荣格个人护理 . 以下文章来源于荣格个人护理 ，作者荣格研讨会 MicroZenith@紫球藻提取物 抗皱,紧致,防晒,保湿、抗 氧化、抗菌、抗病毒 我司海洋微藻细胞培养的优势: 个人护理、美容、化妆品、香水、包装等行业专业人士必读，覆盖全球资讯，关注中国市场，荣格工业 传媒旗下《happi China 国际个人护理品生产商情》杂志，美国《happi》与《Beauty Packaging》杂志在 中国唯一合作伙伴。 在竞争激烈的美妆赛道中，美妆品牌如何走向差异化与高端化，这家微藻合成生物公司希望用新一代藻类提取物 （三角褐指藻提取物、紫球藻提取物、小球藻提取物）助力国产品牌走向高端化、国际化。 MicroZenith@小球藻提取物 抗皱,紧致,祛痘、舒缓、保 湿、抗氧化 1) 微藻活性物密度高5-10倍。海洋微藻一般难以采 用异养等高密度培养方法,但通过合成生物+光控培养 技术可以将微藻细胞密度和生物活性成分提高5-10倍。 2）微藻活性物高品质。传统的跑道池、管式反应器中 重金属或塑化剂的污染难以有效避免和控制，我司开 发了独家专利的新型生物反应器,有效解决污染问题。 3)无菌、无重金属、无农残,无核污染。 ...

Core Viewpoint - The skincare brand "Zhuben" is facing public scrutiny due to allegations of discrepancies between product ingredient filings and actual contents, as well as claims of false advertising by its founder during a live stream [1][2][4] Group 1: Allegations and Issues - Multiple products from Zhuben, including the "墨红" series and "不染茉莉白茶" series, have been reported to have three main issues: misrepresentation of ingredients, use of unapproved new plant materials, and claims of skincare benefits for non-cosmetic products [2][4] - The founder of Zhuben, Liu Qianfei, was criticized for suggesting that certain products could promote hair growth and regulate menstrual cycles during a live stream, implying medical benefits [4][6] Group 2: Regulatory Response - The Zhejiang Provincial Drug Administration has referred the matter to local market regulatory authorities for investigation, leading to the urgent removal of the implicated products from major e-commerce platforms [1][6] - Zhuben's parent company, Hangzhou Shucai Network Technology Co., Ltd., issued a statement asserting that all products do not involve quality safety issues and defended its marketing practices regarding the "墨红玫瑰净油" [7][10] Group 3: Company Actions and Future Plans - Zhuben has acknowledged potential shortcomings in ingredient disclosure and has proposed a rectification plan, which includes a thorough review of all sold products' ingredients and marketing claims [10] - The company plans to enhance its internal review mechanisms and ensure compliance with national regulations, aiming for transparency and consumer trust [10][11] Group 4: Company Background - Zhuben was established in 2016, focusing on "Oriental skincare and makeup removal," and gained rapid popularity with its makeup remover oil [11] - The brand has achieved significant sales milestones, including a record of selling 50,000 bottles in one minute during a collaboration with influencer Li Jiaqi [11]

证券研究报告 | 行业策略报告 2025 年 06 月 28 日 逢低布局产品结构化升级&运营提效的细分赛道龙头 ❑ 个护：长期成长逻辑不改，国货龙头引领行业。 1）卫生巾：Q2 舆情扰动仍短期存在，优质国货份额提升长期逻辑不改。315 舆情影响仍在 Q2 短期存在，我们认为主要是小品牌借机营销造势引流短期扰 动格局、消费者大促囤货倾向减弱、对主流品牌囤货型消费量下降两个方面 产生影响，长期看影响将逐步削弱，行业份额仍有望向线上营销积极、产品 积极创新且具备线下渠道沉淀的品牌集中，重点关注百亚股份、豪悦护理； 2）需求稳定，功效护理驱动单价提升。口腔护理需求量刚性且相对稳，消费 者在基础清洁的基础提出功效护理的进阶需求，催生细分赛道发展机会，国 产龙头品牌凭借线下较为完善的经销渠道布局、长期积累的品牌口碑，积极 顺应牙膏品类线上化趋势，有望实现份额提升，重点关注登康口腔。 ❑ 品牌服饰：终端零售稳中有升，户外表现突出。从社零数据来看，鞋服针纺 织品 25 年 1-5 月同比增速为 3.3%（24 年 1-5 月为 2.0%），25H1 终端鞋服 零售在正常基数下稳中有增。从不同品类服饰的收入（或零售）增速表现 ...

