Core Viewpoint - Shanghai Jahwa's online transformation is showing positive results, with significant growth in revenue and net profit in the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, Shanghai Jahwa reported revenue of 4.961 billion and a net profit attributable to shareholders of 405 million, representing year-on-year growth of 10.83% and 149.12% respectively [1]. - Investment income reached 54 million, more than doubling year-on-year, contributing to the substantial increase in net profit [1]. - Excluding investment income, the adjusted net profit attributable to shareholders was 231 million, showing over 90% year-on-year growth [1]. Online Channel Development - The management revealed that online revenue accounted for 50% of total sales for the first time in Q3, indicating successful channel reform [2]. - Despite the increased focus on online sales, the sales expense ratio remained stable at 45.66%, similar to the same period in 2024 [2]. Marketing and Product Launches - The sales expenses do not include marketing costs for the upcoming "Double Eleven" promotional activities, which are expected to peak in Q4 [3]. - The chairman indicated that the first phase of the Double Eleven promotions will focus on Douyin, with expectations of double-digit revenue growth during the event [3]. - In the first three quarters, Shanghai Jahwa launched three major products, contributing to revenue growth [3].

Core Viewpoint - The essence of capital should be to create real value for society, rather than merely engaging in speculative financial games [3][4][5]. Group 1: Investment Philosophy - The investment philosophy of the company emphasizes long-term value creation over short-term financial gains, focusing on sectors that provide stable employment and meet societal needs [8][9][12]. - The company adopts a "less is more" investment strategy, prioritizing quality over quantity in its portfolio, which includes well-known consumer brands [9][12]. - The company believes that consumer spending, particularly on essential goods, is a resilient force in the economy and offers significant growth opportunities [9][10]. Group 2: Financial Industry Critique - The company critiques the financial industry's shift towards profit maximization at the expense of serving the real economy, leading to a disconnect between capital and value creation [4][5][6]. - It identifies three main obstacles in the financial system that hinder effective service to the real economy: capital idling within the financial system, flawed risk pricing mechanisms, and financial innovations that stray from their core purpose [8][9]. Group 3: Investment Strategy and Execution - The company employs a "Five Truths" methodology in its investment approach, which includes deep involvement in the operational aspects of its portfolio companies [10][12]. - The company has achieved over 20 times return on investment by focusing on long-term, value-driven strategies in the consumer sector [12][15]. - The company emphasizes the importance of understanding industry dynamics and consumer needs, which informs its investment decisions and operational support for portfolio companies [10][12]. Group 4: Future Outlook - The company is optimistic about the future of the Chinese consumer market, anticipating the emergence of globally influential consumer brands as the economy transitions [18]. - It aims to continue its role as a supportive partner for companies rooted in the real economy, contributing to high-quality economic development [18].

执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.84 -13.54 -14.02 绝对收益 -0.92 -1.72 1.91 数据来源：聚源 注：相对收益与沪深 300 相比 证券研究报告·行业点评报告 2025 年 10 月 27 日 江海证券研究发展部 1. 江海证券-行业点评报告-美容护理行 业：2024 年美妆数据出炉，锦波生物 ProtYouth 5 款产品获得 FDA 认证 – 2025.01.22 2. 江海证券-行业点评报告-美容护理行 业：毛戈平预计将于 12 月 10 日上市，韩 束 11 月重回抖音护肤类目第一 – 2024.12.06 3. 江海证券-行业点评报告-美容护理行 业：美妆双 11 增速表现亮眼，部分公司发 布双 11 战报 – 2024.11.14 消费行业研究组 分析师：张婧 "双 11"天猫抖音美妆榜出炉，巨子 生物重组 I 型胶原蛋白冻干纤维获批 事件： 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在 ...

