Core Viewpoint - Lin Qingxuan is poised to become the first high-end domestic skincare stock in Hong Kong, having submitted its prospectus to the Hong Kong Stock Exchange, highlighting its leadership in the high-end domestic skincare market in China [1] Industry Overview - The Chinese cosmetics market is expanding, driven by increased consumer focus on health and appearance, digital transformation in shopping behavior, and innovation in cosmetics [1] - The skincare segment holds the largest market share, with the market size growing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% [1] Company Performance - Lin Qingxuan's total revenue is projected to grow from RMB 691 million in 2022 to RMB 1.21 billion in 2024, achieving a CAGR of 32.3% [2] - The company's net profit is expected to reach RMB 187 million in 2024 [2] Market Trends - The market for high-end anti-wrinkle and firming skincare products is anticipated to increase from RMB 59.4 billion in 2024 to RMB 155.5 billion by 2029, with a CAGR of 21.2% [2] - The overall high-end skincare market in China is expected to reach RMB 218.5 billion by 2029, with a CAGR of 13.8% from 2024 to 2029 [2] Strategic Outlook - As a leading brand in the high-end domestic skincare sector, Lin Qingxuan is expected to benefit from its strong R&D capabilities and existing product leadership [2] - The company aims to align its product strategy with evolving consumer demands, focusing on core products and expanding its product matrix to offer customized skincare solutions [2]

以下文章来源于万能的大叔 ，作者万能的大叔 万能的大叔 . 《刷屏》作者，30万品牌公关人关注的自媒体。爆料找资源招人进社群，请加wannengdedashu009 作者 | 万能的大叔 来源 | 万能的大叔 导语 ：华熙生物发文后短短10天，巨子生物市值蒸发174亿。 华熙生物向巨子生物发起的公关战，还不如枕头大战…… 这句点评，是我在10天前说的…… 现在，我正式收回！ 618前，国牌护肤行业的首场公关战，相当惨烈。 5月17日，上上周六深夜，华熙生物发文，痛斥资本市场"捧胶原、踩玻尿酸"的行为！直接点名巨子生物和多家券商。 以5月16日（上上周五）的市值计算， 短短10天，巨子生物的市值从909亿跌到735亿，跌去了174亿…… 花旗研报称，尽管巨子生物迅速否认指控，但此类负面宣传仍可能影响消费者情绪，进而损害可复美在即将到来的618促销活动中的表 现。 双方到底经历了什么？公关战有哪些看点呢？我做个阶段性复盘，重点谈3个问题。 争议的检测方法 这是目前最大的争议点。 海参炒面里，到底有没有海参？ 宋小宝在小品里的经典台词，又重现了。 美妆护肤圈，上一次闹这么大的类似事件，还是油橄榄事件。 港大化学博士 ...

Core Insights - Morgan Stanley reported that during the 618 promotional period from May 13 to 26, 2023, promotional efforts varied significantly among brands, with Proya leading in Tmall beauty and Caitang ranking first in Douyin makeup [1][5] Tmall Rankings - Proya maintained the top position in Tmall beauty rankings during the 618 event, with L'Oreal Paris and Estee Lauder following in the top three [2] - Comfy, a brand under Giant Bio, ranked 3rd on May 13, dropped to 9th on May 15, and fell to 12th from May 16 to 26 in Tmall beauty rankings [1][6] Douyin Rankings - In Douyin makeup, Caitang ranked first, while Comfy's performance fluctuated, indicating a preference for balancing sales growth and profit margins rather than pursuing high rankings [1][5] - High-end skincare brands showed increased focus on Douyin, with seven brands entering the top ten during the promotional period [5] Comfy Brand Insights - Comfy's initial high rankings during e-commerce shopping festivals tend to decline, a pattern observed in previous events like Double 11 [1][6] - The brand's strategy includes collaborating with less promotional-driven key opinion leaders (KOLs) and limiting supply on heavily discounted packages [6] - Recent consumer concerns regarding Comfy products on social media may impact consumer confidence, although the company is expected to address these issues with independent testing results [6] Market Outlook - Morgan Stanley estimates that the recent decline in Giant Bio's stock price to a forward P/E ratio of approximately 22x reflects the market's absorption of some earnings downside risks from consumer feedback [7] - Despite short-term uncertainties, Morgan Stanley maintains a buy rating and advises investors to build long-term positions during stock price weaknesses [7]

