天眼查App显示，近日，美全（广州）化妆品有限公司成立，法定代表人为彭御芳，注册资本100万人 民币，经营范围为技术进出口;货物进出口;离岸贸易经营;社会经济咨询服务;科技中介服务;信息技术咨 询服务;接受金融机构委托从事信息技术和流程外包服务（不含金融信息服务）;数字技术服务;知识产权 服务（专利代理服务除外）;工业设计服务;组织文化艺术交流活动;咨询策划服务;会议及展览服务;企业 管理咨询;融资咨询服务;国内贸易代理;贸易经纪;技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广;化妆品零售;化妆品批发;以自有资金从事投资活动;进出口代理。 ...

Core Viewpoint - The company is building long-term advantages through multi-brand synergy, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy and Global Expansion - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with Tian's first-day sales reaching 50-60 million, indicating strong consumer purchasing power [2] Group 2: Sales Strategy and Product Focus - The company is focusing on profit and core products during the Double Eleven sales event, promoting the X Peptide high-end series and the Hongyun makeup series [3] - The X Peptide series benefits from Jackson Wang's endorsement, while the Hongyun series aligns with the festive season, potentially boosting the makeup segment [3] Group 3: Competitive Advantages - The company has established a strong brand presence and consumer loyalty through extensive marketing during the "big screen exposure era" [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to online sales platform changes [4] - The company has significant sales volume, enhancing its negotiation power compared to smaller brands, and maintains high gross margins through vertical integration and cost control [4] Group 4: Long-term Growth Strategy - The company achieved an online GMV of 4.5 billion in the first half of 2025, with multiple products exceeding 100 million in sales [5] - Three new brands are set to launch in 2025, with positive performance from skincare and makeup brands, supporting a revenue target of 30 billion by 2030 [5] - The company is expanding globally, with a 300 million investment in Southeast Asia and plans for further expansion into North America and Europe [5]

Core Viewpoint - The company is building long-term advantages through multi-brand collaboration, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with the latter achieving significant sales on the first day of announcement [2] Group 2: Sales Strategy - The company is focusing on profit and core products during the Double Eleven promotion, leveraging partnerships with influencers like Li Jiaqi to promote high-end series [3] - The X peptide series is reinforced by Jackson Wang's endorsement, while the "Red Luck" concept aligns with the festive season, aiming to boost the cosmetics segment [3] Group 3: Competitive Advantages - The company has a strong brand presence and consumer recognition, benefiting from extensive marketing coverage [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to market changes [4] - The company has significant negotiation power due to its large sales volume, allowing it to secure resources effectively [4] - The supply chain is vertically integrated, enabling rapid product launches and maintaining high profit margins [4] Group 4: Growth Strategy - The company achieved an online GMV of 4.5 billion yuan in the first half of 2025, with multiple products exceeding 100 million yuan in sales [5] - Three new brands are set to launch in 2025, with positive performance from existing brands, supporting a long-term revenue target of 30 billion yuan by 2030 [5] - The company is expanding globally, with a factory investment of 300 million yuan in Southeast Asia and plans for further expansion into North America and Europe [5]

板块业绩预计持续分化，强者Q3淡季不淡，业绩保持双位数以上的相对高增长 国货稳抓线上渠道优势，淘系+抖音Q3国货持续霸榜。据蝉妈妈数据/魔镜数据，韩束Q3GMV位居抖音 护肤销售榜TOP1，合计取得超20亿GMV，极方、安敏优、聚光白等子品牌也在快速放量。若羽臣旗下 美容保健品斐萃表现持续超预期，助力Q3营收端高速增长，抖音渠道斐萃单月最高GMV突破2亿元， 势能不断向上，品类持续破圈。上海家化三大品牌淘系+抖音双渠道Q3合计GMV增速超50%，六神大单 品驱蚊蛋、佰草集新品护肤油、玉泽代言人樊振东等助力Q3营收高增。毛戈平淘系、抖音两大渠道表 现亮眼，预计Q3表现符合预期。 业绩边际改善趋势明显，Q3同比扭亏为盈，水羊股份、贝泰妮等公司迎接新征程 24Q3因宏观原因叠加自身战略调整，部分公司利润端陷入亏损，25年以来，宏观趋势改善、战略变革 初见成效，水羊股份、贝泰妮等公司季度间环比改善明显，预计25Q3扭亏为盈。同时，水羊股份高端 品牌矩阵初成，伊菲丹线上线下（300959）gmv高增，PA+RV构建第二成长曲线，未来业绩与股价前景 广阔。贝泰妮双十一多品牌合作李佳琦，预计Q4业绩持续边际改善。 申万宏源 ...

