文｜叁肆 1年，7地，17个化妆品行业地方新政……2025年，美妆市场似乎正迎来新一轮的政策爆发期。 据青眼不完全统计，2025年以来国家及地方层面已累计发布化妆品行业相关"新政"超102条，覆盖原料创新、注册备案、质量监管、个性化服务等全产业 链关键环节。 这一密集政策信号背后，既是对万亿级市场发展需求的精准回应，更是推动行业从"制妆大国"向"制妆强国"跨越的战略布局，意味着中国美妆产业正迎来 合规升级与创新赋能并行的全新发展周期。 那么，面向即将到来的2026年，美妆从业者们究竟能抓住什么"政策红利"？美妆行业新一轮的增长机遇期，要来了？ 根据中国香料香精化妆品工业协会（中国香妆协会）发布的数据，2024年中国化妆品市场交易总额为10738.22亿元，已成为全球第一大消费市场。另外， 据国家药监局数据，截至2025年10月底，全国化妆品注册人备案人企业超2万家，备案普通化妆品达229.1万个。 对地方政府而言，化妆品依旧是一个蓬勃增长的市场。2025年以来，化妆品行业主要产业聚集地的政策"卷"出了新高度。 据青眼不完全统计，广东、上海、海南、浙江等主产区结合自身产业优势与资源禀赋，推出了一系列极具地方特色 ...

Core Viewpoint - The new regulatory reforms introduced by the National Medical Products Administration aim to enhance the quality and competitiveness of the cosmetics industry in China, with a vision for modernization and international alignment by 2035 [2][7]. Group 1: Regulatory Reforms - The "Opinions" document outlines 24 reform proposals and 48 specific measures to improve the cosmetics industry [3]. - Key measures include the establishment of a fast-track approval process for new efficacy cosmetics, allowing international new products to enter the market without prior sales proof, and fostering the silver economy by addressing the needs of the elderly [4][5]. Group 2: Innovation and Market Dynamics - The reforms focus on the front end of the industry value chain, emphasizing innovation, product entry, and market introduction [4]. - The introduction of a dedicated review channel for new efficacy cosmetics is expected to lower R&D costs and provide clear policy guidance for companies [4]. Group 3: Digitalization and Efficiency - New electronic labeling initiatives are set to enhance regulatory digitalization, allowing consumers to access comprehensive product information via QR codes [6]. - Measures to streamline the review process include reducing the review time for high-risk changes from 90 to 60 days and for low-risk changes to 45 days, significantly improving efficiency [6]. Group 4: Quality Management and Market Growth - A three-year action plan will be implemented to enhance the quality management systems of cosmetics companies, particularly benefiting small and medium-sized enterprises [7]. - The Chinese cosmetics market is projected to exceed 1 trillion yuan in transaction value by 2024, with domestic products accounting for over 55.2% of sales [7].

Group 1: Sanofi Pharmaceutical - Sanofi Pharmaceutical announced plans to spin off its subsidiary Mandi Holdings for independent listing on the Hong Kong Stock Exchange [1] - The proposed spin-off will involve a distribution of Mandi shares to existing shareholders based on their holdings in Sanofi [1] - Mandi Holdings is registered in the Cayman Islands and is currently owned by Sanofi and other entities, with Sanofi holding approximately 87.16% [1] Group 2: Yaoshi Bang - Yaoshi Bang reported a 15% year-on-year revenue growth for the third quarter ending September 30, 2025, surpassing the growth rate of the first half of 2025 compared to the same period in 2024 [2] - The company's self-owned brand business saw a transaction volume increase of over 350% year-on-year, contributing significantly to overall growth [2] - The strategic focus on self-owned brand products aims to meet diverse market demands and enhance profitability [2] Group 3: SenseTime Medical - SenseTime Medical completed a new round of strategic financing amounting to several hundred million yuan, with notable investors including Lenovo Ventures and others [3] - This financing reflects strong market recognition of SenseTime Medical's technological capabilities and growth potential [3] - The company is also initiating Series A financing with a post-investment valuation exceeding 3 billion yuan [3] Group 4: National Medical Products Administration - The National Medical Products Administration released a document outlining 24 reform measures to enhance the quality and safety of cosmetics [4] - The reforms aim to encourage innovation, optimize registration management, and strengthen risk prevention across the cosmetics industry [4] - By 2030, the goal is to have a more robust regulatory framework and improved safety standards in the cosmetics sector [4] Group 5: Hanyu Pharmaceutical - Hanyu Pharmaceutical announced the appointment of former senior executive Shen Yaping from Heng Rui Pharmaceutical as the new Executive President [5][6] - Shen Yaping has extensive experience in international business development and regulatory affairs in the pharmaceutical industry [6] - The company aims to adapt to a complex market environment through this strategic leadership change [6] Group 6: Meili Tianyuan Medical Health - Meili Tianyuan Medical Health plans to acquire 100% equity of several companies for a total consideration of 40 million yuan [7] - The acquisition will expand the company's direct-operated stores by 19, including two medical beauty stores and 17 lifestyle beauty stores [7] - This move is expected to enhance the company's revenue and strengthen its market presence in key cities in the Greater Bay Area [7]

