一、概述 根据《GB/T27574-2011睫毛膏》，睫毛膏（mascara）以油脂、水、蜡、增稠剂、颜料、成膜剂、乳化 剂等为原料经混合乳化工艺，或以蜡、油脂、高分子聚合物、溶剂、颜料等原料经混合工艺制成的粘稠 状产品，主要起修饰、美化眼部睫毛的作用。 睫毛膏感官、理化、性能指标 睫毛膏可实现拉长睫毛长度、增加睫毛浓密度、塑造睫毛卷翘弧度等效果，同时部分产品兼具定型、滋 养睫毛的附加功能，能显著放大眼部轮廓，提升眼部妆容精致度。按核心功能不同，睫毛膏可以分为纤 长型睫毛膏、浓密型睫毛膏、卷翘型睫毛膏、防水型睫毛膏等类型；按膏体形态不同，睫毛膏可以分为 膏状睫毛膏、液状睫毛膏、纤维型睫毛膏等类型；按价格与产品定位不同，睫毛膏分为高端睫毛膏和大 众睫毛膏两大类。 睫毛膏分类 内容概要：随着悦己消费与精致妆容意识普及，睫毛膏作为眼部彩妆核心品类，已实现从"非必需 品"到"日常刚需"的定位升级，尤其年轻群体对自然、持久、多功能妆效的需求推动产品向细分功能演 进，据统计，2024年我国睫毛膏销售额共计完成20.04亿元，其中，高端睫毛膏约占25.0%，大众睫毛膏 约占74.9%，与此同时，纯净美妆浪潮与敏感肌友好理念 ...

南都记者统计了上美股份、珀莱雅、毛戈平、华熙生物、贝泰妮、福瑞达等6家中国头部美妆企业，以 及欧莱雅、雅诗兰黛两家国际美妆集团2024年的ESG报告（雅诗兰黛为2025财年），最终发现，针 对"绿色包装"这个美妆行业的特异性议题，倘若说早几年国货美妆企业还处于摸索阶段，但从2024年的 ESG报告可以看出，针对包装的减碳以及产品的循环消费等理念，已成为国内外美妆企业的共识。 趋势1 绿色包装成共识：国内外美妆企业加大投入力度 上美股份在推动产品的可持续及FSC®认证包装的落实方面，具体包括以下8条准则：选用森林管理委 员会FSC®认证的环保纸制作包装；包装纸盒印刷采用环保油墨代替石油油墨；选择可循环利用的塑胶 或生物基材料，尽可能减少使用玻璃等。华熙生物也和上美有类似的措施，并且还对产品包装的工艺进 行了改进，比如使用点胶形式替代塑料膜塑封。在包装的循环利用方面，其二次回收利用生产过程中产 生的废塑料、废外包装纸箱等废弃物，最大程度地减少废弃包装的产生数量等。 针对"绿色包装"板块的信披内容，较上述其他样本国货美妆企业，珀莱雅披露的最为详细，不仅组建 了"绿色包装工作小组"，还给出了"包装材料中可持续包装材料 ...

早在2004年，南方都市报就发起了"责任中国"专题研究，聚焦企业社会责任的多维表现，致敬企业社会 责任创新案例。20多年来，我们见证了ESG理念在中国从萌芽到蓬勃发展的历程，见证了ESG成为衡量 企业可持续、高质量发展的重要评判标准。将ESG与可持续发展理念融入公司发展战略与经营管理活动 中，持续加强生态环境保护、履行社会责任、健全公司治理，这不仅仅是上市公司的应尽义务，也应成 为所有市场化企业提升公司治理能力、竞争能力、创新能力的参照。 为了进一步推动经济向绿、向善发展，促进企业ESG创新实践，南方都市报"可持续创新实验室"课题组 广泛征集企业在ESG领域的优秀实践案例，聚焦环境、社会、治理领域等12个议题，梳理出《2025 ESG可持续创新趋势洞察报告》，以期给相关行业和企业提供更多有价值的借鉴及观察。 可替换包装及补充装。 针对"绿色包装"板块的信披内容，较上述其他样本国货美妆企业，珀莱雅披露的最为详细。不仅组建 了"绿色包装工作小组"，还给出了"包装材料中可持续包装材料的比例提升20%，包装使用强度降低 15%"这样具体的数据。包装设计的产品举例中，也将每个案例的塑料使用减少克数详细罗列了出来， 对绿 ...