Summary of the Conference Call for Juzi Biotechnology Company Overview - **Company**: Juzi Biotechnology - **Key Brands**: Kefu Mei and Keli Jin Industry Insights - **Market Trends**: The recombinant collagen market continues to show strong growth potential, with no signs of slowing down. The demand for products in this category remains robust, as evidenced by the high growth rates of key products and positive feedback from new product launches [4][10]. Core Points and Arguments - **Product Innovation**: Juzi Biotechnology is driving growth through product iterations, such as the upgrade of collagen peptide to version 2.0, and the introduction of new products like Focus Cream and Honey Repair Cream. These new products have received positive feedback from distribution channels and are expected to become new growth drivers [2][5]. - **Kefu Mei Brand Strengths**: Kefu Mei focuses on efficacy and safety, having established professional trust through medical device certification. The brand is expanding its product line into niche areas such as acne treatment and thermal injury repair, while also enhancing offline direct store presence to improve market performance [2][9]. - **Sales Performance**: Kefu Mei's collagen stick accounts for approximately 30% of total sales and continues to grow rapidly. The new customer acquisition rate is close to 50%, with a repurchase rate significantly higher than the industry average [2][12]. - **Keli Jin Brand Dynamics**: Keli Jin has achieved short-term growth through organizational restructuring and product line optimization. However, long-term growth may face challenges due to potential limitations in collagen technology for anti-aging effects [2][20]. - **Regulatory Challenges**: Sales of Class II medical device products are growing steadily, but the approval process for Class III medical devices is slow, with uncertain timelines for specific approvals despite receiving priority review qualifications for collagen fillers [2][21]. Financial Performance - **Revenue Growth**: Juzi Biotechnology has experienced rapid revenue and profit growth, although the sales expense ratio has increased. The company plans to control this ratio through product combination sales and customer referral strategies [6][7]. Marketing and Competitive Landscape - **Competitive Positioning**: Kefu Mei differentiates itself from competitors by emphasizing safety and efficacy. The brand has established a strong medical aesthetic image through partnerships with hospitals and medical institutions, contrasting with competitors that rely on celebrity endorsements [17][25]. - **Market Competition**: While other brands have launched collagen products, Kefu Mei's unique positioning and established trust in safety and efficacy mitigate significant competitive threats. The market is expanding collectively rather than through direct competition [25]. Product Strategy - **Product Development**: Kefu Mei's strategy includes launching successful single products and then expanding related skincare offerings. The brand also targets various consumer needs with different product forms [11][12]. - **New Product Launches**: The Focus Cream and Zhenyu Secret Repair Cream have distinct market positions, with the latter targeting a high-end consumer segment and addressing specific skin repair needs [18]. Future Outlook - **Growth Projections**: Kefu Mei is expected to achieve a growth rate of 40% to 50% in Q1 2025, with an annual performance forecast of 25% to 28%. The overall performance is anticipated to remain stable due to new product launches and marketing strategies [10][19]. Additional Considerations - **Consumer Sentiment**: Recent controversies regarding product ingredient content are not expected to significantly impact the company's fundamentals, as consumer recognition of product efficacy remains high [3][24]. - **Offline Expansion**: Kefu Mei has begun establishing offline direct stores, with plans to open 40 new locations in 2025. This strategy aims to enhance member interaction and improve market performance [22][23].

【文/王力 编辑/周远方】 5月，国内医美行业接连陷入舆论风暴。先是华熙生物（688363.SH）公开炮轰券商研究报告"贬低玻尿酸、炒作重组胶原蛋白"，矛头直指竞争对手巨子生 物；随后，网红博主"大嘴博士"郝宇发布检测报告，质疑巨子生物(02367.HK)旗下明星产品"胶原棒"存在成分虚标、核心氨基酸缺失等问题。 上海某高校生物结构学博士刘东（化名）向观察者网表示，该事件能直观反应出护肤品行业的检测乱象，刘博士表示："巨子生物采用的国标检测方法在专 业领域来看是滞后的，依托《中国药典》2020年版通则0731蛋白质测定法，其六类检测手段在化妆品领域近乎集体失效——其中，凯氏定氮法通过总氮量推 算蛋白质，这正是三鹿奶粉三聚氰胺事件中暴雷的'古董方法'。" 刘博士进一步表示，"凯氏定氮法化妆品中任意含氮物质都能虚增蛋白数据，而0731其他方法或因胶原蛋白特性失效，或对复杂成分抗干扰性极差。反观博 主采用的检测手段虽存在局限性，但只要实验条件规范、数据真实，准确度以及可信度远大于所述国家标准。" at 22 21 . u 上感露'E 日葡萄酒店里" add-1880001 - lley 文 可复美胶原棒图片来自社交 ...

