巨子生物旗下六大品牌均以公司核心原料重组胶原蛋白为主要功效成分，受到产品含量热议短期业绩承 压。六大品牌包括功效型护肤品核心品牌可复美和可丽金（两者贡献公司95%以上收入），和针对皮肤 修复/皮肤炎症/疤痕修复/口腔溃疡/女性护理的医用敷料品牌可复美/可预/可痕/可复平/利妍，公司已发 布I/III/IV 型胶原蛋白用于不同产品。2024 年可复美和可丽金分别实现收入45.4/8.4 亿元，2021-2024 年 两个品牌复合增速为 73.4%/11.8%，可复美受益于公司战略侧重发展较快。2Q25 市场围绕重组胶原蛋 白含量与检测方法的热议持续发酵，对巨子生物的短期经营构成了直接压力。从渠道看，由于大单品可 复美胶原棒主要在线上直营渠道销售，我们判断25 年线上承压，但线下直营仍实现正增长。从品牌 看，25年可复美品牌受到冲击较大，可丽金品牌也有所波及。 机构：海通国际 研究员：寇媛媛/吴颖婕 我们长期看好重组胶原蛋白赛道，在安全性、功效性及可持续性三个维度上展现出的综合优势，构建了 行业发展的底层驱动力。首先，由于重组胶原蛋白生产过程完全在受控的发酵环境中进行，有效规避了 动物源胶原蛋白可能携带的病毒或引 ...

Core Insights - The long-term vitality of the brand is rooted in differentiated core competitiveness, emphasizing the need to build unique value barriers to cultivate a trust-based consumer group [1] - DR PLANT, a brand focused on high-altitude plant skincare, is set to launch an IPO on the Shenzhen Stock Exchange, driven by its brand strategy of "high-altitude plants, pure beauty" and systematic research capabilities [1] Research and Development - The foundation of the brand's competitiveness lies in its deep commitment to research, having established the "Chinese Academy of Sciences Kunming Plant Research Institute R&D Center" in 2014 to conduct systematic studies on high-altitude plant skincare [3] - High-altitude plants possess strong resistance and higher active substance content compared to ordinary plants, aligning with modern consumer demands for "pure beauty" [3] - The brand combines traditional Chinese herbal essence with modern technology, achieving global recognition with products like Dendrobium and Qingci fruit, and has been certified as the "global leader in Dendrobium skincare retail sales" by Euromonitor [3] R&D Infrastructure - The research system has evolved into a "1 center + 5 bases" structure, covering the entire chain from basic research to industrial application [4] - The Tokyo R&D center, established in 2016, serves as an "international bridge," integrating advanced extraction technologies from Japan with Chinese high-altitude plant resources to develop customized products for overseas markets [4] - As of October 31, 2025, this system has generated 223 patents, with the "Key Technology Research and Industrial Application of Dendrobium Active Extract" project winning a national award for commercial technological progress, showcasing industry-leading capabilities [4] Market Channels - The brand has established a unique "experience + sales + service" model through a dense network of 4,269 offline stores, enhancing the synergy between research, products, and channels [6] - The brand has received recognition as the "number one single-brand cosmetics store in China" and has gained loyal users in overseas markets such as Japan and Indonesia [6] IPO and Future Plans - The IPO aims to raise funds, with 260 million yuan earmarked for upgrading the R&D center to further strengthen technological barriers [7] - The brand views the IPO as a new starting point to continuously activate its research potential and deepen its global layout in the single-brand store sector [9] - This research-driven development path injects substantial growth momentum into the brand and propels domestic beauty products from price competition to value competition [9]