Core Insights - In November 2025, 14 new consumer-related projects completed financing, totaling approximately 900 million RMB, with notable projects including "LAN" and "Thunderbird Innovation" not disclosing specific amounts [1] - The financing landscape includes 7 food and beverage projects, 3 in smart technology, and single projects in new retail, apparel, beauty, and pet sectors [1] Group 1: Food and Beverage Sector - The food sector saw 5 completed financings, with "Xianbing Sister" and "Houxishi" being restaurant chains, while "Maisen" is a professional sports nutrition brand under Mengniu Group, and "Ruiyun Cold Chain" and "Jiajixian" are backend supply chain companies [1] - Mengniu Group announced its entry into the professional sports nutrition market in February 2023, launching the "Maisen" brand, which has been recognized for its performance and market presence [2] Group 2: Supply Chain Innovations - "Ruiyun Cold Chain," established in 2020, focuses on enhancing cold chain logistics efficiency through digitalization and has established a cross-border cold chain network in Southeast Asia and Hong Kong [3] - "Jiajixian," founded in 2019, specializes in AI-driven fresh supply chain services, ensuring product freshness and quality through comprehensive monitoring from source to consumer [3] Group 3: Coffee and Beverage Brands - "Xinyue NEAVES" and "Bixing Coffee" have completed financing, with Bixing Coffee's recent round being particularly noteworthy as it marks its fourth financing amidst a competitive market [4][5] - Bixing Coffee has expanded its franchise model, surpassing 500 signed stores nationwide since opening its first store in Suzhou in 2022 [4] Group 4: Beauty and Personal Care - "LAN," a clean beauty brand, received minority investment from L'Oréal's Shanghai Meici Fang Investment Co., marking L'Oréal's first investment in a local skincare brand [7] - "LAN" has achieved significant sales success, leading the market in facial oil sales for two consecutive years, with its products entering the "billion club" [7] Group 5: Market Challenges and Trends - The bankruptcy of POLYVOLY Technology highlights the challenges faced by brands that rapidly scaled without sustainable foundations, indicating a shift away from the era of quick brand creation through capital and traffic [8] - In the pet sector, Yunnan Hezhong Lian Investment completed a 12 million RMB angel round financing, while "Paiteshengxian," a pet fresh food venture, announced the closure of all offline stores due to unsatisfactory performance [8][9]

| 名称 | 成立时间 | | 轮次 | 金额 | | | --- | --- | --- | --- | --- | --- | | 柏垠生物 | 2021年 | 合成生物企业 | 战略融资 | 未披露 | 包括富华资本、广药资本及 | | | | | | | 鲸犀投资 | | 恩泽康泰 | 2017年 | 外泌体科技企业 | B轮 | 近亿元 | 中博聚力领投 | | 臻奏生物 | 2023年 | 医美材料研发商 | Pre-A轮 | 未披露 | 昆山高新集团 | | Xinú | 2017年 | 墨西哥高端香水品 牌 | 股权投资 | 未披露 | 雅诗兰黛宣布通过旗下战略 早期投资部门New Incubation Ventures | | | | | | | A (NIV) | | 修实生物 | 2020年 | 深耕多肽生物合成 领域 | A轮 | 近亿元 | 创景资本领投 | | 巨微生物 | 2024年 | 合成生物技术研发 | A+轮 | | | | | | 問 | | 未披露 | 包括金科君创 | | LAN 兰 | 2019年 | 中国纯净护肤品牌 | 少数股权投资 | 未披露 | 欧莱雅中国 ...

