化妆品板块，前三季度营业收入15.69亿元，毛利率61.24%。颐莲品牌继续保持增长，1—9月实现销售 收入7.86亿元，同比增长19.50%；瑷尔博士品牌主动求变，成功举办第六届微生态健康大会，1—9月实 现销售收入6.46亿元；珂谧品牌继续保持高速增长，1—9月实现销售收入7719万元，第二季度环比增长 82%，第三季度环比增长138%。 有关券商表示，福瑞达美妆业务聚焦主力品牌迭代与渠道优化，叠加高性价比定位，具备持续增长潜 力。从行业层面看，国货崛起与功能性护肤热潮形成共振，公司"玻尿酸+胶原蛋白"双技术引擎布局， 精准契合市场需求，而抖音自播GMV飙升210%、私域积累380万铁粉等渠道优势，进一步放大了技术 转化效率。(齐和宁) 值得注意的是，近日，珂谧正式获得尚谱咨询授予的"全球穿膜透皮胶原护肤品首创者"认证，这是全球 唯一通过"技术定义+功效实证"双核验认可。这场以"穿膜胶原"为核心的创新，不仅让中国美妆技术站 上全球抗衰竞争的制高点，更重新定义了行业对"有效护肤"的认知——从"看得见的宣传"到"可验证的 功效"，中国企业正在用自主研发改写全球美妆科技的规则。 10月27日晚，福瑞达（6002 ...

Group 1 - The core viewpoint of the article highlights the strong performance of domestic beauty brands during the Double Eleven shopping festival, with an increase in competitiveness [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to rise from 2 to 4 between 2023 and 2025, with Han Shu and Proya maintaining their positions at the top for three consecutive years, and Han Shu winning for two consecutive years [1] - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, which is expected to enhance the brand's international image and appeal [1] Group 2 - Shenwan Hongyuan recently noted that Wang Jiaer has a global fan base and emphasizes high-end brand endorsement, having previously collaborated with international brands like Armani, showcasing Han Shu's brand potential [1] - The Double Eleven promotional strategy is described as robust, focusing on profitability and core products, indicating a strategic shift towards enhancing brand value [1] - The company is benefiting from the rise of domestic products and the trend towards cost-effective consumption, while also expanding into mid-to-high-end markets and niche segments through channel upgrades and diversified product offerings [1]

Core Insights - The stock of Shangmei Co., Ltd. (02145) rose over 6% during trading, currently up 4.61% at HKD 92.95, with a trading volume of HKD 13.95 million [1] Industry Performance - Domestic brands have shown strong performance on the Douyin platform during the Double 11 shopping festival, with their competitiveness continuing to enhance [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to increase from 2 to 4 between 2023 and 2025 [1] - Brands such as Han Shu and Proya have maintained their positions in the top two for three consecutive years, with Han Shu winning the top spot for two years in a row [1] Brand Strategy - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, leveraging his global fan base and high-end image [1] - Wang Jiaer's previous collaborations with international brands like Armani highlight Han Shu's brand potential [1] - The Double 11 promotional strategy is focused on profitability and core products, indicating a robust approach to market competition [1] Company Strategy - According to Shenwan Hongyuan, the company's strategic implementation is showing continuous results, with increased investment in R&D while focusing on core sectors [1] - The company is upgrading its channel structure, diversifying product categories, and precisely positioning new brands to benefit from the rise of domestic products and the trend of cost-effective consumption [1] - The company is also tapping into growth opportunities in mid-to-high-end and niche markets [1]

Core Viewpoint - The domestic brand Up Beauty (上美股份) has shown strong performance during the Double 11 shopping festival on Douyin, with its stock price increasing by over 6% during trading, reflecting a growing competitive edge in the beauty and skincare market [1] Group 1: Company Performance - Up Beauty's stock price rose by 4.61% to HKD 92.95, with a trading volume of HKD 13.95 million [1] - The company has seen an increase in the number of domestic brands entering the top 5 beauty and skincare rankings on Douyin, from 2 to 4 brands between 2023 and 2025 [1] Group 2: Market Trends - The domestic brand Han Shu (韩束) has maintained its position as the top brand for three consecutive years, with a strong performance in the Double 11 sales event [1] - The brand has recently appointed international star Wang Jiaer as its global ambassador, which is expected to enhance its high-end image and international presence [1] Group 3: Strategic Insights - According to Shenwan Hongyuan, the collaboration with Wang Jiaer is expected to leverage his global fan base and previous associations with high-end brands like Armani, thereby boosting Han Shu's brand potential [1] - The company's strategy during the Double 11 event focuses on profitability and core products, with ongoing investments in research and development, channel upgrades, and diversification of product categories [1]

