来源：市场资讯 （来源：天天IPO） 加华资本重仓。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，总部位于上海的美妆品牌自然堂集团刚刚完成新一轮融资，加华资本投资了3亿元人民 币，全球美妆巨头欧莱雅也参与其中，本轮融资估值超70亿元。至此，一个国货美妆独角兽诞生。 回想20多年前，郑春颖辞去东北老家的公务员工作，来到上海打拼创办了自然堂，后来在美妆江湖闯出 一番天地，那句"你本来就很美"的广告语尤其深入人心。招股书显示，自然堂已崛起成为中国第三大国 货化妆品集团，一年营收超45亿元。 加华资本此番出手，某种程度上也是消费投资复苏的一缕风向标。正如加华资本创始合伙人、董事长宋 向前多次强调："消费具有天然的抗周期性，是资源配置中的最优投资赛道，更是中国经济的稳定器和 压舱石。" 新晋美妆独角兽诞生 加华资本投了 印象中，这应该是自然堂成立以来首次开放融资。 伴随自然堂全球控股有限公司（简称"自然堂控股"）递表港交所，更多细节流出——这一次，自然堂控 股引入一轮融资，总金额超7亿元。 美町与自然堂于2024年10月23日订立股份认购协议并于2025年9月8日对其进行补充，据此，美町按每股 股份约 ...

加华资本重仓。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，总部位于上海的美妆品牌自然堂集团刚刚完成新一轮融资，加华资本投资了3亿元人民币，全球美妆巨头欧莱雅也参与其 中，本轮融资估值超7 0亿元。至此，一个国货美妆独角兽诞生。 美町与自然堂于2 0 2 4年10月2 3日订立股份认购协议并于2 0 2 5年9月8日对其进行补充，据此，美町按每股股份约5 8元认购7 , 0 2 6 , 4 5 9股 股份，对价总额为4 . 0 9亿元。今年9月，美町又按每股股份6 3元的价格购入5 3 1 , 0 2 3股股份，对价总额为3 3 4 5万元，以此累计投资4 . 4 2 亿元，已于2 0 2 5年9月2 6日不可撤销地结清。 于2 0 2 5年9月1 6日，Hima l a y a I n t e r n a ti o n a l与公司订立投资协议，据此，Hima l a y a I n t e r n a ti o n a l按每股股份约6 3元认购4 , 7 6 1 , 9 0 5股 股份，对价为3亿元，已于2 0 2 5年9月2 5日不可撤销地结清。 其 中 ， Hima l a y a ...

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Core Viewpoint - The article highlights the successful IPO of BeBeBus, a notable player in the baby products market, which reflects a broader trend of consumer investment opportunities in China, particularly in the mid-to-high-end segment of the market [3][17]. Company Overview - BeBeBus, founded in 2018 in Ningbo, China, quickly gained popularity with its innovative baby stroller, which was launched in 2019 and achieved over 1 million RMB in sales within the first month [5][6]. - The company targets urban parents aged 25-35, focusing on quality and aesthetics over price, which has led to a differentiated product strategy [6][8]. - By 2022, BeBeBus reported revenues of 507.2 million RMB, with adjusted net profits increasing over sixfold to 73.57 million RMB, and a gross margin of approximately 50% [8][9]. Investment Background - The first external investor in BeBeBus was Tiantu Investment, which recognized the brand's potential during the 2020 618 shopping festival when it achieved significant sales [12][13]. - Tiantu Investment's strategy involved deep research into the baby products sector, leading to a successful partnership with BeBeBus that helped the company grow from a valuation of 300 million RMB to 2 billion RMB [13][15]. Market Trends - The article notes a resurgence in consumer investment in Hong Kong, with brands like BeBeBus benefiting from changing consumer preferences towards quality and value [17][19]. - The investment landscape has evolved post-pandemic, with a shift towards innovative investment strategies and a focus on sectors like biotechnology and low-altitude economy [18][19].

Core Insights - The conference held in Xiamen, China, focused on five key sectors: artificial intelligence, low-altitude economy, advanced manufacturing, new energy, and consumer goods, aiming to discuss development paths and industry future [1] - The event emphasized the collaboration between government, capital, and industry to address pain points and bottlenecks in industrial development [1] Company Overview - The company, founded in 1989, is the largest investment institution focused on the consumer sector globally, managing approximately $37 billion across nine different investment strategies [4] - The company has invested in over 300 representative consumer brands over the past 30 years, emphasizing long-term partnerships with enterprises [4] Investment Strategy - The company adopts a "Glocal" approach, combining global methodologies and consumer insights with local market applications, particularly in China [5] - The focus is on building brands that convey emotional value and resonate deeply with consumers, leveraging China's strong supply chain capabilities and mature digital commerce [5] Market Focus - The company prioritizes investments in China and the United States, while also exploring opportunities in Japan, India, Australia, New Zealand, Europe, and South America [4] - The company identifies sustainable consumer behavior trends, such as "contactless" payments and the rise of "solo economy," to guide investment decisions [8] Brand Development - The company aims to assist local emerging brands in achieving dual upgrades in branding and distribution, helping them secure advantageous positions in broader markets [9] - The company emphasizes the importance of emotional value in branding, illustrated by successful collaborations like the partnership between Heytea and FENDI [10] Localization Strategy - The company recognizes the need for localized understanding in the Chinese market, tailoring strategies to different regional consumer preferences and characteristics [11] - The company integrates local capabilities with global experience to support the growth of outstanding Chinese brands into industry leaders on a global scale [11]

