另一方面，尽管从账面看，众多国际原料企业在美护领域相关业务均有不同程度的增长，但在 中国市场也面临新的竞争压力。 如此背景下，国际美妆原料企业重点关注的方向有哪些？趋势背后又有怎样的科研引擎在驱动 创新，引领企业穿越周期？ 在今年PCHi领袖峰会上，《FBe a u t y未来迹》访谈德之馨、科莱恩LMC等国际原料企业相关 高层，获得了不同视角的洞察。 对于众多国际美妆原料企业而言，2 0 2 5年显得颇为煎熬。 一 方 面 ， 在 整 个 化 工 行 业 深 受 全 球 经 济 动 荡 的 拖 累 下 ， 国 际 原 料 企 业 的 成 绩 单 也 变 得 喜 忧 参 半，而且货币汇率的不利因素已经成为增长的"头号敌人"。 从2 0 2 5年上半年财报看，各家国际原料企业的整体业绩均出现不同程度的"震荡"，也因此对 地缘政治、主要市场GDP增长情况展开了更多详细分析。 | 变业 | 集团整体销售额/同比 | EBITDA/同比 | 美妆原料相关板块销售额/同比 | | --- | --- | --- | --- | | | 332亿欧元 | 35.53亿欧元 | 24.68亿欧元 | | 巴斯夫 | -1. ...

水羊股份 摘要 水羊股份通过高端品牌矩阵搭建和高效运营，高端品牌方法论日趋成熟， 业绩有望持续增长。国货美妆集团中的高端品牌仍具稀缺性，受益于科 学护肤理念向高购买力人群渗透，小众高端品牌成长空间广阔。 水羊股份战略转型关键节点包括：早期御泥坊面膜电商红利、代理海外 品牌提升城野医生影响力、数字化及高端化转型，以及收购 PA、伊菲丹 和 Revive 等品牌，实现向全球高奢美妆转型。 伊菲丹成功因素在于：法式护肤体验与贵族故事、严格控价提价销售、 以及选择涂抹面膜赛道差异化竞争。超级面膜和 CP 组合贡献整体收入 的 60%-70%，线下渠道和海外市场是重要驱动因素，2025 年将在上 海开设亚洲首家城堡店。 水羊股份资源聚焦于伊菲丹、PA 和 Revive 等高端品牌，原有大众护肤 品收缩资源。伊菲丹自收购后持续放量，PA 和 Revive 有望复制其成功 模式，战略调整消除业绩不利因素。 PA 佩尔赫乔核心修护成分 HP DNA 具有差异化优势，聚焦溶雪面膜 HP DNA 修护功效及免洗特点，锁定高端人群。传播思路与伊菲丹相似，但 用户画像更年轻，预计 25 年底将上线一系列新品并完善产品矩阵。 Q&A ...

在近日举行的品牌首个科研战略发布会上，谷雨隆重推出了独家专利抗老原料 "类人源外泌素 HME "。 作为继极光甘草、稀有人参皂苷 CK 之后的第三款全自研创新成分，"类人源外泌素 HME "标志着企业在活性成分研发领域取得重要突破，也为该类 原料 及技术 在化妆品领域的安全合规应用开辟了新路径。 谷雨的科研体系已迈向全新的发展阶段。 同日，谷雨与厦门大学联合成立的 " 厦门 大学 - 谷雨 生物医药联合研究中心 "正式揭牌。该中心 将 由 中国科学院院士、厦门大学生命科学学院林圣彩 教授担任主任 ， 并 将聚焦生物活性成分的基础研究与技术转化，为谷雨在功效护肤领域的持续创新提供学术支持。 近十 多 年来，谷雨逐步构建起以 "原料创芯"为核心驱动的发展路径： 通过整合上游基础研究、中游原料开发与下游产品应用，形成覆盖全产业链的研发 闭环；并结合对中国人群肤质的系统研究，持续推动成分创新与配方优化。 随着研究体系日益成熟、产学研合作深入推进，谷雨的 核心 原料 库与技术平台有望释放更大潜能，为品牌构建可持续的核心竞争壁垒，并在科学护肤领 域形成差异化引领优势。 弯道超车，抗衰核心原料迎突破 当前，护肤品抗衰老研究 ...

