文｜C2CC新传媒 2026年伊始，中国美妆市场的竞争大幕刚一拉开，美国音乐天后Rihanna的个人美妆品牌Fenty Beauty便已"大招"频现。 1月1日，该品牌全新腮红色号同步登陆淘宝、抖音双平台旗舰店，并官宣入驻丝芙兰，迈出开年布局的第一步； 1月4日，天猫官方旗舰店正式开业，同时释出代言人悬念预告，引发市场关注； 1月5日，品牌正式宣布歌手宋雨琦成为其代言人； 1月8日，Fenty Beauty牵手超头主播李佳琦，开启天猫旗舰店开业专场直播，销量热度再冲高； Fenty Beauty由美国歌手蕾哈娜与LVMH集团于2017年联合创立，自诞生起便凭借"多元包容"的核心理念与广泛的色号选择迅速风靡全球。 该品牌首推的Pro Filt'r 粉底液一口气推出50种色号，几乎覆盖所有人种肤色，尤其填补了深肤色人群的美妆市场空白，这一创新不仅打破了美妆行业"白 人主导"的色号壁垒，更被《时代》杂志评为年度最佳发明，为其收获了全球大量非裔、拉美裔及亚裔消费者。 | DEEP | MEDIUM-DEEP | MEDIUM | LIGHT-MEDIUM | LIGHT | | --- | --- | --- | - ...

Core Viewpoint - Tianxiao Digital Technology (Group) Co., Ltd., known as the "first stock of the internet celebrity economy" in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish a dual listing in both A-shares and H-shares [1] Company Background - Founded in 2009, Tianxiao has been deeply involved in the influencer marketing sector for 17 years and is the first company in China to operate a mature influencer marketing solution platform [1] - The company has built a platform ecosystem connecting brand merchants, influencers, and MCN organizations, with a significant focus on the cosmetics and beauty industry [1] Financial Performance - For the first three quarters of 2025, the company's revenue decreased from 3.045 billion RMB in the previous year to 2.734 billion RMB, representing a decline of approximately 10.2% [3][4] - Gross profit also fell from 506 million RMB to 469 million RMB, while operating profit nearly halved from 96 million RMB to 44 million RMB [3][4] - Cash flow has been consistently negative, with net cash from operating activities being negative for both the first three quarters of 2024 and 2025 [5] Client Relationships - Major clients include Procter & Gamble, L'Oréal, Unilever, and Estée Lauder, with L'Oréal and Estée Lauder contributing 195 million RMB and 192 million RMB respectively, accounting for 14.1% of the company's total revenue [1][6] - The influencer marketing platform's revenue contribution from beauty clients is significant, making them a key support for the core business [6] Market Position - In 2024, Tianxiao held a 26.1% market share in China's influencer marketing solutions platform industry and a 16.5% share globally [2] - Despite facing challenges such as declining performance and cash flow issues, partnerships with major beauty brands remain stable and continue to provide reliable cash flow support [6] Future Outlook - The upcoming implementation of the "Live E-commerce Supervision and Management Measures" on February 1, 2026, is expected to create broader opportunities for collaboration between Tianxiao and beauty brands, injecting lasting momentum into its post-IPO development [7]

Group 1 - The "Chang'an Han-Tang Makeup Artist" labor brand is a key initiative in Xi'an, leveraging the city's large tourist volume and the resurgence of traditional culture, which has led to increased demand for ancient costume makeup services [1][2] - The program has trained 18,000 individuals, with 12,000 achieving employment or entrepreneurship, primarily targeting stay-at-home mothers [1][2] - The labor brand initiative is part of a broader strategy in Shaanxi Province to promote high-quality employment and rural revitalization, successfully creating 168 local labor brands and training 1.53 million people, resulting in over 4.3 million jobs [2] Group 2 - The "Gaoling Automotive Craftsman" labor brand has emerged in response to the high demand for skilled workers in the automotive sector, with nearly 500 related enterprises in Gaoling District [3] - The district has established training bases and implemented a new apprenticeship model to ensure that trained individuals meet the specific needs of local businesses, supplying over 30,000 skilled workers to the automotive industry [3]

