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 ...

Core Insights - The Chinese cosmetics market has surpassed 1 trillion yuan for two consecutive years, with domestic brands capturing 55.2% market share, yet the industry faces challenges of being "large but not strong" and declining brand value despite rising sales [1][2] - The "2025 China Cosmetics Brand Development Conference" highlighted the need for the industry to shift from "traffic-driven" to "value creation," marking a critical transition point [1][3] Industry Overview - China is the world's largest cosmetics consumer, showcasing vitality and potential, but is undergoing significant transformation challenges [2] - The "2025 Cosmetics Enterprise Top 50" report indicates that while Chinese brands hold 22 spots, their total retail sales account for less than 40%, with an average scale of 4.116 billion yuan, significantly lower than American brands [2][4] Brand Value and Innovation - The conference introduced a new evaluation system for Chinese cosmetics brands based on market performance, quality control, and brand accumulation, signaling a departure from the era of traffic competition [3][5] - L'Oréal China leads the "2025 Cosmetics Enterprise Top 50," emphasizing the importance of a "technology + culture + experience" framework for brand value enhancement, with over 3% of annual revenue allocated to R&D, exceeding 8 billion yuan [4][5] Strategic Directions - Discussions at the conference focused on reconstructing brand value, enhancing core competitiveness, and achieving sustainable growth through innovation, cultural empowerment, and user relationship management [5][6] - The Chinese cosmetics industry is urged to invest in R&D, explore cutting-edge technologies, and integrate cultural heritage into products to enhance quality and consumer trust [7] Data Standardization and Global Positioning - The establishment of the "China Cosmetics Industry Data Statistical Standards" aims to provide a solid data foundation for transitioning from a "cosmetics consumption powerhouse" to an "innovation-driven industry leader" [6][7] - The new standards will support scientific decision-making for both government and industry players, facilitating local brands' entry into the global value chain [6][7]

Core Viewpoint - Marubi has established itself as a leading brand in the eye care segment, achieving significant sales milestones and cultural relevance through its annual "Eye Cream Festival" and collaborations with artists, thereby redefining the standards for domestic eye care products [6][19][28]. Group 1: Brand Recognition and Achievements - Marubi was awarded the title of "First Brand in Domestic Eye Care" by the China Fragrance and Cosmetic Industry Association, highlighting its market leadership and brand strength [16][18]. - The brand has maintained the highest sales in the eye care category for three consecutive years, with its flagship product, the small red pen eye cream, achieving sales of 5 billion [18][19]. - In 2024, Marubi's GMV exceeded 900 million, with an impressive growth rate of 83.9%, further solidifying its position as the leading domestic eye care brand [18]. Group 2: Marketing and Cultural Integration - The 12th "Eye Cream Festival" featured a collaboration with contemporary artist Song Santu, emphasizing the integration of art and culture into the brand's marketing strategy [7][10]. - Marubi's marketing approach has evolved from emotional marketing to emotional engagement, creating a deeper connection with consumers through artistic collaborations [12][14]. - The festival has transformed from a promotional event into a cultural ceremony, enhancing brand identity and consumer engagement [27][28]. Group 3: Product Development and Innovation - Marubi has focused on continuous product innovation, launching multiple iterations of its small red pen eye cream, with the latest version featuring a 25% custom high-concentration peptide formula [22][24]. - The brand has developed a comprehensive product matrix, including key products like the small purple eye cream and butterfly eye mask, to enhance its online presence and sales performance [24]. - Marubi's research and development capabilities have evolved into a fourth-generation system, integrating advanced technologies to ensure product efficacy and safety [27]. Group 4: Strategic Positioning and Market Insights - Marubi's strategy emphasizes systematic capabilities, combining product development, marketing, and consumer trust to create a robust competitive advantage in the eye care market [26][28]. - The brand's long-term commitment to quality and innovation has allowed it to build a strong reputation and consumer loyalty in a highly competitive landscape [19][28]. - Marubi's success illustrates that a brand can thrive in the beauty industry without relying on anxiety-driven narratives, focusing instead on product quality and cultural depth [28][29].

