二季度营收同增25.4%，系统性变革后的上海家化交出亮眼成绩单！ 《中国化妆品》杂志 | 何欣洋 产品力驱动增长 改革持续 四个聚焦战略成效显现 经历了一段改革调整的阵痛期，上海家化终于在一年后交出了一份"反转"成绩单。8月21日，上海家化联合股份有限公司（股票代码：600315.SH）发布了 2025年上半年财报，多项核心指标持续回暖，上海家化正以实实在在的向好数据回应市场对其改革成效的期待。 财报显示，上半年公司实现营业收入34.8亿元，同比增长4.8%；净利润2.7亿元，同比增长11.7%，尤其值得关注的是第二季度表现——单季度收入同比大 幅增长25.4%，美妆品类全渠道收入激增55.7%，国内全品牌线上渠道也录得34.6%的同比增长。 在各项提效的举措下，公司经营质量也在同步提升，财报显示截至2025年6月，公司应收账款规模同比下降25.7%，存货减少20.6%，而经营性现金流同比 上升39.7%。 这份成绩单背后，是上海家化持续推进"四个聚焦"战略所带来的系统性改变——从组织能力、品牌建设、渠道优化到运营提质，多项举措正在形成合力， 推动公司步入良性发展轨道。 明星单品市场表现亮眼 业绩实现反转增长 ...

Core Insights - Scientific communication has become a key element for brand development in the beauty industry, as consumer demand for skincare knowledge and product efficacy continues to grow [1] - The current state of scientific communication among beauty brands is inconsistent, with many brands struggling to effectively convey their scientific narratives, leading to a lack of innovation and reduced conversion efficiency [1] Group 1: Brand Positioning and Market Recognition - Zhenyan has established itself as a leading brand in the field of dermatological skincare since its inception in 2015, focusing on skin barrier repair [2] - The brand's unique approach is characterized by a strong medical research background, with the founding team having nearly 30 years of experience in the pharmaceutical industry, which informs their rigorous product development process [2] - Zhenyan ranked in the top three choices of dermatologists for clinical skincare products, highlighting its professional standing and market recognition [4] Group 2: Product Development and Scientific Rigor - Zhenyan employs a biopharmaceutical research mindset in its product development, adhering to strict pharmaceutical-grade standards throughout the entire process, from ingredient selection to efficacy validation [2][12] - The brand has developed a unique three-force model for skin barrier repair, integrating various high-quality protein components to provide comprehensive skin barrier restoration [28] - Zhenyan's core ingredient, recombined mussel adhesive protein, has shown significant clinical efficacy in repairing damaged skin barriers and alleviating sensitivity and redness, supported by numerous academic publications [30][34] Group 3: Collaboration and Academic Engagement - Zhenyan actively collaborates with hospitals and academic institutions to enhance its product offerings and ensure they meet clinical needs, thereby creating a complete loop of medical research and innovation [10][12] - The brand has participated in various national and regional dermatology conferences to share academic findings and promote industry development [10] - Zhenyan has launched several scientific publications and guidelines in collaboration with dermatologists, further solidifying its authority in post-aesthetic care [24] Group 4: Consumer Engagement and Education - Zhenyan has initiated various consumer engagement activities, including skin health consultations and educational campaigns, to promote its skincare philosophy and enhance consumer understanding of skincare [27] - The brand has developed its own scientific communication IPs to disseminate skincare knowledge through various media formats, making professional skincare concepts more accessible to consumers [27]

Core Viewpoint - The beauty industry is increasingly entering the medical aesthetics channel, with over 20 beauty brands adopting a dual beauty strategy of "medical aesthetics + beauty" to enhance their market presence and professional credibility [2][6][30]. Group 1: Market Overview - The medical aesthetics market in China is experiencing strong growth, with 18,584 compliant specialized medical aesthetics institutions reported as of January 2024 [6][7]. - The main active regions for medical aesthetics consumption are concentrated in the Pearl River Delta, Yangtze River Delta, and Chengdu-Chongqing areas [7][8]. Group 2: Industry Structure - Medical aesthetics institutions can be categorized into three types: public hospitals, large chain private hospitals, and small private hospitals and clinics [4][5]. - The development of the domestic medical aesthetics industry has gone through three main stages: initiation (1994-2000), gradual standardization (2000-2010), and rapid development (2010-present) [5]. Group 3: Brand Strategies - Many beauty companies have established significant medical aesthetics channel layouts, such as Huaxi Biological covering 7,000 medical institutions and Juzhi