Core Insights - The article focuses on the research and development (R&D) investments of listed companies in China's functional skincare industry, highlighting the importance of R&D intensity relative to revenue [1][10]. R&D Investment Overview - The leading company in R&D investment is Huaxi Biological, with a projected investment of 466 million yuan in 2024, representing 8.68% of its revenue [10]. - Other companies like Chuang'er Biological also show significant R&D investment intensity, indicating a competitive landscape in innovation [10]. Key Companies and Their R&D Focus - **Betaini**: Focuses on the R&D of Yunnan specialty plants to address various skin issues and enhance product lines [11]. - **Huaxi Biological**: Concentrates on active ingredient delivery control and efficacy extension projects [10][11]. - **Chuang'er Biological**: Specializes in collagen protein project development [10][11]. - **Fuerjia**: Aims to expand its product line, including Class III medical devices and sunscreen products [10][11]. Production Processes - Functional skincare products include creams, lotions, masks, serums, and emulsions, each with distinct production processes. For instance, Betaini's cream and lotion production involves several key steps, with homogenization and filling being critical control points [1]. Competitive Landscape - The article outlines various brands and their core technologies, such as Vichy and La Roche-Posay from France, which emphasize thermal spring water, and Curel from Japan, which focuses on ceramide care [6][7].