Core Insights - The article discusses how leading brands like L'Oréal Paris and Midea have successfully doubled their user assets during the 2025 JD 11.11 shopping festival by utilizing the JD VALUE methodology, which addresses the challenges of rising traffic costs and fragmented marketing environments [1][23]. Group 1: JD VALUE Methodology - The JD VALUE methodology consists of three core modules: Vector (strategy and insights), Acquire & Lead (reach and stimulate), and Upsell (conversion), forming a comprehensive value growth system [1][9]. - The V module serves as a "steering wheel" for marketing, enabling brands to diagnose user assets and benchmark against industry standards, thus identifying growth directions [3][8]. - The methodology emphasizes a shift from traditional marketing approaches to a data-driven strategy, allowing brands to focus on user asset health rather than just immediate ROI [18][21]. Group 2: Implementation by Midea and L'Oréal - Midea identified two key issues using the VALUE methodology: a significant gap in the A1 awareness group and a lack of smooth conversion from A2 to A3 and A4 [3][6]. - Midea's strategy involved targeting key platforms like Xiaohongshu, Douyin, and Bilibili for user acquisition, moving away from blind marketing to more precise investments [6][9]. - L'Oréal's approach included a three-step strategy of "expand-attack-defend," focusing on untapped potential users, brand switchers, and reinforcing loyalty among existing customers [8][15]. Group 3: Performance Metrics - Midea's marketing efforts during the JD 11.11 event resulted in a 48% growth in 4A user assets, the highest in the industry, and a 55% increase in potential customer engagement [15][16]. - L'Oréal achieved industry-leading conversion rates across various user stages, demonstrating the effectiveness of the VALUE methodology in enhancing user engagement and loyalty [15][16]. - The evaluation metrics used in both brands' strategies included long-term user asset growth rates and customer lifetime value (CLV), moving beyond short-term sales figures [15][18]. Group 4: Ecosystem Integration - JD has established deep collaborations with major platforms like Tencent, Xiaohongshu, and Douyin, creating a seamless "outbound grass-planting to inbound conversion" marketing chain [13][19]. - The VALUE methodology promotes an integrated marketing approach, allowing brands to track user behavior across multiple platforms and optimize their strategies accordingly [20][21]. - This integration helps brands avoid fragmented marketing efforts and enhances the overall effectiveness of their campaigns, leading to better user retention and long-term growth [20][21].

Core Viewpoint - Qingsong Co., Ltd. has a diverse customer base in its cosmetics business, including international and domestic well-known brands, channel merchants' private labels, social e-commerce brands, and emerging e-commerce brands [2] Group 1: Customer Base - The main customers of Qingsong Co., Ltd. in the cosmetics sector include international renowned brands such as Unilever, Procter & Gamble, Estée Lauder, Sephora, Watsons, Shiseido, Nivea, Dettol, GAMA, and Muji [2] - Domestic well-known brand customers include Shanghai Jahwa, Plant Doctor, Natural Hall, Proya, Gaozi, Xiyu Bencao, Ibeishi, Veenona, Pechoin, Huaxi Biological, Furuida, and Miniso [2] - Emerging e-commerce brand customers consist of Peilai, Guyu, Half Acre Flower Field, Yiwo, Orange Du, Yixian E-commerce, Huaxi Zi, San Cao Liang Mu, New Zealand Mystery, PMPM, C Coffee, You Shiyan, and Kangaroo Mama [2]

Group 1 - The cosmetics sector experienced a rise of 0.58% on January 14, with Qingdao King leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao King rising by 5.77% to a closing price of 8.25, and Betaini declining by 0.15% to 41.24 [1][2] Group 2 - The net capital flow in the cosmetics sector showed a net outflow of 35.61 million yuan from main funds, while retail funds saw a net inflow of 49.69 million yuan [2] - The individual stock capital flow indicated that Qingdao King had a main fund net inflow of 45.22 million yuan, while Shanghai Jahwa experienced a net outflow of 39.65 million yuan [3] - Retail investors showed a net outflow from several stocks, including Qingdao King and Shanghai Jahwa, indicating a mixed sentiment among retail investors [3]