Biological entering approximately 1,700 public hospitals and 3,000 private hospitals and clinics [8][10]. - International beauty brands are also accelerating their medical aesthetics channel expansion, with brands like SkinCeuticals and Estée Lauder entering high-end medical aesthetics lines [10][12]. Group 4: Consumer Trends - There is a growing consumer demand for effective skincare solutions that combine beauty products with medical treatments, reflecting a trend towards the integration of lifestyle beauty and medical aesthetics [17][20]. - Consumers are increasingly seeking products with professional medical backing and comprehensive management solutions from pre-operative care to post-operative recovery [18][20]. Group 5: Challenges and Opportunities - Despite the initial success of some brands in the medical aesthetics channel, challenges remain, including product quality inconsistency and the need for effective consumer education [16][18][20]. - The dual beauty model is becoming a significant trend, with medical aesthetics companies also venturing into lifestyle beauty, leveraging their technical expertise and clinical data [22][23]. Group 6: Future Outlook - The competition in the medical aesthetics channel is expected to intensify, with beauty brands needing to establish unique advantages through solid technical research and deep medical collaboration [29][30]. - The future winners in this space will be those who can embed "professional trust" in the medical aesthetics channel and leverage "real clinical value" to gain endorsements from both doctors and consumers [30].

Core Insights - The phenomenon of recombinant collagen has ignited enthusiasm in both the market and research sectors, indicating the imminent explosion of the functional protein field, particularly in beauty and skincare [1][2] - The market demand for skin repair products is rapidly increasing, positioning recombinant functional proteins for a golden development period [4][7] Group 1: Market Trends and Consumer Demand - The demand for skin repair products has reached unprecedented levels, with a reported 33.81% year-on-year increase in online discussions about repair products, and 52% of consumers becoming heavy users of sensitive skin repair products [7][9] - The beauty market has entered an era where "everyone needs repair," highlighting the necessity for effective skin repair solutions [9][30] Group 2: Company Innovations and Research - Zhenyan Biotech has developed over 100 self-researched core ingredients for medical device products, focusing on skin barrier repair through synthetic biology [4][6] - The company has established a multi-dimensional recombinant protein repair system, leveraging its decade-long experience to pave a forward-looking path for the functional protein industry [2][13] Group 3: Scientific Foundations and Clinical Validation - Zhenyan Biotech's core philosophy for skin repair is "health first, beauty second," breaking down skin barrier reconstruction into three forces: tolerance, repair, and restoration [11][30] - The company has published nearly 30 academic papers and holds 10 patents related to recombinant mussel adhesive protein, demonstrating its commitment to scientific research and clinical validation [16][19] Group 4: Product Development and Market Position - Zhenyan Biotech has successfully created a product matrix that includes skin disease auxiliary treatment and repair series, addressing diverse consumer needs [25][27] - The company has been recognized as a leader in the Chinese recombinant mussel adhesive protein skincare market, achieving the highest online reputation for three consecutive years [21][30] Group 5: Future Outlook and Strategic Positioning - The development momentum in skin barrier repair and recombinant functional proteins remains strong, with Zhenyan Biotech establishing a robust brand identity centered on "professional repair" [32] - The company's innovative approach in the functional protein sector not only builds a differentiated barrier for its brand but also illuminates a viable path for the high-quality development of the recombinant functional protein industry [32]

