导语 ： APR于去年上市，目前已成为韩国第二大上市美容公司，市值超过40亿美元。 在一段15秒的TikTok视频中，凯莉·詹娜（Kylie Jenner）将一款银色的光滑设备滑过自己的脸庞，并表示这款设备能够帮助肌肤更有效地吸收精华 液。 这个名为Booster Pro的小工具的视频迅速走红，与此同时，它的制造公司APR公司也随之爆火。APR公司曾是一个默默无闻的首尔创业公司，但如 今已成为韩国美容产业热潮的中心。 这家公司的背后是36岁的金秉勋（Kim Byung Hoon），一位从科技创业者转型为美妆大亨的企业家，他的公司使他成为了韩国最新的亿万富翁。据 《Bloomberg亿万富翁指数》显示，金秉勋持有APR 31%的股份，目前市值约为13亿美元，而APR公司股票今年上涨了200%。 金秉勋的创业之路始于十多年前，他在加利福尼亚做交换生时，开始涉足移动应用开发，包括一个约会应用。在那里，他首次见证了智能手机革 命，并被创业精神深深吸引。 2014年，金秉勋转型进入护肤领域，成立了APR公司，最初专注于化妆品业务。2021年，APR扩大业务，开始生产高科技面部护理设备，承诺让消 费者在家享受类似SPA的 ...

Group 1 - France is the most assertive country in the EU regarding the trade war initiated by Trump, with Macron firmly opposing any compromises with the US [1] - The French aerospace company Airbus faces export restrictions due to US tariffs, while French agricultural products, particularly wine, are experiencing a significant decline in market share in the US [1] - The wine industry in France is particularly affected, with a sharp decrease in export volumes leading to a sales crisis for many vineyards and a substantial drop in income for farmers and related workers [1] Group 2 - Macron's strong stance against the US tariffs has provided a clear direction for the EU, potentially uniting member states to defend EU interests and avoid hasty compromises [3] - However, this hardline approach has intensified divisions within the EU, as countries like Germany, which have strong economic ties to the US, may be more inclined to make concessions [3] - Despite these divisions, there remains a significant opposition within the EU against the US tariffs, which is viewed positively [3] Group 3 - Recently, France's Finance Minister emphasized the need to reassess trade rules and strengthen barriers specifically against China, indicating a potential shift in strategy [5] - This shift could lead to France pressuring China to gain concessions from the US, making a trade agreement more likely if France meets certain US demands [5] - France's actions may create significant geopolitical risks in its relationship with China, as it seeks to assert its value in US-EU relations [7] Group 4 - French companies, particularly in the wine, cosmetics, and luxury goods sectors, are concerned about the potential impact of increased tariffs on exports to China, which could severely affect revenues [9] - The implementation of such policies may disrupt the cooperative atmosphere between China and the EU, affecting the overall direction of EU-China relations and eroding mutual trust [9] - If the French government chooses to escalate threats against China to maintain domestic support, it must consider the potential costs of losing benefits due to possible Chinese retaliatory measures [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leading player in the ODM (Original Design Manufacturer) sector for skincare products, with significant growth potential driven by R&D and testing capabilities, as well as expanding overseas markets [1][4] - The company has demonstrated strong revenue growth, with a 48.27% year-on-year increase in revenue for 2024 and a 40.15% increase in Q1 2025 [3][4] - The company is focusing on a "big client, big product" strategy to enhance service quality and product value, which is expected to drive market share growth domestically and internationally [4] Financial Performance Summary - In 2024, the company achieved revenue of 6.95 billion yuan, a 48.27% increase year-on-year, and a net profit of 453.9 million yuan, a 10.28% increase [3] - For Q1 2025, the company reported revenue of 1.62 billion yuan, a 40.15% increase year-on-year, and a net profit of 8.62 million yuan, an 8.81% increase [3] - The company’s revenue projections for 2025, 2026, and 2027 are 9.66 billion yuan, 11.21 billion yuan, and 12.85 billion yuan respectively, with year-on-year growth rates of 39.0%, 16.1%, and 14.6% [5] - The projected net profit for 2025, 2026, and 2027 is 610 million yuan, 800 million yuan, and 1.01 billion yuan respectively, with corresponding EPS of 0.54, 0.72, and 0.91 yuan per share [5] Product and Market Insights - The company’s main product categories, including skincare (excluding masks), masks, and hair care, have shown significant revenue growth, with skincare revenue increasing by 49.56% year-on-year [4] - The company has successfully registered new raw materials with the National Medical Products Administration, which is expected to enhance its product offerings [4] - The overseas revenue for 2024 reached 526.29 million yuan, a remarkable 361.52% increase year-on-year, indicating strong international market potential [4]