Core Insights - The overall trend of China's import and export market is positive, but the beauty and cosmetics sector shows a contrasting pattern with "cold imports and hot exports" [1][3] - In 2025, the export value of cosmetics increased by 10.4% year-on-year, while the import value slightly decreased by 0.3% [1][2] Import and Export Data - In 2025, the total import quantity of cosmetics reached 348,095.4 tons, a year-on-year increase of 7.2%, while the import value was 115.71 billion yuan, a slight decrease of 0.3% [2][4] - The import quantity of cosmetics has been on a downward trend since 2021, with 2025's figure of 34.8 tons being only slightly higher than 2024's [4][6] - The import value of cosmetics in 2025 was the lowest in nearly six years, indicating a significant decline in international beauty brands' market share in China [8][12] Market Dynamics - The decline in import value contrasts with the continuous growth of domestic cosmetics exports, which have seen a consistent increase for four years [15][31] - The top five countries for China's cosmetics exports in the first half of 2025 were the United States, the United Kingdom, Indonesia, the Netherlands, and Japan, with exports to Indonesia growing by 94.34% [21][24] Competitive Landscape - International beauty brands are facing challenges in the Chinese market, with many brands from Japan and South Korea experiencing significant sales declines [13][14] - Domestic brands are increasingly capturing market share, with some successfully expanding overseas through e-commerce and brand acquisitions [29][30] - The shift in consumer preferences and the competitive pressure from local brands are reshaping the market dynamics, indicating a need for international brands to adapt [12][31] Future Outlook - The ongoing adjustments in the global beauty market suggest that Chinese beauty brands are moving from domestic market competition to international expansion [31][32] - The ability to build global brand influence while leveraging supply chain advantages will be crucial for the future success of the Chinese beauty industry [32][33]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The lotion and cream category is fundamental in skincare, primarily used for moisturizing and nourishing the skin, with a focus on different textures and oil content [8] - Moisturizing remains the core demand in the market, accounting for 31% of the total efficacy share, but its growth rate is only 5%, indicating a mature stage with limited growth potential [10][11] - Nourishing creams, while only 5% of the market, show the highest growth rate at 16%, indicating a rising demand for high-nutrition products [10] - The market is experiencing a shift, with a decline in demand for traditional benefits like hydration and anti-aging, suggesting a saturation of these offerings [10][11] Market Overview - The online sales landscape is shifting, with Douyin's sales share increasing from 44% to 49% and Tmall's decreasing from 56% to 51% between 2023 and 2025 [17][19] - The average price on Tmall has risen significantly, while Douyin has adopted a low-price strategy to capture market share [17][19] - Overall sales growth is slowing, with a projected increase of only 4.3% from 2024 to 2025, indicating a potential market peak [19] Product Demand Analysis - Key selling points such as glycerin and moisturizing are in high demand, but the market is competitive, requiring differentiation to maintain an edge [13][14] - Sensitive skin and repair claims represent a blue ocean opportunity, with significant demand and insufficient supply, making them key areas for growth [13] - The report highlights a notable disparity in supply and demand for various product claims, with high demand for moisturizing and sensitive skin products but lower supply [14] Brand Performance - Top brands in the Tmall platform are dominated by high-end names like SkinCeuticals and Helena Rubinstein, with significant market shares [21][22] - Domestic brands like Proya and Winona are performing well in terms of growth, while established brands like Proya are experiencing declines [21][23] - The report notes that international brands maintain a high-end positioning with lower sales volumes, while domestic brands focus on competitive pricing to capture market share [23] Sales Channel Dynamics - The report indicates that Douyin's sales strategy focuses on low prices to drive volume, while Tmall emphasizes premium products [17][19] - The sales performance of brands varies significantly between platforms, with Douyin showing a higher volume of sales but at lower price points [19][23] - The report suggests that brands need to adapt their strategies to the unique characteristics of each sales channel to optimize performance [19] Consumer Trends - There is a growing consumer preference for products that offer high nutritional value, indicating a shift in consumer priorities towards more effective skincare solutions [10] - The report emphasizes the importance of understanding consumer behavior and adapting product offerings to meet evolving demands [10][13]

Investment Rating - The report provides a positive investment rating for the facial mask industry, highlighting its growth potential and market dynamics [12][18]. Core Insights - The facial mask market in China is expected to grow from 47.8 billion yuan in 2018 to 75 billion yuan by 2025, with a compound annual growth rate (CAGR) of 6.7% [12][13]. - Sheet masks dominate the market, accounting for 72.8% of the market share, while cream masks show higher growth potential [12]. - Regulatory changes are pushing the industry towards transformation, with stricter guidelines enhancing product safety and transparency [14]. - Consumer preferences are shifting towards efficacy, with 23.9% prioritizing product effectiveness in their purchasing decisions [15]. Industry Macro Market Research - The facial mask industry is defined as skincare products applied to the face, designed to enhance skin absorption of nutrients and achieve various skincare benefits [10]. - The market is expanding due to increasing skincare demands and innovations in product technology [12]. Online Industry Trend Overview - The online facial mask market is projected to grow from 20.85 billion yuan in 2023 to 27.24 billion yuan by 2025, with Douyin (TikTok) showing significant sales growth [18]. - Douyin's sales are expected to rise from 11.26 billion yuan to 19.10 billion yuan, capturing 75% of the market share by 2025 [18]. Head Brand Analysis on Douyin - The top brands on Douyin, such as EIIO and Zao Wu Zhe, have shown remarkable growth, with some brands achieving over 200% growth [28]. - The competitive landscape on Douyin is characterized by a mix of established and emerging brands, with a focus on innovative marketing strategies [31]. Consumer Purchase Behavior - The main factors influencing consumer decisions include product efficacy (23.9%), ingredients (21.1%), and skin feel (19.5%) [15][16]. - The market is witnessing a segmentation between convenience-focused sheet masks and more intensive cream masks, reflecting diverse consumer needs [15]. Regulatory Trends - The implementation of stricter regulations, such as the "Cosmetics Supervision and Administration Regulations," is shaping the industry by ensuring product safety and compliance [14]. - Future regulations will focus on sustainable packaging and the introduction of new standards for "pure masks" [14]. Brand Performance on E-commerce Platforms - Taobao's facial mask sales are experiencing a decline, with a 9.2% drop in sales for the first nine months of 2025 [22]. - In contrast, Douyin's facial mask sales are growing at a rate of 23.3%, with cream masks showing exceptional growth [25]. Market Share and Sales Data - The top brands on Taobao include Proya and L'Oreal, while Douyin's leading brands are EIIO and Original Password, showcasing a shift in brand dominance [28][37]. - The report highlights the sales performance of various brands, indicating a competitive market with significant growth opportunities for emerging players [29][37].

