近日，由中国医师协会皮肤科医师分会顾问刘玮教授引领解读的《2025中国医学护肤临床洞察报告》指 出，基于对皮肤生理病理机制的深刻理解和丰富的临床实践经验，皮肤科医生将医学护肤理念具象到各 类皮肤问题/医美场景的全周期管理中，突出功效性护肤品在皮肤疾病和问题的预防辅助治疗和日常维 稳的关键性作用。 因此，以皮肤科医生群体的临床洞察为起点，联合医院、高校、科研院所和企业，构建覆盖基础研究、 靶点筛选、临床验证到科学传播的全链路化妆品开发体系是医研共创的必需要素。唯有各方立足自身优 势紧密合作，才能破解市场乱象，推动功效性护肤品行业持续向科学化精准化迈进，最终实现以医学护 肤守护全民皮肤健康的目标。 如此，究竟该如何落实？皮肤健康产业市场空间广阔 21世纪经济报道记者季媛媛 近两年，功效性护肤品产业近年来高速发展，市场规模迅速扩大。理性消费观念兴起，使得注重功效和 安全性的护肤产品深受青睐。 但不少业内人士也指出，目前皮肤健康产业仍存诸多问题，包括部分产品功效宣称缺乏充分证据化妆品 不良反应监测重视程度不足、行业评价标准存在一定差异，以及从皮肤问题诊疗到日常护理的衔接不 畅，影响治疗和护理依从性和最终改善效果。 这 ...

Core Viewpoint - The company, Furuida, is undergoing a transformation by divesting from real estate and focusing on the health and beauty sector, but it is facing challenges with declining revenues and profits in its cosmetics segment in the first three quarters of 2025 [1][24]. Financial Performance - For the first three quarters of 2025, Furuida reported a total revenue of 2.597 billion yuan, a year-on-year decrease of 7.34% [2][24]. - The net profit attributable to shareholders was 142 million yuan, down 17.19% compared to the same period last year [2][24]. - In Q3 alone, the revenue was 807 million yuan, a decline of 7.97% year-on-year, with a net profit of 34 million yuan, down 23.07% [2][24]. Cosmetics Segment Analysis - The cosmetics segment revenue for the first three quarters was approximately 1.569 billion yuan, reflecting an 8.17% decline [4][24]. - The brand performance within the cosmetics segment varied significantly, with the brand Yilian experiencing a growth rate of nearly 20%, while the brand Aier Bozhi saw a decline of 28.93% [1][12]. Brand Performance - Yilian's sales reached 786 million yuan, up 19.50%, with its spray product line generating 664 million yuan, a 28% increase [12][24]. - Aier Bozhi's sales for the first nine months were 646 million yuan, marking a decline of 28.93% [12][24]. - The newly introduced brand, Kemi, reported sales of 77.19 million yuan, with a significant quarter-on-quarter growth of 138% [15][24]. Research and Development - Furuida's R&D expenses reached 116 million yuan, an increase of 11.8%, with an R&D expense ratio of 4.46%, the highest in the past five years [19][24]. - The company is focusing on product innovation and has established a data platform for ideal skin microbiomes, along with several medical device registrations [22][24]. Strategic Focus - Following the divestment from real estate, Furuida is concentrating on health and beauty, particularly in cosmetics, biomedicine, and related products [4][24]. - The company is implementing a "5+N" brand strategy to transition from a single beauty focus to a dual beauty model encompassing both cosmetic and medical aesthetics [7][24].

Core Insights - The beauty industry in China is experiencing significant changes, with a focus on high-end fragrance brands, domestic beauty brands' performance, and the integration of science and global strategies in the market [2][3][4][5][6][7]. Industry Environment - Douyin e-commerce has revitalized the perception of "Chinese good ingredients," showcasing natural components from local brands and enhancing consumer trust through expert endorsements and interactive marketing [3]. High-End Fragrance Market - The fragrance category is witnessing growth despite overall market pressures, with projections indicating the Chinese perfume market will reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4]. Domestic Beauty Brands Performance - In the first half of 2025, the domestic beauty market grew by 3.1%, with leading brands like Proya achieving 5.36 billion yuan in revenue, while others like Huaxi Biological faced challenges [5]. Globalization and Scientific Innovation - The second half of the domestic beauty market is expected to focus on scientific advancements, segmentation of consumer scenarios, and globalization strategies [7]. Medical Beauty and Cosmetic Integration - The medical beauty sector is projected to grow at a compound annual growth rate of 10%-15% from 2024 to 2027, with brands increasingly merging beauty and medical aesthetics to meet consumer demands for comprehensive care [10]. E-commerce and Brand Strategies - E-commerce operators in the beauty sector are facing challenges, with only one company, Ruoyu Chen, showing significant growth amidst a broader industry slowdown [14]. New Product Launches and Brand Collaborations - Major brands like L'Oréal are expanding into the fragrance market with new high-end products, while emerging brands like Huaxizi are innovating in skincare with a focus on traditional Chinese medicine [16][17]. Market Trends and Consumer Behavior - The beauty market is seeing a shift towards affordable and effective products, with brands needing to adapt to changing consumer preferences and the competitive landscape [12][25].