Core Viewpoint - The beauty industry is experiencing a surge in IPO activities, with over 41 companies aiming for public listings in 2025, while simultaneously facing challenges with 10 companies exiting the capital market [1][4]. Group 1: IPO Activities - In December, Lin Qingxuan successfully listed on the Hong Kong Stock Exchange, marking it as the first high-end domestic skincare stock in Hong Kong [1]. - Major domestic beauty brands like Naturals, Proya, and Marubi are also pursuing listings, with Proya and Marubi aiming for dual listings in both A-shares and H-shares [1]. - The IPO wave includes a diverse range of companies across the beauty supply chain, including raw material suppliers and packaging companies, with 8 companies like Vicky Technology and Jiakai Biotechnology also in the IPO race [2]. Group 2: Market Challenges - Despite the IPO enthusiasm, 10 beauty-related companies have exited the A-share or New Third Board markets, indicating a stringent selection process by capital markets [4]. - Many companies, including Naturals and Vicky Technology, have faced delays in their IPO processes, often remaining in the application or advisory stages [4]. - The third-quarter report for 2025 shows that only a few beauty companies have maintained revenue growth, with many facing significant operational pressures [5]. Group 3: Industry Dynamics - The beauty industry is characterized by a dual trend of IPO excitement and market exits, highlighting the need for companies to address issues such as heavy reliance on marketing over research and development [6]. - Companies like Naturals have reported high marketing costs, with sales and marketing expenses reaching 57% of revenue, while R&D investment has decreased significantly [6]. - The reliance on flagship products, such as Lin Qingxuan's dependence on its essence oil, poses additional challenges for sustainable growth [7].

Core Viewpoint - The beauty industry is experiencing a surge in IPO activities, with over 41 beauty-related companies aiming for IPOs in 2025, indicating a robust interest in capital markets within this sector [2][3]. Group 1: IPO Activities - In December 2024, Lin Qingxuan successfully listed on the Hong Kong Stock Exchange, marking it as the first high-end domestic skincare stock in Hong Kong [2]. - Major domestic beauty brands such as Naturals, Proya, and Marubi have initiated their IPO processes, with Proya and Marubi already listed on A-shares, aiming for a dual listing in Hong Kong [2][3]. - The IPO wave includes a diverse range of companies from the beauty supply chain, including raw material suppliers, packaging companies, and brand operators [2][3]. Group 2: Market Dynamics - Since the end of 2024, there has been a notable trend of companies exiting the capital market, with 10 beauty-related companies having withdrawn from A-shares or the New Third Board [5]. - Many companies are facing delays in their IPO processes, with some, like Naturals and Weiqi Technology, still in the application or advisory stages despite having significant revenue [5][6]. - The A-share beauty companies reported a total revenue of 27.707 billion yuan and a net profit of 3.753 billion yuan in the first three quarters of 2025, with Proya leading at 7.098 billion yuan, showing only a slight growth of 1.89% year-on-year [6]. Group 3: Challenges in the Industry - The beauty industry is grappling with challenges such as an overemphasis on marketing at the expense of research and development, as evidenced by Naturals' marketing costs significantly outweighing its R&D investments [7][8]. - Companies like Lin Qingxuan are heavily reliant on a single product category for revenue, which poses risks to their long-term growth and stability [8]. - The current market environment is increasingly selective, favoring companies with solid market foundations, clear brand positioning, and strong technological barriers [5][7].