Core Insights - PMPM successfully leveraged social media marketing strategies during the 618 shopping festival, focusing on the Gen Z demographic, particularly those born in the 1990s and 2000s, by creating a content matrix across platforms like Xiaohongshu, Douyin, and Bilibili [1][2][9] Group 1: Marketing Strategy - The brand's core philosophy is "exploring the world and bringing distant experiences to consumers," targeting young consumers who seek emotional resonance and refined living [5][6] - The marketing campaign was structured in phases: pre-event buildup in April, peak interaction in May with key influencers, and intensified promotions in June, followed by a long-tail engagement strategy in July [12][13][14] - The influencer strategy involved a mix of "long-tail influencers for broad penetration, head influencers for heat generation, and mid-tier influencers for community impact," with over 60% of beauty influencers participating [1][2][17] Group 2: Content and Engagement - Content strategies focused on product ingredients and consumer pain points, with practical guides and lists released during the 618 event, such as "summer acid brushing" and "must-buy items" [2][24] - PMPM achieved over 100 million in sales during the 618 period, with the seaweed essence lotion set topping the category charts and Douyin's GMV increasing by 466% [2][7] - The success was attributed to precise audience matching on platforms, a layered influencer strategy, and emotionally resonant content that combined travel and skincare themes [2][8][9] Group 3: Brand Development - PMPM was founded in October 2019, focusing on storytelling through emotions and unique global formulations, quickly gaining traction in the market [6][7] - The brand's growth trajectory included angel funding in early 2020 and subsequent rounds, achieving a GMV of 150 million within six months of launch and surpassing 300 million by 2020 [6][7] - PMPM's commitment to sustainability was highlighted by its participation in the UN Biodiversity Conference, showcasing its responsibility as a brand [6][7] Group 4: Target Audience - PMPM's target demographic includes young consumers aged 18-35, who prioritize emotional experiences and refined lifestyles, with a strong presence on social media platforms [9][10] - The brand's marketing efforts are tailored to resonate with the values and interests of Gen Z, focusing on self-expression and emotional connection [9][10]

据悉，近日美妆博主"大嘴博士"质疑，从巨子生物花高价购买的重组胶原蛋白精华竟然测不出重组胶原蛋白，认为其涉嫌严重造假。 今日，巨子生物开盘跌超8%，截至收盘，巨子生物股价跌幅为4.04%，市值跌破800亿港元。 巨子生物遭遇的最新攻击来自美妆行业大V"大嘴博士"，后者质疑巨子生物旗下品牌可复美产品中重组胶原蛋白"含量过低"。 5月24日，"大嘴博士"在其公众号"大嘴博士颜究所"发文《巨子生物疑似造假？！重组胶原竟然测不到胶原！》，称其通过HPLC高效液相 色谱氨基酸定量法检测巨子生物旗下一款名为"可复美重组胶原蛋白肌御修护次抛精华"，检测结果显示重组胶原蛋白含量仅0.0177%。该 款产品的配方设计显示，胶原蛋白在成分表中排名靠前，不是微量成分，而按照我国化妆品标签标识规范要求，凡标注为"非微量添加"的成 分，其添加量必须高于0.1%。 5月24日晚，巨子生物旗下品牌可复美回应称，针对所谓"巨子生物涉嫌严重造假""重组胶原测不到"等不实指控，公司予以严正驳斥并坚决 否认。据悉，巨子生物实控人为西北大学副校长范代娣。 此外，近日还有多家券商研报遭声讨，也牵涉到了巨子生物。 | 1. | 14 | | | | - ...

