Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, aiming to raise approximately 9.98 billion yuan, but faces challenges due to its heavy reliance on offline channels and declining online sales [2][3][4]. Group 1: IPO Details - The IPO application was accepted on June 27, 2025, with CITIC Securities as the sponsor [3]. - The company has been preparing for the IPO since 2023, indicating a long-term strategy to enter the public market [3]. Group 2: Business Model and Performance - Plant Doctor operates over 4,000 offline stores but has seen a decline in total store count from 4,664 to 4,328 in 2024, losing 336 stores [4][7]. - In 2024, online direct sales accounted for only 9.3% of total revenue, with the revenue from the "Xiaozhi Mall" declining from 843.9 million yuan in 2022 to 623.3 million yuan in 2024 [6][7]. - The company’s revenue growth has been minimal, increasing from 215.5 billion yuan to 215.57 billion yuan despite store optimization efforts [8]. Group 3: Financial Metrics - The comprehensive gross margin for 2024 was 58.9%, down from 60.35% in 2023, indicating pressure on profitability [9]. - The company’s inventory turnover efficiency decreased from 4.96 times in 2022 to 4.27 times in 2024, with inventory balance at 223 million yuan, representing 16% of current assets [10][11]. Group 4: Market Position and Competition - Plant Doctor's reliance on a high proportion of the distribution model (over 63% of revenue) has negatively impacted its gross margin compared to competitors like Proya and Marubi, which have higher margins due to a focus on direct sales [9]. - The online market share in China's cosmetics sector reached 52.45% in 2024, highlighting the risk of falling behind in digital transformation [8]. Group 5: Future Outlook - The company emphasizes the importance of private traffic and plans to integrate online and offline channels through its "Xiaozhi Mall" platform, although recent revenue trends suggest challenges in achieving this goal [12][14]. - The effectiveness of the private traffic strategy and its potential to drive sustainable revenue growth remains uncertain, requiring further data and strategic clarity from the company [14].

【导读】 植物医生冲击主板，单店模式能否撑起未来？ 中国基金报记者 赵刚 美妆赛道热度持续，又一 " 玩家 " 冲刺 IPO ！ 近日，深交所官网信息披露， 北京植物医生化妆品股份有限公司（以下简称植物医生） 主板 IPO 获受理，保荐机构为中信证券。 | IPO详情 | | | | | | --- | --- | --- | --- | --- | | | ■ 北京植物医生化妆品股份有限公司 | | | | | 已受理 2025-06-27 | 已问询 上市委会议 | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | 公司全称 | 北京植物医生化妆品股份有限公司 | 公司简称 | | 植物医生 | | 受理目期 | 2025-06-27 | 更新日期 | | 2025-06-27 | | 审核状态 | 已受理 | | 预计融资金额(亿元) | 9.9828 | | 保存机构 | 中信证券股份有限公司 | 保荐代表人 | | 康恒溢,李建 | | 会计师事务所 | 北京德皓国际会计师事务所（特殊普 通合火) | 签字会计师 | | 刘晶静,张霞 | | 律师事务所 | 北京植德律师事务 ...

投资者关系活动记录表 编号：2025-005 证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 | 投 资 者 关 系 活 | □特定对象调研 分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称 | Morgan Stanley、Goldman Sachs、贝莱德基金、瑞银资管、 | | | 富国基金、嘉实基金、中金基金、博时基金、工银安盛资管、 | | | 淡水泉（北京）投资管理有限公司、银华基金、长信基金、天 | | | 弘基金、新华基金、汇丰晋信基金、中信建投基金、泰康资 | | | 产、华宝基金、招商基金等 120 家机构 | | 时间 | 2025 年 6 月 | | 地点 | 线上、线下交流 | | 上 市 公 司 接 待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | 2、投资者关系负责人张圣烨 | | | 3、IR 王广熙 | | | Q:公司近期在原料备案上有什么进展？ | | --- | --- | | | ...

Core Viewpoint - The article discusses the ongoing dispute between Huaxi Biological and Juzhi Biological regarding the measurement and standards of recombinant collagen products, emphasizing the importance of scientific validation and the need for reliable testing methods [1][5][7]. Group 1: Huaxi Biological's Position - Huaxi Biological published an article asserting that claims without scientific testing are pseudoscience, specifically targeting the lack of unified testing methods for recombinant collagen [1][7]. - The company argues that if the actual content of recombinant collagen cannot be accurately measured, then claims about its presence or efficacy become unverifiable, thus lacking scientific credibility [7][8]. - Huaxi Biological emphasizes the need for collaborative efforts to explore the limitations of current testing methods and to develop more precise standards, rather than evading verification [7][8]. Group 2: Juzhi Biological's Response - Juzhi Biological acknowledged the limitations of its existing quality standards and testing methods in a statement, indicating a need for continuous optimization to meet industry advancements [5][6]. - The company defended its testing methods by referencing national standards, claiming that the methods used by critics were not validated and therefore produced inaccurate results [6][8]. Group 3: The Role of "Big Mouth Doctor" - The influencer "Big Mouth Doctor" (Hao Yu) has been involved in the dispute, previously criticizing Juzhi Biological for alleged false claims regarding recombinant collagen content [1][6]. - Despite being silenced on social media, "Big Mouth Doctor" published an article aligning with Huaxi Biological's views on the standards of scientific validation, quoting philosophers on the nature of science [9][12]. - There are speculations about a potential conflict of interest between "Big Mouth Doctor" and Huaxi Biological due to their financial connections, suggesting that the dispute may have underlying commercial motivations [12].

