可复美是巨子生物控股有限公司（02367.HK，下称"巨子生物"）旗下核心品牌，以重组胶原蛋白为主要成分，主要产品涵盖次抛精华、敷料面膜等。2024 年，可复美的销售收入为45.4亿元，占巨子生物营收的82%。 然而在过去约40天内，可复美胶原棒2.0遭遇外界对其重组胶原蛋白成分含量的质疑，引发了市场对巨子生物产品质量及宣传真实性的怀疑，风波至今未 平。 7月1日，一款原本在市面上热卖的护肤产品，同行在群里喊出了一盒只卖150元，这个价格低于李吉的拿货价格，他坚决不能接受。 李吉是做护肤品生意的个体户，这款产品为可复美重组胶原蛋白御肌修护次抛精华液（下称"可复美胶原棒2.0"），每盒包含30支1.5ml的胶原棒，在京东官 方旗舰店的价格为379元/盒。胶原棒2.0此前卖得好，李吉囤了不少货。 也是从5月24日开始，李吉作为可复美的下游个体经销商，生意遭受重创：可复美胶原棒2.0的销量相较今年4月份下滑了60%至70%。 这个时间段正好赶上了美妆品牌重要的销售节点——"6·18"。 在2023年和2024年，可复美的"6·18"GMV（商品交易总额）在天猫、抖音电商平台的排名中逐年攀升，但今年是其近三年首次排名 ...

Core Insights - The Chinese cosmetics market has surpassed 1 trillion yuan for two consecutive years, with domestic brands holding a 55.2% market share over international brands [1] - In 2024, the total retail scale of the Chinese cosmetics market is projected to be 1,073.82 billion yuan, while the top 50 domestic brands will account for 23.376 billion yuan in total retail scale [1] - The number of Chinese brands in the top 50 is 22, but their total sales only account for about 20% of the top 50's total sales, indicating a challenge in achieving high-quality growth [2][3] Market Dynamics - Despite the numerical advantage of domestic brands, their pricing power is significantly lower compared to international giants [2] - The top 50 brands include 9 from L'Oréal, 4 from Procter & Gamble, and 3 from Estée Lauder, highlighting the dominance of international brands in terms of retail scale [2] - The top 10 brands account for only 20.41% of the total market, indicating a highly fragmented competitive landscape [2][3] Innovation and Technology - Technological innovation is identified as a key strategy for both domestic and international brands to compete effectively [4] - Companies are increasingly investing in core raw materials and research innovation to enhance their product offerings [4][6] - The focus on consumer needs through innovative technologies and ingredients is crucial for brand success [4] Market Opportunities - The silver economy presents a significant market opportunity, with a focus on skincare for the elderly and a growing male skincare market [7] - Brands are successfully tapping into niche markets by deeply segmenting consumer needs and focusing on specific product categories [7] - The rise of new consumer demands, such as portable products and medical beauty-related cosmetics, is creating new market opportunities [7] Strategic Recommendations - The cosmetics industry in China needs to increase investment in R&D and explore cutting-edge technologies to enhance product quality [8] - Emphasizing cultural heritage and sustainable practices can help brands build long-term consumer trust and loyalty [8] - Companies should focus on accumulating positive brand reputation and delivering quality to win consumer confidence [8]

Core Insights - South Korea's cosmetic exports reached $5.5 billion in the first half of the year, marking a 14.8% year-on-year increase and setting a new record [1] Export Destinations - The largest export market for South Korean cosmetics is China, with exports amounting to $1.08 billion [1] - The United States and Japan follow as the second and third largest markets, respectively [1] Product Categories - Skincare products dominate the export category, totaling $4.11 billion, which represents a 14.9% increase year-on-year [1] - Other significant categories include color cosmetics, bath products, and hair care products [1]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3455 | -0.09 | 3.21 | -0.03 | | 深证综指 | 2065 | -0.67 | 4.72 | 0.64 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.02 | 2.41 | 3.19 | | 中盘指数 | -0.66 | 4.62 | 3.23 | | 小盘指数 | -0.88 | 4.13 | 8.62 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 渔业 | 12.06 | 13.98 | 12.73 | | 普钢Ⅱ | 4.05 | 3.96 | 8.23 | | 光伏设备Ⅱ | 3.73 | 9.82 | -7.86 | | 特钢Ⅱ | 2.68 | 4.02 | 8.4 ...