Core Viewpoint - The recent release of the National Medical Products Administration's opinions aims to deepen cosmetic regulation reform and promote high-quality development in the industry, focusing on safety, innovation, and market expansion [2][4]. Group 1: Regulatory Reforms - The opinions propose a comprehensive reform plan for the cosmetic industry over the next 5 to 10 years, including 24 reform suggestions and 48 specific measures to enhance product innovation, regulatory optimization, and industry empowerment [2][4]. - A new review channel for innovative cosmetics will be established, allowing for immediate review upon submission, which is expected to reduce the trial-and-error costs for companies and encourage genuine innovation [4][5]. Group 2: Market Expansion - The introduction of a policy allowing international cosmetic products to launch in China without prior sales license documentation aims to create a "fast track" for new products, significantly enhancing market attractiveness and consumer access to global trends [5]. - The domestic cosmetic market is projected to exceed 1 trillion yuan in transaction volume by 2024, with domestic brands holding a market share of 55.2% [2]. Group 3: Targeting Demographic Needs - The opinions emphasize the development of cosmetics tailored for the aging population, encouraging research into skin aging mechanisms and the creation of products that meet the specific needs of older consumers [5][6]. - The silver economy is identified as a key growth area, with a focus on accelerating the registration and market entry of products designed for older adults [5]. Group 4: Digital Transformation - The implementation of electronic labels is set to enhance product information accessibility, allowing consumers to easily understand product details through digital means [6]. - The regulatory framework will be optimized to reduce the burden on companies, focusing resources on high-risk areas while ensuring a non-intrusive regulatory environment [6].

Core Viewpoint - The National Medical Products Administration (NMPA) has released an opinion aimed at deepening the reform of cosmetics regulation and promoting high-quality development in the industry over the next 5 to 10 years, with 24 reform measures proposed to enhance safety and innovation in the cosmetics sector [1][2]. Group 1: Industry Overview - China is the world's largest cosmetics market, with over 20,000 cosmetics companies and 4.6 million registered special cosmetics varieties, alongside 2.29 million filed ordinary cosmetics varieties [1]. - The domestic cosmetics market is projected to exceed 1 trillion yuan in transaction volume by 2024, with domestic brands holding a market share of 55.2% [1]. Group 2: Reform Measures - The opinion outlines 24 reform measures focusing on five areas: encouraging innovation, optimizing registration and filing management, strengthening risk prevention across the supply chain, enhancing smart regulatory capabilities, and aligning regulations with international standards [2]. - Specific measures include supporting raw material innovation, establishing a classification management and technical evaluation system for new raw materials, and creating a collaborative mechanism for research and evaluation [2]. Group 3: Regulatory Changes - A specialized review channel for new efficacy cosmetics will be established, allowing for immediate review upon submission and providing pre-consultation for registration applications [3]. - The opinion allows international cosmetics that meet certain criteria to bypass the requirement of submitting proof of prior market approval, facilitating faster market entry for new products [3]. Group 4: Registration and Filing Reform - The opinion proposes specific measures to simplify registration and filing management, such as allowing similar products from the same brand to share safety and efficacy evaluation data and reducing the registration burden for products changing production locations [4]. - The review mechanism will be optimized, with high-risk registration changes being processed in 60 working days and low-risk changes in 45 working days, significantly improving approval efficiency [4].