Core Insights - The report highlights the emergence of new consumer brands in China's fast-moving consumer goods (FMCG) sector, emphasizing the importance of innovation and market responsiveness for brand differentiation [4][5] - The "China Online Consumer Brand Index (CBI)" and the "Global Brand China Online Top 500 List (CBI500)" have been developed to evaluate and support the growth of these new brands [1][3] Group 1: Market Trends - The current Chinese consumer market is experiencing a dual boost from policy and capital, enhancing market confidence despite intensified competition [4] - New consumer brands are seen as being in a golden era, particularly those that cater to the needs of younger consumers, often surpassing Western brands in consumer recognition [5] Group 2: Brand Evaluation - The CBI500 list focuses on brands established or entering China within the last 15 years, with a majority of the 50 listed new brands being domestic [5] - The evaluation criteria for new brands include product innovation, market segmentation, and the ability to attract and retain core consumer groups [6][7] Group 3: Investment Opportunities - Investment firms view the current period as an opportune time for consumer investments, particularly in new brands that have demonstrated resilience through market fluctuations [7] - The fast-moving consumer goods new brand list serves as a "data investment product," providing a systematic approach to assess brand value and growth potential [3][7]

Core Viewpoint - Tencent's recent investments in consumer sectors, particularly in Amer Sports and Lao Pu Gold, demonstrate that consumer investments can yield significant returns, challenging previous perceptions of the sector's profitability [1][2][15]. Group 1: Investment in Amer Sports - Tencent was part of a consortium that acquired Amer Sports in 2019 for €4.6 billion (approximately ¥36 billion at the time), with Tencent investing $125 million for about 5.6% equity [4][6]. - Following the IPO of Amer Sports in 2024, its market capitalization reached approximately $21 billion (around ¥150 billion), resulting in Tencent's paper profit exceeding ¥5 billion [6][7]. - Other investors, including Fangyuan Capital, have also realized substantial returns, with Fangyuan cashing out approximately ¥9 billion while retaining a 6.2% stake [7][3]. Group 2: Investment in Lao Pu Gold - Tencent invested as a cornerstone investor in Lao Pu Gold's IPO, committing $35 million for about 4% equity, which was a notable move for Tencent in the consumer sector [11][10]. - Lao Pu Gold's stock price surged from an IPO price of HK$40.5 to HK$726.5, marking a 1699% increase, leading to Tencent's paper profit exceeding HK$5 billion [10][11]. - The success of Lao Pu Gold's IPO reflects a broader trend of increasing interest and profitability in consumer investments, as evidenced by other successful IPOs in the sector [13][17]. Group 3: Market Trends and Future Outlook - The consumer investment landscape is experiencing a resurgence, with significant interest from capital markets, particularly in Hong Kong, where consumer companies are gaining traction [17][18]. - The historical perception of consumer investments as less viable is shifting, as evidenced by the success of companies like Lao Pu Gold and the increasing participation of major investors [15][16]. - The consumer sector is viewed as resilient and capable of generating returns even during economic fluctuations, supported by China's large population and consumption potential [18][19].

Core Viewpoint - Consumption investment can yield significant profits, as demonstrated by Tencent's successful investments in companies like Amer Sports and Lao Pu Gold, which have shown remarkable returns [2][10][15]. Group 1: Tencent's Investment in Amer Sports - In 2019, Tencent participated in a consortium led by Anta Group to acquire Amer Sports for €4.6 billion (approximately ¥36 billion at the time) [3]. - Following the acquisition, Amer Sports went public in 2024 with a market capitalization of approximately $21 billion (around ¥150 billion) [6]. - Tencent's stake in Amer Sports is estimated to yield a paper profit exceeding ¥50 billion, reflecting the company's growth and market expansion [8][10]. Group 2: Investment in Lao Pu Gold - Lao Pu Gold's IPO in 2024 was initially priced at HK$40.5 per share, but the stock surged to HK$726.5, marking a 1699% increase [10]. - Tencent acted as a cornerstone investor in Lao Pu Gold's IPO, investing $3.5 million and acquiring approximately 4% of the company [11]. - The investment has resulted in a paper profit of over HK$50 billion for Tencent, making it one of the most lucrative consumer investments [12]. Group 3: Market Trends and Future Outlook - The consumer investment landscape is experiencing a resurgence, with significant interest from capital markets, particularly in Hong Kong [17]. - Companies like Pop Mart, Mixue Ice City, and Lao Pu Gold have demonstrated impressive stock performance, indicating a renewed confidence in consumer investments [17]. - The consumer sector is viewed as resilient and capable of generating substantial returns, especially in a market with a large population like China [17].

Core Insights - The home appliance ETF (159996) has seen a net inflow of 26 million units, indicating strong capital interest in home appliance assets [1] - Huatai Securities projects that the "trade-in" policy will support domestic demand in the first half of 2025, with retail sales growth peaking at 53% during the May e-commerce festival, followed by a marginal decline due to fluctuations in national subsidies and high base effects [1] - Exports are expected to face pressure due to additional tariffs imposed by the U.S. starting February 2025, alongside weakened overseas replenishment demand after a high base in 2024, leading to a search for recovery within the sector [1] - Looking ahead to 2025, domestic subsidies are expected to continue, and stable tariff expectations may lead to valuation recovery in exports, making consumption a key investment theme for the year, with the home appliance ETF (159996) being a focal point [1]

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]