来源：弈赫市场咨询 北京弈赫国际信息咨询有限公司是一家业务覆盖全球的利基市场信息咨询公司，研究涉及了21个主要行业和1200个利基市场，覆盖了70多个国 家，一直致力于产出专业严谨的行业趋势分析，数据洞察，市场研究和解决方案。百度搜索yiheconsult或者弈赫咨询，访问官网获扫码加工作人 员可获得免费报告样本。 北京弈赫咨询最近发布了关于印度曲酸面霜2025市场深度分析报告，包括全球与中国版本。作为行业内具有深厚洞察力的市场分析机构，北京弈赫持续跟踪 这一细分市场多年，致力于为客户提供专业、定制化的市场研究方案。本次报告不仅涵盖关键市场趋势和行业数据，还提供详细的市场参与者分析及上下游 产业链研究。客户如有需求，可申请获得免费样本以更好地了解报告内容。 精准定位：印度曲酸面霜市场报告的目标受众 本报告的目标受众包括但不限于化妆品制造商、零售商、投资者及市场研究人员。对于希望深入了解印度曲酸面霜市场动态的品牌商来说，本报告是不可或 缺的资源。我们定位精准，确保提供的市场数据和趋势分析能够满足不同行业参与者的需求。市场制造商可以借此识别潜在的市场机会，零售商可以据此优 化产品线，投资者则能在了解市场潜力的基础 ...

Core Viewpoint - Recent reports reveal that numerous online accounts have been spreading false claims about children's products being made from industrial waste, primarily to drive traffic for e-commerce sales [1][3][10] Summary by Sections Nature of the Rumors - The rumors claim that children's creams, body lotions, and laundry products are made from industrial waste, which is identified as a "rumor-based traffic generation" tactic [3][5] - The spread of these rumors can be traced back to videos that began circulating approximately seven months ago, with a significant increase in activity noted in the last month [5][7] Mechanism of Spread - The rumors utilize alarming headlines and fabricated data, such as claims of harmful substances exceeding safety limits by 40 times, to attract attention [8][9] - The content is often produced using a template that can be easily modified with different locations, dates, and statistics, allowing for mass dissemination of misinformation [8][11] Impact on Consumers - The spread of these rumors has created significant anxiety among parents, who are particularly sensitive to issues regarding children's health [8][11] - Comments from the public indicate a growing awareness of the manipulative tactics used by these accounts, with many expressing skepticism towards the credibility of such claims [9][10] Industry Response - Experts emphasize the need for stricter content regulation and the establishment of a rumor database to improve the identification of false information [13][14] - Regulatory bodies and platforms are beginning to take action, including the removal of misleading content and the suspension of accounts involved in spreading these rumors [16][17] Long-term Implications - The ongoing spread of these rumors poses a threat to the reputation of legitimate children's product brands, potentially leading to a loss of consumer trust [11][14] - The situation highlights the necessity for the cosmetics industry to maintain transparency and uphold product integrity to foster a healthy market environment [16][17]

Market News - The three major US stock indices closed lower, with the Dow Jones down 557 points (1.18%), the S&P 500 down 0.92%, and the Nasdaq down 0.84% [1] - Major tech stocks mostly declined, with AMD and Intel down over 2%, while Nvidia, Apple, Oracle, and Meta fell over 1%. Google, however, rose over 3% [1] - Cryptocurrency stocks weakened, with Coinbase down over 7% and Circle down over 6% [1] - International gold prices dropped significantly, with spot gold down 0.91% to $4044.67 per ounce [2] - International oil prices also fell, with WTI crude down 0.57% to $59.75 per barrel and Brent crude down 0.53% to $64.05 per barrel [2] Industry Insights - A research team from Xi'an University of Electronic Science and Technology announced a breakthrough in AI energy consumption, reducing power usage by 57.2% and area by 30.7% through a new hardware architecture [3] - The AI computing power demand is growing exponentially, and the new adaptive ADC architecture could significantly alleviate energy pressure in data centers and edge devices [3] - The Chinese cosmetics industry is transitioning towards high-quality development, with a market size projected to reach 1,073.8 billion yuan in 2024, expecting a steady growth of 5%-10% over the next five years [4] - The 3D printing industry is moving from technology validation to large-scale application, with the global market expected to exceed $84-115 billion by 2030, maintaining a compound annual growth rate of 20%-30% [5][6]