5月24日，一名坐拥70万粉丝的社交平台博主发出"巨子生物疑似造假：重组胶原竟然测不到胶原！"的 视频及图文网帖。 该博主表示，为了准确定量检测重组胶原蛋白，反复比较了各种检测方法，最终选择了国际标准的高精 度HPLC高效液相色谱氨基酸定量法。同时，为了防止配方中其他成分可能带来的干扰，添加了18个氨 基酸内标，来精确校准和定位氨基酸。为了确保结果的可靠性，同时进行了盲测和复测。 帖子配图中，该博主展示出一份写有"上海检测技术服务有限公司检测报告（附全谱图）"，报告编号为 SHZY—20250520，委托人郝宇。 数据显示，检测结果中精氨酸、谷氨酸两种成分与配方表一致。甘氨酸为"ND未检出"，即说明样品中 不含有该氨基酸。 丝氨酸&丙氨酸，检测结果为"水解氨基酸"，说明这两个氨基酸应该来自样品中所添加的"可溶性胶 原"即"重组胶原蛋白"，总含量为0.0177%。 该博主指出，考虑到两个氨基酸缩合成为肽将失去一个水分子，所以样品中的"重组胶原蛋白"应低于 0.0177%，具体含量还需要进一步测量肽链长度 。 基于此，该博主提出质疑。 1、在可复美这款产品（Human-Like重组胶原蛋白肌御修护次抛精华，又名" ...

整理 ｜ 彭倩 #Big News# 亚玛芬第一季度卖了100亿，始祖鸟净增门店为零 亚玛芬到了寻找新"始祖鸟"的时候。 5月20日，亚玛芬体育（Amer Sports）发布截至2025年3月31日的第一季度财报。数据显示，公司 当季营收达14.73亿美元，约合人民币105.77亿元，同比增长23%（固定汇率下增长26%），营业利 润同比增长97%至2.14亿美元，调整后的营业利润增长79%至2.32亿美元，约合人民币16.65亿元。 亚太仍是增长最明显的市场之一，其中大中华区同比增43%，达到4.46亿美元；除中华区之外的亚太 地区增长49%，达到1.56亿美元。 与此同时，主打户外登山鞋履的萨洛蒙被寄予厚望，管理层表示在一二线城市仍具备数百家门店的扩 展潜力，有望在今年实现300家门店的目标。 过去一个季度，萨洛蒙也是新开门店数量最多的品牌，在大中华区净新增门店22家（含直营与合作门 店），门店总数达到218家。 亚瑟士单季首破百亿元，鬼塚虎成中国年轻人"足力健" 运动市场永远不缺"优等生"。 日本运动品牌巨头亚瑟士（Asics）集团公布了截至2025年3月31日的第一季度财报，净销售额同比 增长20%， ...

Core Viewpoint - The beauty blogger "Dr. Big Mouth" accused Giant Biological (02367.HK) of serious fraud regarding its Kefu Mei collagen essence, claiming that the actual content of recombinant collagen is only 0.0177% in the best-selling product, and that the key component "glycine" is missing [2][3][10]. Group 1: Accusations and Responses - The blogger questioned the legality of labeling recombinant collagen as a non-trace component when its actual content is below the regulatory threshold of 0.1% [3][10]. - Giant Biological issued a statement firmly denying the allegations, asserting that multiple tests showed collagen content greater than 0.1%, contradicting the blogger's claims [12][14]. - The company emphasized its adherence to scientific ethics and regulatory compliance, stating that all products are rigorously tested and verified [12][14]. Group 2: Product Composition Concerns - The blogger raised concerns about the absence of glycine in a product claiming to contain recombinant collagen, questioning the validity of calling it "recombinant collagen" [5][9]. - There were also questions about the marketing of a dipeptide molecule as "Mini small molecule collagen," suggesting potential misuse of scientific terminology [7]. Group 3: Market Performance and Investor Sentiment - Despite the controversies, Giant Biological has seen significant growth, reporting a revenue of 5.539 billion yuan in 2024, a year-on-year increase of 57.07%, and a net profit of 2.062 billion yuan, up 42.06% [22]. - The company has gained substantial attention from investors, with several funds heavily investing in its stock, indicating strong market confidence [24].