Core Viewpoint - Betaini, once known as the "cosmetic medicine leader," faces its most severe challenge since its listing in Q1 2025, with a significant decline in revenue and profit [1][2] Financial Performance - The company's revenue for the period was 949 million yuan, a year-on-year decrease of 13.51% [1] - The net profit attributable to shareholders was only 28.34 million yuan, down 83.97% year-on-year [1] - Operating cash flow was negative, reaching -68.65 million yuan in Q1 [2] Brand and Market Position - The core brand, Winona, is experiencing a slowdown in growth and a weakening market position, which poses the biggest risk to Betaini [1] - Winona's ranking in the beauty category on Tmall dropped from 5th to 9th during the 2023 Double 11 shopping festival [1] - The company has invested 536 million yuan in acquiring brands like Jirui and Bomei, but these new businesses have not effectively supported the company's performance [1] Industry Challenges - The competitive landscape in the efficacy skincare sector has intensified, leading to increased pressure on Betaini [1] - The company's reliance on online channels is showing signs of fatigue, with offline channels also facing challenges due to reduced foot traffic [1] - The current business model of "heavy marketing and light R&D" is proving to be limited, necessitating a shift towards innovation and product strength [2]

这是新消费智库第 2 6 2 3 期文章 新消费导读 1. 元气森林上新 霸气汽水 2. 霸王茶姬新品全国上新 3. 王老吉上线「闪充」电解质水 4. 宜简推出新品藿香可乐 5. 茉酸奶推出 MoreYogurt 牧场奶仓新店型 6. 王老吉乔迁大吉定制罐正式上线 7. 厨电品牌 Geek 获 4 千万卢比投资 8. 营养品牌 Good Monk 完成 200 万美元融资 9. 喜茶上新木姜子滇木瓜 10. 唐久上新自有品牌酸梅汤 11. 珀莱雅官宣品牌代言人易烊千玺 12. 蔻驰成为 WNBA 官方手袋合作伙伴 1. 元气森林上新 霸气汽水 13. 国货香氛品牌椿山闭店 . . . . . . 一周新品 元气森林官宣推出 " 霸气汽水 " ，有冰红茶汽水、冰红茶可乐两款产品。新品瓶身采用复古红 & 蓝色包装，冰红茶与碳酸气泡结合，带来 酸甜畅爽体验。 （食业头条） 2. 霸王茶姬新品全国上新 近 日，霸王茶姬宣布 "万象春和"新品全国上新。该产品有百香碧螺万象春和、及纯茶版万象春。同时，携手艺术家共同打造"万象春和"艺 术家款包材，上线"一起画春天"主题活动。 （ 小食代 ） 3. 王老吉上线「闪充」电解质 ...

整理 ｜ 彭倩 #Big News# 增长压力之下，雀巢中国换帅 雀巢中国的首位本土 CEO 卸任。 近日，雀巢宣布现任雀巢大中华区董事长兼 CEO 张西强辞任，由现任菲律宾市场负责人马凯思 （Kais Marzouki）接替。这是雀巢集团自去年10月宣布不再将中国市场设立为独立大区后（今年1 月1日起生效），推出的一项人事调整举措。 由于中国市场曾表现颇佳，雀巢曾在2022年为其单独设立大中华区，张西强同年成为雀巢中国首位 本土CEO。中国是雀巢的第二大市场，一直被寄予厚望，张西强在上任时也曾为雀巢中国制定较为乐 观的增长计划：雀巢中国区要在2025年实现600亿小目标，在2030年实现1000亿大目标。 翻看过去3年的财报，雀巢中国区的体量分别为401.6亿元、436亿元和408.69亿元，遇到增长瓶 颈，与张西强曾制定的2025年达到600亿的目标也相差较大。 如今，全球消费市场正处于周期性波动，雀巢在内的一系列外资企业都需要更好的让产品适应当地市 场消费者需求和习惯的变化。 雀巢曾公开表示对中国市场的反思，前 CEO 施耐德曾表示，过去10年，雀巢在中国多项投资没有成 功，如对花生牛奶品牌银鹭的收购， ...

Group 1 - The core viewpoint of the article highlights the collaboration between Mango TV and Hongguo Short Drama, focusing on three main areas: finished short drama licensing, IP co-development, and commercialization of short dramas [1][2] - The partnership aims to achieve resource complementarity between the two platforms, promoting an ecological and high-quality upgrade in the short drama industry through a comprehensive innovation of "content + traffic + commercialization" [1][2] - The collaboration will initiate an "IP Co-Cultivation Plan," concentrating on the IP resources of Tomato Novel and Mango TV, and will involve leading production companies to explore high-quality micro short drama creation [1] Group 2 - The new revenue-sharing model between Hongguo Short Drama and Mango TV will break traditional distribution logic, implementing a "dual-platform revenue sharing + joint operation" model, creating a dedicated section called "Guoguo Theater" for content interchange [2] - This dual-platform model is rare in the industry, as evidenced by a previous failed collaboration between iQIYI and Hongguo Short Drama, which did not include a dual revenue-sharing agreement [3] - The rapid growth of Hongguo is notable, with a reported 551% year-on-year increase in monthly active users, reaching 158 million by December 2024 [6]

