BPIV CUS PRODU G FOCUS PRO E 当消费电子的"技术普惠化"与快消品的"需求精细化"在 618狭路相逢，这场战役早已超越简单的流量争夺，成为 检验品牌生命力的终极试炼场。据36氪行业研究院数据 显示,2025年智能家电线上销量同比激增37%,而消费 者对"硬核科技"的期待值较去年攀升42% -- 他们渴望折 -- \m +0 ++ 十十八十十八十 登胖于帆以毫木纹关收里闷父旦逻辑,期待妇地机吞人化 身家庭"智慧管家",更渴求一杯兼具抗衰功效与低卡美学 的"科技特调咖啡"。 但市场从不会辜负理性与感性并存的智慧选择。当"性价 比"成为Z世代的新信仰,当"好货不贵"从口号进化为消费 铁律,36氪以行业瞭望者的姿态,联合头部电商、垂类 KOL及产业智库,重磅推出"2025夏季焦点产品计划", 以618为战略坐标,筛选出那些既能用技术颠覆认知、又 能让消费者"闭眼入"的国民级好物。 消费电子 / ● 挖掘那些代表中国科技实力的先锋软硬件产品 ● 覆盖领域 家 E 71.7 生日 元 评选维度 家 电 办公类 工 不 软件 产品 性价比 设计 性能 体验 20% 30% 10% 40% 数 码 ...

大变局时代，先锋者正在以打破陈规的创新，点亮市场。 当不止一家美妆巨头因成本压力转移产能之际，花王集团却以一场"逆周期"的革新打破行业惯 性—— 旗下核心品牌f r e eplus芙丽芳丝不仅将全球总部落户上海，更完成从研发、生产到决 策的全链路本土化升级，发布全新的品牌理念「敢不讨好」深度连接中国年轻一代 。 放眼数百年的全球美妆史，总部跨国搬移的做法十分罕见。花王这一具有开创意义的选择，既 是对贸易战背景下产业供应链分散潮的一次有力的"逆向回应"，更是对中国美妆市场的精准竞 争卡位和长期信心表现。 《FBe a u t y未来迹》通过多方采访和研究发现，芙丽芳丝这场极为彻底的"本土化"一举打破了 业界对于传统日企的"保守"刻板印象，并透露出更大的野心——要将品牌打造成真正意义上 的"精简护肤No . 1 "。 这不仅是外资美妆品牌在华运营模式的范式突破，更揭示了国际企业深度融入中国市场的终极 命题：从"市场换技术"的旧叙事，正在转向"以中国定义全球"的新战略定力。 芙丽芳丝的"总部大挪移"，是花王集团基于对中国市场中长期战略价值的判断而作出的自上而 下的决策。 花王集团2 0 2 4年度财报显示，股东应占 ...

