Group 1: 正力新能 (Zhengli New Energy) - Zhengli New Energy commenced its IPO process on April 3, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "3677" [3] - The company aims to issue 121,523,700 H-shares, with 12,152,400 shares available for public offering in Hong Kong and 109,371,300 shares for international placement [3] - The IPO has attracted three cornerstone investors, with a total subscription amount of $79.9 million (approximately HKD 621 million) [3] - The estimated market capitalization at an issue price of HKD 8.27 per share is HKD 20.745 billion [4] - Founded in 2019, Zhengli New Energy focuses on power battery and energy storage battery products, providing integrated solutions including cells, modules, battery packs, and management systems [4] - The company ranks ninth in China's power battery market and has a significant presence among major automotive clients, achieving over 50% penetration in key models [4][5] Group 2: 谷雨生物科技 (Guyu Biotechnology) - Guyu Biotechnology signed a counseling agreement with CITIC Securities on March 27, 2025, to initiate its A-share IPO process [6] - Established in 2010, Guyu specializes in scientific whitening products tailored for Chinese skin types, emphasizing the use of Eastern plant extracts [6] - The company has developed a full industry chain from raw materials to production, with a unique cultivation base for light licorice [6] - Sales figures for Guyu have shown significant growth, with revenues surpassing CNY 10 billion in 2021, CNY 22 billion in 2022, and CNY 35 billion in 2023, projecting over CNY 50 billion in GMV for 2024 [7] Group 3: 东鹏饮料 (Dongpeng Beverage) - Dongpeng Beverage submitted its IPO prospectus to the Hong Kong Stock Exchange on April 3, 2025, planning a dual listing [8] - The company is recognized as the leading functional beverage enterprise in China, with a market share increase from 15.0% in 2021 to 26.3% in 2024 [8] - Dongpeng's product range includes energy drinks, sports drinks, and tea beverages, with its flagship product "Dongpeng Special Drink" achieving over CNY 13.3 billion in revenue for 2024 [9] - Financial performance shows revenues of CNY 85 billion in 2022, CNY 112.57 billion in 2023, and CNY 158.3 billion in 2024, with a compound annual growth rate of 36.5% [10] Group 4: 云知声 (Yunzhisheng) - Yunzhisheng updated its IPO prospectus on March 30, 2025, continuing its listing process on the Hong Kong Stock Exchange [12] - Founded in 2012, the company is a pioneer in AGI technology and has developed a large language model, UniCore, as part of its AI solutions [12][13] - Yunzhisheng ranks as the fourth largest AI solution provider in China by revenue, with a projected revenue of CNY 9.39 billion for 2024 [14] - Financial data indicates revenues of CNY 6.01 billion in 2022, CNY 7.27 billion in 2023, and CNY 9.39 billion in 2024, with a compound annual growth rate of 25.0% [15] Group 5: 京东工业 (JD Industrial) - JD Industrial updated its IPO prospectus on March 30, 2025, as it progresses towards listing on the Hong Kong Stock Exchange [16] - The company is the largest participant in China's MRO procurement service market, with a transaction volume growth from approximately CNY 22.3 billion in 2022 to CNY 28.8 billion in 2024 [16][17] - Financial performance shows total revenue from continuing operations of CNY 141 billion in 2022, CNY 173 billion in 2023, and CNY 204 billion in 2024, with a compound annual growth rate of 20.1% [17][18] - JD Industrial achieved profitability in 2023 with a net profit of CNY 4.8 million, and projected net profit of CNY 760 million for 2024 [18][20]

来源 | 凯辉基金 2 0 25年3月31日，中国上海——凯辉基金携手欧莱雅集团（L'Or é a l）和上海静安区政府 共同宣布设立"凯辉创美未来基金"。 着眼于全球产业视角，该基金专注于投资本土市场与"美"相关的创新趋势与价值品类， 致力于寻求并支持新一代兼具功效、科学与拥有中国特色美学定义能力的领军企业，共 同推动中国美妆护肤产业迈入高质量发展新时代。 怀 抱 着 " 在 中 国 ， 为 中 国 " 的 相 同 初 心 ， 十 年 来 ， 凯 辉 与 欧 莱 雅 携 手 在 投 资 、 品 牌 孵 化、科技创新等多个维度不断深化协作。此次与静安区的携手，更是将产业、资本与区 域优势深度融合，依托静安在时尚消费、美妆产业集聚方面的独特优势，进一步助力中 国美妆行业的创新与全球化发展。 凯辉基金创始人及董事长蔡明泼 表示："我们与欧莱雅的合作已有多年信任积淀，携手 在多个项目取得成果，共同见证并推动了中国美妆行业的创新与升级。此次凯辉创美未 来基金的设立，不仅是我们与欧莱雅战略合作的进一步深化，也得到了静安区政府的大 力 支 持 ， 彰 显 了 我 们 对 中 国 市 场 长 期 发 展 的 坚 定 信 心 ...

