品，重塑从品牌到消费者的整条价值链。 " CS渠道非常有生命力，非常顽强。还有那么多消费者愿意来到店铺里和店员做朋友，买东 西，这是渠道非常重要的群众基础和未来发展空间。 " 上海家化美妆事业部总经理陈旻 指 出 对线下市场的两个洞察：" 另外一个就是功效护肤，真正的科学护肤和功效护肤，在线下市场 还有很多空间。这是两个巨大的机会，也是为什么典萃今天站在这里。 " 上海家化美妆事业部总经理陈旻 面对一个回暖却更复杂的线下战场，上海家化的动作像是一记提前落子的信号——CS渠道， 还有得做，而且会越做越重要。 过去5年，中国CS渠道经历了它历史上最艰难的一段周期：线上平台挤压线下生意，客流锐减 导致门店经营承压，消费者的选品逻辑与决策方式被彻底重塑。曾经哺育无数国货品牌的"毛 细血管"，一度走向边缘化。 然而最新数据却释放出一个清晰而强烈的信 ...

Core Insights - HBN, a domestic skincare brand, emphasizes efficacy in its products and has made significant advancements in research and development, showcasing the potential of Chinese brands in scientific innovation [1][3][9] Group 1: Company Overview - HBN was established in 2019 in Shenzhen, focusing on "efficacy skincare" and is the first domestic brand to advocate for true efficacy in skincare products [3] - The brand's R&D center spans over 5,000 square meters and integrates research and production, facilitating rapid validation and application of innovative ideas [3][5] Group 2: Research and Development - HBN has a multidisciplinary R&D team of over 100 members, with 85% holding master's or doctoral degrees, covering fields such as pharmacy, medicine, and computational biology [5] - The company collaborates with over 40 top domestic and international institutions to enhance its technological innovation capabilities [5] Group 3: Achievements in Research - HBN has published 46 international SCI papers as the first author or completing unit, focusing on cutting-edge topics like skin aging mechanisms and whitening activities [7] - The company has successfully registered four self-developed new raw materials, creating a diverse matrix of plant extracts, peptide synthesis, and global innovative ingredients [9] Group 4: Strategic Vision - HBN's CEO emphasizes the importance of foundational research and application transformation in the skincare industry, believing that sustained investment in research will uncover significant user value [9] - The company aims to establish a "research-driven" development path, asserting that Chinese brands can compete with international brands in the high-value efficacy skincare sector [9]

Core Viewpoint - The article discusses the establishment of a scientific "evidence weight" assessment system for cosmetic efficacy claims, led by the domestic skincare brand HBN in collaboration with the China Quality Inspection Institute's Cosmetics Technology Center. This initiative aims to address consumer confusion regarding the reliability of efficacy claims in the skincare industry and to create a credible standard for evaluating such claims [5][10][12]. Group 1: Industry Challenges and Developments - The skincare industry is transitioning from an "era of claims" to an "era of verification," with the National Medical Products Administration of China having issued guidelines for evaluating efficacy claims in 2021 [8]. - Despite the influx of efficacy data, the industry faces challenges such as insufficient scientific rigor, fragmented evidence chains, and unclear supporting logic, leading to a situation where the quantity of evidence does not equate to quality [8][10]. - A survey indicated that 68.09% of consumers believe that "laboratory data does not equal real effects," highlighting skepticism towards efficacy claims and concerns over misleading marketing practices [10][11]. Group 2: HBN's Role and Innovations - HBN has taken the initiative to establish a scientific assessment standard for cosmetic efficacy, addressing industry issues and consumer expectations by creating a credible evaluation system for efficacy evidence [12][13]. - The brand has developed a rigorous "full-link multi-dimensional verification system" that includes AI molecular prediction, laboratory research, and real-world testing, ensuring that product efficacy is scientifically validated [17][22]. - HBN's commitment to scientific rigor and long-term research investment has positioned it as a leader in the industry, with over 40 published international SCI papers and more than 5,000 third-party efficacy tests conducted [25][27]. Group 3: Future Implications and Industry Impact - The establishment of the efficacy assessment standard is expected to enhance the overall quality and transparency of the skincare industry, fostering consumer trust and encouraging brands to adopt more rigorous scientific methods [13][22]. - HBN's approach represents a shift towards a more responsible and scientifically grounded skincare market, aiming to bridge the gap between laboratory results and consumer experiences [12][28]. - The brand's focus on foundational research and open innovation is seen as a sustainable path for growth, distinguishing it from competitors that rely on rapid trends and financing [27][28].

Core Viewpoint - The skincare industry is shifting from a focus on "ingredients" to a deeper understanding of "full-chain value," exemplified by Clinique's UP302 approval for new whitening efficacy, marking a significant milestone in the efficacy skincare market [2][3][9]. Industry Trends - The efficacy skincare market in China is at a critical turning point in 2025, moving away from ingredient-driven marketing to a trust-based model where scientific validation is paramount [6][7]. - The implementation of the 2021 Cosmetics Supervision and Administration Regulation has ushered in a new era of scientific regulation, requiring efficacy claims to be backed by clinical or experimental data [7][9]. Clinique's Innovation - Clinique's UP302 (Dimethoxyphenyl Propyl Hydroxyphenol) is the first ingredient to receive regulatory approval for expanded whitening efficacy since the new regulations took effect, showcasing the brand's commitment to scientific innovation and regulatory compliance [3][9]. - The development of UP302 involved over 2,200 plant screenings, leading to a stable and effective formulation that enhances skin penetration and maintains high activity at low concentrations [15][17]. Mechanisms of Action - UP302 operates through a "three-dimensional regulatory system," targeting: 1. Source suppression of melanin through selective inhibition of tyrosinase activity [20]. 2. Glycation intervention to reverse "glycation-induced darkening" [20]. 3. Inflammation regulation to prevent post-inflammatory hyperpigmentation (PIH) [21]. Clinical Integration - Clinique's "makeup-device combination" strategy integrates daily skincare with medical-grade products, providing a comprehensive management approach for patients undergoing aesthetic procedures [22][24]. - The brand has published the "2025 Aesthetic White Paper," which outlines a systematic care path centered around UP302, offering a replicable solution for medical institutions [28][30]. Future Outlook - The approval of UP302 and the establishment of a credible efficacy verification system signify a shift in the skincare market towards evidence-based competition, where scientific credibility will be the key differentiator [32][33]. - Clinique's approach emphasizes the importance of building a trust-based relationship with consumers through transparent scientific communication and evidence [32][33].

Investment Rating - The report upgrades the investment rating of the company to "Recommended" with a target price of 48.92 CNY [2][8]. Core Insights - The company has turned profitable, showing signs of operational improvement with a focus on cash flow enhancement. For the first three quarters of 2025, total revenue was 3.464 billion CNY, down 14% year-on-year, while net profit attributable to shareholders was 272 million CNY, a decrease of 34% year-on-year. The gross margin improved to 74.3% [2][8]. - The company is actively adjusting its product and channel strategies to enhance profitability, focusing on core products and optimizing channel operations [2][8]. - The sub-brand Aikeman is expanding through multiple channels, targeting high-end consumers and leveraging the company's R&D capabilities to strengthen its market position [2][8]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 5.406 billion CNY, a decrease of 5.8% year-on-year, with a net profit of 412 million CNY, down 18% year-on-year. The earnings per share (EPS) is expected to be 0.97 CNY [4][5]. - The company’s gross margin is expected to improve slightly to 74.9% in 2025, with a net margin of 7.6% [4][5]. - The company’s cash flow from operating activities is projected to be 416 million CNY in 2025, indicating a significant improvement in cash flow management [9].