Core Viewpoint - The National Medical Products Administration (NMPA) has released a set of opinions aimed at deepening cosmetic regulation reform and promoting high-quality development in the industry, focusing on safety, innovation, and market expansion [1][2]. Group 1: Regulatory Reforms - The NMPA aims to optimize the registration and filing process for new efficacy cosmetics by establishing a dedicated review channel for immediate reporting and review, which will help reduce the trial-and-error costs for companies [2]. - The opinions include 24 reform suggestions and 48 specific measures to enhance category innovation, regulatory optimization, and industry empowerment over the next 5 to 10 years [1]. Group 2: Market Expansion - The new policy allows international cosmetic products to launch in China without submitting prior sales license documents, effectively removing time barriers and enhancing the market's attractiveness [3]. - This adjustment is expected to unleash significant consumer potential and boost consumption by allowing consumers to access the latest global cosmetic products more quickly [3]. Group 3: Silver Economy Development - The opinions emphasize the importance of developing cosmetics tailored for the elderly, encouraging companies to focus on technology research and development for this demographic [3][4]. - The NMPA supports the acceleration of registration and listing processes for cosmetics that meet the needs of older consumers while ensuring safety and efficacy [3]. Group 4: Digital Transformation - The NMPA is promoting the digital upgrade of cosmetic regulation, with a key initiative being the implementation of electronic labels, which will enhance information accessibility for consumers [5][6]. - The electronic labels will allow consumers to easily understand product information through various formats, improving readability and catering to diverse consumer needs [6].

Core Viewpoint - The National Medical Products Administration (NMPA) has released a set of opinions aimed at deepening cosmetic regulation reform and promoting high-quality development in the industry, focusing on safety, innovation, and market expansion [1] Group 1: Regulatory Reforms - The opinions propose a comprehensive reform plan for the next 5 to 10 years, including 24 reform suggestions and 48 specific measures to enhance category innovation, regulatory optimization, and industry empowerment [1] - A special review channel for new efficacy cosmetics will be established, allowing for immediate review upon submission, which aims to reduce the high trial-and-error costs previously faced by companies [3] Group 2: Market Expansion - The introduction of a policy allowing international cosmetic products to launch in China without prior sales license documentation is expected to create a "fast track" for new products, significantly boosting consumer access to global innovations [4] - The domestic cosmetic market is projected to exceed 1 trillion yuan in transaction volume by 2024, with domestic brands holding a market share of 55.2% [1] Group 3: Targeting Demographic Needs - The opinions emphasize the development of cosmetics tailored for the aging population, encouraging companies to focus on research related to skin aging and to expedite the registration and listing processes for these products [5] - The growing demand from the elderly demographic is recognized as a significant opportunity for innovation within the industry [5] Group 4: Digital Transformation - The NMPA is advancing the digital upgrade of cosmetic regulation, with a focus on implementing electronic labels to enhance product information accessibility for consumers [6][7] - The digital labels will allow consumers to easily access detailed product information through various formats, improving readability and catering to diverse consumer needs [7]

Policy Developments - The National Medical Products Administration (NMPA) has released new guidelines to streamline the registration process for new functional cosmetics, implementing an immediate review system [1] - The guidelines encourage the launch of international cosmetic products in China without the need for overseas sales proof and support the development of products targeting the elderly population [1] Drug and Device Approvals - Heng Rui Medicine has received clinical trial approval for Fumaric Acid Teglutik Injection, which is set to be the first domestically developed Class 1 opioid analgesic in China, expected to be approved for market in January 2024 [2] - Heng Rui Medicine also announced the approval for clinical trials of HRS-6209 capsules, a selective CDK4 inhibitor for advanced solid tumors, and HRS-2189 tablets, a KAT6 inhibitor for advanced malignancies, both of which have no similar products approved domestically or internationally [3] - Fuhong Hanlin's HLX11 (Pertuzumab) has been approved by the FDA for HER2-positive breast cancer treatment, marking it as the first interchangeable biosimilar for cancer treatment approved in the U.S. [4] Capital Markets - SenseTime Medical has initiated a Series A financing round, with post-investment valuation exceeding 3 billion yuan, following a recent strategic financing round [5] - Yabao Pharmaceutical plans to sell 62% of its stake in Taiyuan Pharmaceutical for approximately 87.19 million yuan, resulting in a significant change in ownership structure [6] Industry Developments - Kangfang Biotech has received approval for clinical trials of its dual-specific antibody new drug AK152 for Alzheimer's disease, marking a significant advancement in the treatment of this condition [7][8]

