9月29日，自然堂全球控股有限公司向香港联合交易所正式递交上市申请，这一动作标志着这家成立24 年的国货美妆企业正式叩响资本市场大门。作为中国第三大国货化妆品集团，自然堂集团此次IPO由华 泰国际与瑞银集团联席保荐，拟募集资金用于品牌升级、技术研发及渠道拓展。 值得注意的是，这家年营收超46亿的企业背后，是创始人郑春颖家族高达87.82%的绝对控股权，而过 度依赖单一品牌"自然堂"、线上流量占比近七成、研发投入不足等行业痛点，也随着招股书的披露浮出 水面。在美妆行业竞争加剧、技术壁垒成为核心竞争力的当下，这家老牌国货能否突破"流量依赖症"， 构建多元化品牌矩阵，成为资本市场最关心的命题 家族控股超八成引争议 上市后小股东会沦为"陪跑"吗？ 自然堂集团的股权结构堪称"家族式治理"的典型样本。招股书显示，截至最后实际可行日期，郑春颖、 郑春彬、郑春威、郑小丹四兄妹通过创始人BVI公司及离岸控股实体，合计持有公司约87.82%的投票 权，形成绝对控制权。"兄弟连"式治理模式在资本市场上并非孤例，但如此高比例的股权集中仍引发投 资者对小股东权益保障的担忧。 郑春颖作为集团灵魂人物，其职业生涯颇具传奇色彩：1964年出 ...

美妆区域的娇韵诗摊位前，摆放着三张白色化妆台，化妆台上整齐排列着粉底、眼影、口红等产品，专业美妆师正为入 场者打造妆容。坐在化妆台前的人身体微微前倾，看着镜子里的自己，任由美妆师用化妆刷在脸上细致涂抹，旁边等待 的人则围在展示架旁，拿起口红在手臂上试色，不时和身边人比对试色效果。 9 月 30 日天刚亮，广州珠江啤酒博物馆外的滨江步道就已陆续出现身影。有人背着双肩包，手里攥着打印好的市集导览 图；有人推着婴儿车，车兜里放着折叠购物袋，早早等候在入口附近，期待着李佳琦直播间 "所有女生的快乐市集・靓 靓派对" 开启。 上午 10 点，市集入口处的粉色拱门缓缓展开，工作人员身着统一的浅粉色工作服，手捧堆叠整齐的集章卡片，逐一递 到入场者手中。卡片上用彩色图标标注出 Olay、宝洁、娇韵诗等 30 余家品牌摊位的位置，还有互动打卡点的具体分 布，不少人刚接过卡片，就立刻低头用指尖在卡片上圈画，规划着首先前往的区域。 步入市集，各品牌摊位前迅速聚集起人群。Olay 摊位的展示台上，整齐摆放着即将在双 11 大促期间登陆李佳琦直播间 的新款护肤品，工作人员戴着白色手套，将面霜均匀涂抹在试用板上，旁边放着不同肤质的测试试 ...

Core Viewpoint - Goldman Sachs is optimistic about the growth of local Chinese beauty brands during the upcoming Double 11 shopping festival, predicting that brands like Shanghai Jahwa and Mao Geping will lead the high-growth tier [2]. Group 1: GMV Targets and Growth Expectations - Tmall/Taobao aims for a total GMV growth of 20%-25% (approximately 600 billion), with the beauty category expected to grow around 20% [2]. - Douyin is projected to achieve over 40% GMV growth across the platform, with the beauty category exceeding 30%, making it a key growth driver [3]. - Tmall's promotional efforts are more aggressive than previous events, while Douyin continues to attract brand investments through content e-commerce and live streaming advantages [3]. Group 2: Promotional Period Extensions - The promotional period for Double 11 has been extended significantly this year, with Douyin extending by 22 days, starting pre-sales on September 16 [4]. - JD.com has extended its promotional period by 8 days, while Tmall has added 2 days, with pre-sales starting on October 15 [5]. Group 3: Brand Performance Insights - Local leading brands are expected to outperform the industry, with high-growth brands like Mao Geping (40%-50%) and Shanghai Jahwa showing strong potential [6]. - Multinational high-end brands like Lancôme and Estée Lauder are expected to grow between 10%-30%, while mass-market brands face pressure with growth below 10% [7]. Group 4: KOL Trends and Strategies - The trend is shifting towards mid-tier KOLs, with Douyin directing traffic towards them, resulting in reduced commission rates for brands [8]. - Both local and multinational brands are adopting a dual strategy of collaborating with both top-tier and mid-tier KOLs to enhance reach and conversion efficiency [8]. Group 5: Industry Dynamics and Consumer Experience - The Double 11 event is seen as an accelerator for industry differentiation, with local brands gaining market share through live streaming and product innovation [8]. - Consumers will benefit from a longer promotional period, lower prices, and simplified rules, while investors should focus on high-growth local leaders and established multinational brands [8].