Core Viewpoint - The company, Zhuben, issued a statement addressing media reports regarding discrepancies between the declared and actual ingredients of some products, asserting that there are no quality safety issues and announcing a comprehensive self-inspection process [1][4]. Group 1: Company Response - Zhuben clarified that the use of "rose" in the promotion of "墨红玫瑰净油" (Dark Red Rose Oil) is appropriate, as it aligns with national standards [4]. - The company will enhance management and improve internal review mechanisms to ensure strict compliance in external communications, including statements made by founders and management [1][7]. Group 2: Consumer Complaints - A consumer reported that Zhuben's high-end products claimed to contain "墨红玫瑰" (Dark Red Rose) essential oil, but the registration information only listed "玫瑰花油" (Rose Oil), raising concerns of false advertising [6]. - Other products purchased by the consumer allegedly contained unregistered new plant materials and biotechnology ingredients, violating regulations [6]. Group 3: Product Availability - As of June 28, Zhuben's "墨红" series products were not available on major e-commerce platforms, indicating a potential suspension of sales [6][8]. - The company committed to a systematic review of all sold products' ingredients, registration information, and promotional content to ensure compliance with regulations [8]. Group 4: Regulatory Oversight - The Zhejiang Provincial Drug Supervision Administration confirmed receipt of consumer complaints and is currently investigating the issues raised [9]. - Zhuben has positioned itself as a brand focused on Eastern skincare, achieving over 1.5 billion yuan in sales within five years, gaining significant market recognition [9].

Core Viewpoint - The article highlights that Proya's products are marketed with "anti-aging" claims, but official registrations only support "anti-wrinkle" claims, indicating potential regulatory non-compliance [2][3][11]. Product Claims - Proya's flagship store lists multiple products, including "Early C Late A Dual Anti-aging Essence" and "Ruby Cream 3.0," with "anti-aging" claims in their promotional materials [3][10]. - The "Ruby Essence 3.0" is described as based on "cross-field anti-aging core concepts," while another platform refers to it as "anti-wrinkle" [3][5]. - The "Ruby Cream 3.0" claims to lead a new era of anti-aging based on 17 years of peptide research, but the same product is marketed as "anti-wrinkle" on different platforms [3][5]. Regulatory Compliance - The National Medical Products Administration (NMPA) only recognizes "anti-wrinkle" as a valid claim for the mentioned Proya products, with no mention of "anti-aging" [5][11]. - The NMPA's guidelines specify that any new claims must undergo evaluation by registered testing institutions and comply with national standards [11][14]. Market Performance - The "Ruby Cream 3.0" was launched in 2023 and has sold over 700,000 units on Tmall, while the "Ruby Essence 3.0" has sold over 100,000 units [10]. - The "Early C Late A Dual Anti-aging Essence" was first introduced in 2020 and currently ranks first in Tmall's A-retinol liquid essence repurchase list [10]. Industry Context - The article references a previous case involving Lin Qingxuan, which faced penalties for using "anti-aging" claims in advertising, emphasizing the regulatory scrutiny in this sector [11][14]. - Experts indicate that claims like "anti-aging" are considered violations, and companies should adhere strictly to the NMPA's defined categories for cosmetic claims [14].