Core Insights - The article discusses the transformation of Shanghai Jahwa, a traditional cosmetics company, from performance decline to recovery, highlighting its strategic shift towards supply chain control and innovation [1][4][10] Industry Overview - Shanghai is a major hub for the cosmetics industry in China, with 230 production enterprises and 3,200 registered entities, dominating the import registration market [1] - The industry faces common challenges such as supply chain restructuring, innovation in research and development, and brand rejuvenation [1][4] Company Strategy - Shanghai Jahwa has strategically relocated its production from OEM factories back to its own facilities in Qingpu, reflecting a broader trend in the cosmetics industry to reassess supply chain structures [5][7] - The company increased its R&D investment by 26.3% year-on-year, indicating a commitment to innovation despite overall cost control measures [8] Supply Chain Dynamics - The return of production to Qingpu is not merely a logistical move but signifies a deeper restructuring of the supply chain, focusing on cost efficiency, quality control, and risk management [5][7] - The establishment of a "factory-to-consumer" (C2M) model aims to enhance product freshness, cost optimization, and delivery efficiency, although it poses significant operational challenges [7] R&D and Innovation - Shanghai Jahwa's 35 years of R&D experience and over 400 patents highlight the importance of long-term investment in research as a competitive advantage [8] - The company is focusing on leveraging traditional Chinese medicine in its product development, collaborating with research institutions to modernize and scientifically validate its offerings [8][11] Market Positioning - The rise of domestic brands is not just about market share but involves a systemic reconstruction of technology, cultural confidence, and industry ecology [10][12] - Successful domestic brands are transitioning from "Chinese elements" to "Chinese values," integrating traditional culture with modern consumer needs [11] Industry Collaboration - The Qingpu industrial cluster exemplifies the importance of collaborative innovation, where the efficiency of various industry segments determines overall competitiveness [11][12] - Shanghai Jahwa's willingness to share testing facilities with peers reflects a recognition of the need for collective industry standards to enhance competitiveness on a global scale [11]

Core Insights - The announcement of Jackson Wang as the global brand ambassador enhances the international positioning of the brand, leveraging his strong global fanbase and previous collaborations with high-end brands like Armani [1] - The company has a robust strategy for the Double Eleven sales event, focusing on profit and core products, with significant sales driven by collaborations with popular influencers [1][2] - The company is building a strong competitive moat through brand establishment, talent acquisition, resource procurement, and supply chain capabilities, aiming for long-term growth [2] Brand and Market Strategy - The company has optimized its product structure, achieving an online GMV of 4.5 billion yuan in the first half of 2025, with significant sales from various product lines [2] - Plans for launching three new brands in 2025 and expanding into multiple categories and IP brands are in place, supporting a revenue target of 30 billion yuan by 2030 [2] - The company is pursuing a global expansion strategy, with initial investments of 300 million yuan in Southeast Asia and plans to enter North America and Europe [2] Financial Projections - The company expects a steady increase in net profit, projecting 1.149 billion yuan, 1.496 billion yuan, and 1.806 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 32, 25, and 21 [3]

Summary of Conference Call Records Industry Overview - **Consumer Behavior Shift**: In 2025, there is a significant increase in demand for experiential consumption among new-generation consumers, with travel and cross-regional movement increasing by over 6% year-on-year during the Double Eleven shopping festival, indicating a continuous release of tourism potential [1][4] - **Beauty and Retail Performance**: The beauty and personal care sector led the market in the first half of 2025, while the social service sector showed modest but positive returns. Retail trade has aligned with the performance of the CSI 2000 index since September 2024 [1][3] Key Insights - **Experiential Consumption**: New-generation consumers prioritize personal experiences and emotional satisfaction over traditional sightseeing or vacationing, leading to notable changes in tourism, retail, and beauty sectors [2][4] - **OTA Platforms**: Online Travel Agency (OTA) platforms benefit from accumulated offline supply chain resources, maintaining competitiveness in a market with ongoing demand and frequent destination changes. Despite stock price increases from 2023 to 2024, the competitive landscape remains favorable [5] - **Hotel Industry Growth**: The hotel sector has attracted significant capital, with small hotel owners opting for franchise models to ensure cash flow stability. From 2024 to 2025, both the number of hotels and rooms have seen mid-to-high single-digit growth, with Huazhu leading in growth rates [6][7] Retail Sector Dynamics - **Retail Market Trends**: The retail industry is refocusing on meeting consumer needs, with steady growth in total retail sales. However, online growth has slowed, leading to intensified competition among major e-commerce players for local market traffic [8][9] - **Traditional Retail Adjustments**: Traditional retailers like Yonghui are optimizing supply chains and product displays to adapt to market changes, driven by domestic demand expansion policies [10][11] Beauty Industry Developments - **Rise of Domestic Brands**: The beauty sector is witnessing a rise of domestic brands, which are achieving growth through strong operational capabilities and understanding of local consumer preferences. This trend mirrors the post-World War II growth of Estée Lauder in the U.S. [3][13] - **Aimeike's Expansion**: Aimeike, a leading domestic medical beauty company, is expanding internationally through overseas acquisitions and is expected to benefit from a lower base in the second half of 2025 [14] Investment Opportunities - **Promising Sectors**: Key sectors to watch include tourism (focus on OTA platforms), retail (notable players like Alibaba and Yonghui), and beauty (potential in domestic brands). Additionally, Xiaogoods City is highlighted as a quality target for overseas market potential [15]