Investment Rating - The report rates the beauty and personal care industry as "Positive" for investment [3]. Core Insights - The beauty and personal care sector has shown strong performance, with a cumulative increase of 6.90% as of June 2025, outperforming the market by 6.87 percentage points [7]. - The industry is entering a stable development phase, with performance differentiation among companies. Leading firms like Proya and Marubi are achieving steady growth, while emerging material companies like Jinbo Bio and Juzi Bio are experiencing rapid growth [9]. - The cosmetics market is maturing, with a slight decline in market size expected in 2024, projected at 774.645 billion yuan, down 2.83% year-on-year [19]. Summary by Sections Market Review - The beauty and personal care sector has shown a strong performance, with the beauty care segment outperforming the market [7][9]. - The cosmetics market is transitioning to a stable growth phase, with a strong siphoning effect observed during major shopping events like "618" and "Double Eleven" [18]. Cosmetics - The cosmetics market is experiencing a stable growth phase, with a year-on-year increase of 4.1% in the first five months of 2025, compared to a decline of 1.1% in 2024 [18]. - The market size for cosmetics is projected to be 774.645 billion yuan in 2024, reflecting a slight decline from previous years [19]. - Domestic brands are gaining market share, with the market share of domestic products reaching 55.7% in 2024 [45]. Medical Aesthetics - The non-surgical medical aesthetics market is growing rapidly due to its safety and ease of operation, with a projected compound annual growth rate (CAGR) of 15%-20% over the next five years [55]. - The market for collagen products is expected to reach 58.57 billion yuan by 2025, with significant growth anticipated in the coming years [65]. Personal Care - The personal care segment has shown strong growth, driven by new consumer trends and increased awareness of personal health care [91]. - The online penetration rate for personal care products is currently low, indicating significant growth potential in e-commerce [97].

Core Insights - The "China Cosmetics Brand Development Conference" was held in Shanghai, focusing on high-quality development in the cosmetics industry and introducing three authoritative rankings: "Top 50 Cosmetics Companies 2025," "Top 50 Cosmetics Brands 2025," and "2025 Category Champion" [1] - The domestic brand Gu Yu was recognized for its technological innovation, brand culture, and market performance, making it to both the "Top 50 Cosmetics Companies" and "Top 50 Cosmetics Brands," while also being awarded the title of "Top Domestic Whitening Skincare Brand" [1][4] Industry Developments - The conference emphasized the importance of innovation in driving brand growth and competitiveness within the cosmetics sector [1][8] - Gu Yu has established itself as a leader in the domestic skincare market by focusing on the unique skin characteristics of Chinese consumers and developing tailored whitening solutions [4][9] Technological Innovations - Gu Yu has made significant advancements in skincare technology, particularly with its proprietary "Aurora Licorice" product, which boasts a 99% purity level and enhanced transdermal absorption efficiency by 3.4 times [7][10] - The brand has also developed a high-efficiency transformation technology for rare ginsenoside CK, increasing its content by over 2000 times, which positions Gu Yu to compete with international anti-aging ingredients [10][11] Standards and Regulations - Gu Yu has played a pivotal role in establishing industry standards, including the recently published standard for measuring ginsenoside CK content, which aims to enhance the quality assessment of ginseng products [11][12] - The company has been involved in the formulation of 11 industry standards, promoting the scientific application of unique raw materials suitable for Chinese skin types [11][14] Future Directions - Gu Yu's focus on consumer-centric innovation and scientific advancements is expected to drive its future growth and maintain its competitive edge in the cosmetics market [14]

Group 1 - The company, Shuiyang Group Co., Ltd., is conducting a "Shareholder Appreciation Gift Return" event for 2025 to thank shareholders for their long-term trust and support [1][2] - The event is open to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [1] - Participants will receive a "Yifidan Super JOUR*CP Small Beauty Box" and, for certain shareholders, a "Yifidan Super JOUR*CP Regular Gift Box" [1] Group 2 - The event will run from the announcement date until July 29, 2025, at 24:00, and failure to complete identity verification and product claim within this period will result in automatic forfeiture of participation rights [1] - Shareholders can register for the event by scanning a QR code and entering their identity and shipping information [1] - For inquiries regarding the event, shareholders can contact the official customer service through the Yifidan member center mini-program [2]

水羊股份（300740）公告，公司将开展2025年度"股东尊享臻礼回馈"活动。2025年6月12日收市后登记 在册的持有本公司5000股以下的股东，赠送一套"伊菲丹超级JOUR*CP小美盒"；持有本公司5000股(含 本数)以上的股东，赠送一套"伊菲丹超级JOUR*CP正装礼盒"。活动时间为公告之日起至2025年7月29日 24点。 ...