2 0 2 4年在国货美妆发展史上是值得记录一年： 一方面，国内诞生首个突破百亿美妆企业，珀莱雅以1 0 7 . 7 8亿元营收首次跻身"百亿俱乐部"， 成 为 行 业 里 程 碑 事 件 ； 同 时 ， 十 强 门 槛 抬 高 至 近 3 0 亿 元 ， 前 十 总 营 收 规 模 扩 大 至 5 4 3 . 7 7 亿 元。 另一方面，前十座次发生较大变化，毛戈平首次闯入榜单，上海家化、华熙生物等企业持续步 入变革期深水区，迎来业绩"震荡"。 在"突飞猛进"与震荡调整并存的阶段，头部国货企业的发展预示着行业怎样的未来？ 综 合 2 0 2 1 年 至 2 0 2 4 年 国 货 美 妆 上 市 企 业 十 强 榜 单 情 况 来 看 ， 可 以 发 现 ， 名 次 发 生 了 较 大 变 化。每一年的前三名都不相同，并且持续有"突围者"闯入榜单，例如2 0 2 4年的毛戈平。 | | | | 2021年至2024年国货美妆上市企业十强榜单 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The high-end transformation of Shuiyang Group is facing challenges, as evidenced by a significant decline in revenue and profit in the 2024 annual report, raising questions about whether this strategy is beneficial or detrimental to the company [1]. Financial Performance - Shuiyang Group reported a revenue of 4.237 billion yuan in 2024, a year-on-year decrease of 5.69% [1]. - The net profit attributable to shareholders fell by 62.63% to 110 million yuan, while the non-recurring net profit decreased by 56.74% to 118 million yuan [1]. - Sales expenses increased by 11.89% to 2.079 billion yuan, accounting for 49.07% of total revenue [6]. Business Strategy - The company is transitioning to become a "global new luxury beauty group," which involves restructuring its business and increasing investment in high-end brands [1][2]. - Shuiyang Group has made significant acquisitions, including the purchase of the French luxury skincare brand EDB for over 300 million yuan and the acquisition of the American luxury skincare brand RéVive [2][3]. Product Performance - Revenue from self-owned brands reached 1.651 billion yuan, representing approximately 38.97% of total revenue, with a gross margin of 74.27% [3]. - All product categories, including creams, masks, and brand management services, experienced revenue declines, with creams generating 3.351 billion yuan (down 4.38%) and masks generating 734 million yuan (down 10.8%) [4][5]. Research and Development - R&D expenses increased by only 7.32% to 82.1755 million yuan, indicating a lower investment compared to sales expenses [7]. - The company has established a stock incentive plan, but it failed to meet performance targets, resulting in the cancellation of unvested shares for 258 individuals [7][8].

Investment Rating - The investment rating for the company is "Recommended" [1][10] Core Views - The company is expected to achieve a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, with a net profit attributable to shareholders of 1.552 billion yuan, a 30% increase [3][7] - The company has reached a significant milestone by becoming the first domestic beauty brand to exceed 10 billion yuan in revenue [7] - The online channel revenue for 2024 is projected to be 10.234 billion yuan, a year-on-year increase of 23.68%, accounting for 95.06% of the main business revenue [7] - The company has implemented a "Double Ten Strategy" aiming to rank among the top ten global cosmetics companies in the next decade [8] Financial Summary - For 2024, the company is projected to have a gross margin of 71.39% and a net margin of 14.71% [3] - The sales expenses for 2024 are expected to increase by 29.93% to 5.161 billion yuan, with a sales expense ratio of 47.88% [3] - The company’s revenue for Q1 2025 is expected to be 2.359 billion yuan, a year-on-year growth of 8.13%, with a net profit of 390 million yuan, reflecting a 28.87% increase [4] - The projected revenue and net profit for 2025-2027 are 12.307 billion yuan, 18.05 billion yuan, 14.089 billion yuan, and 21.09 billion yuan respectively [6][8] Market Position - The company has established a diverse brand portfolio catering to different consumer needs, with significant growth in its skincare and makeup segments [7][8] - The company has introduced several high-profile endorsements to enhance its market presence, including celebrities like Liu Yifei and Yi Yangqianxi [8]