Core Insights - The event "Intelligent Consumption, Trendsetting Future" highlighted the recovery and structural transformation of the consumer market in China, emphasizing the importance of capital empowerment and policy support [2][3]. Economic Recovery - In 2024, China's economy is expected to recover steadily, with significant growth in per capita disposable income and total retail sales of consumer goods compared to 2023, indicating the resilience and potential of the domestic consumer market [3][5]. Consumer Market Trends - The total retail sales of consumer goods in the first two months of 2025 increased by 4% year-on-year, surpassing the 3.5% growth rate of 2024 by 0.5 percentage points [5]. - The term "consumption" appeared 52% more frequently in government reports compared to the previous year, reflecting heightened governmental focus on consumption [6]. Structural Adjustments - The consumer market is undergoing deep structural adjustments driven by macroeconomic uncertainties, demographic changes, and evolving consumer attitudes, leading to more diversified consumer demands [6]. - Key dimensions of consumer demand include emotional value, health management, environmental sustainability, quality enhancement, and cost-effectiveness [6]. Regional Insights - In Guangdong, the coverage rate of immersive consumption scenarios is 30%, indicating significant development potential, while emerging sectors in service consumption account for 22% [6][10]. IPO Market Activity - In Q1 2025, global IPO activities reached $28.2 billion, with the consumer goods market accounting for 45% of the fundraising, highlighting strong investor interest in this sector [6]. Luxury Goods Market - China, the US, and Japan remain the top three luxury goods markets, collectively accounting for 48% of global luxury consumption, with a total market size of $101.7 billion, $96.4 billion, and $28.3 billion respectively [7]. Cosmetics and Health Trends - The cosmetics market is highly competitive, with domestic brands performing well, particularly eco-friendly skincare products favored by consumers seeking natural ingredients [7]. - The functional food market in China has grown significantly, from under 100 billion yuan in 2013 to nearly 300 billion yuan in 2020, with a compound annual growth rate of 12% [7]. Dining and Tourism Integration - There is a trend of integration between dining and tourism, with consumers increasingly demanding high-quality food, creative dishes, and engaging dining experiences, which is driving new business models and enhancing service consumption [9]. Policy Initiatives in Guangdong - Guangdong's policy framework for promoting high-quality service consumption focuses on four dimensions: expanding basic consumption, enhancing quality in cultural tourism and health services, enabling digital and green scenarios, and deepening financial integration [10]. - The aim is to increase the proportion of service consumption in total retail sales and cultivate competitive service brands nationally [10].

Core Insights - The strategic vision of Up Beauty Co., led by CEO Lv Yixiong, emphasizes long-term focus and multi-brand matrix, which is increasingly evident in the cosmetics industry development in the first half of 2025 [1] - Up Beauty Co. leverages a "single focus, multi-brand, globalization" approach to navigate challenges in the global beauty market, achieving record sales during the 618 shopping festival [1] Group 1: Main Brand Performance - The main brand, Han Shu, has maintained a leading position in the competitive beauty market, ranking as the top beauty brand on Douyin for two consecutive years [2] - During the 618 period, Han Shu achieved significant sales growth across major platforms, with Tmall sales increasing by over 46% and Douyin sales reaching top rankings in multiple categories [2][7] - The Han Shu X Peptide series achieved over 100 million in sales during the 618 event, showcasing the brand's strong research and innovation capabilities [4] Group 2: New Brand Growth - Newpage, a brand focused on infant skincare, reported a revenue of 376 million yuan in 2024, marking a year-on-year growth of 146.3% [11] - During the 618 shopping festival, Newpage saw triple-digit growth across major e-commerce platforms, with Tmall sales increasing by 106% within the first 3.5 hours [11] - The brand's "medical-research co-creation" model has proven effective, leading to significant sales of its star product, the infant soothing cream [12] Group 3: Emerging Brand Success - Anminyou, a brand targeting sensitive skin, experienced a sales increase of over 65% during the 618 period, with notable growth across various platforms [21] - The brand's star product, Qinghao Soothing Essence, ranked second on Douyin's anti-wrinkle essence list during the 618 event, indicating strong market presence [26] Group 4: Strategic Development and Innovation - Up Beauty Co. aims to reach a target of 30 billion yuan by 2030, focusing on a multi-brand and multi-category business model [27] - The company has invested in AI-driven smart factories, enhancing production capacity and efficiency, with a daily output of 2 million bottles [27] - Up Beauty Co. has established a robust research and development framework, including a scientific committee of over 300 researchers, to drive innovation and product development [29]

