Core Viewpoint - The article discusses the competitive landscape of the collagen market in China, highlighting the success of domestic brand Chuangfukang, which has maintained stable prices for 23 years despite technological advancements and market pressures [2][5][14]. Market Background - The collagen market is on the brink of a "second explosion," with projections indicating that by 2027, the overall market size in China will reach 173.8 billion yuan [3]. - The rise of recombinant collagen has significantly contributed to market growth, with domestic companies breaking international barriers in collagen technology [3][5]. - The article emphasizes the importance of scientific communication in addressing consumer skepticism regarding price increases in collagen products [5][24]. Technological Breakthroughs - Chuangfukang, under Chuang'er Biotechnology, has made significant advancements in collagen extraction technology, reducing costs from 2,000 to 7,000 yuan per gram for imported collagen to a fraction of that for domestic products [3][12][19]. - The company has achieved FDA certification for its raw materials and has expanded its market reach to Europe, the U.S., and South Korea [3][5]. Challenges in Communication - The article identifies three main issues in the scientific communication of collagen products: homogenized messaging, lack of cost transparency, and a disconnect in consumer understanding of the medical benefits of collagen [5][24]. - Chuangfukang's low profile in the market has hindered broader consumer awareness of its technological breakthroughs [5][24]. Marketing and Consumer Engagement - The collaboration with the advertising agency Shizhi Xiang aims to address consumer concerns about pricing and technology through direct dialogue and transparency [6][8][24]. - The marketing strategy focuses on establishing trust through third-party validation and addressing sensitive pricing issues directly [24][26]. Brand Positioning - Chuangfukang's commitment to not raising prices for over two decades reflects its philosophy of making technological innovations accessible to a broader audience [14][19]. - The brand has achieved a high customer loyalty rate, with a 50% repurchase rate, attributed to its competitive pricing and product quality [20][22]. Conclusion - The article concludes that Chuangfukang's journey exemplifies the potential of domestic brands to innovate and maintain ethical pricing in a competitive market, emphasizing the need for effective communication strategies to enhance consumer trust and brand image [24][28].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has released its 2024 annual report and Q1 2025 quarterly report, with performance slightly below market expectations. 2024 revenue was 5.736 billion yuan, a year-on-year increase of 3.87%, while net profit attributable to shareholders was 503 million yuan, a year-on-year decline of 33.53% [4][6] - In Q1 2025, revenue was 949 million yuan, a year-on-year decline of 13.51%, and net profit attributable to shareholders was 28 million yuan, a year-on-year decline of 83.97% [4][6] - The company plans to focus on brand building, member operations, and overall collaborative growth in 2025, with a strategic emphasis on sensitive skin products [6] Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected at 5.736 billion yuan, with a forecasted revenue of 6.281 billion yuan for 2025, representing a year-on-year growth rate of 9.5% [5] - The net profit attributable to shareholders is expected to be 667 million yuan in 2025, with a projected growth rate of 32.6% [5] - The gross profit margin for 2024 was 73.7%, with an expected margin of 74.9% in 2025 [5] Operational Insights - The company’s skincare segment showed resilience despite pressure, with skincare revenue at 4.801 billion yuan in 2024, a year-on-year decline of 1.42% [6] - The makeup segment experienced significant growth, with revenue increasing by 226.51% to 551 million yuan, accounting for 9.60% of total revenue [6] - Online sales channels drove overall resilience, with revenue from online channels reaching 3.912 billion yuan, a year-on-year increase of 10.13% [6] Strategic Focus - The company is deepening its "Sensitive Skin PLUS" strategy, focusing on core products that enhance brand value and sales [6] - The brand matrix includes various sub-brands targeting specific demographics, such as infants and anti-aging products, to achieve precise market coverage [6] - The organizational restructuring is expected to bring positive changes, with a focus on high-end and mass-market segments [6]

" 如果有一天 PMPM 偏偏消失了，会有一群消费者为它的消失而落泪。 " " 这是我们坚持做下去的动力。 " 时垠集团创始人、 CEO 闪烁在混沌创新大课上讲道。 闪烁，前宝洁中国品牌总监， 2019 年创立时垠集团，旗下有三个护肤品牌： PMPM 偏偏、 DXV （定效维）和 NodOff 。 其中， PMPM 成立的第一 年就打造出 10 个爆品， 3 个登顶天猫类目 TOP1 ，短短 4 年销售额 40 亿，用户数突破 1000 万。 上个月，闪烁在混沌创新大课上分享了时垠的人格化品牌的构建方法论 ——"10 个外显因子 ""2 个价值传递 ""1 个内核选择 " 。 以下为课程精华笔记。 授课老师 | 闪烁 时垠集团创始人、董事长兼 CEO ，混沌学园三期校友 非常感谢各位在周六早上九点与我在混沌相聚，今天我将分享两个 " 思辨 " ：一是创始人的个人使命对企业到底有何意义？特别是在如今流量竞争白热化 的时代，它是否仍具价值？二是我将坦诚分享一个独家方法论，叫做人格化品牌是如何诞生与成长的？ 接下来，我们进入第一个环节，探讨创始人的个人使命对企业发展，尤其是对初创企业是否有意义？ 为什么时垠在短短几 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