双11还有必要吗？ 自2009年第一个光棍节购物促销活动，双11已经走到了第十七个年头。今年的双11从10月15日晚8点开启预售，20日正式现货开售，活动持续至11月11日 结束，时长近一个月。 据淘宝官方发布的战报来看，开卖首小时，珀莱雅等80个品牌成交破亿，30516个品牌成交翻倍，均超去年开卖首日，18919个品牌首小时成交量即超去年 全天。 战报还显示，美妆品牌领跑，爆发速度比去年更快。开卖6分钟，珀莱雅率先破亿，随后雅诗兰黛、SK-Ⅱ、修丽可、兰蔻、欧莱雅等纷纷破亿。开卖10 分钟，8个美妆品牌破亿，超去年同周期。开卖首小时，SK-Ⅱ、娇韵诗、肌肤之钥等头部品牌均实现双位数增长，同频、达尔肤、花知晓等品牌首小时 成交超去年开卖首日。 除了各品牌亮眼的表现，作为超级头部主播的李佳琦，在双11的表现也受到了更多的关注。 可观的GMV背后，集体退款、品牌"背刺"？ 据观点网消息显示，15日预售首日，李佳琦直播间首小时访客人数增长超45%，加购GMV同比正增长。 其中，美妆、母婴等重点品类涨幅最高接近80%。从品牌端来看，修丽可AGE面霜、理肤泉B5面膜、SK-II精华液、娇韵诗双萃精华、珀莱雅红宝石面 霜 ...

Core Insights - The Chinese beauty industry has reached a milestone with Huaxi Biological's core brand, Runbaiyan, officially naming two landmark venues in Beijing and Chongqing as Huaxi Biological·Runbaiyan ECM Centers, marking the brand's significant exposure and strategic extension into urban markets [1][4] Group 1: Brand Strategy and Market Positioning - Runbaiyan's naming of the venues signifies its status as a domestic skincare brand that has successfully branded two major city landmarks [1] - The brand aims to transition from mere brand exposure to a scientific narrative, emphasizing the importance of ECM (extracellular matrix) in both biological and urban contexts [1][8] - The integration of cultural and sports events within these venues is expected to foster emotional connections and commercial prosperity, akin to how ECM supports cellular functions [8][11] Group 2: Scientific Foundation and Innovation - ECM is recognized as a fundamental component for life, influencing cellular organization and communication, and has been identified as a key factor in aging and tissue regeneration by international research [3][9] - Huaxi Biological has invested years in ECM research, aiming to translate scientific understanding into urban living experiences, thereby creating a connection between individuals and cities [3][9] - The scientific insights provided by experts highlight the role of hyaluronic acid in ECM, which is crucial for cellular signaling and regeneration, reinforcing the brand's commitment to scientific innovation [9] Group 3: Consumer Engagement and Experience - The newly established ECM Centers in Beijing and Chongqing will offer a unique blend of sports, entertainment, and leisure, creating vibrant cultural landmarks [11] - Runbaiyan plans to develop a multi-dimensional membership system that enhances consumer experiences by leveraging the foot traffic and cultural engagement at these venues [11][13] - Interactive elements, such as product sampling and exclusive event experiences, are designed to enrich consumer participation and connection with the brand [13][15]

人民财讯10月26日电，银河证券研报认为，以新需求引领新供给，就是要大力发展新消费：1)随着人口 结构、消费理念变化，新消费快速发展，成为市场关注点。顺应需求变化，大力发展新消费是消费重要 的增长点。2)情绪消费是重要的新消费发展方向，衍生出潮玩、户外、宠物经济、古法金饰、美妆等新 消费赛道。对质价比的追求衍生出现制饮品、休闲零食等。3)重视和引导新消费要放开思想。以IP周边 经济为例，中年与青年共同消费潮玩、二次元成为当下的社会现象，不再是异类；以体育赛事为例，贵 州村超、江苏苏超、广州龙舟这样非专业的体育赛事打破常规，但提供了更好的情绪价值，活跃当地客 流，激活当地服务消费。 ...

近日，据多家韩媒报道，LG生活健康集团正对旗下美妆部门免税店和百货店的销售及促销人员实施"自愿退休计划"，并称，"此举是随着该公司免税店、 百货店等线下门店业务逐步撤离，而进行的人员优化调整"。 对此，青眼第一时间联系LG生活健康中国方面，对方表示，"是为了应对流通环境变化所进行的人力运营方案，目前不会涉及中国。" 将缩减免税店、百货店，暂不涉及中国 根据外媒报道，LG生活健康在本月31日之前，面向美妆部门的部分促销员和讲师等岗位开放自愿退休申请。具体为，年龄35岁以上（1990年12月31日之 前出生）的员工，包括现职员工和休假员工，均可申请自愿退休。且申请退休人员将于次月（即11月）3日至7日收到筛选结果通知，并在当月10日至20日 办理离职手续及工作交接，21日正式离职。 公开信息显示，LG生活健康是韩国LG集团旗下核心生活健康企业，前者旗下共包含了美容、家庭护理与日常美容（HDB）和茶饮三大业务，其中美妆业 务是其主营业务，销售额占比约为50%，该部门旗下美妆品牌矩阵包含了Whoo、苏秘37°、欧蕙等。其美妆业务此前长期以百货商场与免税店渠道作为核 心销售渠道。 虽然，相较直接裁员而言，LG生活健康所 ...