Summary of the Announcement - In 2025, the Shenyang Market Supervision Administration conducted a supervision sampling inspection of cosmetics, completing a total of 105 batches across 9 categories. Seven batches were found to be non-compliant, and legal actions for verification and disposal have been initiated [1]. Group 1: Inspection Results - A total of 105 batches of cosmetics were sampled and tested in Shenyang [1]. - Out of the 105 batches, 7 batches were identified as non-compliant with regulations [1]. - The inspection covered various categories of cosmetics, ensuring a comprehensive evaluation of the market [1]. Group 2: Compliance Status - The following products were found to be compliant: - "如幼金盏花婴童倍护乐肤霜" produced by Guangzhou Yuming Biotechnology Co., Ltd. [1] - "蓝宝贝婴儿山茶油护臀膏" produced by Guangzhou Zanyu Cosmetics Co., Ltd. [1] - "时尚贝贝婴童水润四季保湿润肤露" produced by Guangzhou Meiziyuan Daily Chemical Co., Ltd. [1] - "小黄豆婴童防皴滋润霜" produced by Guangzhou Cailin Daily Chemical Co., Ltd. [1] Group 3: Regulatory Actions - The Shenyang Market Supervision Administration has initiated legal actions for the 7 non-compliant batches to ensure consumer safety and compliance with regulations [1].

Core Viewpoint - The article discusses the tax deduction rules for business entertainment expenses incurred by companies at different stages of their operational lifecycle, particularly focusing on the differences between the construction period and the normal operation period [2][4]. Group 1: Business Entertainment Expenses in Different Stages - During the construction period, companies can deduct 60% of the actual business entertainment expenses related to the establishment activities, even if there is no operational income [4]. - The normal operation period allows for different deduction rules, where business entertainment expenses are capped at 60% of the incurred amount, with a maximum limit of 0.5% of the annual sales revenue [3][4]. Group 2: Deduction Procedures and Regulations - Companies can choose to deduct the accumulated business entertainment expenses in the year they commence operations or treat them as long-term deferred expenses, but this choice is irrevocable once made [4]. - It is essential for companies to classify and document different types of expenses accurately to avoid violations of tax regulations [4]. Group 3: Advertising and Promotion Expenses - Companies can deduct advertising and promotional expenses up to 15% of their annual sales revenue, with any excess being carried forward to future tax years [12]. - Specific industries, such as cosmetics and pharmaceuticals, have higher deduction limits of up to 30% of sales revenue for advertising expenses, while tobacco companies are prohibited from deducting any advertising expenses [14].

Group 1 - The article discusses the distinction between small-scale taxpayers and small micro-profit enterprises regarding VAT benefits, emphasizing that only small-scale taxpayers can enjoy VAT reductions [3][7]. - Small-scale taxpayers who are also classified as small micro-profit enterprises can benefit from VAT exemptions if their monthly sales do not exceed 100,000 yuan or quarterly sales do not exceed 300,000 yuan [4]. - If a small-scale taxpayer exceeds the sales threshold, they will still benefit from a reduced VAT rate of 1% instead of the standard 3%, resulting in significant savings [5]. Group 2 - General taxpayers classified as small micro-profit enterprises do not qualify for the same VAT benefits and must calculate VAT based on the standard method of output tax minus input tax [6]. - The article clarifies that the VAT benefits are specifically tied to the small-scale taxpayer status, not directly to the small micro-profit enterprise classification [7]. - The policy basis for these VAT reductions is outlined in the announcement from the Ministry of Finance and the State Taxation Administration [8].

Core Insights - The company reported a revenue of 860 million yuan for the first three quarters of 2025, representing a year-on-year growth of 24.42% [1] - The net loss attributable to shareholders of the listed company was 29.505 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 30.6845 million yuan [1] - The basic loss per share was 0.29 yuan [1]

Group 1 - The core point of the article is that Jiaheng Jiahua reported a revenue increase of 24.42% year-on-year for the first three quarters of 2025, amounting to approximately 860 million yuan, while also experiencing a net loss of about 29.5 million yuan attributable to shareholders [1][1][1] - The basic earnings per share for the company is reported as a loss of 0.29 yuan [1][1][1] - As of the report, Jiaheng Jiahua has a market capitalization of 3.9 billion yuan [1][1][1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1][1][1]

