据小红书网友发布的帖子显示，肌本科天猫旗舰店发布了店铺终止经营公告，拟于2025年12月11日自主终止经营。 店铺终止经营 本店拟于2025年12月11日| 目前在淘宝上搜索"dermistry肌本科"时，已经无法搜索到店铺信息。此外，肌本科微信公众号最近一条推文的时间为2023年12月30日，停更时间接近两年。 资料显示，肌本科为乐敦制药旗下品牌，从乐敦制药的官网介绍来看，肌本科是一个专注于肌肤研究+科学成分的护肤品牌，倡导以化繁为简的极简护肤理 念。目前肌本科产品用途主要分为抗衰、美白、多合一等几大类。 背靠药企是肌本科的突出优势，但是从发展时间来看，肌本科在中国市场的经营时间并不是很长，或许与其未能建立起明显的差异化优势有关，逐渐在国内 的美妆市场中失去了市场份额。 今年以来，宣布退出中国市场的日妆品牌不在少数，一方面在华业绩承压，另一方面中国美妆市场竞争愈发激烈。 对于日妆企业而言，曾经的进口品牌优势不断被削弱，而且国内消费者也不再盲目选择进口品牌，这些因素都让日妆企业遭遇较大的发展压力。 ...

Summary of the Beauty Industry Conference Call Industry Overview - The beauty industry is experiencing intense competition, particularly during the 2025 Double Eleven shopping festival, where consumer voting power has increased to 60%, putting pressure on brands, especially domestic and unlisted ones [1][2][9] - A total of 88 brands participated in negotiations for 166 SKUs, with beauty products accounting for nearly 70% of the total [2][4] Key Insights and Arguments - Domestic brands performed exceptionally well during the 2025 Double Eleven, actively participating and offering significant discounts to enhance visibility [1][4] - International brands such as Estée Lauder and LVMH only had limited participation, with Make Up For Ever being the only brand from LVMH, while mid-to-high-end brands like L'Oréal Paris also participated [4] - The strategy for beauty brands included a combination of classic products and bestsellers, with deeper discounts offered. Some international brands adopted a "no price increase" strategy, with discounts going as low as 40% [1][5] - Domestic brands introduced new products with "no return" mechanisms to attract new users, while international brands launched IP collaboration products to appeal to younger consumers [1][5] Competitive Strategies - Beauty brands are enhancing competitiveness through product upgrades, maintaining stable prices, and innovation backed by evidence [6][7] - Notable examples include domestic brands like 彩棠, which upgraded its contour palette five times in six years, and 完美日记, which adapted to market demands by participating in major promotions [8] - Brands are also leveraging IP collaborations and unique packaging designs to attract younger demographics, such as 欧莱雅's collaboration with 熊猫花花 for a small eye cream [5][7] Market Trends - The beauty market is shifting towards a buyer's market, with increased consumer power and a greater presence of domestic brands [3][9] - New emerging brands are actively seeking exposure, with many participating in the "All Girls Offer" event, showcasing the overall operational capabilities of domestic brands [8] Risks and Challenges - The beauty market faces risks from macroeconomic fluctuations affecting consumer purchasing power and intense competition [10] - Brands must quickly respond to market changes, understand consumer preferences, and adapt to new consumption methods to remain competitive [10]

11月6日，外媒BeautyMatter、FASHIONNETWORK在报道科蒂时指出，自2013年登录美股市以来，由于增长放缓和收购有问题，科蒂的股价已下跌 75%，仅今年科蒂的股价就已下跌近46%，市值目前仅剩33.3亿美元(约合人民币237.22亿元)。该市值甚至低于国货上市公司毛戈平、巨子生物、上美股 份、珀莱雅，与华熙生物相当，华熙生物按11月6日收盘价计算总市值约为239.8亿元人民币。 "高端香水与大众美妆双线并行"的法国百年香水巨头——科蒂集团(纽约证券交易所代码：COTY，下文统称：科蒂)，如今不仅业绩持续承压、欲打包出 售大众彩妆业务，还面临即将失去GUCCI品牌许可的危机。 与此同时，纽约时间11月5日，科蒂交出了一份各业务部门、市场全线下滑的成绩单。 聚焦整体业绩表现，2026财年Q1(2025年7月1日-2025年9月30日，以下换算时间即为2025年Q3)科蒂集团净收入为15.77亿美元(约合人民币112.34亿元)，按 报告下降6%，按可比口径(LFL)基准，较上年同期下滑8%；报告的净利润为6460万美元(约合人民币4.60亿元)，按报告下滑19%，净利润率同样下滑至 4.1% ...

Core Viewpoint - POLA ORBIS HOLDINGS has announced the dissolution and liquidation of its subsidiary, Orbis Beijing, indicating challenges in the Chinese market but not a complete exit from China [1][3][5]. Company Overview - POLA ORBIS was established in 1929, focusing on beauty care, real estate, and other sectors, with beauty care accounting for 97% of its total revenue in 2024 [6]. - The Orbis brand, launched in 1984, targets the mid-range market with products priced between 2,000 and 5,000 yen (approximately 101 to 252 RMB) [8]. Financial Performance - Orbis Beijing's revenue for 2024 was 783 million yen (approximately 39 million RMB), the lowest in three years, with continuous losses in operating profit and net profit [8][9]. - The financial data shows a decline in net assets and total assets over the past three years, with net sales dropping significantly [9]. Strategic Decisions - The decision to dissolve Orbis Beijing aligns with POLA's "VISION 2029" strategy, which aims to expand globally and optimize brand portfolios [10]. - The company cited the slowing Chinese economy and intensified e-commerce competition as reasons for the inability to achieve short-term profitability [10][11]. Market Challenges - POLA faces significant competition in the Japanese cosmetics market, ranking last among the top four Japanese cosmetic groups [11]. - The overall performance of POLA's brands has been declining, with the main brand POLA and Jurlique experiencing revenue drops, while Orbis showed some growth [15][20]. Industry Context - The Chinese beauty market is becoming increasingly competitive, with local brands like Proya and Han Shu achieving significant revenue growth, contrasting with the struggles of international brands [21]. - The challenges faced by POLA are not unique, as other Japanese cosmetic companies are also experiencing difficulties in the Chinese market [20][21].

Core Insights - Shanghai Jahwa's 2024 performance report reveals its first loss since going public, with Sephora China reporting a total loss of 646 million yuan in 2024 [1][3] - The cumulative loss for Sephora China over three years has reached nearly 1 billion yuan [1][3] Financial Performance - In 2024, Sephora China's revenue was 7.14 billion yuan, a year-on-year decline of 18.49%, with a net loss of 646 million yuan [4][3] - The financial performance from 2019 to 2024 shows a significant decline, with 2021 being the peak year, where revenue exceeded 10.87 billion yuan and net profit was 431 million yuan [3][4] Market Challenges - Increased competition in the online market and challenges faced by physical stores have led to reduced revenue and gross profit for Sephora China [6][12] - Several brands, including Tang from Herborist and OLEVA+, have withdrawn from Sephora, indicating a shift in brand strategies towards online sales [6][12] Strategic Adjustments - Sephora is undergoing organizational restructuring and has made key personnel changes to enhance its market presence in China [9][11] - The company is expanding its brand portfolio by introducing local brands and entering lower-tier cities to capture a broader market [11][12] Industry Context - The overall cosmetics market in China is experiencing a downturn, with a market size of 774.65 billion yuan in 2024, down 2.83% year-on-year [11][12] - Domestic brands have been gaining market share over foreign brands since 2023, indicating a shift in consumer preferences [11][12]