Core Viewpoint - The aging population in China, exceeding 310 million people aged 60 and above, necessitates the development of a suitable elderly care service system and the promotion of the silver economy as a means to stimulate economic growth and expand domestic demand [1] Group 1: Silver Economy Development - The Ministry of Civil Affairs and eight other departments have jointly issued measures to cultivate elderly care service operators and promote the silver economy [1] - The measures encourage the development of age-appropriate cosmetics and foods that are low in sugar, high in protein, and easy to chew for the elderly [4] - There is a push for clothing companies to create product lines for seniors, focusing on safety features, warmth, and specific functionalities [4] Group 2: Enhancing Elderly Consumer Experience - Plans are in place to establish specialized shopping districts for the elderly and rental/sale points for age-friendly products to facilitate local consumption [8] - E-commerce platforms are encouraged to optimize "senior modes" and create dedicated channels for elderly consumers, simplifying the purchasing process [8] Group 3: Technological Integration in Elderly Care - The measures promote the development of elderly care robots to meet the daily care, emotional support, and social needs of seniors [12] - There is an emphasis on exploring advanced technologies such as brain-machine interfaces and exoskeleton robots to assist elderly individuals with declining physical functions [12] Group 4: Support for Elderly Care Service Providers - By the end of 2025, there will be approximately 41,700 elderly care institutions in China, with private and public-private institutions making up 71.9% of the total [16] - The measures provide substantial support for elderly care service operators in terms of land, funding, and operational environment, ensuring fair competition [16][17] - Administrative inspections of elderly care institutions will be rationalized to minimize disruptions to normal operations, addressing issues like excessive fees and inspections [21]

研究报告 Research Report 14 Jan 2026 首次覆盖：重组胶原蛋白领军者，2026 战略转型开启品牌化新篇章 Recombinant Collagen Leader: 2026 Strategy Ushers in Brand New Era: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$35.74 目标价 HK$43.60 HTI ESG 3.1-3.9-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$38.27bn / US$4.91bn 日交易额 (3 个月均值) US$58.76mn 发行股票数目 1,071mn 自由流通股 (%) 45% 1 年股价最高最低值 HK$84.90-HK$33.28 注：现价 HK$35.74 为 2026 年 01 月 13 日收盘价 资料来源： Factset ...

（来源：市场星报） 药企中心通过系统整合和流程优化，为全省药品、医疗器械、化妆品企业和医疗机构提供更加便捷、高 效的一站式服务，实现了"一网通办、全程网办""只进一次门，能办所有事"，让药械妆企业告别频繁切 换网址、更换系统、多头录入局面。 星报讯 为更好服务药械妆企业，更大利企便民，进一步优化营商环境，省药品监督管理局建设了安徽 省药品企业中心，并与"皖企通"深度对接，统一药企服务入口，现已正式上线运行。 药企中心整合许可备案、综合监管、中药饮片追溯、阳光药店等企业服务功能，面向全省药品、医疗器 械、化妆品企业和医疗机构提供非许可备案类事项申办、整改材料报送、企业事项上报、检查整改任务 办理、中药饮片信息化追溯、药店及执业药师信息维护等服务内容。 ...

在论坛上，历经一年编纂的《中美化妆品品牌建设与传播策略比较研究（2025）》白皮书正式面向全球 首发。该白皮书系统梳理了中美两国化妆品品牌在建设与传播策略上的异同与启示，并依托"美创静 界"产业生态，为品牌提供全链路参考，助力构建跨文化影响力。 1月8日，"品牌远见：全球美妆传播影响力论坛"暨《中美化妆品品牌建设与传播策略比较研究 （2025）》专刊白皮书全球首发式在上海静安"美创静界"美妆健康创新生态社区举办。 在研究分享环节，研究项目发起人、《中国化妆品》杂志社副社长陈木土与联合发起人Ben Lee教授， 从中美比较研究的初衷与发现出发，强调研究并非简单对标中美市场，而在于识别经得起时间与市场验 证的长期能力。陈木土系统阐释了本次研究的核心分析框架——SHOT方法论，即Strategy（战略）、 Humanity（人性）、Objectivity（客观性）与Trigger（创意与洞察），为跨文化品牌研究提供结构化工 具。 此外，6家入选白皮书的标杆品牌代表也进行了案例分享。 活动期间，"全球美丽产业品牌观察家智库"宣布成立。智库首批汇聚了多领域专家，旨在系统化、长期 化地观察与建言中国美妆产业发展。小红书相 ...

