中新网上海7月2日电 (记者 陈静)"中国经济不断开放，我们必须来到中国。我们需要和中国经济结 合，确保未来的美妆行业能蓬勃发展。"美妆领域相关跨国企业北亚总裁及中国首席执行官博万尚 (Vincent BOINAY)1日在此间直言，中国的生态体系也越来越强劲。据悉，该企业被中国香料香精化妆 品工业协会授予"2025化妆品企业50强TOP1"荣誉。 中国香妆品牌发展大会1日在上海举行。中国香料香精化妆品工业协会产业研究中心主任姚永斌介 绍了《2025化妆品品牌TOP50》调研结果。据此，TOP50品牌占市场总零售额21.74%；中国品牌数量最 多，50强里面中国品牌有22个。 曾发起中国品牌节的王永在论坛上指出，要重构消费场景，要创造深度连接和情感共鸣，包括：线 上沉浸式的交互、线下高感性空间。 "中国化妆品品牌一定要走高质量发展的道路，要培育一批以消费者为中心的高端品牌。我们应该 向国际化妆品巨头学习。"姚永斌直言。 在颜江瑛看来，中国香妆品牌发展大会的核心意义就在于凝聚共识，汇聚智慧，共同探索中国化妆 品行业迈向高质量发展的品牌发展模式与路径。颜江瑛指出："中国香妆行业需要在研发创新上继续加 大投入，不断探 ...

Market Overview - The A-share market experienced a positive start in July, with the Shanghai Composite Index closing at 3457.75, up by 0.39%, and the Shenzhen Component Index closing at 10476.29, up by 0.11% [4][7] - The overall market sentiment showed a divergence in performance among different sectors, with the banking sector performing strongly while hard technology sectors faced declines [9][10] Industry Dynamics - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives aimed at enhancing R&D support, improving access to insurance, and optimizing clinical application processes [27][28][30] - Shandong Province released an action plan for the high-quality development of the robotics industry, targeting a manufacturing scale exceeding 50 billion yuan by 2027 and focusing on key technology innovations [31][33] - Beijing's market regulators published guidelines for cosmetic advertising to ensure compliance and protect consumer rights, emphasizing the need for accurate and responsible advertising practices [34] Company Updates - Liyuanheng (688499.SH) is progressing with its sulfide solid-state battery project, expected to be delivered before Q3, with revenue recognition pending customer acceptance [38] - Weisheng Information (688100.SH) has repurchased 3.5864 million shares, totaling 128 million yuan, as part of its share buyback plan [40]

Group 1: Company Debt and Financing - Yuyuan Group plans to issue up to 4 billion yuan in corporate bonds to optimize its debt structure, with a maximum term of 7 years and a face value of 100 yuan per bond [1] - The funds raised will be used for repaying due debts and supplementing working capital, addressing short-term repayment pressure [1] - As of Q1 2025, short-term loans increased by 9.78%, while accounts payable and contract liabilities decreased by 16.92% and 12.75%, respectively [1] Group 2: Financial Performance - In 2024, Yuyuan Group's jewelry fashion segment generated 299.77 billion yuan in revenue, accounting for 64% of total revenue, but saw an 18.38% year-on-year decline [2] - The company reported a record high revenue of 581.47 billion yuan in 2023, but net profit dropped by 45% to 20.24 billion yuan [2] - In Q1 2025, revenue plummeted nearly 50% to 87.82 billion yuan, with net profit down 71% to 51.8 million yuan [2] Group 3: Business Challenges and Strategies - The jewelry fashion segment faced significant challenges due to price volatility, changing consumer preferences, and pressure on the franchise model, leading to a net reduction of 200 stores [2] - The company acknowledged that structural adjustments in the consumer industry have pressured overall sales margins [2] - Yuyuan Group initiated a "slimming down" strategy, focusing on channel management and gradually exiting heavy asset projects in the real estate sector [2]