Core Viewpoint - The collaboration between DCEXPORT and Hunan Jiujingtang aims to modernize traditional Chinese herbal medicine cultivation and establish a traceability system for skincare ingredients, emphasizing a new approach to public welfare that benefits the country, industry, and consumers [1][3]. Group 1: Strategic Collaboration - DCEXPORT and Hunan Jiujingtang have signed a strategic cooperation agreement to focus on standardized cultivation of Chinese herbal medicine, building a traceability system for raw materials, and implementing a public welfare program to support farmers [1]. - The partnership is not merely a publicity stunt but a systematic approach to create long-term value for the country, industry, and consumers [3]. Group 2: Product Development - Through collaboration with Beijing Forestry University, a wild chrysanthemum with a Linarin content of 5.32% has been developed, significantly exceeding the Chinese Pharmacopoeia standard of 0.8%, making it a key ingredient in DCEXPORT's skincare system [2]. - The skincare products will ensure that every ingredient is traceable from breeding to extraction, promoting the idea that "natural does not equal effective, effective must also be credible" [4]. Group 3: Societal Impact - The initiative aims to transform barren land into medicinal herb bases, addressing employment issues for left-behind women and the elderly, thereby revitalizing land and retaining population [4]. - The project seeks to elevate traditional Chinese medicine skincare from vague concepts to standardized and transparent practices, integrating ancient medicinal properties with modern technology [4]. Group 4: Consumer Trust - The company emphasizes the importance of consumer awareness regarding the origins of skincare ingredients, highlighting the meticulous process from seed selection to manual harvesting [6]. - The initiative aims to build a "moat" for the Chinese skincare industry, fostering long-term trust with consumers through transparency and quality assurance [6].

Industry Overview - The functional skincare market has become a dominant segment within the broader skincare industry, driven by increasing consumer awareness of skin issues and ingredient research [3][5] - Functional skincare products are designed for individuals with specific skin concerns, including whitening, anti-aging, sun protection, and hydration, often containing medicinal ingredients [1][5] Market Growth - The global functional skincare market is projected to grow from $35.3 billion in 2016 to $168 billion by 2024, while the Chinese market is expected to increase from 7.42 billion yuan to 48 billion yuan in the same period [5] - The demand for functional skincare products is fueled by the rise of ingredient-conscious consumers, sensitive skin populations, and post-aesthetic treatment recovery needs [3][5] Product Categories - Functional skincare products encompass three main categories: dermatological skincare, efficacy-driven skincare, and medical-grade skincare, with "pharmaceutical cosmetics" falling under dermatological skincare [5] - Professional skincare products are further divided into patch-based and non-patch-based forms, with patch-based products, such as masks, projected to grow from 2.38 billion yuan in 2017 to 19.34 billion yuan by 2024 [5] Industry Leaders - Companies like Huaxi Biological, Beitaini, and Juzhi Biological are recognized as industry leaders, driving development through innovation [9] Consumer Trends - The evolution of functional skincare reflects a dual pursuit of beauty and health, highlighting a growing consumer awareness of personal skincare needs [11]

Group 1 - The US-China trade war has escalated, with the US increasing tariffs on Chinese products from an initial 34% to 145% [1] - Despite the trade tensions, many American-owned brands disguised as domestic products are thriving in the Chinese market [4] - Harbin Beer, often mistaken as a local brand, was acquired by the American company Anheuser-Busch in 2004 [3][8] Group 2 - Yida chewing gum, popular in China, is owned by the American company Wrigley, which entered the Chinese market in 1996 [11] - Other Wrigley products, such as Green Arrow, are also American brands that perform well in China [14] - Shuanghui Group, known for its hot dogs, was sold to American firms in 2007, with significant ownership by American investor Rothschild [18][22] Group 3 - Jinlongyu, a leading cooking oil brand in China, is part of the "Yihai Kerry" group, which is a joint venture involving the American company ADM [23][25][27] - Dabao, a well-known Chinese skincare brand, was acquired by Johnson & Johnson in 2008, despite its Chinese branding [29][33] - Procter & Gamble, an American company, owns several brands in China, including Head & Shoulders and Pampers, which are often perceived as domestic products [35]

更适合中国人肤质的科学美白品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 谷雨生物科技集团股份有限公司 （以下简称 " 谷雨 "）于2 025 年 3月2 7 日 同中信建投证券签署辅导协议，正式启动 A 股 IPO进程。 成立于 2 010 年的谷雨定位 更适合中国人肤质的科学美白品牌 。在谷雨看来， 相比较于西方化学 猛药型成分的刺激， 其 更相信东方植萃成分的高效 与 安全， 且 更适合中国人易敏易黑的肤质特 点。 为此， 谷雨专研光甘草定 18年，让功效型原料也可以真正拥有"中国芯"。 截至目前，谷雨已形成了从 原料 -配方-检测-生产 的 "全产业链"研发壁垒，拥有诸多核心配方专利 及独家应用技术，拥有中国唯一的现代科学培植和管理的光果甘草人工种植基地，对光甘草定的提纯 度高达99%，提供更适合中国人的科学美白产品。 2 021 年至 2 023 年，谷雨的销售额分别突破了 1 0 亿、 2 2 亿和 3 5 亿， 2 024 年的 GMV 则突 破了 5 0 亿。 根据 欧睿 的资料， 按 2024年零售渠道零售额 计算， ...