到底什么叫做卷？ 内容来源：刘润公众号（runliu-pub） 举几个例子， 中国好几个非常知名的风情街，看上去是不是长得几乎一模一样？ 我们去风情街，不就是为了尝一尝本地的特色美食，买一些本地的特色纪念品，体验下本地的 原生原味吗？ 但是， 今天的风情街都是一样的臭豆腐，一样的玻璃珠，一样的砖瓦墙。 我们再看 中国四个非常著名的购物中心，也非常雷同。 我们去购物中心，你会发现一楼几乎是同样的奢侈品，楼上几乎是同样的服装品牌，电影院放 着是同样的电影，地下的超市卖的是同样的日用品。 今天的逛购物中心，已经变成了一个换个地方去买同样的东西的无聊游戏，这就是内卷。 为什么会卷？是因为大家都做着同样的事情。 三浦展老师 是非常著名的日本社会心理学家， 他写过一些大家可能听说过的书，比如 《孤独 消费论》、 《第四消费时代》、《下流社会》 等。 老师跟我们分享了很多，但是只有当他聊起 "下北泽" 这个地方的时候，两个眼睛才开始放 光。 下北泽，是在东京的一个社区，这个社区有两条地铁线经过，很多集市都在这个地方。 这让下北泽一直都是一个非常热闹的集市，非常热闹的社区。 但是也因为这个原因，越来越多的加盟连锁店进入到了下 ...

Core Viewpoint - The article highlights the rapid growth and market dominance of the brand "可复美" (Kefumei) and its parent company, 巨子生物 (Juzi Bio), in the Chinese beauty industry, particularly focusing on their innovative use of recombinant collagen products and effective marketing strategies that have led to significant revenue increases and market share expansion [1][5]. Group 1: Company Performance - Juzi Bio's revenue increased from 9.57 billion yuan to 55.39 billion yuan over six years, representing a growth of more than five times [1][4]. - In 2024, Juzi Bio surpassed Proya to become the highest-valued domestic beauty company, with a net profit of 20.62 billion yuan, which is 12 times that of Huaxi Bio [5][12]. - The company's revenue growth rate in 2024 was 57.17%, maintaining double-digit growth for five consecutive years [5][12]. Group 2: Product Strategy - Juzi Bio employs a dual sales strategy targeting both medical institutions and general consumers, with products available in approximately 1,700 public hospitals and 3,000 private hospitals and clinics [3][4]. - The brand's focus on "recombinant collagen" has positioned it as a leader in the market, particularly for post-surgical recovery and skin barrier repair [4][10]. - The price point for products like the "recombinant collagen dressing" is significantly higher than competitors, with a single mask priced at around 40 yuan, reflecting the brand's premium positioning [6][9]. Group 3: Market Position and Competition - Juzi Bio has established a strong market presence by being the first to mass-produce recombinant collagen skincare products, holding 167 patents related to this technology [9][10]. - The company has maintained a gross margin above 80%, with a reported margin of 82.1% in 2024, significantly higher than competitors like Huaxi Bio [8][12]. - Despite its success, Juzi Bio faces challenges from increasing competition in the recombinant collagen market, as other brands begin to enter this space [17]. Group 4: Financial Management - Juzi Bio's sales and marketing expenses have surged, with expenditures rising from 1.58 billion yuan in 2019 to 20.08 billion yuan in 2024, outpacing revenue growth [13][14]. - The company's R&D spending remains low compared to competitors, with only 1.9% of total revenue allocated to R&D in 2024, raising concerns about its long-term competitive edge [16][17]. - Juzi Bio has recently announced plans to raise 2.33 billion HKD through stock issuance, adding to its cash reserves of 4.03 billion yuan as of the end of 2024 [17].

今天的逛购物中心，已经变成了一个换个地方去买同样的东西的无聊游戏，这就是内卷。 为什么会卷？是因为大家都做着同样的事情。 内容来源：刘润公众号（runliu-pub） 到底什么叫做卷？ 举几个例子， 中国好几个非常知名的风情街，看上去是不是长得几乎一模一样？ 我们去风情街，不就是为了尝一尝本地的特色美食，买一些本地的特色纪念品，体验下本地的 原生原味吗？ 但是， 今天的风情街都是一样的臭豆腐，一样的玻璃珠，一样的砖瓦墙。 我们再看 中国四个非常著名的购物中心，也非常雷同。 我们去购物中心，你会发现一楼几乎是同样的奢侈品，楼上几乎是同样的服装品牌，电影院放 着是同样的电影，地下的超市卖的是同样的日用品。 三浦展老师 是非常著名的日本社会心理学家， 他写过一些大家可能听说过的书，比如 《孤独 消费论》、《第四消费时代》、《下流社会》 等。 老师跟我们分享了很多，但是只有当他聊起 "下北泽" 这个地方的时候，两个眼睛才开始放 光。 下北泽，是在东京的一个社区，这个社区有两条地铁线经过，很多集市都在这个地方。 这让下北泽一直都是一个非常热闹的集市，非常热闹的社区。 但是也因为这个原因，越来越多的加盟连锁店进入到了下北 ...