Core Viewpoint - The article highlights the legal risks and consumer hazards associated with cosmetic advertising claims that lack scientific backing, emphasizing the importance of compliance with regulations regarding efficacy claims [1][2][3]. Regulatory Compliance - According to the "Cosmetic Efficacy Claim Evaluation Specification," claims such as anti-wrinkle, oil control, soothing, and nourishing must be supported by scientific evidence, including literature, research data, or efficacy evaluation test results [4]. - A company in Hangzhou was penalized for advertising a product with claims of "nourishing" and "soothing" without providing the necessary evidence to support these claims, violating the "Advertising Law of the People's Republic of China" [2][3]. Case Study - The company sold a "Camellia Flower Fragrance Shower Gel" on Douyin and Kuaishou, claiming it had various skin benefits, but failed to provide evidence for these claims, leading to an investigation and subsequent penalties [2][3]. - The regulatory authority determined that the product's registered efficacy claims did not include "nourishing" or "soothing," and the company could not provide evidence from efficacy evaluation tests to support its advertising claims [3]. Penalties and Enforcement - The company was fined over 1,000 yuan, which is four times the advertising costs, due to its violation of advertising laws [3]. - The article emphasizes the need for cosmetic businesses to adhere strictly to relevant laws and regulations to avoid penalties and ensure consumer protection [5].

Summary of Key Points Core Viewpoint The company, Shuiyang Group Co., Ltd., has approved a credit limit of up to 3 billion RMB for its subsidiaries to support their operational funding needs and reduce financing costs, with various forms of guarantees provided for this credit. Group 1: Credit and Guarantee Details - The company plans to apply for a comprehensive credit limit of no more than 3 billion RMB from banks and financial institutions for the year 2025, which includes various types of financing such as short-term loans and bank guarantees [1][2] - The company will provide guarantees for its subsidiaries, with a maximum guarantee amount of 1.802 billion RMB for subsidiaries with a debt-to-asset ratio above 70% and 1 billion RMB for those below this threshold [2] - The company has issued a new guarantee letter to HSBC Bank for its subsidiaries, providing a joint liability guarantee of up to 198 million RMB [3][10] Group 2: Subsidiary Financial Information - Shanghai Shuiyang International Trade Co., Ltd. reported total assets of 962.57 million RMB and total liabilities of 930.97 million RMB as of March 31, 2025, with a net profit of 1.89 million RMB for the first quarter of 2025 [6] - Shanghai Shuiyang Cosmetics Co., Ltd. had total assets of 348.93 million RMB and total liabilities of 328.20 million RMB as of March 31, 2025, with a net profit of 8.63 million RMB for the first quarter of 2025 [7] - Hunan Yiqiang Cosmetics Co., Ltd. reported total assets of 391.22 million RMB and total liabilities of 274.11 million RMB as of March 31, 2025, with a net profit of 0.11 million RMB for the first quarter of 2025 [9] Group 3: Guarantee Agreement and Conditions - The new guarantee agreement includes a maximum debt amount of 198 million RMB, covering all monetary and non-monetary obligations of the subsidiaries during the guarantee period [10] - The guarantee period is set for three years, starting from the termination of the debt confirmation period [11] - The company has no overdue guarantees or legal disputes related to its guarantees as of the announcement date [11]

除了爱尔博士外，福瑞达公司的其他品牌如颐莲和科美表现相当优秀。颐莲在 去年进行了整体更新后，从玻尿酸保湿变成中国高保湿成分，并通过文化联名、 福瑞达 20250702 摘要 福瑞达旗下爱尔博士品牌正进行调整，预计 2025 年底完成，但因停播 消化乱价，今年业绩或持平。新品 287 面膜作为益生菌面膜升级版推出， 下半年业绩增长主要依赖此产品。 颐莲品牌完成升级，定位中国高保湿成分，通过文化联名和代言实现显 著增长，2.0 喷雾升级版贡献更高毛利率，蓬润系列表现出色，预计 2025 年实现两位数增长。 科美品牌在传输态技术上取得突破，胶原蛋白可透皮吸收，实现类似医 美效果，预计 2025 年实现三位数增长，直播间客单价高达 699 元，计 划 2026 年底或 2027 年获得三类证。 福瑞达公司预计 2025 年整体营收持平或略增，颐莲两位数增长，科美 三位数增长，爱尔博士持平。对 2026 年爱尔博士调整成功后的放量持 乐观态度。 福瑞达公司推出新原料王浆酸，具有抗衰老和修复功能，计划 7 月中下 旬在爱尔博士品牌下推出"精研精致"系列产品，定价亲民，通过中腰 部大播进行市场测试。 Q&A 福瑞达公司在 ...