Core Insights - The beauty industry is experiencing a surge in IPO activity, with over 41 beauty-related companies aiming for IPOs since 2025, covering various segments of the supply chain [1][2] - The trend of companies seeking to become the "first stock" in their respective niches is prominent, with several brands targeting specific categories such as whitening and anti-hair loss [3] - Despite the IPO enthusiasm, there are challenges as 10 beauty-related companies have exited the capital market, indicating a stricter selection process by investors [4] IPO Activity - Numerous companies are preparing for IPOs, with notable brands like Gu Yu, Lin Qingxuan, and Plant Doctor submitting applications in 2025 [2][3] - The IPO wave includes not only brand companies but also raw material suppliers and packaging companies, indicating a comprehensive industry interest [2] - Specific milestones include Lin Qingxuan becoming the first high-end domestic skincare stock in Hong Kong and other brands aiming for dual listings [1][2] Financial Performance - In the first three quarters of 2025, eight listed beauty companies reported a total revenue of 27.707 billion yuan and a net profit of 3.753 billion yuan [5] - The leading company, Proya, achieved a revenue of 7.098 billion yuan, showing only a slight year-on-year increase of 1.89%, while Shanghai Jahwa reported a 10.83% growth [5] Industry Challenges - The beauty industry faces significant challenges, including a heavy reliance on marketing over research and development, which could hinder long-term growth [6][7] - Companies like Natural Hall and Lin Qingxuan have shown a concerning trend of low R&D investment compared to their marketing expenditures, with R&D costs declining as a percentage of revenue [6][7] - The industry's dependency on flagship products poses risks, as seen with Lin Qingxuan's reliance on its essence oil for revenue [7]

Core Viewpoint - The auction of the "Oriental Gift·Jade Age" series by Pechoin, which sold for nearly 1.1 million yuan, has sparked widespread discussion about the cultural value of domestic brands and their ability to gain high-end recognition beyond mere marketing strategies [2][4][9]. Industry Context - This event marks a significant moment in the beauty industry as beauty products entered a top-tier art auction for the first time, challenging traditional valuation methods based on brand recognition and market size [4]. - Pechoin's decision to submit its product to an art auction signifies a departure from everyday consumer logic, embracing a more ancient and uncontrollable value assessment system [4][10]. Unique Positioning - Unlike historical antiques, Pechoin's auction piece was crafted by a non-heritage inheritor using contemporary jade carving techniques, indicating that its high price reflects contemporary cultural creativity and craftsmanship rather than historical value [6][8]. - The auction's uniqueness lies in Pechoin's attempt to position its product as a cultural artifact rather than a mere consumer good, shifting the focus from efficacy and price to cultural significance and craftsmanship [10][11]. Cultural Value Exploration - Pechoin's auction serves as a "value experiment," testing the potential of cultural narratives in the beauty industry, especially as product differentiation based on ingredients and technology diminishes [11][12]. - The event highlights the need for domestic beauty brands to explore cultural premium as a new competitive edge, moving beyond traditional benchmarks against international brands [12][13]. Strategic Implications - The auction indicates a shift in Pechoin's strategy from functional expression to value expression, aiming to construct a more comprehensive cultural and aesthetic narrative [13][14]. - This approach may not be universally applicable to all brands, as cultural integration requires a solid foundation of brand equity and long-term commitment [15]. Future Directions - The auction suggests a potential pathway for domestic brands to establish themselves in the high-end market by leveraging their historical and cultural narratives, rather than solely competing on technical specifications and pricing [15]. - Pechoin's actions may serve as a model for the broader beauty industry, indicating that high-end expression can be rooted in cultural and aesthetic systems [15].

Core Insights - Fan Beauty Diary, founded by actress Fan Bingbing, is rapidly expanding in Southeast Asia, recently entering the Singapore offline market with nearly 100 stores [1] - The brand's sales in 2025 are projected to reach 1.8 billion RMB, comparable to listed company Fulejia's annual sales [3][4] - The brand's strategy focuses on facial masks as a core product, allowing for lower price points and quicker market penetration [4][6] Market Expansion - Fan Beauty Diary has successfully entered Malaysia and Singapore, with significant online sales achievements during major shopping events [1][4] - The brand's presence in Watsons stores in Malaysia has been strong, benefiting from the retailer's substantial market share in Southeast Asia [1] - The company plans to further expand into Thailand, Indonesia, Vietnam, and Hong Kong, capitalizing on the less saturated Southeast Asian market [9][11] Product Strategy - The brand's best-selling products include the Sea Grape Hydrating Mask, Dragon's Blood Repair Mask, and VC Orange Whitening Mask, with the Sea Grape mask alone selling over 100 million pieces [4][6] - Fan Beauty Diary's pricing strategy targets the competitive 200 RMB range, necessitating continuous product innovation to maintain market interest [6] - The company is developing a series of products based on existing successful masks, aiming to create a comprehensive skincare line [6][9] Competitive Landscape - The brand faces intense competition in the crowded skincare market, particularly in the mid-range segment where product replication is rapid [6][9] - Despite achieving significant sales, Fan Beauty Diary's market presence remains heavily reliant on facial masks, limiting its competitiveness across a broader product range [9] - The brand's expansion strategy appears to be a response to market conditions rather than aggressive growth, indicating a calculated approach to entering new markets [9][11] Industry Trends - The Southeast Asian market shows potential for growth in facial mask sales, with countries like Thailand, Singapore, and Malaysia leading in revenue [10] - The overall market share of facial masks in China's skincare sector has declined, while the ASEAN region has seen a slight increase, highlighting a shift in consumer preferences [10]