今年假期，想着不去人挤人，决定去稍微小众的云南腾冲。 机票贵到离谱，只好广州→昆明→保山→腾冲，一路转车、顺便看风景。晚上9点，终于到了地方，兴奋的心情被浇熄一半。 大街上行人没有几个，在秋风中显得格外冷清。 进入度假村，完全黑灯瞎火，一栋栋居民楼亮灯率不足一成，路灯没有几个亮的，几乎只能靠月光辨别方向。 乌漆嘛黑的。 收拾好去吃饭，更是夸张。 横竖四个方向八条街，烧烤店、火锅店、特色菜乃至酒吧，绝大多数都是空的，偶尔有一两桌客人，都称得上生意好。 这可是黄金周假期，再小众也不至于冷清成这样…… 虽然对不喜热闹的人而言，这样的氛围确实舒适。 但还是忍不住问一句：人呢？ 热闹与冷清同在 与个人感受到的冷清不同，今年假期整体的出行数据，依然火热。 据交通部的数据，10月1日～10月8日，全国累计跨区域人员流动量预计24.32亿人次，日均3.04亿，同比增长6.2%。 从出行方式来看，铁路、水路、航空、公路分别同比增长2.6%、4.2%、3.4%、6.5%。 经文旅部数据中心测算，8天假期全国实际共出游8.88亿人次，比去年的7天假期多1.23亿人次。 这里很多平台给出了一个数据，就是把8.88亿人次除以8，得出平 ...

Core Insights - The concept of "private domain" has evolved from a mere operational model to a strategic "growth engine" for companies, as evidenced by its frequent mention in IPO prospectuses [2][3] - Companies are increasingly highlighting user assets as a crucial component of brand valuation, indicating that effective user management will lead to greater growth potential in the capital markets [3] Summary by Sections Private Domain in IPO Prospectuses - Multiple consumer brands preparing for IPOs emphasize "private domain" and related membership operations, showcasing the strategic importance of private domain strategies [5] - Snack brand "Hao Xiang Lai" reported that its members contributed approximately 78% of GMV in the first eight months of 2025, highlighting the significant impact of private domain user assets on revenue growth [2][5] - The mother-and-baby brand "Bu Tong Group" defined "private domain" in its prospectus and demonstrated rapid growth in private domain sales, with revenue increasing from 8.8 million yuan in 2022 to 56.3 million yuan in the first half of 2025 [5][6] Development Stages of Private Domain - The development of private domain can be categorized into three stages: 1. **Official Definition Stage (around 2020)**: The concept of private domain traffic emerged as brands began to establish their own traffic pools [9] 2. **High Growth Stage (2021-2023)**: Brands started to mention "private domain" or "membership operations" in their financial reports, leading to significant performance improvements [10] 3. **Mature Stage (2024-present)**: Private domain strategies are now frequently included in IPO prospectuses, becoming a core growth model for companies [10] Future Trends Reflected in Private Domain Layouts - **Trend 1: Full-domain Operations and Online-Offline Integration**: Brands are increasingly emphasizing the integration of online and offline channels to create a seamless user experience [11][12] - **Trend 2: Organizational and Mechanism Reform**: Companies are adjusting their internal structures to support private domain and full-domain operations, leading to more agile and responsive organizations [13] - **Trend 3: Layered Membership Management**: The future will see a more refined approach to membership management, focusing on clear tier structures and differentiated benefits [14][15] - **Trend 4: Full-link Digital Empowerment**: A comprehensive digital infrastructure is essential for the effective implementation of private domain strategies, enabling real-time collaboration across various business functions [16][18] Conclusion - The emphasis on "private domain operations" is shifting from a marketing tactic to a central theme in corporate growth strategies, with a clear trend towards user-centric, data-driven operations [18]

Market Overview - The three major stock indices collectively declined, with the ChiNext Index falling over 4%, the Shenzhen Component Index down nearly 3%, and the Sci-Tech Innovation 50 Index dropping 5.61% [1][2] Sector Performance - The consumer sector was notably active, with new consumption areas like beauty and pet economy leading the gains, as stocks such as Zhuangyuan Pastoral and Yiyi Co. hit the daily limit [1] - The gas sector also performed well, with Dazhong Public Utilities and Hongtong Gas reaching the daily limit [1] - The military equipment sector strengthened in the afternoon, with Changcheng Military Industry hitting the daily limit [1] - Conversely, the semiconductor sector experienced a pullback, with stocks like Aojie Technology and Dongxin Co. dropping over 10% [1] - The battery sector declined, led by Liyuanheng, while the precious metals sector continued to adjust, with Western Gold seeing significant losses [1] Key Highlights - The consumer sector saw a surge in stocks ahead of the 2025 "Double 11" shopping festival, with platforms like Kuaishou and Douyin initiating pre-sales [3] - In the electric grid equipment sector, New Special Electric hit the daily limit, supported by a report from Goldman Sachs indicating a significant increase in power demand for data centers, raising investment expectations from $720 billion to $780 billion by 2030 [4]

