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].

6月2 6日，颖通控股有限公司（股票代码0 6 8 8 3 .HK）正式在香港联合交易所主板挂牌上市。 2 0 2 5财年，颖通年收入已破2 0亿元。 据颖通招股书显示，近三年其业绩呈现稳步上升态势。2 0 2 3财年至2 0 2 5财年（财年截至3月3 1 日计）三年间，颖通收入依次为1 6 . 9 9 亿元、1 8 . 6 4亿元、2 0 . 8 3亿元；同期净利润依次为1 . 7 3 亿元、2 . 0 6亿元、2 . 2 7亿元。 而从产品类别划分看，香水品类始终是颖通的核心收入来源。2 0 2 3财年至2 0 2 5财年，香水收 入 占 比 依 次 为 8 8 . 5% 、 8 1 . 7% 、 8 0 . 9% ， 贡 献 营 收 依 次 为 1 5 . 0 4 亿 元 、 1 5 . 2 3 亿 元 、 1 6 . 8 8 亿 元。不过，根据这三年数据也能看出，颖通逐渐开始重视护肤彩妆品类，两大品类合计占比从 2 0 2 3财年的9 . 1%，到2 0 2 5财年的1 8 . 2%，翻了一倍之多。 | | | | 截至3月31日止年度 | | | | | --- | --- | --- | --- ...

Core Viewpoint - Shanghai Jahwa is undergoing a significant transformation, focusing on organizational restructuring and strategic repositioning to address challenges such as brand aging, channel mismatch, and insufficient online competitiveness [2][6][11]. Group 1: Leadership and Strategy - CEO Lin Xiaohai has set a new vision and restructured the company's governance and organization, emphasizing "brand" as the operational unit [7][10]. - Lin Xiaohai rated his performance at 79 out of 100, indicating both achievements and areas for improvement in the past year [6][11]. - The company has shifted from a "large and comprehensive" approach to a "small team operation," enhancing responsiveness and resource allocation [10]. Group 2: Operational Improvements - The company has optimized its organizational structure, including leadership changes in multiple business units and improving operational efficiency by reducing redundancy in roles [8][9]. - Inventory turnover efficiency has improved significantly, with the time for goods turnover reduced from 300 days to 89 days, leading to double-digit same-store sales growth [8][9]. - The company has also focused on cleaning up its overseas subsidiaries, particularly addressing losses in the UK subsidiary [8]. Group 3: E-commerce Performance - During the 618 shopping festival, several brands under Shanghai Jahwa saw substantial sales growth, with Yuze brand sales increasing over 20% and Six Gods over 30% [9]. - The company achieved a 17% year-on-year growth in GMV during the 2023 Double 11 shopping festival, reflecting the effectiveness of its reforms [9][11]. Group 4: Future Focus and Challenges - Moving into the second half of 2025, the company will enter a "deep water zone" of reform, facing internal and external pressures from market competition [13][16]. - The company aims to deepen its "four focuses" strategy: focusing on core brands, brand building, online growth, and efficiency [13][15]. Group 5: R&D Investment - Shanghai Jahwa has increased its R&D investment, with a 11.12% year-on-year growth in R&D expenses in Q1 2025 [19][20]. - The company is focusing on "R&D system + medical research collaboration + product innovation," establishing partnerships with hospitals to enhance product development [20][21]. - The R&D advantages are seen as a key differentiator, with a complete medical research chain and ongoing investment capabilities [26][27].

《指引》从两方面规范广告内容。在正确导向方面，要求广告需以健康形式表达内容，符合社会主义精 神文明建设和弘扬中华优秀传统文化的要求，坚决杜绝低俗媚俗、制造"容貌焦虑"等内容。事实依据方 面，要求涉及功效宣传需与产品注册、备案资料相符合，如"温和无刺激"等应具备功效宣称的评价试验 证明；使用数据等引证内容的，应标明出处，确保内容真实可溯。 制定17项"负面清单"。其中，明确列出6项禁止发布化妆品广告的情形，包括未依法注册或备案的化妆 品；注册证被撤销的化妆品；擅自配制的化妆品；使用禁用原料生产的化妆品；药品监管部门通告停止 经营或者暂停经营的化妆品等。 同时设定11项广告内容限制条款，涵盖虚假宣传、暗示疾病预防、治疗功能等违法违规情形。特别强调 普通化妆品不得宣称特殊功效（如祛斑美白、防脱发等）。牙膏未按照国家标准、行业标准进行功效评 价，不得宣传防龋、抑牙菌斑等功能，从内容源头遏制概念炒作。 坚决杜绝低俗媚俗、制造"容貌焦虑"等内容；制定17项"负面清单"；强化儿童群体保护……近日，北京 市市场监管局、市药监局联合发布《北京市化妆品广告发布指引》（以下简称《指引》）。《指引》全 面梳理现行化妆品和广告领域相关 ...