今天分享的是：2025年中国品牌在东南亚市场的崛起报告-增长机遇及对区域竞争者的影响-欧睿国际 报告共计：69页 欧睿国际《2025年中国品牌在东南亚市场的崛起报告》指出，受国内经济压力与区域机遇驱动，中国品牌在东南亚快速扩张，2024年中国对东南亚出口达 5870亿美元，同比增长12%，东盟6国（印尼、马来西亚等）占东南亚4万亿美元GDP的95%，因年轻人口（63%在40岁以下，中位年龄31岁）、地理邻近及 政策支持成为关键市场。中国品牌在不同行业发展阶段各异，电子产品、电动汽车、家电等本地化需求低的行业已占主导，如东南亚智能手机市场中国品牌 份额从2014年21%升至2024年60%以上，海尔、美的等家电品牌在中高端市场立足；茶饮、美妆、餐饮等领域也加速突破，蜜雪冰城、瑞幸咖啡等通过门店 扩张、低价策略、本地化产品打开市场，美妆品牌如Focallure借电商与社交营销崛起。跨境电商助力品牌进入，TikTok Shop、Lazada等平台推动直播带货， 改变消费者对"中国制造"认知，从低端转向高性价比优质产品。但中国品牌也面临挑战，包装食品、宠物护理因文化差异与本土品牌竞争推进慢，数字钱包 因区域超级应用竞 ...

Core Insights - The new beauty brand Jianqian, endorsed by artist Li Hao, achieved a remarkable GMV of 6 million yuan during its debut on Douyin, with the star product "Ice Americano Cleanser" selling over 140,000 units [1] - Jianqian's success is attributed to the collaboration between Yaowang Technology and Cosmax, which provided comprehensive support from marketing to sales conversion [1] - The brand's live streaming event set new records for both GMV and peak online viewers, reaching 71,000, and maintained a leading position in the beauty category [1] Product Details - The main product, "Ice Americano Cleanser," is competitively priced with a 100g single unit at 79 yuan for a two-pack and 129 yuan for a three-pack, supported by strong R&D capabilities [2] - Developed in partnership with Cosmax, a leading global cosmetics R&D manufacturer, the product benefits from a team of over 600 experts and patented core ingredients [2] - The product's design is inspired by the "Ice Americano," offering a refreshing cleansing experience aimed at young consumers who need a quick revitalization [2] Brand Philosophy - Jianqian emphasizes a commitment to "good products and good ingredients," focusing on the skincare needs of young Chinese women [3] - The brand advocates for efficient and simplified skincare, contrasting with traditional methods that often involve complex routines [3] - The core message of Jianqian is that effective skincare should be based on deep insights into skin needs, supported by solid technological innovation [3]

第17个天猫双11来得更早一些，10月15日预售，20日开启现货售卖。 10月20日现货开卖首小时，80个品牌成交破亿，30516个品牌成交翻倍，均超去年开卖首日，18919个品牌首小时成交即超去年全天。 与以往不同，随着即时零售的融入，淘宝升级为全域大消费平台，品牌的竞争边界被彻底重绘；AI也在电商全链路落地，深入到选品、定价、投放、客服 乃至供应链的每个环节，电商的基本盘正被重新定义。 AI及大消费两大历史机遇交汇，为品牌开启了"经营更高效，用户更活跃，购物体验更即时"的增长新周期。 数据之外，是一场更深层次的经营逻辑转向——"日常快种快收+大促集中爆发"的新节奏下，品牌们在双11前已经历每月两场的高频小促，在一次次快节奏 的小促中不断试探人群反应、验证内容与选品策略，再将能量集中释放于双11，实现经营的闭环增长。这种节奏变化，也推动品牌的关注点从短期爆发转向 长期心智建设，从流量争夺转向对品牌搜索竞争力的培育。 正因如此，双11不再只是年度节点，而是贯穿全年品牌经营的心智坐标，阿里妈妈顺势提出了新的经营策略："全域快种快搜，AI质赢双11"。 01 全域全场景经营：从流量争夺到心智布局 全域全场景经营在 ...