文/锦坤品牌营销专家团 在上海这座东方明珠的璀璨光芒下，每个区域都曾共享着"上海"这个共同的品牌。 作者 石章强 宝山能否打出超越上海湾区、东方美谷、大零号湾的超级品牌IP？奉贤有东方美谷、金山有上海湾区、 闵行有大零号湾，这些知名的上海城市品牌IP引爆的背后逻辑究竟是什么？同为上海南北转型和全球科 创中心主阵地的宝山，却迟迟没有动静，宝山究竟该出啥牌？ 金山上海湾区，闵行大零号湾，奉贤东方美谷，宝山该出啥牌？ 然而，随着时代的车轮滚滚向前，城市竞争日趋激烈，各区域开始意识到，仅有"上海"这一金字招牌已 不足以支撑长远发展。它们需要打造属于自己的独特品牌，以彰显各自的特色和优势，从而在全球化的 大潮中占据一席之地。 金山、闵行、奉贤，这些区域正通过各自的努力，探索着品牌建设的新路径。金山在转型中挖掘潜力， 闵行以双核战略推动科技创新，奉贤则借助东方美谷重塑形象。 它们的故事，不仅是城市发展的缩影，更是品牌力量的生动体现。 上海南北转型的"两山"中，金山如何找到"金子"？ 金山区作为上海的西南门户，拥有丰富的自然资源和深厚的历史文化底蕴。金山区是上海最早成陆、最 早有先民生息、最早有行政建置的地区。虽然，这些历 ...

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The report highlights the strong performance of high-end brands and emerging effective brands in the beauty and medical aesthetics sectors, particularly during the 618 shopping festival, which saw a total e-commerce sales of 8,556 billion yuan, a year-on-year increase of 15.2% [8][36] - The medical aesthetics market is expected to grow significantly with the approval of new products, such as the first compliant lipolytic injection in China, which is projected to expand the market from 135 million yuan in 2023 to 805 million yuan by 2025 [31][32] Summary by Sections Market Review - The beauty care index rose by 2.55% in May 2025, ranking 14th among all primary industries, underperforming the overall market [16] - In May, the top performers in the medical aesthetics sector included Kedi-B (+61.3%), Sihuan Pharmaceutical (+36.1%), and East China Pharmaceutical (+15.1%) [21][26] - In the cosmetics sector, the leading companies were Lafang Jiahua (+28.0%), Shuiyang Co. (+24.5%), and Babi Co. (+19.1%) [27][29] Medical Aesthetics - The approval of Mai Nuo Wei's "Xian Su" injection marks a significant breakthrough in the domestic lipolytic market, with a projected market size increase to 8.05 billion yuan by 2025 [31][32] - The exit of CPE as a major shareholder in Meili Tianyuan is expected to optimize the company's governance structure and enhance its market position [32] Cosmetics - The 618 shopping festival saw a total GMV of 659.09 billion yuan in the beauty category, with international high-end brands showing resilience and growth due to strong brand effects [8][41] - Domestic brands like Pechoin and Han Shu led the sales on platforms like Tmall and Douyin, with significant growth rates for new brands [44] Investment Recommendations - The report recommends focusing on strong domestic beauty brands and those benefiting from high-growth segments, highlighting companies like Shangmei Co., Maogeping, and Pechoin as key investment opportunities [47][48] - In the medical aesthetics sector, companies like Aimeike and Kedi-B are recommended for their potential growth driven by new product launches and market expansion [47][48] Market Trends - The report notes a shift towards "emotional consumption" in the beauty sector, with consumers increasingly seeking products that offer aesthetic and therapeutic benefits [48] - The overall market is expected to continue evolving with new product introductions and innovative marketing strategies as the industry enters a seasonal transition [49]

Core Viewpoint - The recent enforcement actions by the market supervision administration in Luntai County aim to regulate the cosmetics market in rural areas, ensuring safety for consumers and addressing market irregularities [1][2]. Group 1: Enforcement Actions - The enforcement personnel conducted a thorough inspection of 10 cosmetics businesses in local markets, resulting in the removal of 4 batches of problematic products [1]. - The inspection focused on three main areas: verifying product legality, checking label compliance, and ensuring proper storage conditions to mitigate quality risks [1]. Group 2: Public Awareness Campaign - During the inspections, enforcement officers set up consultation booths in crowded market areas, distributing over 50 copies of regulatory materials and safety manuals [2]. - Officers engaged with over 20 individuals, educating them on the importance of maintaining purchase records and understanding legal responsibilities related to non-compliance [2]. Group 3: Future Plans - The Luntai County market supervision administration plans to enhance the regulatory efforts on cosmetics quality and safety in rural areas, establishing a long-term mechanism that combines regular inspections with targeted public education [2].