Core Viewpoint - Shanghai Jahwa's new CEO Lin Xiaohai is implementing significant reforms to revitalize the company amidst declining performance and increasing competition from international brands and emerging domestic products [1][8]. Group 1: Leadership and Strategy - Lin Xiaohai, with over 25 years of experience at Procter & Gamble, is focusing on brand consolidation and high-end product development [3][4]. - The company is eliminating underperforming sub-brands to concentrate resources on key brands like Six Gods, Baicaoji, and Yuze [4]. - A high-end product line, "Taiji Dan," is being launched under Baicaoji to compete with international brands [4]. Group 2: Operational Changes - The company is optimizing its distribution channels by closing inefficient stores and enhancing online sales, aiming for online revenue to exceed 50% by 2025 [4][10]. - A membership system is being established to improve customer retention and repurchase rates [5]. - The introduction of Procter & Gamble alumni into the management team is expected to enhance operational efficiency [6]. Group 3: Financial Performance - In 2024, Shanghai Jahwa reported a total revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a loss of 833 million yuan, a significant drop of 266.60% [8]. - The Q1 2025 report shows a revenue decline of 10% to 1.704 billion yuan, but a profit turnaround to 217 million yuan, indicating a recovery compared to the previous year [10]. Group 4: Future Outlook - The company aims for a revenue target of over 9.5 billion yuan in 2025, with a net profit margin of 8% [15]. - Key brand revenue targets include 2.5 billion yuan for Yuze, 1.8 billion yuan for Baicaoji, and maintaining 3 billion yuan for Six Gods [15]. - The company plans to innovate in both offline and online channels, including the introduction of "smart beauty stores" and doubling GMV on Douyin to 2 billion yuan [15]. Group 5: Market Trends and Challenges - The market for functional skincare is expected to exceed 100 billion yuan by 2026, with "medical research collaboration" becoming a standard in the industry [13]. - International brands maintain a competitive edge in the high-end market, and domestic brands need to establish "technology + culture" barriers [13]. - Rising raw material costs and increasing online customer acquisition costs are significant challenges [13].

Core Viewpoint - Shanghai Jahwa is undergoing a significant transformation, focusing on organizational restructuring and strategic repositioning to address challenges such as brand aging, channel mismatch, and insufficient online competitiveness [2][6][11]. Group 1: Leadership and Strategy - CEO Lin Xiaohai has set a new vision and restructured the company's governance and organization, emphasizing "brand" as the operational unit [7][10]. - Lin Xiaohai rated his performance at 79 out of 100, indicating both achievements and areas for improvement in the past year [6][11]. - The company has shifted from a "large and comprehensive" approach to a "small team operation," enhancing responsiveness and resource allocation [10]. Group 2: Operational Improvements - The company has optimized its organizational structure, including leadership changes in multiple business units and improving operational efficiency by reducing redundancy in roles [8][9]. - Inventory turnover efficiency has improved significantly, with the time for goods turnover reduced from 300 days to 89 days, leading to double-digit same-store sales growth [8][9]. - The company has also focused on cleaning up its overseas subsidiaries, particularly addressing losses in the UK subsidiary [8]. Group 3: E-commerce Performance - During the 618 shopping festival, several brands under Shanghai Jahwa saw substantial sales growth, with Yuze brand sales increasing over 20% and Six Gods over 30% [9]. - The company achieved a 17% year-on-year growth in GMV during the 2023 Double 11 shopping festival, reflecting the effectiveness of its reforms [9][11]. Group 4: Future Focus and Challenges - Moving into the second half of 2025, the company will enter a "deep water zone" of reform, facing internal and external pressures from market competition [13][16]. - The company aims to deepen its "four focuses" strategy: focusing on core brands, brand building, online growth, and efficiency [13][15]. Group 5: R&D Investment - Shanghai Jahwa has increased its R&D investment, with a 11.12% year-on-year growth in R&D expenses in Q1 2025 [19][20]. - The company is focusing on "R&D system + medical research collaboration + product innovation," establishing partnerships with hospitals to enhance product development [20][21]. - The R&D advantages are seen as a key differentiator, with a complete medical research chain and ongoing investment capabilities [26][27].