Group 1 - L'Oréal China held a strategic communication meeting in Shanghai, highlighting its focus on long-term investment and local supply chain development [2] - In 2024, Shanghai is set to recognize 60 new multinational company regional headquarters and 30 foreign R&D centers, with nearly 6,000 new foreign enterprises established and actual foreign investment exceeding $17.6 billion [2] - The local government has introduced 14 measures to enhance the investment environment, focusing on improving foreign investment services and legal frameworks [2] Group 2 - BASF announced a 500 million RMB investment to expand its Cellasto factory in Shanghai, aimed at supporting the electric vehicle market, with a projected capacity increase of nearly 70% by 2027 [3] - Bayer's investment of $31.42 million in Nivea (Shanghai) is directed towards local formula development, smart production line upgrades, and precise marketing strategies [4] - Otis is expanding its global R&D center in Shanghai, focusing on elevator equipment and digital technology innovations, emphasizing a "for China, in China" strategy [4] Group 3 - Multinational companies are increasingly localizing their supply chains, with Mahle reporting a 90% localization rate in China and plans to increase it by an additional 5% [5] - L'Oréal plans to enhance investments in R&D, supply chain optimization, and talent development in China, with new operational centers being established [5] Group 4 - The Chinese market is viewed as a source of "certainty" amidst global uncertainties, with its position as the second-largest consumer goods market driving growth potential [6] - The elevator market in China is experiencing significant growth, with a current ownership of 10 million units, and a focus on modernization and digitalization to meet urban renewal needs [7] - Companies are leveraging Shanghai's favorable policies and services to launch innovative products, with several brands choosing Shanghai as their global launch site [8]

今天分享的是：2025年Q1抖音电商季度增长报告-蝉妈妈蝉魔方 报告共计：24页 《2025年Q1抖音电商季度增长报告》由蝉妈妈发布，聚焦该季度抖音电商发展态势，从行业概况、高增长类目、黑马品牌与商品等方面剖析市场，为从业 者提供参考。 2025年1 - 3月，抖音电商大盘同比增速18%。食品饮料、美妆护肤等6个一级品类增速超大盘，是增长关键驱动力；服饰内衣虽为TOP1行业，但增速不及大 盘。3C数码新品发布、户外运动旺季、日用百货季节需求及品牌跨界创新等推动了相关行业增长。 此外，报告还推荐了往期行业分析、大促复盘等报告，介绍了蝉妈妈数智营销服务矩阵，涵盖数据决策、内容创作、达人营销等多领域工具与平台，助力电 商经营各环节。 以下为报告节选内容 报告定义了"高增长&黑马"相关概念，如高增长类目需同比增速大于抖音大盘等。在高增长类目榜中，白酒、眼部护理等表现突出。白酒受春节和年货节影 响，1月销售额破90亿元；眼部护理得益于"素说美丽"等品牌带动，同比增速显著。 黑马品牌榜展示了各行业销售额同比增速TOP10品牌。食品饮料行业的慢严舒柠以品牌自播为主，靠"VC清润剥皮果"及多场景营销增长；美妆护肤行业的 艺星 ...

近期，美国在全世界挥舞着关税大棒成为全球资本市场的焦点话题。在这一背景下，华熙生物的2024年 财报不仅关乎企业自身的发展轨迹，更成为观察中国生物科技企业在全球产业链中地位与韧性的重要窗 口。尽管财报数据显示公司业绩短期承压，但深入剖析其战略布局与科技投入，我们不难发现，华熙生 物正以一种更具前瞻性和战略定力的姿态，稳步迈向从"玻尿酸龙头"到"生命科学解决方案商"的华丽转 身，其在糖生物学与再生医学领域的深耕，更是为全球生物科技产业贡献了"中国方案"的新思路。 短期波动： 行业转型期的"成长之痛" 在全球经济风云变幻、国内消费市场深度调整的大背景下，华熙生物2024年财报数据的波动引发广泛关 注。财报数据显示，2024年华熙生物实现营业收入53.71亿元，同比下降11.61%；归属于上市公司股东的 净利润为1.74 亿元，下降70.59%。但拨开数据表象，深入探寻公司战略布局、行业发展趋势以及跨行业 创新融合的脉络，就会发现，这一短期波动实则是行业发展周期与企业自身战略转型叠加的必然结果。 当下，生命科学关联产业，如美妆护肤、医美等细分赛道，正经历从增量扩张向存量博弈的关键转变。 以功能性护肤品市场为例，全球 ...