Core Viewpoint - The "We Smile at the Sun" initiative by Winona has been actively promoting skin health awareness in high-altitude regions, addressing the severe impact of UV radiation on skin health over the past decade [1][10]. Group 1: Initiative Overview - The "We Smile at the Sun" initiative has been running for ten years, providing free skin consultations and treatments to over 5,000 individuals in high UV exposure areas across six provinces and 15 locations [1][10]. - The initiative has disseminated over 1,400 pieces of sun protection knowledge, reaching approximately 180 million consumers [1][10]. Group 2: Health Risks and Awareness - High-altitude regions, such as Shangri-La, face significant skin health risks due to intense UV radiation, leading to conditions like sunburn, premature aging, and increased skin cancer risk [5][7]. - Many residents in these areas are unaware of the dangers posed by UV exposure, often considering skin issues like redness and pigmentation as normal [5][7]. Group 3: Educational Efforts - Medical professionals emphasize the importance of preventive care over treatment, advocating for better skin protection practices among local residents [7][8]. - The initiative includes educational components, teaching residents about proper skincare and the significance of sun protection [7][8]. Group 4: Community Impact - The initiative has fostered a shift in community attitudes towards skin health, with local residents beginning to recognize the importance of sun protection [10][11]. - Winona's efforts have extended beyond skin health, contributing to various social causes, including rural sanitation and education [10][11]. Group 5: Future Plans - Winona plans to expand its outreach to more high-altitude areas in the next decade, continuing its mission to enhance skin health awareness and protection [13].

Core Viewpoint - The company, Proya, has demonstrated strong revenue growth and cash flow in its mid-year report, launching its highest-ever interim dividend plan and initiating a Hong Kong stock listing plan, indicating a robust performance amid a slowing industry growth rate [2][8]. Financial Performance - In the first half of 2025, Proya achieved a revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit attributable to shareholders of 799 million yuan, up 13.80% [2][9]. - The operating cash flow net amount significantly increased by 95.34% to 1.293 billion yuan, showcasing strong profitability and operational efficiency [2]. Dividend and Listing Plans - Proya announced a mid-term dividend plan, proposing a cash dividend of 8.00 yuan per 10 shares, totaling approximately 315 million yuan, marking a new high for the company's semi-annual dividends [2][8]. - The company is also planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to accelerate its internationalization strategy and enhance overseas business capabilities [8][10]. Brand Performance - Proya's main brand generated 3.979 billion yuan in revenue, accounting for 74.27% of total revenue, targeting young white-collar workers with a focus on "scientific skincare" [3][5]. - The emerging brand, Caitang, achieved a revenue of 705 million yuan, growing by 21.11%, and is becoming a significant performance driver [4]. Market Position and Strategy - The Chinese cosmetics market is experiencing a slowdown, with retail sales growth of 2.9% in the first half of the year, below the overall retail sales growth of 5% [3]. - Proya's net profit margin improved to 15.41%, and gross margin increased by 3.56 percentage points to 73.38%, indicating effective cost control and product structure optimization [3]. R&D and Digital Transformation - Proya's R&D expenses reached 210 million yuan in 2024, a year-on-year increase of 21.21%, with the establishment of R&D centers in Shanghai and Europe [6][7]. - The company is advancing its digital transformation, launching SAP system upgrades and AI-driven customer service systems to enhance operational efficiency [7]. Competitive Landscape - Proya's multi-brand strategy effectively covers diverse consumer groups, with the main brand maintaining its core market while new brands accelerate growth, contributing to overall performance [5][10]. - The company is positioned to become the first domestic beauty enterprise listed on both A-shares and H-shares, enhancing its capital strength and competitive edge in the global market [9][10].

Core Viewpoint - Proya Cosmetics Co., Ltd. reported a revenue of approximately 5.36 billion RMB for the first half of 2025, reflecting a year-on-year growth of 7.21% and a net profit attributable to shareholders of approximately 798.51 million RMB, up 13.80% from the previous year [2][4][5]. Company Overview and Financial Indicators - The company focuses on the research, production, and sales of cosmetic products, with brands including Proya, Caitang, Off&Relax, and others [3][4]. - As of June 30, 2025, the total assets of the company reached approximately 8.28 billion RMB, an increase of 9.99% compared to the end of the previous year [2][4]. - The net assets attributable to shareholders were approximately 5.73 billion RMB, up 6.02% year-on-year [2][4]. Main Business and Revenue Analysis - The main business revenue was approximately 5.36 billion RMB, with a growth rate of 7.24% year-on-year [4][5]. - Direct sales contributed approximately 39.05 billion RMB, showing a significant increase of 20.35% [4]. - The brand Proya accounted for approximately 39.79 billion RMB in revenue, while Caitang generated approximately 7.05 billion RMB, reflecting a growth of 21.11% [4][5]. Marketing and Brand Strategy - The company has implemented a multi-channel marketing strategy, focusing on both online and offline sales [3][4]. - Proya's marketing campaigns have included collaborations with celebrities and targeted promotions during key shopping events, resulting in significant brand exposure [6][7]. - The brand has emphasized product innovation, particularly in high-efficiency skincare and makeup products, to meet evolving consumer demands [5][6]. Competitive Advantages - Proya's core competitiveness lies in its strong R&D capabilities and agile organizational structure, allowing it to respond quickly to market changes [5][6]. - The company has established partnerships with leading research institutions to enhance its product development [3][5]. - Proya aims to expand its market presence both domestically and internationally, leveraging the growing trend of Chinese brands going global [5][6].