Core Insights - The 2024 China Cosmetics Yearbook highlights a transformative phase in the cosmetics industry, shifting from rapid growth to high-quality development amid stricter regulations and rising consumer awareness [1][2][3] Regulatory Environment - In 2024, over 30 new regulatory policies were introduced by the National Medical Products Administration, focusing on raw material safety and efficacy claims [2][3] - New detection methods for banned ingredients were established, and illegal additives in products were strictly penalized [2] - A total of 432 batches of products were reported as non-compliant, with skincare (57%) and hair dye (19%) categories showing significant issues [2] Market Dynamics - The overall market size decreased slightly to 774.6 billion yuan, a year-on-year decline of 2.83%, with online sales channels accounting for 52.35% of the market [3][4] - Domestic brands captured 63.2% of the market share, surpassing foreign brands for two consecutive years, with companies like Proya and Han Shu leading in growth [4] - Skincare (64.5%) and makeup (15.7%) categories saw declines, while hair care (+4.1%), body care (+3.9%), and perfumes (+2.6%) experienced growth [5] Consumer Behavior - There is a notable shift towards rational consumption, with 52% of consumers making purchasing mistakes due to a lack of knowledge about sunscreen [6] - 67% of consumers are willing to pay a premium for products containing patented ingredients, indicating a willingness to invest in scientifically backed products [7] Technological Innovation - The use of biotechnological ingredients is on the rise, with an increasing number of new raw materials being registered [8] - AI is being utilized across the supply chain, from predicting ingredient efficacy to enhancing marketing strategies through tools like AI makeup try-ons [9] Scientific Communication - Scientific communication is becoming essential for rebuilding trust between brands and consumers, with policies encouraging companies to engage in educational outreach [10] - Brands are adopting transparent practices, such as Proya's interactive pop-up stores and collaborations with medical professionals to establish clinical guidelines [10] Future Outlook - By 2025, the industry is expected to see continued regulatory deepening, enhanced technological competitiveness, and expansion into international markets, particularly in ASEAN [11][12] - The transition from "traffic-driven" to "science-driven" strategies will be crucial for brands aiming to succeed in the evolving landscape [11]

Core Insights - The 2024 China Cosmetics Yearbook provides a comprehensive overview of the cosmetics industry in China, highlighting a slight decline in market size due to economic conditions and a structural adjustment within the industry [1][10] - Regulatory measures are being strengthened, with policies like the "Cosmetics Inspection Management Measures" promoting compliance and safety in the industry [1][10] - Consumer demand is shifting towards efficacy and precision, with significant growth in categories such as sensitive skin care, anti-aging, and whitening products, while the market for anti-hair loss products has decreased by 35.6% due to saturation [1][10] Market Overview - The overall market size for the cosmetics industry in 2024 is expected to be impacted by economic fluctuations, with local brands like Proya, Kefu Mei, and Winona gaining traction through technological innovation and multi-channel marketing [1][2] - Online sales channels, particularly Douyin and Taobao, are becoming critical for revenue generation, with live streaming and influencer collaborations reshaping the consumer purchasing journey [1][2] - The essence/serum market has reached a scale of 114.83 billion yuan, growing by 13.61%, making it the largest category in skincare [1][2] Competitive Landscape - Domestic brands are performing well, leveraging technology and comprehensive marketing strategies to establish themselves in the mainstream market [1][2] - International brands maintain a stronghold in the high-end market, with brands like La Mer and Helena Rubinstein reinforcing their positions through department stores and duty-free channels, although they face increasing competition from local high-end lines [2][10] Future Trends - The report indicates that scientific communication, biotechnology, and globalization will be key drivers for industry growth, necessitating companies to build differentiated competitive advantages through compliance, technological breakthroughs, and consumer education [2][10] - The "silver economy" and the rise of ingredient-conscious consumers are influencing product development and marketing strategies, emphasizing the need for brands to adapt to changing consumer preferences [1][2] Research and Development - Innovations in raw materials and the "medical-research co-creation" model are becoming focal points, with companies like Giant Bio and Betainy enhancing product efficacy through patented ingredients and clinical collaborations [2][10] - The industry is accelerating its green transformation, with sustainable packaging and low-carbon production receiving policy support [2][10] Expert Insights - The yearbook is recognized for its depth in industry analysis and scientific communication, providing valuable insights into market trends and regulatory developments [7][8] - Experts emphasize the importance of integrating scientific research