Core Viewpoint - The Chinese cosmetics market has reached unprecedented heights, prompting a fundamental question: how to transform from "big" to "strong" and build core competitiveness that transcends cycles [2][6]. Group 1: Industry Overview - The Chinese cosmetics industry has evolved from a "channel king" model to a "traffic supremacy" model over the past decade, but is now facing the end of traffic dividends and increasing competition [6]. - According to the China Cosmetics Association, 22 Chinese brands made it to the Top 50 list, with a total retail value of 93.54 billion yuan, accounting for 39.98% of the total retail scale of the Top 50 brands [6]. - The overall market share of Chinese brands reached 55.2%, indicating that their success is not solely driven by leading enterprises but also by home-field and quantity advantages [6]. Group 2: Key Challenges and Opportunities - The industry is undergoing profound transformation and challenges, necessitating a return to the core values of brand building to ensure long-term stability and growth [6]. - The arrival of the "brand era" in the Chinese cosmetics industry hinges on four dimensions: R&D innovation, cultural heritage, sustainable development, and brand building [6]. Group 3: Conference Highlights - The conference featured discussions on enhancing brand value, with notable speakers from L'Oréal, Procter & Gamble, and other leading companies sharing insights [7][9]. - L'Oréal's North Asia President emphasized three strategic pillars for brand value enhancement: consumer-centric brand building, innovation driven by science and technology, and collaborative future creation [9]. - The conference also addressed the issue of "involution" in the market, highlighting its characteristics and the need for a shift towards quality and innovation [18][19]. Group 4: Brand Value Enhancement Strategies - The brand value roundtable discussed whether premium capability or user scale is more critical to brand value, with varying opinions from industry leaders [12]. - Strategies for enhancing brand value include trust elevation, experiential enhancement, asset elevation, and operational elevation [10]. Group 5: Sustainable Growth Paths - A report analyzed high-growth brands and identified key growth paths for top, mid-tier, and emerging brands, emphasizing the importance of system capabilities for larger brands and niche focus for mid-tier brands [22]. - The conference proposed a new ecosystem for the industry, advocating for collaboration and shared growth to combat fierce competition [31]. Group 6: Regulatory Environment - Recent government measures aim to combat "involution" in the market, including the revision of the Anti-Unfair Competition Law to prohibit forced low-price sales and data abuse [17]. - The introduction of the "2025 Cosmetics Industry Data Statistical Standards" aims to address data fragmentation and enhance decision-making capabilities within the industry [36][39]. Group 7: Future Outlook - The industry is expected to transition from a phase of chaotic growth to a more structured and value-driven approach, focusing on R&D depth, cultural richness, and ecological health [44]. - The next few years will be crucial for the Chinese cosmetics industry to evolve into a period that nurtures great brands through solid groundwork and innovation [45].

6月2 7日，由中国整形美容协会中医美容分会、国家中西医结合医学中心毛发专病医联体，以 及中国医药教育协会及其皮肤与健康教育专业委员会共同指导的"第二届薇姿DERCOS常见头 皮毛发疾病整全管理案例大赛年度总决赛暨头皮毛发健康临床进阶培训课程发布仪式"，于长 沙瑞吉酒店盛大举行，旨在共同推动中国头皮毛发健康事业迈向新的台阶。 在头皮健康问题日益受到社会广泛关注的当下，这场以"薇力健康，焕发新姿"为主题的行业盛 会，不仅成功汇聚了顶尖头皮毛发领域学术力量与青年精英，通过高水平的案例竞技提升青年 皮肤科医生的诊疗水平，更通过前沿培训课程的发布，开启了头皮毛发健康管理领域的全新篇 章，为"健康中国2 0 3 0 "战略注入新的活力。 本次盛会特邀国家中西结合医学中心毛发专病医联体负责人、中日友好医院毛发医学中心主任 杨顶权教授，中国医药教育协会皮肤与健康教育专业委员会主任委员、复旦大学附属华山医院 吴文育教授，北京大学第一医院杨淑霞教授，首都医科大学附属北京同仁医院魏爱华教授，浙 江大学医学院附属第二医院吕中法教授，重庆医科大学附属第二医院赵恒光教授等毛发医学领 域领军人物组成专家评审团。 评审团围绕脂溢性皮炎、雄 ...

Core Viewpoint - Huaxi Biological asserts that claims exempt from scientific verification are inherently pseudoscientific, emphasizing the necessity of measurable and verifiable scientific methods in the industry [1][2]. Group 1: Huaxi Biological's Position - Huaxi Biological argues that the absence of standardized testing methods does not negate the existence of scientific methods for validation, using their product "Runbaiyan" as an example of verifiable testing results for recombinant collagen [2][5]. - The company highlights the use of High-Performance Liquid Chromatography-High-Resolution Mass Spectrometry (HPLC-HRMS) as a reliable method to accurately measure recombinant collagen content, claiming it effectively avoids complex matrix interference [5][12]. Group 2: Response from Juzhi Biological - Juzhi Biological acknowledged the limitations of their existing quality standards and testing methods in a statement, indicating a need for continuous optimization to meet industry advancements [6][9]. - The company plans to collaborate with research institutions to enhance the qualitative and quantitative detection methods for recombinant collagen in cosmetics, aiming for greater transparency and industry standardization [9][10]. Group 3: Testing Method Controversy - The debate over testing methods arose when beauty blogger Dazui Doctor (Hao Yu) questioned the recombinant collagen content in a product, using a high-precision HPLC amino acid quantification method, which Juzhi Biological claimed was not included in industry standards [10][11]. - Experts noted that both HPLC amino acid quantification and HPLC-HRMS methods have their unique applications and challenges, particularly in detecting low concentrations of collagen in complex cosmetic formulations [12][13].