Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging benefits and metabolic regulation, with significant regulatory advancements expected by 2025 [1][2]. Industry Overview - The NMN industry has transitioned from laboratory research to commercial viability, with major markets like the US, Japan, Canada, and Australia recognizing its legal status [1][2]. - China is currently the largest producer of NMN raw materials, with a focus on technological innovation and regulatory compliance as key drivers for industry growth [2]. NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for various biological functions including energy metabolism and DNA repair [3][4]. - Supplementing NMN can enhance NAD+ levels, which decline with age, thereby playing a role in anti-aging and improving cardiovascular health [4][6]. Synthesis Pathways - NMN supplementation is more efficient than other NAD+ synthesis pathways, with no known adverse effects, making it a promising option for clinical applications [6][7]. Market Dynamics - The global NMN market is projected to exceed 30 billion yuan by 2025, driven by increasing demand from aging populations and younger consumers seeking anti-aging solutions [28]. - NMN's primary applications are in health supplements (90% market share) and cosmetics (10-20% market share), with potential expansion into pet nutrition and agricultural technology [24][28]. Regulatory Environment - The regulatory landscape for NMN is evolving, with significant milestones achieved in various countries, including China’s approval process for NMN as a health supplement [17][18]. - The "blue hat" certification in China represents the highest standard for NMN products, indicating safety and compliance [37]. Technological Innovations - Advances in synthesis methods, particularly the full enzyme method, are enhancing NMN production efficiency and purity, while also reducing costs [10][12]. - Innovations in delivery technologies are improving the bioavailability of NMN, ensuring better absorption and efficacy [22]. Competitive Landscape - Leading companies in the NMN sector are focusing on patenting innovative synthesis methods and expanding their product lines to establish competitive advantages [12][32]. - Companies like Gene Harbor and Kangying Hongmei are at the forefront of NMN production, leveraging technological advancements to enhance market presence [12][32]. Future Prospects - The NMN industry is expected to see significant growth as regulatory barriers are lowered and consumer awareness increases, particularly in the health and beauty sectors [44][51]. - The potential for NMN to penetrate new markets, such as pet nutrition and agricultural applications, presents additional growth opportunities [53][56].

Core Viewpoint - Shanghai Liren Lizhuang Cosmetics Co., Ltd. is expected to report a net loss for the year 2025, with projected losses ranging from 62.0 million to 79.0 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [4]. - The company anticipates a net profit attributable to shareholders of the listed company to be between -79.0 million and -63.2 million yuan [2][4]. - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -83.0 million and -66.4 million yuan [3][4]. Group 2: Previous Year Performance - In the previous year (2024), the total profit was -17.02 million yuan, with a net profit attributable to shareholders of -24.40 million yuan [6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -39.98 million yuan [6]. - The earnings per share for the previous year were -0.06 yuan per share [7]. Group 3: Reasons for Performance Change - The expected loss in 2025 is primarily due to the company's self-owned brand being in the product innovation and marketing promotion phase, with ongoing investments in research and marketing that have not yet generated corresponding economic benefits, leading to losses in self-owned brand store operations [8].

据中国香料香精化妆品工业协会消息，2025中国化妆品产业数据发布会1月20日在上海举办。在发布会 上，2025年度中国化妆品产业的关键数据与发展趋势重磅发布。数据显示，2025年中国化妆品市场规模 再创新高，全渠道交易额突破1.1万亿元，达11042.45亿元，同比增长2.83%。国货品牌竞争力持续领 跑，市场份额提升至57.37%。渠道格局深度调整，线上渠道交易额7217.73 亿元，同比增长4.45%，占 比65.36%；线下渠道交易额3824.72亿元，同比基本持平，"线上为主"的单极扩张时代结束，线上线下 融合共生的新格局加速形成。 ...