Core Insights - Perfect Diary's new product, the "Bionic Film" essence foundation, utilizes the third-generation Biotec™ technology, which has garnered significant industry attention and aims to redefine the standards of foundation technology [1][3] - The brand has focused on "makeup-nourishing technology" for three years, leading to substantial technological advancements and a comprehensive innovation layout from raw material research to clinical validation [1][3] Industry Trends - The global color cosmetics market is undergoing a structural transformation towards "skincare integration," with Perfect Diary at the forefront of this trend through its continuous exploration and technological achievements in the "makeup-nourishing" field [2] - Three major trends have been identified in the market: traditional color cosmetics claiming better skincare benefits, multi-functional claims, and the emergence of new cross-category products [2] Product Innovation - The third-generation Biotec™ technology enables the new foundation to achieve 24-hour wear and oil control while enhancing barrier protection and wrinkle reduction [3] - Clinical tests conducted by authoritative institutions, such as Ruijin Hospital, showed significant improvements in skin barrier function (31.90%), skin hydration (26.02%), and a reduction in under-eye wrinkles (43.34%) after 14 days of use [3] Manufacturing Excellence - Perfect Diary's factory has achieved international certification for smart manufacturing, establishing itself as a benchmark in the global beauty manufacturing sector [4] - The factory, built in collaboration with a leading ODM company, features a high-standard cleanroom environment, with a purification standard of 100,000-level cleanliness, significantly higher than the industry average [6] Operational Efficiency - The factory employs intelligent and refined management practices to enhance efficiency and reduce costs, including automated filling and packaging systems [7] - A comprehensive quality control system ensures rigorous testing and monitoring throughout the production process, contributing to high-quality product output [7] Sustainability Practices - The factory incorporates sustainable practices, such as advanced water treatment systems that recycle wastewater for landscaping, aligning with global environmental trends [8] - The facility's location near a natural water source allows it to maintain high-quality production water standards, exceeding both Chinese and European pharmacopoeia requirements [8][9] Future Outlook - The collaboration between international experts and the brand's technological advancements signals a continued rise of domestic beauty brands, with Perfect Diary positioned as a leader in the global beauty market [10] - The innovative ecosystem established by the company, combining foundational research, clinical validation, and smart manufacturing, is expected to drive sustainable growth and attract further industry talent [10]

Core Viewpoints - The report highlights a collective decline in the A-share market indices, with the Shanghai Composite Index down by 0.05% to 3286.65 points, and the Shenzhen Component Index also down by 0.05% [1][6] - The report notes a significant increase in the inbound tourism market in China, with an expected daily average of 2.15 million inbound and outbound travelers during the upcoming "May Day" holiday, representing a year-on-year growth of 27% [2][7] - The report emphasizes the strong performance of Marubi Biotechnology (丸美生物), with a 33.44% year-on-year increase in revenue for 2024, reaching 2.97 billion yuan, and a net profit of 342 million yuan, up 31.69% [8][12] Market Performance - The A-share market saw a total trading volume of 1.02 trillion yuan, with sectors such as beauty care, machinery, and media leading the gains, while public utilities, oil and petrochemicals, and coal sectors lagged [1][6] - The report indicates that the online sales channel for Marubi achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 35.77%, accounting for 85.61% of total revenue [9][12] Company Analysis - Marubi's main brand generated 2.06 billion yuan in revenue, representing a 31.69% increase, while its second brand, PL, achieved 905 million yuan, up 40.72% [9][12] - The gross margin for Marubi improved to 73.70% in 2024 and 76.05% in Q1 2025, reflecting a year-on-year increase of 3.01 percentage points and 1.45 percentage points, respectively [10][12] - The company is transitioning from a traditional cosmetics firm to a biotechnology cosmetics company, focusing on key technologies and core raw material research, particularly in recombinant collagen technology [11][12] Profit Forecast and Investment Recommendations - The report adjusts profit forecasts for Marubi, estimating net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025-2027, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% respectively [12]

Group 1: Weijie Chuangxin - Weijie Chuangxin has made significant progress in multiple product lines for 2024 and 2025, with Wi-Fi 7 modules achieving large-scale sales [1] - The company has successfully launched mass sales of automotive, satellite communication, and AI edge products [1] - In Q1 2025, core products such as L-FEM and LN Bank saw a significant increase in shipment volume, gaining more market share in new projects with Samsung [1] - The company has reduced inventory levels by strengthening internal management and optimizing stocking strategies [1] - The competitive landscape in the mid-to-low-end market is intense, while high-end products are experiencing new opportunities for domestic substitution [1] - The gross margin is influenced by market competition and product mix changes, with an increase in the proportion of high-margin products being crucial [1] Group 2: Proya - In 2024, Proya is set to become the first beauty company in China to exceed 10 billion in revenue, with a 'Double Ten Strategy' aimed at entering the top ten global cosmetics industry within the next decade [2] - The main brand Proya still has room for market share growth in China, focusing on developing series such as Source Power, Energy, Whitening, and Base Makeup [2] - Online channels will enhance the product matrix and operational capabilities, while offline channels will explore new formats and continue expansion [2] - The skincare brand has a clear positioning, the color cosmetics brand focuses on professional fields, and the hair care brand targets mid-to-high-end and efficacy-oriented products [2] - The company will focus on the Southeast Asian market for overseas expansion, developing products suited to local needs and collaborating with local distributors [2] - Investment will be directed towards enriching the brand and product matrix to meet diverse consumer demands [2]