Core Insights - The emergence of "plant callus" as a key term in the cosmetics industry is highlighted, with multiple extracts from rare plants like snow lotus and peony being registered with the National Medical Products Administration [1][2] - The technology of plant callus cultivation allows for controlled, soil-free production of active plant ingredients, addressing issues of supply stability and sustainability [1][9] - The trend indicates a shift towards "green manufacturing," positioning callus technology as a new productive force in China's beauty industry [1][8] Industry Developments - Since 2025, plant callus has rapidly gained attention in the cosmetics sector, with six related ingredients registered, five of which were completed in 2025 [2][3] - Notable companies involved in this trend include Water Sheep Co., Huaxi Kou, and innovative upstream firms like Weiming Shiguang and Baiyue Te [1][4][6] - The registration of snow lotus callus powder by Gu Yu brand marks a significant milestone in utilizing rare plants through cell culture technology [4][6] Technological Advancements - Plant callus technology is based on the plant's self-repair mechanism, producing undifferentiated cells that secrete beneficial compounds for skincare [12][13] - The cultivation methods include solid and liquid culture techniques, with liquid culture allowing for industrial-scale production [14][16] - The ability to control environmental factors in callus cultivation enables customized production of active ingredients, enhancing research efficiency and production stability [17][21] Market Implications - The technology addresses the instability of traditional plant supply chains, providing a consistent and high-quality source of active ingredients [9][20] - Companies like Water Sheep emphasize the importance of technological solutions to overcome raw material shortages and promote high-quality standards in the cosmetics industry [9][18] - The shift towards plant callus technology represents a sustainable and scalable production model, aligning with consumer expectations for environmentally friendly products [28][29] Future Directions - The industry is exploring three main pathways: upgrading existing raw materials, providing sustainable alternatives for endangered plants, and integrating technology with AI and synthetic biology [25][27][28] - The ongoing development of plant callus technology signifies a broader transition in the beauty industry towards resource-efficient and environmentally friendly practices [29]

Core Viewpoint - The IPO application of Beijing Plant Doctor Cosmetics Co., Ltd. has been suspended due to outdated financial data, which poses challenges for its ambition to become the first listed single-brand cosmetics store in China [4][3]. Company Overview - Beijing Plant Doctor was established in 1994 and has over 30 years of experience in the cosmetics industry, focusing on skincare products since 2004 [8]. - The company aims to raise approximately 998 million yuan through its IPO, with plans to invest in marketing, brand building, headquarters and R&D center construction, information system upgrades, and production base technology transformation [6]. Financial Performance - The company's revenue has shown steady growth, with projected revenues of 2.12 billion yuan, 2.15 billion yuan, and 2.16 billion yuan for 2022, 2023, and 2024 respectively, and net profits of 170 million yuan, 230 million yuan, and 240 million yuan for the same years [8]. - The revenue composition is primarily from core products such as lotions, creams, serums, and masks, which account for over 99% of total revenue [9]. Market Position - According to Euromonitor data, Plant Doctor ranks 8th among domestic brands in the Chinese cosmetics market and 7th in the skincare segment for 2024 [8]. - If the IPO is successful, the company will have over 4,000 offline stores, solidifying its position as the first single-brand cosmetics stock in China [7]. Competitive Landscape - The Chinese cosmetics market is characterized by a concentration of leading brands, with L'Oréal, Procter & Gamble, and Estée Lauder holding significant market shares of 14.4%, 7.9%, and 5.1% respectively [14]. - Plant Doctor's market share is relatively small at 0.8%, with local competitors like Proya, Naturals, and Pechoin holding a combined market share of 6.3% [14]. Sales Channel Strategy - The company has a significant number of offline stores, totaling 4,328 by the end of 2024, which is much higher than its competitors [15]. - The sales revenue from offline channels accounts for 70-80% of total sales, while online sales contribute around 20% [16]. Profitability Challenges - The reliance on offline sales has led to higher rental liabilities and financial expenses, resulting in a financial expense ratio that exceeds that of competitors [17]. - The company primarily uses a distribution model, with 64% of revenue coming from distributors, which has lower profit margins compared to direct sales [17][18]. R&D and Management - The company has invested in R&D, with expenses of 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan from 2022 to 2024, representing 3.48%, 3.53%, and 3.08% of revenue respectively [25]. - Future plans include increasing R&D investment and optimizing management platforms, although the recent IPO suspension adds uncertainty to these goals [28].