针对上述情况，27日南都记者多次致电"逐本"母公司"杭州舒彩网络科技有限公司"，及关联的"上海逐 本化妆品有限公司"，但电话始终无人接听。 6月25日下午，"逐本"创始人刘倩菲在她的小红书进行品牌年中促销直播，她在宣传介绍其多款产品 时，宣称产品具有医疗功效。该事件也引发行业对化妆品合规性的关注。 采写：南都记者 杨丽云 截图源于智通财经。 视频显示，"逐本"创始人刘倩菲直播介绍其多款产品时，暗示按摩油对断发、掉发、脱发、白发问题有 效，可调节月经不规律等女性生理问题，可化痰止咳抗病毒。 据悉，按照《化妆品监督管理条例》，化妆品广告不得明示或者暗示产品具有医疗作用，不得含有虚假 或者引人误解的内容，不得欺骗、误导消费者。 此前据智通财经报道，有消费者举报"逐本"产品成分与备案不符，国家药监局已介入调查。广西的阳先 生表示，他在电商平台"逐本"官方店铺购买了数十款产品，发现"墨红"系列涉嫌用月季净油（编者注： 一种较纯净的精油，通过溶剂萃取法萃取）冒充玫瑰精油，"不染茉莉白茶"系列被指添加未备案原料， 另有非"妆字号"产品违规宣称具有护肤功效。 据逐本官网和媒体报道，品牌2016年创立，坚持自研＋自控供应链的创 ...

国货彩妆品牌佩冉控股公司没能逃脱退市的命运。6月26日，新京报贝壳财经记者获悉，湖北九有投资 股份有限公司（以下简称"退市九有"）发布公告，公司股票已进入退市整理期，预计最后交易日期为 2025年7月14日。据披露，退市九有股票终止上市后，将转入全国中小企业股份转让系统进行股份转 让。 业绩坐上"过山车"，财报与内控难过审计关 资料显示，退市九有原名为深圳九有股份有限公司，成立于1998年10月，主要从事综合性营销服务和化 妆品销售业务，具有整合营销的服务能力。 2023年3月，业绩增长遇阻的退市九有选择跨界化妆品赛道——公司全资子公司深圳天天微购服务有限 公司（以下简称"天天微购"）与佩莱品牌管理有限公司（以下简称"佩莱品牌"）签署《股权转让协 议》，天天微购以自有资金400万元购买佩莱品牌持有的佩冉化妆品（江苏）有限公司（以下简称"佩冉 化妆品"）40%股权。收购完成之后，退市九有对佩冉化妆品实施有效控制，并纳入上市公司合并报 表。 在2024年年报中，退市九有表示，通过控股佩冉化妆品，公司将营销策划执行服务的产业链延伸至下游 行业，"业务范围从为广告主提供品牌推广和产品营销服务，扩展至为自有化妆品进行品 ...

