Core Viewpoint - The Chinese beauty industry is experiencing a significant transformation driven by strategic investments in cutting-edge technology and content-driven brands, indicating a shift towards a more integrated and innovative market structure [4][25][28]. Investment Trends - In the first nine months of 2025, Chinese beauty companies completed 13 investments/acquisitions, with disclosed amounts exceeding 5.5 billion RMB, accounting for nearly 60% of the industry's capital flow [4][6]. - Major funding is concentrated in a few leading projects, indicating a selective investment phase, with the top three projects totaling nearly 5.2 billion RMB [6]. - The focus on technology and raw materials is evident, with regenerative medicine and RNA technology becoming key investment areas [7][24]. Strategic Investments - Huaxi Biological's investment in Saintno Pharmaceutical is a prime example of the focus on small nucleic acid drugs, which have significant potential despite the company currently lacking product sales [7][12]. - Proya's investment in Huazhi Xiao aims to build a business ecosystem, leveraging the brand's influence among young consumers and its potential for overseas expansion [10][13]. International Comparison - International giants like L'Oréal and Unilever are also active in the beauty investment space, with L'Oréal completing eight investments and Unilever seven in the first nine months of the year [14][19]. - The investment logic of international players tends to favor acquiring mature brands, while Chinese companies emphasize strategic collaboration and investment in technology [23][24]. Future Outlook - The current investment trends suggest a restructuring of the Chinese beauty industry, moving towards a model supported by technology, content, and global asset integration [25][30]. - The capital influx is raising industry standards, potentially eliminating smaller players lacking differentiation while providing growth opportunities for niche and innovative brands [24][25]. - The evolving landscape indicates that the future of the global beauty industry may be significantly influenced by the capital dynamics within China, potentially leading to the emergence of new world-class beauty giants from the Chinese capital ecosystem [30].

Core Viewpoint - The South Korean fashion brand Mardi Mercredi, known for its "Little Daisy" logo, is reportedly withdrawing from the Chinese market, with multiple stores already undergoing clearance sales [1][3][6]. Store Closures and Clearance Sales - Multiple stores of Mardi Mercredi across various cities in China are planning to close, with many already starting clearance sales [3][6]. - A store in Hangzhou, which opened on September 20, 2023, is among those confirmed to be closing, with no specific closure date provided yet [6]. - Other cities such as Qingdao, Shenyang, and Nanjing have also reported similar closure news [6]. Brand Management and Strategy - The brand's Chinese agent, MANTOVA, stated that the store closures are primarily due to operational adjustments, with plans to focus on new brands like Raive and Rest&Recreation [6][7]. - Mardi Mercredi initially gained popularity in China through online platforms, launching a flagship store on Tmall and expanding to Douyin, Dewu, and Xiaohongshu [7]. Brand Popularity and Market Position - Founded in 2018 by designers Park Hee-mook and Lee Soo-hyun, Mardi Mercredi entered the Chinese market in 2022, quickly opening stores in major cities [6][9]. - The brand's designs, characterized by a clean and simple style with vibrant elements, gained traction among consumers, especially after being worn by popular Korean celebrities [9][11]. - Despite its initial success, the brand has faced challenges, including the presence of counterfeit products in the Chinese market [11].