Core Insights - The online beauty and skincare market in China is projected to reach a GMV of 420 billion yuan in 2024, showing a counter-trend growth despite the "consumption downgrade" narrative, indicating a complex consumer behavior where budget-consciousness coexists with a willingness to spend on high-value products [1][2][5] - The market is characterized by a dual focus on practicality and emotional value, leading to significant growth in mid-range products and innovative categories like "emotion skincare" and "tech skincare" [1][13] Group 1: Market Trends - The beauty and skincare market's online sales are expected to reach 420.15 billion yuan in 2024, reflecting a year-on-year increase of 8.4%, with a volume of 4.89 billion items sold, up 7.4% [2] - In the context of "consumption downgrade," consumers are increasingly price-sensitive, with mid-range products dominating the market due to their cost-effectiveness [5][7] - The market continues to concentrate around leading and mid-tier brands, with the top 10 brands experiencing a sales growth of 17.1% and an increase in market concentration [9] Group 2: Product Innovations - The integration of skincare and makeup is creating new opportunities, with the foundation category seeing a remarkable growth of 43.5% [10][15] - The demand for multifunctional products is rising, with emotional healing and whitening being key growth drivers in the powder market, which achieved a sales figure of 5.05 billion yuan in 2024 [15] - The "emotion skincare" segment has seen a staggering growth of 466.7%, driven by consumer demand for products that address psychological needs [13] Group 3: Sunscreen Market Dynamics - The sunscreen market is evolving, with sales expected to reach 12.7 billion yuan in 2024, marking a 3.1% increase, as consumers seek products that combine skincare and makeup [22][24] - The demand for diverse sunscreen products is growing, with innovative combinations like sunscreen foundation seeing a sales increase of 517.7% [24] - Brands like L'Oréal are successfully adapting to the trend of multifunctional products, achieving a 116% growth by offering a wide range of sunscreen solutions [27][32]

Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]

Core Viewpoint - The article highlights the rising consumption power and changing attitudes of middle-aged men towards self-investment, particularly in health and grooming products, indicating a shift in the male consumer market [3][31][39]. Group 1: Changing Male Consumption Trends - Successful men are increasingly willing to spend on high-end health products, such as the "president bowl" bird's nest priced at 528 yuan per bowl, reflecting a broader trend of men investing in their well-being [3][4][31]. - The male health and grooming market is experiencing significant growth, with the male high-end health product market size increasing by 47% year-on-year, and men over 40 contributing over 60% of sales [28][31]. - The male skincare and medical beauty market is growing rapidly, with a reported annual growth rate exceeding 20% and average spending per customer reaching 2.75 times that of female customers [26][31]. Group 2: Consumer Behavior Insights - Men are now prioritizing visible benefits in their purchases, such as energy enhancement and anti-aging, leading brands to emphasize "hardcore technology" in their products [29][31]. - Social media platforms are playing a crucial role in shaping male consumer behavior, with discussions around men's health and skincare increasing significantly, indicating a shift in societal norms [32][33]. - The emergence of brands catering specifically to men's needs, such as "Kehan" for skincare, demonstrates the growing market potential and the willingness of men to invest in personal care [22][25]. Group 3: Market Implications - The changing dynamics in male spending habits suggest that the era of men only purchasing luxury items like watches and cars is over, with a new focus on health and self-care [31][39]. - The success of brands like "Xiaoguan Tea," which achieved annual revenue of 2 billion yuan, illustrates the lucrative opportunities in the male consumer market [20][31]. - The article suggests that as more men embrace self-care and grooming, the market will likely see the introduction of products that surpass traditional luxury offerings, indicating a potential shift in the overall health and beauty industry [42].