i：指本次可转债当年票面利率。 （1）本次可转债采用每年付息一次的付息方式，计息起始日为本次可转债发 行首日。 （2）付息日：每年的付息日为自本次可转债发行首日起每满一年的当日。如 该日为法定节假日或休息日，则顺延至下一个交易日，顺延期间不另付息。每相 邻的两个付息日之间为一个计息年度。 证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 华泰联合证券有限责任公司 关于水羊集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》 （以下简称"《管理办法》"）、 《水羊 集团股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受托管理 人）关于水羊集团股份有限公司向不特定对象发行可转换公司债券之债券受托管 理协议》 （以下简称"《受托管理协议》"）、 《水羊集团股份有限公司向不特定对象 发行可转换公司债券并在创业板上市募集说明书》 （以下简称"《募集说明书》"）、 《水羊集团股份有限公 ...

Core Viewpoint - The company Jinbo Biological announced a plan to issue shares to Yangshengtang, raising up to 2 billion yuan to enhance its capital structure and support its growth in the recombinant collagen market [1][4][5]. Group 1: Share Issuance and Strategic Partnership - Jinbo Biological plans to issue no more than 7.1756 million shares at a price of 278.72 yuan per share, raising a total of up to 2 billion yuan [1][4]. - A share subscription agreement has been signed with Yangshengtang, making it the second-largest shareholder with over 5% ownership [4]. - The partnership aims to leverage Yangshengtang's extensive experience in health products to enhance Jinbo's product development, industrial production, and market strategies [5][7]. Group 2: Company Performance and Market Position - Jinbo Biological reported a revenue of 1.443 billion yuan for 2024, a year-on-year increase of 84.92%, and a net profit of 732 million yuan, up 144.27% [4]. - Despite strong performance, the company faces challenges in scaling industrial production and requires additional funding to expand its market reach [4][5]. Group 3: Market Outlook - The recombinant collagen product market in China is projected to grow rapidly, reaching 58.57 billion yuan by 2025, with a compound annual growth rate of 44.93% [8]. - By 2030, the market is expected to reach 219.38 billion yuan, indicating significant growth potential [8].

Core Viewpoint - The newly released "Guidelines for Cosmetic Advertising in Beijing" aim to regulate advertising practices for children's cosmetics and general cosmetics, ensuring compliance with legal standards and protecting consumers from misleading claims [1][2][3]. Summary by Sections Children's Cosmetics Advertising - The guidelines specify that cosmetics for children aged 0-3 can only claim six functions: cleansing, moisturizing, hair care, sun protection (limited to skin), soothing, and refreshing. For children aged 3-12, four additional functions are allowed, including makeup removal and fragrance [2]. - Advertising for children's cosmetics must not include misleading terms like "food grade" or "edible," nor should it suggest effects like whitening, acne treatment, or hair removal, which are not appropriate for children [2][3]. Non-Children's Cosmetics Advertising - Non-children's cosmetics must not claim suitability for children under 12 or use phrases like "suitable for all" or "family use." Additionally, they cannot imply children's use through branding or packaging [3]. - The guidelines prohibit linking the "Little Golden Shield" symbol for children's cosmetics with claims of regulatory approval or quality certification [3]. Responsibilities and Compliance - Advertisers must ensure that spokespersons are at least 10 years old and can only endorse products they have used. Advertisers are responsible for the truthfulness and legality of their ads, while advertising platforms must prevent and stop illegal advertisements [4]. - The guidelines establish a "negative list" of 17 prohibited advertising scenarios, including unregistered products and those using banned ingredients. They also set 11 restrictions on advertising content, emphasizing that ordinary cosmetics cannot claim special effects [5]. Content Standards - The guidelines require that advertisements must express content in a healthy manner, aligning with socialist values and avoiding content that creates "appearance anxiety." Claims about product efficacy must be substantiated by registration and testing data [6]. - The guidelines cover all parties involved in cosmetic advertising within Beijing, ensuring a comprehensive management approach from design to publication [6].