Group 1 - The article discusses the challenges faced by university students during the autumn recruitment season, highlighting the intense competition and pressure they experience [1][2][32] - It emphasizes the significance of campus recruitment presentations, which have become a hot topic as companies seek to attract talent [4][32] - The article critiques the recent LVMH recruitment presentation at Fudan University, noting the lack of tangible benefits for students, such as gifts or useful recruitment information [7][21][20] Group 2 - The article provides insights into the structure and expectations of recruitment presentations, indicating that students generally seek clear information about salaries, career paths, and immediate feedback on applications [41][50] - It mentions that a significant number of recruitment presentations are scheduled across the country, with over 7,977 events expected to take place from September 22 to October 23, involving more than 2,200 companies [33][36] - The article highlights the trend of companies using gifts and incentives to attract students to their presentations, with various strategies employed, such as limited giveaways and interactive social media campaigns [25][29][50]

Group 1: Market Trends - The domestic consumption potential is accelerating, with a shift from price-performance ratio to quality-price ratio, indicating a more discerning consumer base[5] - In the first half of 2025, China's retail sales of consumer goods showed a year-on-year growth of 12.3% in staple food categories, reflecting stable basic living consumption[26] - The cross-border e-commerce import and export scale reached 1.32 trillion yuan in the first half of 2025, with exports at 1.03 trillion yuan (up 4.7%) and imports at 291.1 billion yuan (up 9.3%)[43] Group 2: Policy Impact - The "Two New, Two Heavy" policies are enhancing the competitiveness of domestic products, leading to an increase in market share for new domestic goods[24] - The government is promoting consumption through various measures, including improving consumer confidence and expanding high-quality service offerings[20] - The domestic market is experiencing structural changes, with a focus on high-quality consumption driven by policies aimed at boosting consumer spending[18] Group 3: Brand Development - The global recognition of domestic brands has increased significantly, with a 20 percentage point rise in trust over five years, driven by high-quality products and corporate social responsibility[60] - In 2025, 76 Chinese brands were included in the World Brand 500 list, ranking second globally, indicating a significant leap in brand quality and market presence[72] - The integration of traditional cultural symbols into product design has become a key strategy for enhancing brand value and consumer connection[67] Group 4: Consumer Behavior - Consumers are increasingly prioritizing quality and emotional value over low prices, with a 13.1% net increase in the tendency to consume low-priced products[31] - Young consumers are driving the growth of domestic brands, with 44.2% preferring to purchase domestic products through e-commerce platforms[98] - The demand for products with investment and aesthetic value is rising, as evidenced by an 11.3% increase in retail sales of gold and jewelry[30]

【大消费板块持续活跃 遥望科技（维权）、依依股份双双涨停】智通财经10月10日电，午后大消费板 块持续活跃，美妆、宠物经济等新消费方向领涨，遥望科技、依依股份涨停，水羊股份、佩蒂股份、路 斯股份、拉芳家化等跟涨。消息面上，2025年"双11"大促的序幕已悄然拉开。10月7日，快手抢先启动 2025年"双11"预售；10月9日0点，抖音"双11"大促正式开跑；同日晚8点，"京东11.11"也同步上线。 转自：智通财经 ...

Core Viewpoint - The company has demonstrated strong financial performance in H1 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and effective cost management [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.59 billion (CNY), representing a year-on-year increase of 31.3%, and a net profit of 670 million (CNY), up 36.1% year-on-year, aligning with market expectations [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points, while the net margin improved to 25.9%, up by 0.9 percentage points [1]. Business Segmentation - Revenue breakdown by product category shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2]. - Revenue by channel indicates 47% from offline sales and 50% from online sales, with online sales growing by 39% year-on-year [2]. Product and Brand Development - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its product matrix [3]. - The brand is focusing on high-end positioning through flagship store openings in key commercial areas and entry into premium department stores [3]. Future Growth Potential - There is significant potential for SKU expansion and improvement in store efficiency, with the company currently having around 400 SKUs, indicating room for growth in various product categories [3]. - The company is expected to maintain a healthy dual-channel development strategy, leveraging both online growth and offline experiential services [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 1.19 billion, 1.53 billion, and 1.94 billion (CNY) respectively, with a compound annual growth rate of 27.5% over three years [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 38.2, 29.8, and 23.5 for the respective years, with a target price set at 124.4 HKD, maintaining a "strong buy" rating [4].