Core Viewpoint - The launch of the first national cosmetics industry trade facilitation measures in Shanghai Fengxian represents a significant opportunity for the high-quality development of the cosmetics industry in China, enabling it to keep pace with international fashion trends [1][4]. Group 1: Trade Facilitation Measures - The trade facilitation measures consist of 11 key points focusing on optimizing inspection processes, innovating regulatory models, and supporting import cosmetics testing and research [1][4]. - The measures aim to accelerate customs clearance by implementing a sampling and release strategy for exported cosmetics, allowing for faster processing times [1][4]. - The introduction of a credit mechanism and simplification of import procedures for cosmetics at professional exhibitions are part of the innovative regulatory model [1][4]. Group 2: Market Statistics - Shanghai is the largest port for cosmetics import and export in China, with a total import and export value of beauty and personal care products reaching 25.32 billion RMB in the first five months of this year, accounting for 35.6% of the national total [4]. - The retail sales of cosmetics in Shanghai reached 56.246 billion RMB in the first five months, reflecting a 3% increase compared to the same period last year [4]. - The "Oriental Beauty Valley" in Fengxian district houses over one-third of Shanghai's cosmetics companies, with an expected output value of 14.53 billion RMB in 2024, representing a 13.7% growth year-on-year [4]. Group 3: Industry Impact - The trade facilitation measures are expected to save companies about one-third of their finished product sampling volume and reduce inspection time by over 90% for selected batches [4][5]. - The measures are seen as crucial for enhancing the competitiveness and credibility of Chinese cosmetics companies in the international market [5]. - The implementation of these measures is anticipated to boost confidence among international cosmetics leaders to invest and expand their operations in China [8].

" 山东省化妆品产业已经驶入高质量发展快车道。 "山东省化妆品行业协会理事长、山东福瑞 达生物股份有限公司董事长、总经理高春明在2 0 2 5（第三届）北方美谷产学研合作高质量发 展大会暨技术成果发布会上强调。 但与此同时，中国化妆品行业也面临着前所未有的挑战和困难。高春明认为：行业必须思考如 何以科技力和品牌力重塑行业格局，实现可持续发展。 2 0 2 5（第三届）北方美谷产学研合作高质量发展大会暨技术成果发布会6月2 6日- 2 7日在济南 开幕，由山东省化妆品行业协会举办，汇聚产、学、研、用多方权威力量。 会上，多位专家学者、化妆品原料领域权威专家，解读全球化妆品科技发展趋势，剖析生物技 术 、 合 成 生 物 学 等 前 沿 技 术 在 美 妆 领 域 的 应 用 前 景 。 同 时 ， 头 部 企 业 CEO 、 品 牌 创 始 人 围 绕 " ' 科 技 + 文 化 ' 双 驱 战 略 " 、 " 新 媒 体 赋 能 及 市 场 品 牌 建 设 " 等 主 题 ， 分 享 成 功 案 例 与 避 坑 指 南。 这次大会，不仅是对山东化妆品产业创新成果的一次集中检阅，更是产学研深度融合、共谋高 质量 ...

Core Viewpoint - The emerging skincare brand "Zhuben" is facing public scrutiny due to allegations of discrepancies between product ingredient filings and actual contents, as well as accusations of false advertising by its founder during a live stream promotion [1][2]. Group 1: Allegations and Responses - On June 30, 2023, media attempts to contact the founder Liu Qianfei and the parent company Hangzhou Shucai Network Technology Co., Ltd. went unanswered [2]. - Consumers reported that the "Mo Hong" series products contained ingredients that did not match the filings, including the alleged use of "rose oil" misrepresented as "Crimson Glory" rose oil [2]. - The Zhejiang Provincial Drug Administration has initiated an investigation into the allegations, while the brand issued an apology and proposed a rectification plan, denying any quality safety issues [6][8]. Group 2: Brand Background and Growth - Founded in 2016, Zhuben has rapidly grown in popularity, particularly known for its makeup remover oil, which contributed significantly to its revenue [14]. - In 2020, Zhuben achieved over 200 million yuan in total online sales, a 450% increase from 2019, with more than 80% of revenue coming from makeup remover oil [14]. - The brand has successfully collaborated with influencers, achieving record sales, such as selling 50,000 bottles in one minute during a live stream [14]. Group 3: Rectification Measures - Zhuben has committed to a comprehensive self-inspection and transparency regarding product ingredients and promotional content, ensuring compliance with regulations [10][12]. - The company plans to enhance internal management and communication protocols to prevent future discrepancies and improve consumer trust [11][12]. - A long-term supervision mechanism will be established to continuously improve product development and compliance processes [12].