以下文章来源于道总有理 ，作者道总 道总有理 . 科技创新与商业动态观察家，探究产业趋势，深挖商业内幕，只讲有用的干货，只做有价值的输出。 来源丨道总有理（ ID： daotmt ） 作者丨 道总 图源丨Midjourney 最近一则报道称：2025年上半年，丰田、本田等日本七大车企因美国关税合计损失营业利润1.5万亿 日元（约687.8亿元人民币），这是2020年后首次集体利润下滑，同比降幅达 27.2%。 其中，以北美市场为主的马自达和斯巴鲁影响最大。 数据显示，马自达在美国的销量占全球销量约三成，并且大部分为从日本向美国出口。仅今年4—9 月，美国关税就对其造成了约971亿日元（约44.5亿元人民币）的利润下跌。 无独有偶，美国销量占比近八成的斯巴鲁，其关税影响也高达1544亿日元（约70.8亿元人民币）。 据悉，这一数字几乎抵消了该公司售车带来的利润。2025年6月份，斯巴鲁全球产销数据显示：这个 月全球总产量是84898辆，比去年同期增长了0.5%；而销量则是70463辆，同比下降了11.1%。 当然，这或许只是一个偶然。 毕竟美国已经承诺，从9月16日起，对日进口汽车关税将从27.5%降至15%。 ...

浴见的故事以一把单价近200元的猪鬃浴刷起步。在早年考察市场时，李励发现日本、德国有体验极佳的千元级浴刷，而国内这个领域尚属空白。 作为贝泰妮（300957）2025年公布的首笔战略投资，浴见不仅仅是一个身体护理品牌，更是贝泰妮在主营业务增速放缓背景下，寻找新增长曲线的重要落 子。 浴见的"情绪溢价"方程式 浴见的品牌哲学根植于"身体即自我，身体即自由"的理念。 这一理念源自2015年创始人李励的"中年觉醒"——时年33岁的她，在每天半小时独处的浴缸时间里，决定换一种活法。正是在国内美妆"黄金十年"落幕、电 商新玩法萌芽的2015年，李励创立了浴见，聚焦东方女性的护理需求。 近日，国内身体护理品牌浴见（Bathfeel）在上海上生新所开出全国首家线下门店"一个人的自由浴室。" 这个看似普通的开业新闻背后，隐藏着一个关于消费升级、品牌情绪价值与上市公司投资逻辑的精彩故事。 凭借押注"小品类"的策略，这把猪鬃刷几年后成功让浴见登顶天猫浴刷类目。截至今年6月，这把刷子已卖出超40万把，其坚固耐用的特性也使其成为许多 女性消费者馈赠好友的佳品。 但浴刷复购率相对较低的问题促使浴见思考转型。 李励观察到，近几年女性对于 ...

近日，爱茉莉太平洋旗下高端护肤品牌AP嫒彬微信小程序、天猫等线上渠道均显示闭店升级，其线下上海久光专柜精品店也已关闭。 21世纪经济报道记者 易佳颖 然而，市场反响远未达预期。截至闭店前，其天猫店铺粉丝数不足500人，店内仅上架7—10款产品，单价从419元至4279元不等，其中销量最高的"双重修护 紧致面霜"仅售出约50件。 显然，短暂的试水之后，爱茉莉太平洋果断选择了调整。"集团也没给（AP嫒彬）什么资源去做传播，"一位接近爱茉莉太平洋中国人士向21世纪经济报道 记者解释道，"韩妆一贯在中国消费者心中的形象还是平价为主。一个全新的品牌要在中国市场立住高端的定位和形象，没那么容易的。" 埃哲森的消费者调查显示，2025年，在美妆护肤领域，偏好国货的消费者比例已经超过国际品牌，而在2021年的调研中，国际品牌在中国消费者心目中具备 压倒性优势，尤其在美妆护肤领域，近八成消费者优先选择国际品牌，国货的占比仅为一成多。短短四年之间，市场格局全面重构。 "这几年，我们很重视的情绪价值、自豪感、文化自信，都让大家更多地会倾向于去尝试并选择国产品牌。"埃森哲商业研究院总监邓玲表示，"国货崛起的 背后，展现了消费者从品牌 ...