with product development to ensure safety and effectiveness, particularly in sensitive skin care and anti-aging products [14][18]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 86 HKD, based on absolute and relative valuation results [4][14][6]. Core Insights - The company, Shumei Co., Ltd. (2145.HK), is a multi-brand cosmetics group that has shown remarkable growth, particularly through its main brand, KANS, which has become the second-largest domestic beauty brand in terms of online GMV by 2024 [2][23]. - The company has capitalized on the growth of the Douyin platform, leading to a significant increase in revenue and net profit from 2022 to 2024, with projected compound annual growth rates of 59.3% and 130.5%, respectively [2][4]. - The cosmetics industry in China is experiencing both growth and competition, with opportunities in lower-tier markets and niche segments, particularly in color cosmetics and infant care [3][72]. Company Overview - Shumei Co., Ltd. was established in 2004 and went public in 2022, offering a wide range of products including skincare, maternal and infant care, personal care, and makeup [2][23]. - The main brand, KANS, has been a significant contributor to the company's revenue, accounting for 82.3% of total revenue in 2024, with a projected revenue of 55.91 billion CNY [25][23]. Financial Performance - The company achieved a revenue of 67.93 billion CNY in 2024, representing a year-on-year growth of 62.1%, and a net profit of 7.81 billion CNY, up 69.4% from the previous year [4][5]. - The report forecasts net profits for 2025, 2026, and 2027 to be 10.6 billion CNY, 13.8 billion CNY, and 17.4 billion CNY, respectively, with corresponding EPS of 2.65, 3.47, and 4.37 CNY [4][14]. Industry Analysis - The Chinese cosmetics industry is projected to reach a scale of 537.2 billion CNY in 2024, with a slight decline of 2.0% year-on-year, indicating a shift in consumer preference towards cost-effective products [3][72]. - The competitive landscape is characterized by domestic brands leveraging online channels, with Douyin emerging as a key platform for growth [3][72]. Growth Drivers - The main brand KANS is expected to continue its growth trajectory through product innovation and channel diversification, while the emerging brand Yipai is anticipated to achieve triple-digit growth in revenue for 2023 and 2024 [4][10]. - The company is also exploring new brands and product lines, such as the hair care brand Jifang and the makeup brand NAN beauty, to create multiple growth avenues [4][12].

Core Viewpoint - The article discusses the evolution of the "medical-research co-creation" trend in the Chinese beauty market, highlighting how brands like La Roche-Posay are leveraging scientific research to differentiate themselves and achieve significant sales growth, particularly in the context of the brand's 50th anniversary [2][4]. Group 1: Brand Performance and Market Position - La Roche-Posay has achieved over €7 billion in sales, marking a significant milestone for L'Oréal's dermatological division, and has become the third-largest skincare brand globally and the most recommended by dermatologists [2][4]. - The brand's unique heritage, rooted in the therapeutic properties of its thermal spring water, has been a key factor in its success, with a history dating back to the 14th century [7][9]. - The brand has submitted 180 research papers and actively participates in global dermatology conferences, reinforcing its position as a leader in skincare science [12][19]. Group 2: Research and Development - La Roche-Posay has a strong commitment to scientific research, having pioneered several innovations in skincare, including the first sunscreen with anti-UVA properties in 1987 and the first microbiome research in 2011 [10][12]. - The brand collaborates with dermatologists and medical experts to develop products that address real skin issues, emphasizing a holistic approach to skincare that includes emotional and psychological aspects [13][14]. Group 3: Market Strategy in China - Since entering the Chinese market in 2001, La Roche-Posay has positioned itself as a pioneer in scientific skincare, rapidly becoming the third-largest market for the brand globally [15][24]. - The brand's sales in China are projected to exceed ¥2.3 billion in 2024, reflecting a 12% year-on-year growth, driven by high repurchase rates of key products [15][24]. - La Roche-Posay has established a robust "medical-research co-creation" system in China, resulting in significant product innovations tailored to local consumer needs [21][24]. Group 4: Social Responsibility and Community Engagement - The "Blue Ribbon" initiative launched in 2022 aims to support skin health for cancer patients, showcasing the brand's commitment to social responsibility and community engagement [26][27]. - La Roche-Posay actively participates in educational campaigns and collaborations with local medical institutions to raise awareness about skin health issues related to cancer treatment [26][27]. Group 5: Consumer Trends and Brand Positioning - The article highlights a shift in consumer behavior towards more informed and rational purchasing decisions, with an increasing focus on ingredient transparency and product efficacy [29][31]. - La Roche-Posay's branding emphasizes a consistent message of professionalism and care, resonating with consumers who prioritize both effectiveness and a human touch in skincare [28][31].