Group 1: Prolayya - In 2024, Prolayya aims to become the first beauty company in China to achieve over 10 billion in revenue, with a 'Double Ten Strategy' to enter the top ten global cosmetics companies in the next decade [1] - The main brand Prolayya has room for market share growth in China, focusing on developing skincare, energy, whitening, and base makeup series [1] - The company plans to enhance its online product matrix and improve operational capabilities while exploring new formats in offline channels [1] Group 2: Taotao Automotive - In 2024, Taotao Automotive reported a revenue of 2.977 billion, a year-on-year increase of 38.82%, and a net profit of 431 million, up 53.76% [2] - In Q1 2025, the company continued to show strong performance with a revenue of 639 million, a 22.96% increase year-on-year, and a net profit of 86 million, up 69.46% [2] - The company is expanding overseas production capacity and optimizing its global supply chain to mitigate tariff impacts, with a projected net profit margin of 14.49% in 2024 [2] Group 3: Jiahe Food - Jiahe Food's total revenue in 2024 was 2.31 billion, a decline of 18.68%, with a net profit of 83.94 million, down 67.43% [3] - The revenue drop is attributed to a shrinking demand for plant-based cream and increased marketing expenses due to C-end expansion [3] - In Q1 2025, the coffee business grew by 58.63%, driven by increased domestic demand and market recovery [3] Group 4: Dinglong Co., Ltd. - In 2024, Dinglong Co., Ltd. achieved record revenue of 3.338 billion and a net profit of 521 million, representing year-on-year growth of 25.14% and 134.54% respectively [4] - The semiconductor business significantly contributed to growth, with CMP polishing pads and semiconductor display materials seeing substantial revenue increases [4] - The company is increasing R&D investment by 21.01% to support new business areas and ensure future market demand [4]

Group 1: Company Overview and Strategy - The company aims to build a "new high-end luxury beauty brand management group" through high-end and global strategies, focusing on brand globalization and optimizing business structure [2][3][8]. - In 2024, the company achieved a revenue of 4.237 billion CNY, with self-owned brands generating 1.651 billion CNY, maintaining a stable revenue share [3][8]. Group 2: Self-Owned Brands Performance - The self-owned brand segment achieved a revenue of 1.651 billion CNY, with a gross margin of 74.27% in 2024, indicating an improvement in product structure and profitability [3][9]. - The French luxury skincare brand EDB saw significant growth, with a focus on high-net-worth customers and successful marketing campaigns, leading to a strong brand presence [4][17]. - The brand PA, acquired in 2024, experienced over 300% growth, with expectations for continued expansion in both domestic and international markets [6][20]. Group 3: CP Brands Performance - The CP brand segment consists of five main categories, with a focus on quality and resource allocation, although the performance of the Kefu (formerly Johnson & Johnson) brand declined significantly [8][9]. - Other CP brands, such as ESI and Mistique, reported good growth, with ESI's GMV doubling year-on-year [8][9]. Group 4: Financial Performance - The company reported a net profit of 110 million CNY in 2024, a decrease of 62.63% year-on-year, attributed to increased market expenses and external economic pressures [9][12]. - The overall gross margin improved to 63.01%, up from 58.44% in 2023, driven by a higher proportion of high-margin products [9][12]. Group 5: Research and Development - The company applied for 28 patents and published 15 papers in 2024, emphasizing its commitment to R&D and innovation [10][11]. - R&D expenses accounted for 4.98% of self-owned brand revenue, aligning with international standards for leading beauty companies [9][11]. Group 6: Market Outlook and Challenges - The company anticipates a focus on high-end brands and a strategic reduction in lower-end brands to improve profitability [27][30]. - The external economic environment remains challenging, but the company is committed to maintaining a strong brand presence and sustainable growth [11][30].