| 时间 | 投资项目 | 投资领域 | 投资特点 | | --- | --- | --- | --- | | 2022 年９月 | 闻献 DOCUMENTS | 香水香氛 | 首个投资项目 | | 2023 年 9 月 | 杉海创新 | 美妆科技 | 首个开放式创新投资 | | 2024 年２月 | 观夏 TO SUMMER | 香水香氛 | 第二个香水品牌 | | 2025 年 5 月 | 未名拾光 | 生物技术 | 前沿生物制造 | | 2025 年 11 月 | LAN 兰 | 护肤 | 首个本土护肤品牌 | 美次方投资时间线 经济观察报据公开信息整理 11月17日，欧莱雅中国宣布对中国护肤品牌LAN兰进行少数股权投资，这是欧莱雅中国继投资自然堂后，今年在护肤品领域的第二笔投资。 本次交易的投资方为欧莱雅中国旗下首家投资公司上海美次方投资有限公司（下称"美次方"），这也是美次方首次投资中国本土护肤品牌。目前，欧莱雅中 国方面未披露交易后的持股比例及具体投资金额。 LAN兰2019年成立于杭州，该护肤品牌归属杭州兰匠化妆品有限公司（下称"兰匠"）所有，主打精简护肤与分子油萃理念。天眼查信息显示，2020 ...

Core Insights - JD.com achieved significant growth during the 11.11 shopping festival, with a 40% increase in the number of users placing orders and nearly a 60% increase in order volume by November 11, 2025 [1] - The "try before you buy" model has effectively stimulated consumer enthusiasm, with trial channel user numbers increasing by 315% and repeat purchase users rising by 523% [1][3] - The trend of "sample economy" is expanding beyond beauty products, enhancing experiential consumption across various categories [3] Group 1: Sales Performance - JD.com led the growth in sales during the 11.11 period, particularly in the 3C digital and home appliance sectors, where it held the highest market share [1] - The trial channel saw nearly 20 categories of new customers double in number, with over 3,000 brands experiencing a doubling of repeat purchase users [3] Group 2: Consumer Behavior - The top three categories for user trial preferences were beauty and skincare, personal care, and maternal and infant products, with healthcare and household cleaning products following closely [3] - The "try and love" list showed that beauty and skincare remained the leading category, with maternal and infant products, personal care, nutrition, and pet care also performing well [3] Group 3: Brand Engagement - Brands are leveraging JD.com's trial capabilities to efficiently attract new customers at a low trial cost, with notable success from brands like Yili, which topped the new customer acquisition list during the 11.11 event [5][6] - The trial channel is positioned as a "gathering place for genuine brand samples," helping brands effectively reach target users while providing consumers with a more secure and cost-effective shopping experience [7]

文 | 楼股巷 过去四年，中国消费市场发生了一场静默而深刻的结构性变革。埃森哲最新发布的《美好生活新主张——中国消费者洞 察》报告揭示的数据直观展示了近几年的巨大变化——国际品牌在中国市场的传统优势正以前所未有的速度瓦解，取而代 之的是更加理性、自主且具有文化自信的中国消费者。 这场变革不仅仅是市场占有率的重新分配，更是消费逻辑的根本性重构。 国货崛起背后的三重逻辑：性价比、产品力与文化自信的完美融合 国货品牌的全面逆袭是本次报告最引人瞩目的发现。在美妆护肤领域，国货偏好度从2021年的仅12%飙升至2025年的 43%，实现了对国际品牌的历史性超越。3C数码领域更是如此，国货以55%的偏好度占据绝对主导。 图：仅四年间（2021-2025），中国消费市场竞争格局已见巨变 来源：《美好生活新主张——埃森哲中国消费者洞察》 这背后是三个关键因素的共振： 首先，性价比成为新王道。85%的消费者将性价比作为选择国货的首要原因，比2021年上升8个百分点。在经济增长放缓的 背景下，消费者不再愿意为虚高的品牌溢价买单。 不过，当下的性价比已不再是简单的低价，而是"可被验证的价值"。消费者追求的是在合理价格范围内，获得最 ...