Group 1: Regulatory Changes in Cosmetics Industry - The National Medical Products Administration (NMPA) has released opinions to streamline the registration process for new functional cosmetics, implementing an immediate review system [1] - The new measures encourage international cosmetic products to debut in China without needing overseas sales proof and support product development targeting the elderly [1] - The aim is to address bottlenecks in the cosmetics industry and inject new vitality for high-quality development [1] Group 2: Clinical Approvals in Pharmaceuticals - Heng Rui Medicine announced that its HRS-6209 capsules and HRS-2189 tablets have received clinical trial approval from the NMPA, indicating strong R&D capabilities in innovative drugs [2] - The recent approvals of multiple anti-cancer drugs are expected to boost the company's stock price in the short term [2] Group 3: Strategic Investments in Pharmaceutical Sector - Nanjing Medicine has received approval for Guangzhou Pharmaceutical Group's second-phase fund to acquire 11.04% of its shares, valued at RMB 749 million [3] - This strategic cooperation between Baiyunshan, Nanjing Medicine, and the fund is expected to enhance business collaboration and optimize regional industrial layout [3] Group 4: Stock Performance and Market Sentiment - Renmin Tongtai has reported that its stock price has significantly deviated from its operational performance, indicating potential risks of market overreaction and irrational speculation [4] - The company warns investors to be cautious of the stock's volatility and high valuation risks due to the current market sentiment [4] Group 5: International Market Approvals - Fuhong Hanlin announced that its self-developed biosimilar of Pertuzumab has been approved by the FDA, becoming the first and only biosimilar of its kind in the U.S. market [5] - This approval signifies recognition of the company's products in the international market and is expected to enhance its global influence [5]

Core Viewpoint - The National Medical Products Administration (NMPA) has released an opinion aimed at deepening the reform of cosmetics regulation and promoting high-quality development in the industry over the next 5 to 10 years, with 24 reform measures proposed to enhance innovation, optimize regulation, and support the industry [1][2]. Group 1: Industry Overview - China is the world's largest cosmetics market, with over 20,000 cosmetics companies and 4.6 million registered special cosmetics varieties, alongside 2.291 million filed ordinary cosmetics varieties [1]. - The domestic cosmetics market is projected to exceed 1 trillion yuan in transaction value by 2024, with domestic brands holding a market share of 55.2% [1]. Group 2: Support for Innovation - The opinion emphasizes support for raw material technology innovation, which is crucial for product safety and efficacy, and includes measures to enhance the innovation of raw materials [2]. - The NMPA has introduced nine measures to support raw material research and registration, and further optimizations are proposed to improve the classification management and technical evaluation system for new raw materials [2]. Group 3: Regulatory Reforms - The opinion allows international cosmetics to bypass the submission of market approval documents, facilitating faster market entry for new products and enhancing consumer access to global beauty trends [3]. - A series of specific measures to optimize registration and filing management have been introduced, including simplifying application materials and allowing similar products to share safety and efficacy evaluation data [4]. Group 4: Review Mechanism Optimization - The establishment of a collaborative review mechanism at national and provincial levels aims to streamline the review process, reducing the review time for high-risk changes from 90 to 60 working days and for low-risk changes from 45 working days [4]. - The NMPA plans to implement these reforms within three years, focusing on enhancing the production quality management systems of cosmetics companies to drive high-quality industry development [4].