Core Viewpoint - The company is building long-term advantages through multi-brand synergy, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy and Global Expansion - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with Tian's first-day sales reaching 50-60 million, indicating strong consumer purchasing power [2] Group 2: Sales Strategy and Product Focus - The company is focusing on profit and core products during the Double Eleven sales event, promoting the X Peptide high-end series and the Hongyun makeup series [3] - The X Peptide series benefits from Jackson Wang's endorsement, while the Hongyun series aligns with the festive season, potentially boosting the makeup segment [3] Group 3: Competitive Advantages - The company has established a strong brand presence and consumer loyalty through extensive marketing during the "big screen exposure era" [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to online sales platform changes [4] - The company has significant sales volume, enhancing its negotiation power compared to smaller brands, and maintains high gross margins through vertical integration and cost control [4] Group 4: Long-term Growth Strategy - The company achieved an online GMV of 4.5 billion in the first half of 2025, with multiple products exceeding 100 million in sales [5] - Three new brands are set to launch in 2025, with positive performance from skincare and makeup brands, supporting a revenue target of 30 billion by 2030 [5] - The company is expanding globally, with a 300 million investment in Southeast Asia and plans for further expansion into North America and Europe [5]

Group 1 - Hong Kong stocks experienced a decline, with the Hang Seng Index and Hang Seng Tech Index turning negative, while new consumption concepts rebounded [1] - The Hong Kong consumption ETF (513230) showed a slight increase, with leading stocks including XPeng Motors, Hengan International, Pop Mart, BYD, and Smoore International [1] - The General Administration of Customs reported that in the first three quarters of this year, China exported holiday goods, dolls, and animal-shaped toys exceeding 50 billion yuan, reaching over 200 countries and regions, highlighting the global popularity of domestic products [1] Group 2 - Huatai Securities research indicated steady growth in consumption during the National Day and Mid-Autumn Festival holidays, with an average of 304 million cross-regional trips per day during the holiday period, a year-on-year increase of 6.2% [2] - The report emphasized the rise of emotional consumption and the upgrading of product categories driven by local consumption policies and national subsidies, with green health and intelligent products leading in growth [2] - The Hong Kong consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing major players in both new consumption and internet e-commerce sectors, including Pop Mart, Lao Pu Gold, Miniso, Tencent, Kuaishou, Alibaba, and Xiaomi [2]

Core Insights - The report from CICC indicates that the consumption data for the National Day and Mid-Autumn Festival holidays in 2025 shows strong performance, driven by longer holiday periods and a high level of domestic and outbound travel [1] Group 1: Consumption Trends - Overall consumption data reflects a youthful and experience-oriented trend, with notable performance in discretionary categories such as home appliances and outdoor sports [1] - The average daily flow of cross-regional personnel in mainland China from October 1 to 8 increased by 6.2% year-on-year, indicating a robust travel environment [1] - The average spending per trip during the holiday increased by 14.6% year-on-year, attributed to the ongoing recovery of outbound tourism and a rise in long-distance and segmented travel within the country [1] Group 2: Retail Performance - The Ministry of Commerce's monitoring of 78 key business districts showed a year-on-year increase in foot traffic and sales of 4.2% and 4% respectively during the first three days of the holiday [1] - Data from the National Immigration Administration revealed that the average daily number of inbound and outbound travelers exceeded 2 million, marking a 15% year-on-year increase [1] Group 3: Investment Recommendations - CICC recommends focusing on sectors benefiting from self-indulgent consumption trends, such as trendy toys and e-cigarettes, highlighting companies like Pop Mart (09992), Blucor (00325), and Smoore International (06969) [1] - The report also suggests investing in domestic brands in the beauty and personal care sectors, recommending companies like Mao Geping (01318), Giant Bio (02367), and Shanghai Jahwa (600315) [1] - Attention is drawn to retail sectors that may benefit from supportive domestic policies and seasonal catalysts [1]