Core Insights - The article emphasizes the importance of solid foundational research in the increasingly competitive Chinese skincare market, particularly regarding sensitive skin care solutions [3][5][15]. Market Evolution - The sensitive skin care segment in China has evolved from basic moisturizing (1.0) to a broader "general soothing" approach (2.0), yet solutions remain largely generalized rather than tailored [5][6]. - The prevalence of sensitive skin has surged, with 64.1% of the population affected by 2025, a significant increase from 15.9% in 2010, indicating a fourfold rise over 15 years [6][10]. Demographics and Causes - Young adults aged 18-30 represent the most affected demographic, with a sensitivity rate of 74%, meaning three out of four individuals in this age group experience some level of skin sensitivity [6][10]. - Key triggers for sensitive skin include environmental factors, lifestyle habits, and emotional stress, with the highest sensitivity rates found in humid regions like Guangzhou (88%) [6][10]. Research Findings - The study identifies two main subtypes of sensitive skin: "dry sensitive" and "oily sensitive," which together account for over 80% of cases, each with distinct physiological characteristics and care requirements [7][10][13]. - The physiological differences between dry and oily sensitive skin include variations in moisture and oil content, pore size, redness index, barrier function, and nerve sensitivity [9][10]. Product Development - The research provides critical data for product development, allowing for targeted solutions rather than one-size-fits-all approaches [7][13]. - The proprietary ingredient "Shu Min An™" was developed based on the TRPV1 receptor mechanism, showing superior soothing effects compared to traditional ingredients, particularly for post-procedure sensitivity [17][19]. Collaborative Ecosystem - The company has established a collaborative ecosystem involving top research institutions and clinical units to ensure effective translation of research into safe and effective skincare solutions [19][20]. - The integration of global scientific resources, including partnerships with renowned scientists, aims to overcome challenges in ingredient stability and absorption [20][22]. Long-term Strategy - The company focuses on long-term foundational research rather than short-term market trends, having filed 404 patents and published 52 core papers by late 2025 [22]. - This commitment to deep research and development is seen as a way to build a technological moat and drive sustainable growth in the beauty industry [22].

Group 1 - The eighth China International Import Expo (CIIE) showcases a strong consumer enthusiasm, particularly in beauty and skincare products, reflecting the increasing demand for quality in daily life [1] - The event coincides with the "Double 11" shopping festival, extending online shopping desires to offline experiences, with notable highlights in payment scenarios [1] - Financial institutions are well-prepared to support smooth transactions for both domestic and international attendees, with services like self-service currency exchange and multilingual staff [2] Group 2 - The "Cultural and Tourism Grand Show" initiative by the Bank of Communications aims to enhance the quality of the cultural tourism industry by integrating various consumer experiences [3] - The initiative includes collaboration with leading online travel agencies (OTAs) to provide diverse discounts and subsidies, supporting high-quality development in cultural tourism consumption [3] - The Bank of China has introduced a "buy and refund" tax refund service at the expo, facilitating a seamless shopping experience for foreign visitors [2]

Core Viewpoint - The article discusses the aggressive marketing strategies of beauty brands during the Double Eleven shopping festival, particularly focusing on the controversial use of "anti-aging" claims that are not officially recognized by regulatory authorities [5][6][9]. Group 1: Marketing Strategies - Beauty brands are heavily promoting "anti-aging" and "anti-initial aging" as key selling points during the Double Eleven sales event, aiming to capture consumer attention and spending [6][12]. - Brands like Proya and Pechoin are using bold claims in their marketing, such as "scientific anti-initial aging" and "significantly anti-aging, looking 10 years younger" [14][25]. - Despite regulatory warnings, many brands continue to push the boundaries of compliance, with some even providing contradictory information regarding their products' capabilities [18][20]. Group 2: Regulatory Environment - The National Medical Products Administration has not recognized "anti-aging" as a valid claim under the 26 categories of cosmetic efficacy, making such marketing a risky venture [8][30]. - Several brands have faced administrative penalties for misleading claims, indicating a growing scrutiny of cosmetic advertising practices [10][32]. - The current regulatory framework categorizes cosmetics into special and ordinary types, with "anti-aging" claims falling outside the recognized efficacy categories, leading to potential legal repercussions for brands [28][29]. Group 3: Consumer Demand and Brand Behavior - There is a strong consumer demand for "anti-aging" products, which drives brands to prioritize short-term sales over compliance with regulations [33]. - The perceived low cost of regulatory violations encourages brands to take risks, as the potential profits from appealing marketing often outweigh the penalties [34]. - The article suggests that a healthy market should prioritize consumer trust and ethical marketing practices, rather than exploiting consumer anxieties for profit [36].

Group 1: Core Insights - The China International Import Expo (CIIE) serves as a platform for global companies to showcase products and understand new consumer trends in China [1][2] - Amorepacific showcased over 20 new products making their debut in China, focusing on personalized skincare solutions and addressing specific consumer needs [1][2] - The demand for health-oriented products is rising, with companies like Laiyifen integrating national health strategies into their product offerings [2][3] Group 2: Industry Trends - The expo highlighted a shift towards health-conscious consumer preferences, with products featuring low-fat, low-GI, and no additives gaining attention [2][3] - AI solutions were prominently featured, indicating a trend towards smart healthcare services that enhance patient interaction and address healthcare challenges [3][4] - Companies are transitioning from being equipment suppliers to service providers, with a focus on comprehensive AI solutions to improve healthcare efficiency and safety [4]