北京商报讯（记者 张君花）1月20日，贝泰妮在投资者互动平台表示，公司始终重视并积极探索AI等前 沿技术在皮肤健康领域的应用。目前已在部分业务环节展开相关实践，例如在消费者服务端，通过专业 祛痘品牌"贝芙汀"提供AI辅助的个性化护肤方案；在研发创新端，近期与耀速科技达成战略合作，共同 探索"AI+器官芯片"等智能检测新路径。AI技术的应用是公司以科技驱动发展的重要方向之一，相关探 索将持续推进。其中具体协同场景、量化成效及专利布局等细节，属于公司内部研发与运营信息。公司 对各类前沿技术保持开放研究，如有重大进展将依规披露。 ...

Core Viewpoint - The recent departure of Gu Mai, a key partner of NAN beauty under Shangmei Co., has raised concerns about the company's reliance on a single brand and its overall business strategy in the beauty industry [3][4]. Group 1: Management Changes - Gu Mai, previously with Estee Lauder and LVMH, joined Shangmei in 2025 as a partner for NAN beauty, which was launched in September 2025 [3][4]. - The departure of Gu Mai highlights the challenges Shangmei faces in diversifying its brand portfolio and improving its performance in the competitive beauty market [3][4]. Group 2: Revenue Dependence - Over 80% of Shangmei's revenue comes from the Han Shu brand, which generated 33.44 billion yuan in the first half of 2025, marking a 14.3% increase from the previous year [6]. - Other brands under Shangmei, such as newpage, Yiyezi, and Hongse Xiaoxiang, contributed significantly less, with revenues of 3.97 billion yuan, 0.89 billion yuan, and 1.59 billion yuan respectively [6]. Group 3: Channel Strategy - Shangmei's online sales account for over 90% of its revenue, with a significant portion coming from Douyin, indicating a high sensitivity to platform traffic and a relatively weak risk management capability [3][6]. - The company's marketing expenses remain high, with sales and distribution costs at 56.9% of total revenue in the first half of 2025, slightly down from 57.6% in the previous year [8]. Group 4: Market Position and Future Outlook - The beauty industry has seen success with brands linked to celebrity makeup artists, but Shangmei's NAN beauty has not yet shown significant growth in follower numbers on platforms like Xiaohongshu [5][6]. - Experts suggest that while there are opportunities in the Tmall channel, Shangmei's main brands are nearing saturation on Douyin, and the success of its second growth curve remains uncertain [9].

（文章来源：证券日报） 证券日报网讯 1月20日，珀莱雅在互动平台回答投资者提问时表示，公司严格按照相关法律法规规定履 行信息披露义务，有关信息请以公司在上海证券交易所网站披露的信息为准。 ...

（文章来源：证券日报） 证券日报网讯 1月20日，珀莱雅在互动平台回答投资者提问时表示，2026年1月15日，公司通过集中竞 价交易方式首次回购公司股份230800股，支付的资金总额为人民币16119331.00元（不含印花税、佣金 等交易费用）。 ...

证券日报网讯 1月20日，珀莱雅在互动平台回答投资者提问时表示，公司董事及高级管理人员的聘任严 格遵循《公司法》《上海证券交易所股票上市规则》等相关法律法规规定，目前公司管理层人员背景涵 盖金融、财务、供应链等领域，行业经验丰富，具备国际化视野，核心能力与职位相匹配，有关信息请 以公司在上海证券交易所网站披露的信息为准。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

证券日报网讯 1月20日，贝泰妮在互动平台回答投资者提问时表示，公司始终重视并积极探索AI等前沿 技术在皮肤健康领域的应用。目前已在部分业务环节展开相关实践，例如在消费者服务端，通过专业祛 痘品牌"贝芙汀"提供AI辅助的个性化护肤方案；在研发创新端，近期与耀速科技达成战略合作，共同探 索"AI+器官芯片"等智能检测新路径。AI技术的应用是公司以科技驱动发展的重要方向之一，相关探索 将持续推进。其中具体协同场景、量化成效及专利布局等细节，属于公司内部研发与运营信息。公司对 各类前沿技术保持开放研究，如有重大进展将依规披露。敬请关注公司官方信息。 （编辑 楚丽君） ...