近日，罗丽芬控股旗下嘉文丽（福建）化妆品有限公司凭借"芙蓉植物衍生的高性能碳量子点及其芙蓉 霜应用研究"，在"2025个人护理品行业-荣格技术创新奖"评选中大放异彩，成功斩获殊荣。这一成就不 仅彰显了罗丽芬在生物质材料研发领域的卓越实力，更以科技硬实力推动美容行业向"纯净美容"与"可 持续美妆"赛道加速跃迁，为中国美业树立了绿色变革的新标杆。 罗丽芬研发团队以东方草药芙蓉植物为原料，采用靶向热解工艺提取出高性能碳量子点。该技术突破性 地将光热效应与抗氧化、保湿功能融合，形成"精准分解黑色素+靶向修护健康组织"的复合型功效矩 阵。实验数据显示，其祛斑效能显著优于传统成分，且全程采用无重金属催化剂的水热合成工艺，完美 契合全球消费者对"天然、高效、可持续"美妆产品的核心诉求。作为国家高新技术企业，罗丽芬控股始 终以"植物灵感×分子科技"为双轮驱动，构建起覆盖原料研发、技术创新到标准制定的全产业链优势。 目前，企业已拥有26项发明专利、32项实用新型专利，并通过CNAS认证及多项国际标准制定，持续夯 实行业技术壁垒。 此次获奖，是罗丽芬以科技创新撬动产业升级的里程碑式成果。在研发赛道上，企业正以"全域研发生 态"为 ...

Core Viewpoint - Chuangjian Medical (NQ873474) reported a significant decline in net profit for the fiscal year 2024, with a year-on-year decrease of 50.84% [1] Financial Performance - The company achieved operating revenue of 288.15 million yuan, a year-on-year increase of 1.82% [2] - The net profit attributable to shareholders was 33.82 million yuan, down 50.84% from the previous year [2] - The net profit after deducting non-recurring gains and losses was 26.77 million yuan, a decrease of 58.04% [2] - Basic earnings per share were 0.81 yuan, down 53.98% compared to 1.76 yuan in the previous year [2] - The weighted average return on equity was 6.31%, compared to 23.55% in the previous year [2] - The gross profit margin for the period was 73.94%, down from 78.17% year-on-year [2] Business Segments - Revenue from terminal products reached 182 million yuan, reflecting a year-on-year growth of 29.95%, although the gross margin decreased to 70.81% [3] - The revenue from the restructured collagen raw material business was 104 million yuan, down 26.23% year-on-year, with a gross margin of 79.24%, a decrease of 2.09% [3] - The decline in performance was attributed to strategic adjustments in product structure and a reduction in sales volume for certain products [3] Employee Statistics - The total number of employees increased to 503, up 18.35% from 425 at the end of the previous year [4]

[Table_MeetReportDate] 2025 年 07 月 08 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.02%，深成指收 跌 0.7%，创业板指收跌 1.21%。沪深两市成交额 12084.97 亿元。申 万行业方面，综合、公用事业、房地产领涨，煤炭、医药生物、通信 领跌；概念板块方面，中船系、生物质能发电、2025 中报预增概念涨 幅居前，同花顺果指数、重组蛋白、减肥药概念跌幅居前。港股方面， 恒生指数收跌 0.12%，恒生科技指数收涨 0.25%；海外方面，美国三 大指数集体收跌，道指收跌 0.94%，标普 500 收跌 0.79%，纳指收跌 0.92%。 市 场 研 究 [Table_Title] 万联晨会 【重要新闻】 【截至 6 月末我国外汇储备规模超 3.3 万亿美元，黄金储备连续 8 个 月增长】国家外汇管理局发布的统计数据显示，截至 2025 年 6 月末， 我国外汇储备规模为 33174 亿美元，较 5 月末上升 322 亿美元，升幅 为 0.98%。2025 年 6 月末，我国黄金储备为 7 ...