将亮相CES 2026现场的创新奖获奖技术Skinsight™由爱茉莉太平洋和美国麻省理工大学研究团队共同研 发，是一款能够实时分析皮肤老化原因并向用户个人提供针对性解决方案的次世代"电子皮肤(electronic skin)"平台。Skinsight™由贴在皮肤上的超薄感应贴片、超小型蓝牙模块和AI手机应用程序组成。贴片 搭载了可精确探测微米级（μm）皮肤细微动作的超精密传感器，同时检测皮肤内部紧绷、紫外线/蓝 光、温度和水分这四大皮肤老化因素。贴片检测的皮肤数据通过蓝牙模块实时传送，由AI手机应用程 序结合24小时生活数据建立老化因子模型。用户由此可了解自己皮肤老化加速的原因，预测今后出现皱 纹或弹性下降的部位以及程度，并可获得针对性皮肤护理方案和产品建议。参观者将在金沙会展中心 (Venetian Expo)的创新奖展区看到这项能在不同环境中追踪观察皮肤变化的技术。 另外，爱茉莉太平洋还将展出应用于三星电子"AI Beauty Mirror"上的AI皮肤分析技术。该方案运用摄影 机光学诊断技术，能精确分析皮肤的毛孔、红斑、色素、皱纹状态，基于超过45万条的数据提供个人针 对性皮肤护理方案。分析结果联动到 ...

Core Insights - Kering and L'Oréal have announced a long-term strategic partnership in luxury beauty and wellness, which includes the acquisition of the House of Creed by L'Oréal and exclusive licenses for Kering's iconic brands [2][3][4]. Partnership Details - The agreement involves a €4 billion valuation, with cash payment expected at closing in the first half of 2026 [7]. - Kering will grant L'Oréal 50-year exclusive licenses for fragrance and beauty products for Gucci, Bottega Veneta, and Balenciaga, starting upon the closing of the transaction [5][6]. - A strategic committee will be established to ensure coordination between Kering brands and L'Oréal [6]. Market Positioning - The partnership aims to leverage L'Oréal's expertise in beauty and Kering's luxury brand portfolio to accelerate growth in high-potential categories [3][9]. - L'Oréal aims to solidify its position as the world's leading luxury beauty company and expand into new segments of luxury beauty through this alliance [9]. Future Ventures - Beyond beauty, Kering and L'Oréal will explore business opportunities in wellness and longevity through a planned 50/50 joint venture [8].

Investment Rating - The report does not explicitly state an investment rating for the beauty and personal care industry in China. Core Insights - The Chinese cosmetics market is projected to grow from RMB 531.1 billion in 2019 to RMB 688.6 billion in 2024, with a compound annual growth rate (CAGR) of 5.3% [7][8] - The skincare category dominates the market, accounting for over 60% of the total market share, while the fragrance category shows the fastest growth with a CAGR of 11.3% from 2019 to 2024 [11][12] - The rise of AI technology is reshaping the beauty and personal care value chain, enhancing user insights and brand upgrades [5][25] Market Overview - The Chinese cosmetics market is experiencing a recovery trend, driven by increased consumer confidence, technological advancements, and innovative product development [7][8] - The market is segmented into skincare, personal care, makeup, and fragrance, with skincare being the largest segment [9][11] - The market is expected to continue its growth trajectory, with a projected market size of RMB 688.6 billion by 2024 [7][8] Consumer Behavior - Consumers are becoming more rational and focused on efficacy, leading to a demand for precision skincare and personalized products [26][28] - The Z generation is driving the shift towards personalized and innovative products, with a significant preference for brands that offer customization [28][29] - There is a growing emphasis on natural and safe ingredients, with consumers increasingly favoring products that align with health and wellness trends [20][21] Technological Integration - AI is becoming a critical tool in the beauty industry, facilitating personalized recommendations and enhancing product development through data analysis [30][34] - The integration of AI in marketing and content generation is transforming how brands interact with consumers, making recommendations more tailored and effective [36][38] - AI-driven innovations, such as virtual try-ons and personalized skincare solutions, are enhancing consumer experiences and brand loyalty [37][39] Market Dynamics - The rise of plant-based ingredients is a significant trend, with an increasing focus on natural formulations and the use of AI to match individual skin needs [17][18] - The blending of fragrance with personal care products is gaining traction, as brands seek to create emotional connections with consumers through scent [20][21] - The beauty tech sector is expanding, with devices that combine skincare routines with AI capabilities for personalized care [23][24]

自疫情爆发以来，美妆个护行业的并购活动相比其他行业具有更强的韧性。 2024年美妆个护行业的并 购交易总数量达到了历史新高。 该行业的复苏能力得益于有利的宏观趋势，为其在未来实现可持续增 长以及扩大利润空间提供了支撑。 与X世代和婴儿潮一代相比，千禧一代、Z世代和阿尔法世代更加关注健康和幸福指数，这使得他们 对产品的使用率更高、购买量更大，并且更愿意为产品支付更高的价格，因而持续吸引着投资者的关 注。然而疫情也凸显出了消费者偏好的转变。虽然美妆个护市场的某些领域受到了广泛关注，但其他 领域却面临着挑战，这表明市场分化正在加剧。 对投资者来说未来12到18个月是一个难得的机遇期。 大型跨国公司正面临重新平衡其投资组合的压 力，资产剥离的情况将变得越来越普遍。与此同时，寻求回笼资金的私募股权投资者会处置那些持有 时间较长的资产，这将进一步增加市场上资产的供应。我们预计这将为投资者创造难得的机会，使其 能够以优惠的估值收购资产。 但随着优质资产日益稀缺，同时流动性得以恢复，来自企业和私募股权的竞争可能会引发竞价大战。 对于那些寻求投资组合转型、实现增长并在美妆个护市场占据领先地位的投资者来说，现在正是适合 采取行动 ...