责任编辑：何俊熹 新浪科技讯 10月15日晚上消息，今晚8点，天猫双11预售正式开启。官方数据披露，今年李佳琦直播间 双11首小时加购GMV同比保持增长，美妆、母婴、时尚、食品等细分品类增长显著，最高增长近 80%。 据介绍，首日"超级美妆节"开售一小时内，十余款热门单品在李佳琦直播间上线即售罄。花知晓、珀莱 雅、薇诺娜、自然堂等头部国货品牌旗下爆品攀升至直播间美妆产品销量前列，可复美胶原棒、每日鲜 语等产品升至曝光前五，印证了优质国货的市场号召力。 ...

01、赴港二次上市 本土美妆企业也要加入"A+H"浪潮了，这次的主角是"老大哥"珀莱雅。 10月10日，珀莱雅召开董事会，审议通过了《关于公司发行H股股票并在香港联合交易所有限公司上市 的议案》，称为了加快公司的国际化战略和海外业务发展，增强境外融资能力，拟申请在港交所主板挂 牌上市。 两个月前，珀莱雅披露中期业绩时，曾透露过赴港上市的意图。为此，公司还特意任命了一位资本市场 运作经验丰富的董事会秘书。如今，珀莱雅的赴港IPO进程又往前迈了一大步。 在此之前，行业只有做美妆代运营的若羽臣，于今年9月19日递表港交所，拟"A+H"上市。不过，两者 的规模和声量有一定差距。2025年上半年，珀莱雅营收是若羽臣的4倍。 业内人士分析，珀莱雅股价低迷更重要的原因是，二代接班以来，投资者对这个"国货美妆老大哥"的未 来预期一直不明。"上市公司所有的行为最终都体现在股价上，股价又基于对未来增长的预判。"美妆资 深评论人白云虎向《财经天下》坦言。 自2017年挂牌上交所以来，珀莱雅曾创下过"股价5年翻10倍"的战绩，巅峰时期每股股价将近169元。再 之后，珀莱雅又先后于2023年、2024年问鼎国货美妆市值、营收第一的宝座 ...

从行业背景来看，当前国内美妆市场呈现 "高端化升级" 与 "本土化崛起" 两大趋势。一方面，消费者对护肤品的功效性、安全性要求持续提升，推动品牌 加大研发投入；另一方面，国货美妆凭借对本土消费者需求的精准把握，市场份额逐步扩大。 自然堂集团此次融资的资金流向，正精准契合这一趋势。在研发端，将进一步强化 "科技 + 自然" 的产品护城河；在渠道端，则深化线上线下融合，通过 直播电商、私域运营等数字化手段提升用户触达效率，同时优化线下体验店布局。 值得关注的是，可持续发展已成为美妆行业的重要赛道。自然堂此前已推出可回收包装、植物基配方等环保举措，此次融资或进一步推动其在绿色生产、 碳中和供应链等领域的探索，助力品牌实现 "美丽与责任同行" 的发展目标。 业内专家指出，在消费复苏与国货崛起的双重利好下，自然堂此次融资不仅为自身发展注入新活力，也将为国内美妆行业带来积极影响，推动更多民族品 牌重视研发与创新，共同提升中国美妆产业的整体竞争力。随着资金的逐步投入与战略的落地，自然堂有望在新一轮行业竞争中抢占先机，开启品牌发展 的新篇章。 近日，自然堂集团向港交所递交了招股书。招股书显示，2024年全年，自然堂集团收入为 ...

Core Viewpoint - The Chinese beauty brand Naturando has submitted its IPO application to the Hong Kong Stock Exchange, citing the current market environment, industry competition, and its strategic development phase as key considerations for this move [1][2]. Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion CNY respectively, with net profits of 139 million, 302 million, and 190 million CNY [2]. - The revenue growth rates for 2023 and 2024 are expected to be 3.5% and 3.6%, while net profit growth rates are projected at 117% and -37% respectively [2]. - In the first half of 2025, Naturando's revenue reached 2.448 billion CNY, showing a year-on-year growth of 6.4%, with net profit at 191 million CNY, a 7.1% increase [2]. Brand Dependency - Naturando heavily relies on its main brand, contributing approximately 95% of its revenue, with skincare products accounting for 87.3% of its product line [3]. - Despite launching new brands like Chunxia and Peifuyan, the revenue contribution from these brands remains minimal, with Peifuyan generating only 93.1 million CNY in the first half of 2025, representing 3.8% of total revenue [3]. Marketing and R&D Expenditure - Naturando's sales and marketing expenses have consistently accounted for a significant portion of its revenue, with figures of 2.445 billion, 2.406 billion, and 2.717 billion CNY from 2022 to 2024, representing 57%, 54.2%, and 59% of total revenue respectively [4]. - In contrast, R&D spending has been relatively low, with expenditures of 120 million, 94 million, and 91 million CNY from 2022 to 2024, accounting for only 2.8%, 2.1%, and 2% of revenue [5]. Channel Strategy - Naturando's online sales have increased, with the revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025, while offline sales have declined from 17.2 billion CNY in 2022 to 14.2 billion CNY in 2024 [5][6]. - To enhance its offline presence, Naturando has opened four flagship stores in major cities since July 2025, aiming to improve customer experience and brand image [6].