Core Insights - Proya Cosmetics Co., Ltd. reported a revenue of 5.362 billion yuan for the first half of 2025, marking a year-on-year growth of 7.21% [1] - The company achieved a net profit of 799 million yuan, an increase of 13.80% year-on-year, with operating cash flow reaching 1.293 billion yuan, up 95.34% [1] - The company announced its highest-ever interim dividend plan and is preparing for an H-share listing in Hong Kong, indicating confidence in future growth [2] Financial Performance - Revenue reached 5.362 billion yuan, with a significant increase in the personal care segment at 131.25% and beauty makeup at 25.79% [1] - Net profit was reported at 799 million yuan, with a net profit margin of 15.41% and a gross margin of 73.38%, reflecting improved profitability [1] - The interim dividend plan proposes a cash dividend of 8.00 yuan per 10 shares, totaling approximately 315 million yuan, which would bring cumulative dividends since 2017 to over 2.1 billion yuan [2] Brand and Market Position - The main brand generated 3.979 billion yuan in revenue, accounting for 74.27% of total revenue, while the sub-brand 彩棠 achieved 705 million yuan, growing 21.11% [3][7] - Proya's flagship store on Tmall ranked first in the beauty category, while it ranked second on Douyin and fifth on JD.com, indicating strong market presence [3] - The Off&Relax brand saw a revenue increase of 102.52% to 279 million yuan, driven by new product launches and effective marketing strategies [10] Innovation and R&D - The company applied for 35 new patents in the first half of 2025, bringing the total to 240 patents, showcasing its commitment to innovation [15] - Proya's R&D efforts include collaborations with top universities and research institutions, enhancing its technological capabilities [15][16] - The company is implementing a digital strategy to improve operational efficiency and support product innovation through AI and data management systems [16] Strategic Developments - The preparation for the H-share listing in Hong Kong is a significant step towards international expansion and enhancing capital strength [2] - The company aims to position itself among the top ten global cosmetics companies within the next decade, reflecting its long-term strategic vision [16]

Core Insights - The skincare industry in China is experiencing high growth driven by ingredient transparency and scientifically validated efficacy, with domestic brands leveraging synthetic biology and targeted ingredient development to gain competitive advantages [1][2][3] Group 1: Market Trends - The Chinese skincare market is transitioning to an era of ingredient transparency and scientifically verifiable efficacy, with consumers shifting from brand reliance to rational analysis of ingredient lists [1] - The overall market size for cosmetics in China is projected to reach 774.6 billion yuan in 2024, reflecting a year-on-year decline of 2.83%, while the efficacy skincare segment is expected to grow significantly, surpassing 100 billion yuan [1] - The compound annual growth rate (CAGR) for efficacy skincare products from 2019 to 2024 is estimated at 24.9%, with this segment expected to account for 22.9% of the total skincare market by 2024 [1] Group 2: Product Development and Innovation - The targeted ingredient development has led to a multi-channel synergy for three core functions: anti-wrinkle and firming through peptides and other compounds, soothing and repairing through ingredients like centella asiatica and ceramides, and hydration through amino acids and hyaluronic acid [2] - Domestic brands such as Proya and Winona have entered the top 10 in the high-end anti-aging and soothing markets, traditionally dominated by international brands [2] - The evolution of ingredient formulations has progressed from basic hydration to synthetic biology, with Chinese companies achieving technological advancements, such as Huaxi Biological's breakthrough in hyaluronic acid and the establishment of international standards for recombinant collagen [3] Group 3: Emerging Opportunities - The rise of domestic brands is characterized by cost-effective ingredient innovations and technological differentiation, particularly in the peptide segment, where brands like Proya and Han Shu are reshaping the anti-aging landscape [3] - Traditional Chinese medicine ingredients are becoming core competitive advantages, with significant online sales growth projected for ginseng, astragalus, and artemisia, indicating a strong market for local herbal formulations [3]