Summary of Shangmei Co., Ltd. Conference Call Company Overview - Shangmei Co., Ltd. operates in the beauty and personal care industry, focusing on multiple segments including mass skincare, premium skincare, personal care, medical beauty, maternal and infant care, and cosmetics [2][3][4]. Key Points and Arguments Multi-Brand Strategy - The company employs a multi-brand matrix strategy to cater to diverse consumer needs, enhancing profitability and sustainable growth [2][5]. - The Han Shu brand targets the mass market and has achieved rapid growth through category expansion and channel diversification, particularly on e-commerce platforms like Douyin [2][4]. Sales Performance - During the 2025 618 shopping festival, the cosmetics series sales exceeded 100 million RMB, marking a new growth point for the company [2][3]. - The high-end infant care brand New Page is projected to reach sales of 800-1,000 million RMB by 2025, while the anti-hair loss brand Ji Fang quickly became the top seller on Douyin [2][6]. Future Growth Strategy - The company aims to achieve a sales target of 30 billion RMB by 2030 through its "Six Six Strategy," which focuses on strengthening the Han Shu brand and expanding into men's care and other areas [2][7]. - Anticipated growth in the second half of 2025 is expected to outperform the first half due to new channels, teams, product categories, and emerging brands [2][8]. Financial Metrics - Shangmei Co., Ltd. reports a profit margin exceeding 10%, a gross margin above 70%, and a return on equity (ROE) of over 30% [4][16]. Market Dynamics - The beauty and personal care market is valued at 700 billion RMB, with diverse consumer demands across various price segments [4][11]. - Despite intense competition, the industry continues to innovate, creating new demand and structural opportunities for domestic brands [12][40]. Brand Positioning - The Han Shu brand is positioned as a mass-market beauty brand with a broad product range, not reliant on specific channels or consumer perceptions, allowing for significant growth potential [17][18]. Product Development - The company has successfully launched several new products, including men's skincare and various beauty items, which have shown strong market acceptance [3][6][29]. Talent and Organizational Structure - Shangmei Co., Ltd. emphasizes talent acquisition and organizational efficiency to support its multi-brand strategy and enhance its competitive edge in the market [32][35]. Additional Important Insights - The company is expanding its presence on various e-commerce platforms, achieving significant growth rates on platforms like Taobao and JD.com [26]. - The competitive landscape shows that while foreign brands dominate certain segments, domestic brands like Han Shu are gaining market share due to their flexibility and value propositions [25][40]. - The anticipated launch of new brands in the second half of 2025, including a children's care brand and a makeup artist brand, is expected to further enhance market penetration [37][38]. This comprehensive overview highlights Shangmei Co., Ltd.'s strategic initiatives, market positioning, and growth prospects within the beauty and personal care industry.

Core Insights - Shanghai Jahwa held its 2024 annual shareholder meeting on June 25, where management discussed strategic direction, operational philosophy, brand development, and channel reform [1] - CEO Lin Xiaohai expressed that the company's performance over the past year "basically met expectations" and emphasized the importance of operational capability moving forward [1] Strategic Focus - The company is deepening its "Four Focuses" strategy, which includes focusing on core brands, brand building, online presence, and efficiency [2] - Lin Xiaohai highlighted that the strategic transformation is showing initial results, with brands undergoing rebranding and repositioning [2] - The Yuze brand has strengthened its collaboration with renowned hospitals, leading to comprehensive upgrades in brand image and product offerings [2] - The Six God brand has introduced a new slogan to promote a "refreshing culture," targeting younger consumers [2] - The company has categorized its brands into three tiers for differentiated resource allocation, with Six God and Yuze in the top tier [2] Performance and Growth - The company's major brands achieved double-digit growth across online channels during the 618 shopping festival, attributed to organizational optimization and strategic focus [3] - Lin Xiaohai indicated that the organization is entering a "deep water zone" of reform, with a focus on enhancing operational capabilities and brand investment [4] - The company aims for double-digit revenue growth by 2025, which is positioned as a pivotal year for brand development and competitive advantage [4]

Group 1 - The company held its 2024 annual shareholders' meeting on June 25, where 14 proposals were approved, including the 2024 Board of Directors' work report and the 2024 annual report [2] - In 2024, the company achieved a revenue of 5.679 billion yuan, indicating improved governance and operational standards [2] - The shareholders' meeting approved a profit distribution plan for the first half of 2025 to reward investors, along with employee stock ownership and long-term incentive fund management plans to enhance employee engagement [2] Group 2 - During the "618" shopping festival, the company's main brands achieved double-digit growth across online channels, attributed to effective planning and improved operational efficiency [3] - The company plans to deepen reforms in the second half of the year, focusing on core brands and increasing investment in brand building to achieve double-digit revenue growth by 2025 [3]