Core Viewpoint - The article highlights the rise of domestic beauty brands in China, particularly focusing on the investment by L'Oréal in the local skincare brand LAN, which reflects the growing importance of the Chinese market in L'Oréal's global strategy [2][5]. Investment and Brand Development - L'Oréal Group has invested in the Chinese clean skincare brand "LAN," marking its first investment in a local skincare brand through its Shanghai Meici Fang Investment Co., supported by the BOLD fund [2][3]. - LAN was founded by a young female entrepreneur, Ding Xiaolan, in Hangzhou around 2018, capitalizing on the clean beauty trend and has gained recognition for its "oil-based skincare" philosophy [2][6]. - The brand has achieved significant sales success, with its products ranking among the top in facial oil sales in China for two consecutive years [2]. L'Oréal's Strategic Focus - L'Oréal has established a strong presence in the Chinese market, launching the BOLD fund in 2018 and setting up Shanghai Meici Fang Investment Co. in 2022, which is its first investment company in China after 25 years [3][5]. - The investment in LAN aligns with L'Oréal's mission to create beauty and reflects its commitment to long-term investment in the Chinese market [5]. Market Trends and Consumer Behavior - The clean beauty trend emphasizes ingredient safety, environmental sustainability, and effective skincare, which LAN has successfully integrated into its product offerings [6][9]. - LAN's core product, the "Time Essence Oil," quickly gained popularity, achieving over 20 million yuan in sales within four months of launch and becoming a top seller on platforms like Tmall [9]. Regional Market Dynamics - The article notes the booming beauty market in the Jiangsu-Zhejiang-Shanghai region, with brands like LAN and others achieving significant sales during events like Double Eleven [10][12]. - The region has become a hub for beauty brands due to favorable geographic and policy conditions, attracting international cosmetic groups and fostering a vibrant local industry [12][13].

Overview - The lipstick market in China is experiencing growth due to rising income levels and increased beauty awareness among consumers, with nearly 60% of urban women indicating they wear makeup almost daily [1][14] - In 2023, China's lipstick sales reached 16.672 billion yuan, a year-on-year increase of 10.84%, but are projected to decline to 16.1286 billion yuan in 2024 due to macroeconomic factors [1][14] - The market is segmented into high-end lipsticks (53.68%) and mass-market lipsticks (46.32%) in 2024 [1][14] Market Policies - The Chinese government has implemented various policies to regulate the cosmetics industry, including quality management standards and safety assessment measures, promoting a more standardized and high-quality development environment for the lipstick industry [9][10] Industry Chain - The lipstick industry supply chain includes raw material suppliers (oils, waxes, pigments), manufacturing processes, and distribution channels such as retail stores and e-commerce platforms [11][12] Competitive Landscape - The lipstick market is highly competitive, featuring both international brands (Dior, Estée Lauder, Chanel) and domestic brands (Perfect Diary, Huaxizi, Proya), with international brands holding significant market share in the high-end segment [15][16] Development Trends - The high-end lipstick market is expected to grow faster than the overall industry, with international brands leveraging limited edition collaborations and local brands focusing on cultural IP for differentiation [17][18] - There is a rising consumer preference for products with safe ingredients, leading to an increase in demand for plant-based and cruelty-free lipsticks [17][18]