Core Viewpoint - CeraVe celebrates its 20th anniversary, marking two decades of innovation in "Barrier Science" and establishing itself as a leading brand in the skincare industry, particularly in the realm of skin barrier repair [2][6][23] Brand Development and Market Position - CeraVe was founded in 2005 based on insights from dermatologists who identified skin barrier damage as a common issue across various skin conditions, leading to the creation of effective and accessible skincare solutions [7][12] - The brand's name combines "Ceramides" and "MVE Technology," highlighting its commitment to transforming core technology into product efficacy [7] - CeraVe's initial product launch included three cornerstone products that utilized a unique combination of ceramides and MVE technology, achieving both effective repair and long-lasting results [9] Scientific Foundation and Clinical Validation - CeraVe has consistently emphasized evidence-based research, with its products being recommended by leading dermatological organizations globally [10][11] - The brand has maintained a strong connection with dermatologists, ensuring that its scientific findings are published in reputable journals and incorporated into clinical guidelines [11][19] Growth and Expansion Strategy - Acquired by L'Oréal in 2017, CeraVe accelerated its global expansion and deepened its research investments, leading to its recognition as the number one recommended moisturizing skincare brand in the U.S. [10][12] - The brand has successfully penetrated 35 countries, adapting its strategies to local markets while maintaining a focus on scientific integrity and consumer accessibility [10][13] Product Strategy in China - CeraVe's entry into the Chinese market has been marked by a focus on core product categories and a commitment to simplifying skincare routines, promoting the philosophy of "less is more" [14][15] - The brand has established a robust medical collaboration framework, engaging with top scholars and institutions to drive innovation and validate its product efficacy [17][18] Social Responsibility and Community Engagement - CeraVe has undertaken various initiatives to promote skin health awareness and provide support to affected communities, including partnerships with medical associations for research and public health campaigns [18][19] - The brand's commitment to social responsibility is evident in its ongoing efforts to educate consumers about skincare, particularly for vulnerable populations such as children [18][19] Future Outlook - CeraVe aims to focus on the Z generation as a core target demographic, leveraging diverse marketing strategies to enhance brand recognition and consumer engagement [21][22] - The brand's strategy includes a comprehensive channel approach, prioritizing online growth while expanding its offline presence to reach a broader audience [22] - CeraVe's commitment to scientific validation and innovation positions it to redefine industry standards and maintain its leadership in the skincare market [22][23]

Core Viewpoint - The Ordinary is positioning itself as a scientific skincare brand in the Chinese market, emphasizing transparency, effective ingredients, and consumer education to counteract the prevalent marketing hype in the skincare industry [2][3][15]. Brand Launch and Market Strategy - The Ordinary held its first brand launch event in China on June 24, 2025, and is set to open its Tmall flagship store on July 11, 2025, marking a significant step in its market entry strategy [2][3]. - The brand aims to shift the focus of the skincare market from marketing competition back to scientific efficacy, establishing new value benchmarks in the industry [3][25]. Brand Philosophy and Development - Founded in 2016, The Ordinary emerged as a response to exaggerated marketing claims in the skincare industry, advocating for transparency in product formulation and pricing [9][7]. - The brand's products are named after their key active ingredients and concentrations, with a commitment to affordable pricing, exemplified by its best-selling Niacinamide 10% + Zinc 1% serum priced at 59 yuan for 30ml, significantly lower than competitors [9][10]. Scientific Approach and Consumer Engagement - The Ordinary emphasizes a science-driven approach, maintaining a dedicated research team of 160 experts and a commitment to clinical testing to ensure product safety and efficacy [11][18]. - The brand has built a strong community with over 5 million followers online and actively engages in consumer education to foster trust and loyalty [11][13]. Market Adaptation and Product Localization - The Ordinary is adapting its product offerings to meet the specific needs of Chinese consumers, including collaborations with local testing organizations to ensure compliance and safety [18][19]. - The brand has developed localized formulations, such as a modified glycolic acid toner, to cater to the preferences of Chinese consumers [19]. AI Integration and Retail Innovation - The launch of The Ordinary's Tmall flagship store incorporates AI technology to provide personalized shopping experiences, including tailored product recommendations based on individual skin concerns [21][22]. - This initiative reflects the brand's commitment to leveraging technology to enhance consumer engagement and education in the skincare space [21][22]. Industry Insights and Future Directions - The Ordinary's entry into the Chinese market is seen as timely, addressing the growing demand for effective skincare solutions amidst a backdrop of marketing saturation and consumer skepticism [35]. - The brand's focus on scientific communication and transparency is expected to resonate with increasingly discerning consumers, potentially reshaping the skincare industry's landscape in China [25][35].