Summary of Key Points from the Conference Call Records Industry Overview Jewelry and Beauty Industry - The gold and jewelry industry is experiencing rapid growth in terminal sales, with a significant increase in demand for investment gold bars and coins, while the consumption of gold jewelry has declined year-on-year. [1][2] - High-end ancient gold and lightweight jewelry are becoming market hotspots, catering to the self-indulgent needs of the middle class and younger consumers. [1][4] - The cosmetics industry is seeing a slowdown in overall growth, with increased competition and the fading of e-commerce benefits. [1][13] Market Performance - In the first half of 2025, the gold and jewelry market performed strongly, with a retail sales growth rate exceeding 12% from January to May, significantly outpacing overall retail growth. [2] - Despite a general decline in terminal consumer demand, the demand for investment gold bars and coins has increased significantly, with gold jewelry consumption down 27% year-on-year in Q1 2025. [2] Company Performance Key Companies in Jewelry Sector - **Lao Pu Gold**: Exceeded expectations in store opening speed and saw an increase in profit margins due to product updates and revenue expansion. [6][7][8] - **Chow Tai Fook**: Achieved revenue growth through product upgrades and plans to open 20 new stores, with a focus on channel optimization. [9] - **Chao Hong Ji**: Attracted young consumers with trendy and high-end products, showing strong performance in Q1 2025. [10] - **Tai Bai Co.**: High proportion of investment gold products provides significant elasticity in the current market. [11] Cosmetics Sector - **Mao Ge Ping**: A high-end domestic makeup brand with strong product recognition and balanced online and offline channel development. [14][15] - **Shangmei Co.**: Showed strong growth during the 618 shopping festival, with significant increases in various product lines. [16] Sanitary Napkin and Oral Care Industry - The sanitary napkin industry faced short-term fluctuations due to public sentiment and promotional events, but Baia Co. is actively responding and expanding nationally. [17][18] - The oral care market remains stable, with rising demand for specialized products driving price increases. [18] Future Outlook Gold Price Expectations - Gold prices are expected to remain high in the second half of 2025, supported by geopolitical conflicts, safe-haven demand, and central bank purchases. [5] - Investment gold demand may cool down, but high-end ancient gold and lightweight jewelry are expected to continue growing. [5] Risks and Challenges - The furniture industry faces risks from potential real estate downturns, intensified price competition, and insufficient domestic demand leading to inventory buildup. [30][35] - The cosmetics industry is experiencing increased competition and a shift away from rapid growth, necessitating a focus on product development and operational capabilities. [13] Conclusion - The jewelry and beauty industries present significant investment opportunities, particularly in companies that are adapting to market changes and consumer preferences. [12]

Core Viewpoint - The ongoing debate between two major companies regarding the restructuring of collagen detection methods highlights the industry's need for standardized testing protocols and the challenges posed by varying product quality in the market [1][4][6]. Group 1: Company Actions and Statements - Huaxi Biological published an article asserting the need for industry standards based on testing results, revealing that their product "Runbaiyan" was tested for collagen content using advanced HPLC-HRMS technology, yielding a result of 0.60 mg/g (0.06%) for type III collagen [2][3]. - Huaxi Biological emphasized that their testing method effectively eliminates matrix interference and ensures accurate detection of recombinant collagen, addressing concerns about the reliability of their results [2][3]. - Juzhi Biological acknowledged the limitations of their existing quality standards and testing methods, stating the need for continuous optimization to meet industry advancements and consumer expectations [5][6]. Group 2: Industry Implications - The debate over collagen measurement methods has been ongoing since May, with Huaxi Biological criticizing misleading conclusions from industry reports and calling for a unified testing standard [4][6]. - Juzhi Biological has committed to collaborating with research institutions to enhance detection methods and to gradually disclose key technical parameters and quality control data to foster industry development and transparency [5]. - The lack of a unified detection method has been described as a strategy to evade scrutiny, highlighting the industry's regulatory challenges and the necessity for verifiable solutions [6].