从运营主体来看，伊蒂之屋天猫旗舰店由青岛茵麦品牌管理有限公司负责运营。天眼查显示，青岛茵麦品牌管理有限公司成立于2023年，是一家以从事批发 业为主的企业，经营范围包括品牌管理，货物进出口，互联网销售（除销售需要许可的商品），美发饰品销售，个人卫生用品销售，化妆品批发等。 公开资料显示，伊蒂之屋为爱茉莉太平洋集团旗下的彩妆品牌，主打大众平价彩妆，旗下产品包括唇釉、眼影盘、素颜霜、发际线粉等。 值得关注的是，2022年11月，伊蒂之屋旗舰店就曾发布公告称因品牌战略调整暂停运营，后来又恢复运营。 近日，伊蒂之屋小红书账号发布通知称，为进一步提升品牌运营效率，旗舰店已进入运营主体切换及内部整顿阶段，预计调整时间为2026年1月1日-2026年2 月1日，在此期间店铺商品将暂时下架。 目前伊蒂之屋天猫旗舰店内商品已经清空，不过伊蒂之屋在通知中提到，深耕中国市场的决心从未改变。 ...

Core Viewpoint - Estée Lauder is considering selling three brands: Dr.Jart+, Too Faced, and Smashbox, with a potential valuation significantly lower than their original acquisition prices [2] Group 1: Brand Valuation and Sale - The estimated sale price for the three brands is in the "low nine figures," approximately between $300 million to $500 million [2] - Estée Lauder acquired Smashbox for $2-3 billion in 2010, Too Faced for about $1.45 billion in 2016, and Dr.Jart+ for over $1.1 billion, totaling over $2.5 billion for all three brands [2] Group 2: Strategic Changes and Brand Performance - Since the new CEO took office in January 2025, Estée Lauder has initiated significant changes, including a new growth strategy called "Beauty Reimagined," focusing on a streamlined organizational structure and reallocating resources to brands with higher growth potential [2] - The brands in question have seen a decline in performance and competitiveness over time, leading to their consideration for sale [2][3]

Core Viewpoint - Shanghai has released a three-year action plan to support the transformation and upgrading of advanced manufacturing, aiming to add 100 enterprises with an annual output value exceeding 1 billion yuan by 2028, totaling over 600, and to drive the addition of 500 new large-scale industrial enterprises in the supply chain, while significantly increasing the proportion of R&D expenses in revenue [2][3][7]. Group 1: Main Goals - By 2028, the plan aims to add 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan, totaling over 600, and to drive the addition of 500 new large-scale industrial enterprises in the supply chain [7]. Group 2: Implementation Actions - **Optimizing Traditional Advantage Industries**: The plan encourages petrochemical companies to reduce oil dependency and develop new functional materials, while supporting steel and non-ferrous metal companies to strengthen specialty steel and expand lightweight alloys [8]. - **Accelerating Leading Industry Strategies**: Support for integrated circuit companies to focus on equipment, advanced processes, and materials, aiming to cultivate internationally competitive leading enterprises [8]. - **Promoting Key and Emerging Industries**: The plan emphasizes the development of new-generation electronic information, smart connected vehicles, high-end equipment, and green low-carbon industries [9]. Group 3: Innovation and Technology - **Releasing Innovation Vitality**: The plan supports enterprises to increase basic research investment, providing financial subsidies based on the amount of R&D expenditure [9]. - **Accelerating Core Technology Breakthroughs**: Focus on supporting enterprises in laser manufacturing, quantum technology, and new functional materials to conduct foundational research [10]. Group 4: Quality and Efficiency Enhancement - **Promoting Technological Transformation**: Support for enterprises to upgrade production, R&D, and design processes, with financial support for fixed asset investment loans [10]. - **Deepening Digital Transformation**: The plan includes initiatives for AI integration in manufacturing, aiming for large enterprises to achieve full digital application coverage by 2027 [10]. Group 5: Resource and Support Actions - **Strengthening Talent Development**: The plan supports enterprises in attracting high-level talent, providing priority recommendations for national and local talent cultivation programs [11]. - **Enhancing Financial Support**: Focus on promoting low-interest, high-amount, and long-term loan products for manufacturing enterprises, with interest subsidies for key component and raw material loans [12]. - **Expanding Logistics Support**: The plan aims to build industrial logistics and warehousing facilities to integrate logistics with manufacturing [12].