Core Insights - The men's beauty market is experiencing significant growth, with a focus on reaching male consumers aged 15 and above as a key demographic for brands like L'Oréal [1][2] - The market is witnessing a "new cycle" characterized by a shift in consumer preferences and the emergence of new brands, while traditional players face challenges [3][14] Market Performance - In the first eight months of the year, the men's beauty sector achieved a total transaction value of 60.35 billion yuan, with a year-on-year growth of 10.39% and a transaction volume increase of 33.47% [6][7] - The men's hair care segment saw a remarkable increase in transaction value by 122.75%, while men's foundation products surged by 228.78% [7][10] Consumer Trends - Social media engagement around men's beauty topics is rising sharply, with "men's skincare" videos reaching 12.24 billion views on Douyin and "men's makeup" videos hitting 7.59 billion views [4] - The demand for diverse beauty products among men is growing, with an increasing number of men incorporating items like anti-aging serums and makeup into their routines [3][20] Brand Dynamics - The competitive landscape is shifting, with 9 out of the top 20 brands experiencing a decline in sales, while brands like 韩束 (KANS), SAZA, and 清扬 (Qingyang) are achieving exponential growth [14][19] - L'Oréal, Ocean Supreme, and 左颜右色 (Left and Right Color) are leading the market, with L'Oréal's sales declining by 4.16% while Ocean Supreme grew by 48.46% [12][19] Future Outlook - The men's skincare market is projected to reach 170 billion yuan in 2024, with a compound annual growth rate of 11% expected to drive the market to 292 billion yuan by 2029 [3] - The trend towards multi-functional products is evident, with brands like 韩束 and 左颜右色 responding to the demand for products that serve multiple purposes [20][23] Innovation and Development - Brands are increasingly focusing on product innovation and brand building to capture market share, with a notable emphasis on research and development [30][31] - The competition is expected to intensify as brands expand their product lines and enhance their technological capabilities to meet evolving consumer needs [30][31]

Group 1: Market Overview - The Hang Seng Index rose by 1.21%, gaining 308 points to close at 25,749 points, while the Hang Seng Tech Index increased by 1.18% [1] - Hong Kong's stock market saw a trading volume of HKD 158.6 billion in the morning session [1] Group 2: Airline Sector - Airline stocks experienced a collective rise, with growth in passenger traffic during the National Day holiday despite high base effects, indicating potential profit growth for airlines [1] - Eastern Airlines (00670) increased by 5.43%, China National Aviation (00753) rose by 4.06%, and Southern Airlines (01055) gained 3.74% [1] Group 3: Cement Sector - Cement stocks led the market gains, with a rebound expected in prices following a recent decline in several domestic markets [1] - China National Building Material (03323) rose by 6.32%, Conch Cement (00914) increased by 4.13%, and Huaxin Cement (06655) gained 3.78% [1] Group 4: Gold Sector - Lao Pu Gold (06181) surged over 7% as Morgan Stanley reaffirmed its "overweight" rating, citing a clear trend in brand value enhancement [1] - China Rare Earth Holdings (03788) rose over 5% as it completed pre-IPO fundraising and is set to list independently in Hong Kong [1] Group 5: Food and Beverage Sector - Guoquan (02517) saw a rise of over 9% as the restaurant sector's outlook improved, with expectations for store openings in Q4 [2] - Mixue Group (02097) increased by over 6%, with the brand gaining popularity and institutions optimistic about its brand expansion [4] Group 6: Consumer Goods Sector - Pop Mart (09992) rose by 3.6%, with potential to become a world-class cultural IP brand following a special gift to Apple's CEO [3] - Shangmei Co. (02145) increased by over 6%, with strong performance in domestic beauty brands in September and expectations for marginal improvement in Q4 due to the Double 11 shopping festival [3] Group 7: Gold Mining Sector - Shandong Gold (01787) fell over 5% after a profit warning, despite a potential doubling of net profit year-on-year for the first three quarters, with institutions advising caution regarding short-term adjustments in gold prices [5]