水羊股份又"押中"一家拟上市企业。 近日，营养科技型企业湖南西子健康集团股份有限公司（下称"西子健康"）正式向港交所递交招股书，启动IPO进程。 据招股书披露，2020年10月，水羊股份作为西子健康A轮投资方，曾以500万元出资认购约18.11万元注册资本。 值得关注的是，这已是水羊股份近期第二家进入IPO流程的被投企业。 今年1月6日，其投资的美妆原料商上海珈凯生物股份有限公司（下称"珈凯生物"），向北交所递交的上市申请状态已更新为"已问询"。 接连两家被投企业步入上市程序，水羊股份的"金手指"属性尽显。 "赌"出两家上市公司 据公开资料，西子健康是一家以线上渠道为核心的运动营养与功能性食品企业，旗下拥有FoYes、fiboo、谷本日记、HotRule四大自有品牌，主营蛋白 粉、肌酸、功能性软糖、咖啡等运动营养及轻食代餐产品。 招股书显示，水羊股份目前持有西子健康0.47%的股份，位列第十二大股东。 此外，水羊股份投资的另一家拟上市企业珈凯生物，主营化妆品功效原料的研发、生产和销售，产品覆盖舒缓、祛斑美白、保湿、修护等九大功效领域。 据招股书披露，水羊股份先后参与珈凯生物三轮融资，且每轮均签订协议，涉及股权 ...

Core Viewpoint - The recent announcement of a collective share reduction by the founding family of Maogeping, just after the end of the lock-up period post-IPO, raises concerns about the company's future growth potential and investor confidence [1][4][5]. Group 1: Share Reduction Announcement - Maogeping's announcement on January 6 revealed that six core executives, including the founder and family members, plan to reduce their holdings by up to 17.2 million shares, representing 3.51% of the total share capital, potentially raising approximately HKD 1.41 billion at the closing price of HKD 82 per share [1][4]. - The family and concerted parties hold over 67% of the shares, and even after the reduction, their stake will remain around 63.5% [4]. Group 2: Financial Performance and Concerns - In 2024, Maogeping reported revenue of RMB 3.885 billion, a year-on-year increase of 34.61%, but this growth rate significantly declined from 57.8% in 2023, indicating potential issues with growth engines [7]. - The company's R&D expenditure was only RMB 15.257 million, accounting for just 0.59% of revenue, while sales and distribution expenses were RMB 1.169 billion, making up 45.2% of total revenue [7][9]. Group 3: Market Position and Competitive Landscape - The beauty industry is experiencing intense competition, with a trend of "price for volume" leading to a 7.2% decrease in average selling prices for color cosmetics in 2025, while sales volume increased by 14.5% [9][10]. - Maogeping's flagship brand relies heavily on the founder's personal brand, which poses risks as the founder approaches retirement age and faces changing consumer perceptions [12][14]. Group 4: Governance and Future Outlook - The family-centric governance structure raises concerns about talent retention and employee confidence, as the collective share reduction may signal a lack of faith in the company's long-term prospects [15]. - The company's reliance on a single IP for revenue and the underperformance of its second brand, "Zhi Ai Zhong Sheng," which has seen declining sales, highlight the challenges in diversifying its business model [12][14].