天眼查App显示，近日，武汉市霞祥欣化妆品有限公司成立，法定代表人为孙霞飞，注册资本1万人民 币，经营范围为一般项目：化妆品零售，个人卫生用品销售，卫生用品和一次性使用医疗用品销售，互 联网销售（除销售需要许可的商品），日用杂品销售，美发饰品销售，日用品销售，纸制品制造，皮革 制品销售，塑料制品销售，针纺织品销售，日用玻璃制品销售。（除许可业务外，可自主依法经营法律 法规非禁止或限制的项目）。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has announced Wang Jiaer as its global spokesperson, enhancing its brand's global positioning. This partnership is expected to leverage Wang's international fan base and high-end brand associations [2] - The company has shown strong sales performance, with significant revenue generated from collaborations with popular influencers, indicating robust consumer purchasing power [2] - The company is focusing on a multi-brand strategy and global expansion, with plans to enter Southeast Asia and eventually North America and Europe, aiming for a long-term revenue target of 30 billion by 2030 [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 4,191 million - 2024: 6,793 million - 2025E: 8,513 million - 2026E: 10,641 million - 2027E: 12,786 million - Year-on-year growth rates are projected at 57% for 2023, 62% for 2024, and 25% for 2025 and 2026, with a 20% growth rate expected in 2027 [4] - Net profit forecasts are as follows: - 2023: 461 million - 2024: 781 million - 2025E: 1,149 million - 2026E: 1,496 million - 2027E: 1,806 million - The net profit growth rates are projected at 213% for 2023, 69% for 2024, and 47% for 2025, with 30% and 21% expected for 2026 and 2027 respectively [4] - Earnings per share are expected to increase from 1.16 in 2023 to 4.54 in 2027, with a net asset return rate projected to be 36% in 2025 [4] Strategic Initiatives - The company is implementing a robust strategy for the Double Eleven shopping festival, focusing on high-margin products and leveraging influencer marketing [7] - The company is enhancing its competitive edge through brand development, talent acquisition, and supply chain integration, allowing for rapid product launches and cost control [7] - The multi-brand strategy includes the introduction of new brands and IP collaborations, with a clear path for expansion into various product categories [7]

Market Outlook - The credit spread in the bond market is expected to continue its oscillating adjustment in Q4 2025, with greater potential pressure on the long end [2][10][11] - The short-term bond market may still be recovering from the overdrawn performance at the beginning of the year, while the mid-term may face a shift in market logic [2][11] Credit Strategy - It is recommended to continue controlling duration in credit bonds, with a preference for mid-to-short term bonds and carry strategies [3][11] - In a liquidity easing environment, the short end remains relatively certain, and the carry space is at a relatively high level compared to earlier this year [3][11] Financial Bonds - Attention should be paid to participation opportunities in the price discovery of new financial bonds, as the difficulty of trading perpetual bonds is increasing [4][11] - After the new VAT regulations, the pricing of new financial bonds may still be in the discovery phase, with older bonds potentially offering better value [4][11] Investment Opportunities - Focus on primary market opportunities for bonds with maturities within three years, particularly those with coupon rates between 2.2% and 2.8% [4][11] - Consider mid-to-short term urban investment bonds with implied ratings of AA or higher, yielding above 2.2% [4][11] - Explore high-grade private placement bonds or perpetual bonds with implied ratings of AA+ or above, also yielding above 2.2% [4][11] Institutional Behavior - Public funds are facing significant challenges on the liability side, with a potential shift in credit bond demand structure [10][11] - The expansion of credit bond ETFs is being driven by policy, but the pace may slow down in the short term due to the recent launch of additional products [10][11] Industry Insights - The textile and apparel industry is expected to show a moderate recovery, with domestic retail sales of clothing and textiles increasing by 2.9% year-on-year [14][15] - The cosmetics and medical beauty sector is anticipated to maintain robust growth, with retail sales in the first eight months of 2025 showing a significant improvement compared to the previous year [17][18] - The light industry manufacturing sector is experiencing a clear trend of global supply chain adjustments, leading to changes in packaging dynamics [19][20]