Core Points - The announcement details the conversion results of the convertible bonds issued by Proya Cosmetics Co., Ltd. and the changes in share capital [1] Group 1: Convertible Bond Conversion Status - As of June 30, 2025, a total of RMB 969,000 of Proya's convertible bonds have been converted into A-shares, resulting in 7,092 shares, which accounts for 0.0025% of the company's total shares before conversion [2][7] - The amount of convertible bonds that have not been converted as of June 30, 2025, is RMB 750,744,000, representing 99.8711% of the total issuance [2][7] - During the quarter from April 1, 2025, to June 30, 2025, RMB 4,000 of convertible bonds were converted, resulting in 40 shares, which is 0.00001% of the total shares before conversion [2][7] Group 2: Convertible Bond Issuance Overview - Proya issued 7,517,130 convertible bonds on December 8, 2021, with a total value of RMB 75,171.30 million and a maturity of 6 years [3] - The initial conversion price was set at RMB 195.98 per share, which has been adjusted multiple times, with the latest conversion price being RMB 98.24 per share effective from October 23, 2023 [3][5][6] - The bond has a tiered interest rate structure, starting from 0.30% in the first year and increasing to 2.00% in the sixth year [3] Group 3: Share Capital Changes - The announcement includes details on the changes in share capital due to the conversion of convertible bonds, although specific figures for share capital changes are not provided [8]

Core Viewpoint - The company MISTINE issued an apology on July 1 for a lottery event that led to disrespectful comments towards a female athlete, clarifying that the lottery results were generated automatically by the Weibo platform and that they had no control over it [1][4]. Group 1: Apology and Response - MISTINE stated that they canceled the prize of a user who exhibited disrespectful behavior towards women and athletes after discovering the issue [1][4]. - The company expressed sincere apologies to fans who were hurt by the incident and emphasized their commitment to respecting all women and promoting an equal online environment [5][6]. Group 2: Public Reaction - Many fans were dissatisfied with MISTINE's apology, accusing the brand of evading responsibility and not addressing the issue of allowing disrespectful comments to proliferate in the comments section [6]. - Fans demanded a direct apology to the female athlete rather than a general apology to "fans" [6]. Group 3: Company Background - MISTINE, established in 1988, is a cosmetics brand under Bhatrawee Co., Ltd. from Thailand, known for its sunscreen products in the Chinese market, differing from its reputation in Thailand for color cosmetics [6]. - The brand has faced previous controversies, including allegations of falsely advertising SPF values in their sunscreen products and issues with counterfeit products in the Chinese market [7].

证券代码：605136 证券简称：丽人丽妆 公告编号：2025-038 上海丽人丽妆化妆品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、概述 上海丽人丽妆化妆品股份有限公司（以下简称"公司"或"丽 人丽妆"）下属全资子公司上海丽人丽妆企业管理有限公司（以 下简称"丽人管理"）于 2021 年 5 月 28 日签订《苏州宝捷会山 启创业投资合伙企业（有限合伙）合伙协议》，丽人管理作为有 限合伙人出资人民币 3,000.00 万元参与投资苏州宝捷会山启创 业投资合伙企业（有限合伙）（以下简称"宝捷会山启"或"合 伙企业" ），占合伙企业份额为 16.50%。 分协议条款进行了变更及修改，宝捷会山启认缴出资额由人民币 新增出资，变更前占投资基金的比例为 16.50%，变更后占投资 基金的比例为 12.09%。 分协议条款进行了变更及修改，宝捷会山启认缴出资额由人民币 －1－ 出资，变更前占投资基金的比例为 12.09%，变更后占投资基金 的比例为 10.16%。 人，宝捷会山启认缴出资额由人民币 29,513. ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

| 昨日涨跌幅后五行业 | | --- | 2025 年 07 月 02 日 他 研 究 开源晨会 0702 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.601 | | 医药生物 | 1.804 | | 银行 | 1.535 | | 有色金属 | 1.489 | | 公用事业 | 1.046 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 计算机 | -1.182 | | 商贸零售 | -0.788 | | 通信 | -0.452 | | 传媒 | -0.376 | | 电力设备 | -0.373 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】"两重"接力支撑 PMI，预计 Q2 GDP 约 5.2%——兼评 6 月 PM ...