"近年来，线下少有人气这么旺的大会了" "一对一沟通，品牌与渠道现场对接需求，美妆链定位精准" "做线下渠道就找美妆链"…… 12月3日-4日，以"新人类，新渠道，新增长点"为主题，BeautyLink美妆链"2025线下趋势Link大会"在杭州落幕。在3日举行的2025Beauty Link年度颁奖盛 典上，近千人的会场热闹非凡、交流活跃，参会者的赞叹声此起彼伏。 除颁奖典礼之外，同期举行的美妆链展会吸引了超500+品牌参与，并特别设置30+品牌线下首发专区。此外，本次大会还通过主论坛演讲、圆桌对话等形 式，邀请了行业协会负责人、知名品牌创始人、渠道操盘手及零售专家等嘉宾，围绕2025年线下渠道的新趋势、新策略、新机遇展开了深入探讨。 作为今年行业唯一深度聚焦线下市场的会议，美妆链本次大会通过精准的供需对接与高密度干货分享，不仅为品牌方与渠道商提供了切实可行的"减压处 方"，也为美妆实体零售探索出一条"精耕细作、高效转化"的线下增长新通路。 传统渠道的固有优势正在被削弱，这是毋庸置疑的事实。 青眼情报数据显示：今年1-10月CS渠道销售额同比仅增长0.39%，而国家统计局同期化妆品零售额增幅为4.6%。这当 ...

Core Viewpoint - The article discusses the growth logic and investment value of the cosmetics company Chando, highlighting its operational efficiency improvements through inventory management and offline strategy optimization, while noting that its brand equity and consumer perception have not kept pace with these changes [4][5]. Group 1: Industry Overview - The domestic cosmetics industry is transitioning from foreign brand dominance to the rise of domestic brands, driven by increased consumer recognition of domestic quality and brand value, as well as a significant shift towards online sales channels [5][6]. - Online sales in the cosmetics sector have surged from approximately 30%-35% in 2020 to over 65% by 2024, benefiting domestic brands that have heavily invested in online channels [5][6]. Group 2: Chando's Performance - From 2022 to the first half of 2025, Chando's revenue growth was only 3%-6%, significantly lagging behind competitors like Proya and Shiseido, which have seen higher growth rates [7]. - Chando's market share in 2024 was 1.7%, ranking third among domestic brands, while Proya and Shiseido held 3.3% and 1.9%, respectively [7]. Group 3: Financial Metrics - Chando's online channel revenue share increased from 59.7% in 2022 to 68.8% in the first half of 2025, while its marketing expenses as a percentage of revenue rose from 39.8% in 2022 to 44.8% in 2024 [12][19]. - Despite an increase in gross margin from 66.5% in 2022 to 69.4% in 2024, Chando's net margin only slightly improved from 3.2% to 4.1% during the same period [18][19]. Group 4: Operational Strategies - Chando has implemented a "one inventory" system to enhance operational efficiency, which has improved inventory turnover rates from 2.5 in 2022 to 3.5 in the first half of 2025 [30]. - The company is expanding its offline retail presence, with a focus on increasing the number of retail partners and optimizing credit terms to attract more distributors [24][28]. Group 5: Future Outlook - Chando's strategy to enhance offline channels may provide better economic benefits as online growth effects appear to be diminishing [19]. - The company is also expanding production capacity, with a projected increase of 40% by the end of 2025, indicating a focus on volume growth through cost reduction and market share stabilization [35][36].