Group 1 - The core viewpoint of the report highlights that IP collaborations are becoming a key strategy for brands to stand out in the competitive cosmetics market, particularly appealing to young women, with lip gloss and perfume being the main collaborative product categories [1][6][19] - The report indicates that the domestic cosmetics market has surpassed 1 trillion yuan for two consecutive years, with domestic brands holding a 55.2% market share, outpacing international brands [1][6] - Despite having the highest number of brands in the top 50 cosmetics brands in China, domestic brands have an average retail scale of 4.116 billion yuan, which is significantly lower than the average of 5.619 billion yuan for American brands, indicating a gap in pricing power [1][6][19] Group 2 - The report identifies a growing trend in diverse collaborations, including technology crossovers, intangible cultural heritage, and food and beverage partnerships, which are becoming more prevalent in the cosmetics industry [1][6][25] - Consumer motivations for purchasing collaborative cosmetics are primarily driven by the attractiveness of the IP itself and the practicality of the products, with 67% of consumers liking the IP and 59% valuing the product's practicality [28][29] - The report notes that anime, cartoon, and gaming IPs are becoming the dominant types of collaborations in the beauty sector, reflecting consumer preferences [31][32] Group 3 - The report provides examples of successful collaborations, such as PinkBear's partnerships with popular IPs, which resulted in sold-out products within hours, showcasing the effectiveness of strategic collaborations [1][6][19] - The analysis of consumer demographics reveals that 93% of the interest in collaborative cosmetics comes from women, with a significant portion being young consumers aged 18-24 [12][10] - The report emphasizes the importance of innovative design and meaningful collaborations, as products lacking creativity often face consumer backlash [1][6][28]

Core Viewpoint - The recent controversy surrounding the brand "Zhubon" highlights significant issues related to product claims, ingredient transparency, and regulatory compliance in the cosmetics industry, particularly in the context of live-stream marketing by founders [1][6][19]. Group 1: Brand Controversy - A consumer complaint was filed against Zhubon, alleging ingredient fraud, regulatory violations, and false efficacy claims, which prompted investigations by various regulatory bodies [1][6]. - The founder's live-stream promotion of products with unverified medical claims exacerbated the situation, leading to immediate product removals from e-commerce platforms [6][10][19]. - The discrepancies between product claims and actual ingredient listings raised consumer trust issues, particularly regarding the misrepresentation of "墨红玫瑰" (Mokhong Rose) [6][10]. Group 2: Regulatory and Compliance Issues - The brand's failure to properly register ingredients and the use of misleading terminology in marketing have exposed gaps in the regulatory framework governing cosmetics [10][19]. - The founder acknowledged the lack of compliance awareness during live-stream promotions, indicating a need for stricter oversight and adherence to regulations [16][19]. - The brand's commitment to rectify these issues includes a comprehensive review of ingredient registrations and the establishment of a long-term supervision mechanism [18][19]. Group 3: Brand Growth and Marketing Strategy - Zhubon experienced rapid growth after successful collaborations with influencers, particularly in live-streaming, which significantly boosted sales [11][13]. - The brand's marketing strategy has shifted towards leveraging the founder's personal brand, which has proven effective but also poses risks related to compliance and consumer trust [15][19]. - Despite recent challenges, Zhubon remains a leading player in the cleansing oil category, with substantial sales figures reported in previous years [13][19].

近日，曾是"平价战斗机"的韩妆品牌悦诗风吟（Innisfree）关闭了其天猫海外旗舰店，但天猫国内旗舰店、抖音旗舰店等本土化渠道仍正常运营。从巅峰时 期年销40亿元、门店超800家，到如今营收暴跌62%、线下全面撤店，悦诗风吟的溃败折射出韩妆品牌在中国市场的集体困境。 渠道调整 业内人士指出，随着"韩流"热度减退，韩妆品牌吸引力下降，而国货美妆正在崛起，并以高性价比、贴合本土需求的产品迅速抢占市场。在韩妆自身发展 中，部分品牌深陷质量问题，且长期依赖营销，产品创新与研发投入不足，难以满足中国消费者对天然、功效型产品的升级需求。 在北京已无独立门店的悦诗风吟，如今则正式关停了其天猫海外旗舰店。此次品牌关闭的店铺主要销售韩国原产商品。而悦诗风吟的天猫国内旗舰店渠道仍 正常运营，中国本土生产的商品暂未受影响。此外，其京东自营、抖音官方旗舰店等线上渠道也仍正常营业。对于此次调整，悦诗风吟母公司爱茉莉太平洋 回应称，这是品牌为进一步整合资源、开辟并致力于构建更高效渠道采取的举措，旨在为消费者提供更优质的服务与互动体验。 悦诗风吟也曾在中国市场炙手可热。2012年进入中国后，凭借"韩流"效应和高性价比策略迅速崛起。201 ...