Group 1: Industry Environment - The children's cosmetics market is rapidly growing, with over 20,000 products expected to be registered by 2025 in China, driven by strong consumer demand and increasing parental acceptance [2] - The luxury goods sector is facing significant challenges, with a global market experiencing zero growth for two consecutive years, leading to a loss of $5.7 billion, particularly in the Chinese market which saw an 18% decline [6] - The beauty market is undergoing a brutal reshuffle, with many high-growth startups closing within four years due to capital pressures and high customer acquisition costs [7][8] Group 2: Market Trends - The beauty and skincare market in July saw a rise of domestic brands, with 16 out of the top 20 on Douyin being local brands, highlighting the success of niche makeup brands [4] - A new addictive sales model combining "blind boxes" and "matching games" is gaining popularity on Douyin, stimulating consumer spending but raising concerns about product quality and after-sales service [5] - The "economic upturn beauty" trend is emerging, characterized by bold makeup styles reminiscent of past economic booms, reflecting a nostalgic consumer sentiment [9] Group 3: Brand Dynamics - L'Oréal is adjusting its strategy in China, focusing on reducing reliance on duty-free sales as the market undergoes structural changes [15][16] - Jinbo Bio is experiencing rapid growth in the medical beauty sector, with revenue projected to rise from 233 million yuan to 1.443 billion yuan from 2021 to 2025, driven by its unique product offerings [17] - Pizhou Pharmaceutical is innovating in the beauty space with its "snow skin factor," promoting a new paradigm of health-oriented whitening products [18] Group 4: Marketing Insights - Brands are increasingly focusing on women's narratives and social issues, with campaigns that resonate with women's self-identity and gender equality [10] - The top Douyin influencers in the beauty sector are showing stable performance, with brands adapting their collaboration strategies based on market positioning [14]

Core Viewpoint - The beauty consumption market is undergoing a brutal selection and reshuffling, with many small and startup brands facing significant challenges and closures amid economic downturns [1][3]. Company Summary - Youthforia, a DTC beauty brand focused on clean beauty, is set to close after achieving over $15 million in sales since its founding in 2021, despite previously maintaining triple-digit growth [3][5]. - The brand's closure follows a controversy regarding its product offerings, particularly a foundation shade criticized for being inappropriate, which led to a significant drop in website traffic and social media followers [11][12]. - Youthforia's sales were heavily driven by viral marketing on TikTok, accounting for 84% of its revenue, but the brand ultimately could not sustain its operations [7][19]. Industry Summary - The clean beauty segment is experiencing rapid growth, with a projected annual increase of 18.6%, yet the average lifespan of brands in this category has decreased to 3.2 years [12]. - Other clean beauty brands, such as Ami Colé, have also announced closures, indicating a broader trend of challenges faced by new entrants in the beauty market [12][22]. - The DTC beauty model, once thriving, is now under pressure due to rising customer acquisition costs and increased competition from established brands that have adapted to digital marketing strategies [24][25].

Core Insights - The essence water category is becoming a strategic focus for brands, with international giants like Lancôme and Estée Lauder launching new products to redefine skincare [1][2][3] - The market for essence water is rapidly growing, with online sales nearing 10 billion yuan in the first half of this year, marking it as one of the fastest-growing segments in facial care [1][7] Group 1: Brand Strategies - Major brands are investing in the development of essence water, which is positioned between toners and serums, offering multiple benefits such as anti-aging and skin repair [2][3] - International brands like Estée Lauder and Lancôme are targeting younger consumers by offering entry-level high-end products at competitive prices, such as Lancôme's "Little Black Bottle Essence Water" priced at 595 yuan for 150ml [3][6] - Essence water serves as a "universal key" that can enhance the entire skincare routine, facilitating cross-selling opportunities across product lines [6][7] Group 2: Market Trends - The essence water market is projected to grow at a compound annual growth rate of 9.2% from 2026 to 2033, indicating strong future demand [7][8] - Young consumers, particularly those aged 18-24, are increasingly drawn to essence water, with this demographic accounting for over 30% of the category's popularity on platforms like Xiaohongshu [7][9] - The core consumer demands for essence water include multi-functionality, proven efficacy, and sustainability, reflecting a shift in consumer expectations [8][10] Group 3: Domestic Brand Strategies - Domestic brands are responding to international competition by focusing on technology, efficacy, cost-performance ratio, and specific usage scenarios [11][12] - Brands like HBN are establishing their technological foundations and focusing on precise efficacy to differentiate themselves in the market [12][13] - The emphasis on cost-performance ratio allows domestic brands to attract price-sensitive consumers while maintaining product quality [15][16] Group 4: Marketing and Consumer Engagement - Chinese brands are integrating their products into popular skincare routines and scenarios, enhancing consumer interaction and increasing sales opportunities [17][18] - The competition in the essence water market is not just about product features but also about building trust and loyalty through genuine value and scientific backing [18][19]