Market Overview - The credit bond market is expected to experience continued fluctuations in credit spreads during the fourth quarter, with greater potential pressure on long-term bonds [2][10][11] - Short-term recovery of the bond market may still be influenced by the overdrawn performance from earlier in the year, while mid-term shifts in market logic may occur [10][11] Credit Strategy - It is recommended to maintain a shorter duration in credit bonds, with a focus on mid-to-short-term strategies and interest rate arbitrage being favored [3][11] - The liquidity remains ample, making short-term bonds more certain, while the interest rate arbitrage opportunities are relatively high compared to earlier in the year [3][11] Financial Bonds - Attention should be paid to the pricing discovery opportunities in new financial bonds, as the difficulty in trading perpetual bonds is increasing [4][11] - After the new VAT regulations, the pricing of new financial bonds may still be in a discovery phase, with older bonds potentially offering better value [4][11] Credit Bond Market Dynamics - The behavior of institutions is shifting, with public funds facing significant challenges on the liability side, leading to a restructuring of credit bond demand [10][11] - The expansion of credit bond ETFs is being driven by policy, although the pace may slow down in the short term due to the recent introduction of new products [10][11] Inflation Insights - The Producer Price Index (PPI) improved in September, primarily due to rising commodity prices, particularly copper, which saw a month-on-month increase of 2.1% [15] - The Consumer Price Index (CPI) is also showing upward trends, with core CPI rising to 1.1%, driven by significant increases in gold and platinum jewelry prices [15] Industry Performance - The textile and apparel industry is expected to see a recovery in domestic demand, with retail sales of clothing and textiles reaching 940 billion yuan, a year-on-year increase of 2.9% [15] - The cosmetics and beauty industry is projected to maintain strong growth, with retail sales expected to rise significantly in the fourth quarter due to promotional events [17][18] Company-Specific Insights - Xiaogoods City (600415.SH) reported a net profit growth that exceeded expectations, driven by the successful launch of a new global trade center [23] - The company achieved a revenue of 5.348 billion yuan in Q3, a year-on-year increase of 39.02%, with net profit doubling [23]

四中全会前，消费买什么？20251015 摘要 中美利差收缩和人民币升值预期增强，为消费板块政策提供了更大空间， 四季度迎来配置消费的关键节点，包括四中全会和十五规划预期，以及 农历年前的消费旺季，提升了消费板块在未来周期中的胜率。 双十一期间，新消费、美容护理、宠物食品等板块更值得投资。化妆品 板块中，尚美集团旗下韩束品牌及若羽臣旗下翡翠品牌有望实现快速增 长。毛戈平具备长期增长潜力，上海家化和水羊是困境反转且已有业绩 兑现的代表性公司。 AI 技术提升代运营行业的运营能力，AI 相关标的如青木、易网易创、水 羊和若雨辰受到关注。乐普医疗童颜针供不应求，并与美团签约。宠物 板块中，中宠股份和乖宝股份是头部标的，自有品牌出海提速。 力盛体育具备翻倍以上空间，受益于政策推动内需和体育拉动服务型消 费。海南封关后，将着力打造特色产业，力盛公司在海南的新能源国际 赛车场项目具备显著优势。预计 2025 年全年利润约为 4,000 万元，明 年有望实现 8,000 万元利润翻倍增长。 黄金珠宝行业呈现均价与股价背离现象，高溢价产品和有效扩张策略成 为关键驱动因素。老铺等品牌在第四季度销售表现良好，但随着价格上 今年（ ...

9月29日，自然堂集团向港交所递交招股书。其资本化进程谨慎，在IPO前完成唯一一轮融资，获欧莱 雅和加华资本投资。该集团依赖单一品牌，研发投入薄弱，高端化乏力且净利润波动。创始人郑春颖精 准抓住渠道变革红利，但如今面临挑战。站在港交所门前，自然堂集团面临关键蜕变，能否完成转型， 借助资本市场力量成为科技美妆企业，值得关注。 1996年正值创业大潮之际。郑春颖敏锐地察觉到了美容院行业的潜在商机。于是，他便随着这股创业浪 潮辞去了公务员的"铁饭碗"工作，在沈阳市开起了美容院。小有成就后，他离开沈阳，独闯上海。 彼时，他注意到上海的商场里，几乎所有的化妆品品牌都是外国品牌。于是，他便下定决心创立一个源 于中国的世界级化妆品品牌。 2001年，郑春颖正式在上海创立"自然堂"和定位在高端抗老的"美素"两大品牌。随后多年里，他又陆续 推出倡导植物成分护肤的"春夏"、专注敏感肌修复的"珀芙研"、深耕婴童皮肤健康问题的"己出"等一系 列品牌。 回看郑春颖的创业之路，其核心脉络在于精准抓住了中国化妆品渠道变革的每一个红利期。 "你本来就很美"——这句陪伴了中国消费者二十余载的广告语，如今伴随其缔造者自然堂全球控股有限 公司（以 ...