Group 1 - The core viewpoint of the article highlights that Betaini is actively engaging in industrial investment and strategic layout through its subsidiary, Hainan Betaini Investment Co., Ltd [2] - The investment activities are closely aligned with the company's strategic direction focused on skin health ecology [2] - The investment scope includes over ten companies, such as Yuejiang (Guangzhou) Investment Co., Ltd. and Changsha Yujian Future Technology Co., Ltd [2]

Group 1 - The core viewpoint of the article is that Beitaini is actively engaging in investment activities that align with its strategic direction in skin health ecology [1] - Hainan Beitaini Investment Co., Ltd. is identified as a key platform for the company's industrial investment and layout [1] - The investment activities encompass over ten companies, including Yuejiang (Guangzhou) Investment Co., Ltd. and Changsha Yujian Future Technology Co., Ltd. [1]

Core Insights - Synthetic biology is rapidly entering the beauty economy, transforming traditional cosmetics into "bio-cosmetics" [1] - China is the largest cosmetics consumer market globally, yet the industry remains in a "large but weak" stage, presenting opportunities for local companies to leverage synthetic biology [1][5] - The "14th Five-Year Plan" has identified "biomanufacturing" as a new economic growth point, with various regions providing financial support for bio-cosmetics innovation [1][3] Industry Developments - Multiple regions, including Beijing and Guangdong, have introduced policies to support synthetic biology innovation in cosmetics, with Beijing focusing on new raw materials and offering up to 3 million yuan for significant achievements [3][4] - Shanghai and Shenzhen have also implemented measures to promote high-quality development in the cosmetics industry, providing financial support for new raw materials and regulatory assistance [4][5] Market Dynamics - The application of synthetic biology in cosmetics is expected to enhance the value of active ingredients and overall profit margins while reducing carbon emissions [6] - The market for cosmetics in China is projected to exceed 1 trillion yuan by 2024, but challenges such as low industry concentration and insufficient innovation capabilities persist [6][7] Challenges and Opportunities - The acceptance of synthetic biology technology in the cosmetics industry is cautious due to safety concerns and regulatory complexities, which may hinder innovation [7][8] - Regulatory bodies are working to streamline processes for new raw materials and improve the evaluation system to facilitate the introduction of innovative products [8][9] Future Outlook - The year 2024 is anticipated to be a breakthrough year for the industrialization of synthetic biology in cosmetics, with a focus on high-purity and customized products [10][11] - Currently, over 70% of synthetic biology applications are focused on improving existing cosmetic raw material production processes, indicating a preference for lower-risk innovations [10][11]

Core Viewpoint - The article emphasizes the importance of early eye care to prevent wrinkles and maintain youthful skin, highlighting the effectiveness of a specific eye cream from the brand "Tonghua" under the company Mayinglong [6][41][62]. Group 1: Product Effectiveness - The "Tonghua Oat Peptide Anti-Wrinkle Eye Cream" is noted for its strong moisturizing and anti-wrinkle properties, with ingredients like oat peptide and proprietary extracts that enhance skin vitality [51][57][62]. - Users have reported significant improvements in fine lines and overall skin condition around the eyes, making it a competitive option against international brands [42][62][88]. - The eye cream is designed to be lightweight and non-greasy, ensuring it does not clog pores or cause milia [73][86]. Group 2: Brand Background - Mayinglong, known for its hemorrhoid cream, has a long history in the eye care industry, dating back to 1582, which adds credibility to its eye care products [20][24][36]. - The brand has shifted focus back to eye care, leveraging its historical expertise and modern scientific research collaborations with universities [33][36][102]. Group 3: Pricing and Promotions - The eye cream is currently offered at a promotional price of 99 yuan for two 20g bottles, significantly reduced from the original price of 169 yuan, making it an attractive deal for consumers [91][134]. - The promotion includes additional samples and products, enhancing the perceived value for customers [91][134].

Group 1 - The core viewpoint of the article is that Hainan Beitaini Investment Co., Ltd. is a significant platform for the company's industrial investment and strategic layout, focusing on skin health ecology [2] - The investment activities are closely aligned with the company's strategic direction in skin health, indicating a targeted approach to investment [2] - Hainan Beitaini has invested in over ten companies, including Yuejiang (Guangzhou) Investment Co., Ltd. and Changsha Yujian Future Technology Co., Ltd. [2]