Core Viewpoint - The well-known domestic beauty brand, Naturando, has submitted its IPO application to the Hong Kong Stock Exchange, citing the current capital market environment, industry competition, and its strategic development stage as key considerations for the listing [2][3] Financial Performance - Naturando's revenue for 2022, 2023, and 2024 is projected to be 4.292 billion, 4.442 billion, and 4.601 billion respectively, with net profits of 139 million, 302 million, and 190 million [3] - The revenue growth rates for 2023 and 2024 are expected to be 3.5% and 3.6%, while net profit growth rates are projected at 117% and -37% respectively [3] - In the first half of 2025, Naturando's revenue reached 2.448 billion, showing a year-on-year growth of 6.4%, with net profit at 191 million, a 7.1% increase [3] Brand Dependency - Naturando's product line includes skincare, makeup, and personal care, with skincare accounting for 87.3% of its revenue in the first half of 2025 [5] - The company heavily relies on its main brand, Naturando, which contributes approximately 95% of its revenue [5] - Despite efforts to diversify its brand portfolio, the new brands launched have not significantly impacted overall revenue, with the best-performing new brand, Peifuyan, contributing only 3.8% of total revenue in the first half of 2025 [5] Marketing and R&D Expenditure - Naturando's sales and marketing expenses have consistently accounted for a significant portion of its revenue, with figures of 24.45 billion, 24.06 billion, and 27.17 billion for 2022 to 2024, representing 57%, 54.2%, and 59% of revenue respectively [6][7] - In contrast, R&D spending has been relatively low, with expenditures of 1.2 billion, 0.94 billion, and 0.91 billion for the same period, accounting for only 2.8%, 2.1%, and 2% of revenue [7] - The company has acknowledged the need to enhance its R&D capabilities, stating that it has established six major R&D platforms to improve innovation and product development [7] Channel Strategy - Naturando's online revenue has been increasing, rising from 59.7% of total revenue in 2022 to 68.8% in the first half of 2025, while offline revenue has been declining [7] - To counteract the decline in offline sales, Naturando has opened four flagship stores in major cities since July 2025, aiming to enhance brand experience and customer engagement [8]

Core Viewpoint - The stock market experienced significant volatility after the National Day holiday, influenced by public funds realizing high-yield investments and a shift towards defensive strategies in the fourth quarter to secure annual performance [1][2]. Group 1: Market Dynamics - Public fund managers anticipate a shift to defensive strategies in Q4, as high valuation states in certain sectors have become apparent, leading to profit-taking in high-performing segments [2][4]. - Historical data from 2010 to 2024 indicates that sectors with high gains in the first three quarters typically underperform in Q4, prompting institutional investors to lock in profits or reposition towards lower-risk assets [2][6]. Group 2: Fund Manager Insights - Fund managers are accelerating portfolio adjustments in October, seeking balanced allocations, which may contribute to market corrections. The focus is on switching between high and low-performing sectors [4][5]. - The market is expected to experience a controlled adjustment, as traditional blue-chip stocks have not shown significant gains and remain below historical average valuations, suggesting that the broader market trend remains intact despite short-term fluctuations [5][6]. Group 3: Investment Strategies - In light of the fourth-quarter strategy shift, public funds are likely to favor cyclical sectors such as consumer goods, resources, and finance, while adopting a more cautious approach compared to the previous quarters [6][7]. - The performance of cyclical sectors, particularly in consumer and resource stocks, is anticipated to be strong, with new consumption trends like beauty and pet economies leading the charge [7][8]. - The dual-driven market structure of "technology" and "cyclical" is expected, with technology representing future growth and cyclical stocks benefiting from liquidity and policy improvements [8].

虽然销售额占比相对较小，但作为POLA集团旗下高端美妆领域重点布局品牌之一，茱莉蔻在内部占据 重要位置。业界猜测，此次POLA集团任命"中国通"执掌茱莉蔻，有意通过茱莉蔻品牌重新探索中国市 场增量。今年5月，POLA集团发布公告称，因集团在中国市场业务萎缩，董事会决议解散合并子公司 奥蜜思商贸（北京）有限公司。据公告，该子公司负责旗下护肤品牌奥蜜思（ORBIS）在中国大陆的销 售，但近三年累计亏损超15亿日元。在2025年中期财报中，POLA集团方面提到："在海外业务方面， 由于亚洲部分地区（特别是中国）的不利影响，以及中国子公司清算决议的影响，海外业务的整体业绩 低于上年。" 对于中国市场，POLA集团渴望增长。此前在关闭子公司时，POLA中国对外表示："集团始终视中国市 场为长期战略核心，目前所有专柜、线上渠道及合作平台均持续为消费者提供高品质产品与服务。未来 企业将进一步深化本土化创新，积极响应中国消费者需求。" 就人事变动及发展相关问题，北京商报记者致电POLA集团进行采访，但电话一直未接通。 知名日妆集团POLA ORBIS HOLDINGS宝丽奥蜜思控股集团（以下简称"POLA集团"）近日宣布人事 ...

Core Insights - Up Beauty's core brand, Han Shu, has officially announced Wang Jiaer as its global spokesperson, marking his first endorsement of a domestic beauty brand [1] - In 2024, Up Beauty's founder and CEO, Lv Yixiong, stated that "Chinese beauty is entering a golden period for domestic brands" and established a new group strategy of "single focus, multiple brands, globalization" [1] - Han Shu achieved a revenue of 5.591 billion yuan in 2024, representing a year-on-year growth of 80.9% [1] - Han Shu's self-developed "环六肽-9" ingredient has been certified as the "global self-research环六肽 pioneer" by Sullivan [1] - Up Beauty's globalization strategy is accelerating its presence in countries such as Russia, Vietnam, and Indonesia through various cooperation models [1] Company Strategy - The announcement of Wang Jiaer as the global spokesperson is a significant step in Up Beauty's globalization strategy [1] - The new strategy aims to position domestic brands to compete alongside international brands on a global stage [1] - Up Beauty is committed to expanding its reach in the global beauty market with a determined approach [1]