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].

[Table_Title] 研究报告 Research Report 9 Oct 2025 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 大消费渠道脉搏：2025 双 11 美妆行业前瞻，抖音与淘天平台策略分化 Consumer Channel Pulse: 2025 Double 11 Beauty Industry Outlook, Divergent Strategies of Douyin and Taobao/Tmall yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际举办专家系列会，邀请美妆品牌操盘专家分享行业看法和趋势。 此次双 11 活动时间延长，核心时间段集中在 10.31 日之前，抖音和淘系平台目标积极。从此次双 11 活动的时间段 来看，抖音平台从 9.16 开 ...

美妆产品推新框架 20251009 摘要 组织能力是企业竞争力的核心，尤其在美妆行业，重视消费者洞察和高 效组织效率至关重要。理解消费者需求并提供差异化解决方案是产品成 功的关键，宝洁和欧莱雅等公司通过强大的市场部和数据部门支持创新 决策。 评估美妆企业推新能力需关注消费者导向、市场部实力和数据反馈机制。 强势市场部负责品牌战略、产品打造及营销策划，有效信息收集与反馈 机制能提升新品转化率，宝洁和欧莱雅的数据部门是典范。 产品迭代和创新对市场表现至关重要。红宝石面霜通过不断改进成分和 质地，在双十一期间实现销售增长。丰富的触点、部门间信息传递和快 速反馈机制是内部效率的关键。 短期内，渠道与营销对产品销售影响最大。在渠道红利衰减的背景下， 精细化运营至关重要。营销建立品牌资产，渠道侧重销售转化，内容电 商时代通过短视频种草引流至直播间实现品效合一。 评估品牌种草能力需关注选达人能力和达人矩阵结构。早期合作上升期 达人，如李佳琦助力花西子冷启动。合理的达人矩阵结构包括头部、中 腰部及尾部达人的比例，以及多元化垂类方向。 Q&A 请您介绍一下美妆产品推新框架的核心内容和重要性。 美妆产品推新框架是我们团队在深入研 ...

那个你熟悉的自然堂，要去港股敲钟了。 在资本热潮涌动、新锐品牌靠融资野蛮生长的美妆界，自然堂一直是个"异类"。这家创立24年的国货品牌，长期保持着家族企业的低调与神秘，直到最近 冲刺IPO，首次向加华资本、欧莱雅这样的外部投资者打开大门。 近日，自然堂全球控股有限公司(以下简称自然堂集团)正式向港交所递交招股说明书，另据弗若斯特沙利文数据，集团旗下品牌自然堂在消费者认可度、 购买频率及复购意愿方面，在所有受调研的大众国货化妆品品牌中排名第一，以2024年零售额计，自然堂是中国第三大的国货化妆品品牌。 在这份招股书背后，藏着一个怎样的美妆帝国？昔日的国货之光，又面临着哪些成长的烦恼？ 四兄妹的"美妆江山" 故事的起点，要从创始人郑春颖说起。 上世纪80年代，作为东北财经大学的高材生，毕业后进入辽阳市财政局，端起了"铁饭碗"。十年后，改革开放的浪潮激发了下海的决心。2001年，郑春颖 在上海创立伽蓝集团（自然堂集团前身），推出了我们后来熟知的"自然堂"和"美素"。 经历近24年的经营，自然堂集团已经培育出包括"自然堂""珀芙研""美素""春夏""己出"在内的五个主要品牌，涵盖护肤、彩妆、个人护理、男士护理以及 儿 ...

Core Points - The article discusses the current state of campus recruitment events, highlighting the mixed experiences of students attending these events and the varying quality of presentations from companies [1][4][11] Group 1: Campus Recruitment Events - Campus recruitment events are becoming increasingly significant, with over 7,977 events expected to take place across 350 universities in China from September 22 to October 23, 2023 [19] - Students are often left questioning the value of attending these events, as some feel they are merely promotional rather than informative [11][28] - The expectation for these events includes clear communication of salary, benefits, and career paths, which many companies fail to deliver [26][31] Group 2: Company Practices - Companies like LVMH have faced criticism for their recruitment presentations, which lacked practical information and focused more on brand promotion than on job opportunities [4][9][11] - In contrast, other companies such as Miniso and L'Oréal have been noted for providing more engaging and informative sessions, including direct interactions with HR and immediate feedback [10][26] - The trend of offering promotional gifts at recruitment events has become a common practice, with companies using these gifts to create a positive impression among students [12][15][32] Group 3: Student Perspectives - Students are increasingly viewing recruitment events as opportunities to collect promotional items rather than as serious job-seeking venues, leading to the phrase "recruitment events are shopping events" [13][32] - Many students express frustration when events do not provide tangible recruitment opportunities, leading to a sense of wasted time [28][31] - The competitive nature of recruitment has led students to attend events across different universities, even if the companies are not directly recruiting from their institution [22][24]

原标题：中国成分弯道超车！这场发布会见证美妆科研创新力量 近日，谷雨科研战略发布会暨"厦门大学一谷雨生物医药联合研究中心"揭牌仪式福建厦门举行。这场发 布会带来哪些国货美妆科研新亮点？校企合作又将聚焦哪些重要领域？跟着我们的镜头，一起来看看 吧！（来源：人民日报文创客户端） ...

来源：市场资讯 （来源：天天IPO） 加华资本重仓。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，总部位于上海的美妆品牌自然堂集团刚刚完成新一轮融资，加华资本投资了3亿元人民 币，全球美妆巨头欧莱雅也参与其中，本轮融资估值超70亿元。至此，一个国货美妆独角兽诞生。 回想20多年前，郑春颖辞去东北老家的公务员工作，来到上海打拼创办了自然堂，后来在美妆江湖闯出 一番天地，那句"你本来就很美"的广告语尤其深入人心。招股书显示，自然堂已崛起成为中国第三大国 货化妆品集团，一年营收超45亿元。 加华资本此番出手，某种程度上也是消费投资复苏的一缕风向标。正如加华资本创始合伙人、董事长宋 向前多次强调："消费具有天然的抗周期性，是资源配置中的最优投资赛道，更是中国经济的稳定器和 压舱石。" 新晋美妆独角兽诞生 加华资本投了 印象中，这应该是自然堂成立以来首次开放融资。 伴随自然堂全球控股有限公司（简称"自然堂控股"）递表港交所，更多细节流出——这一次，自然堂控 股引入一轮融资，总金额超7亿元。 美町与自然堂于2024年10月23日订立股份认购协议并于2025年9月8日对其进行补充，据此，美町按每股 股份约 ...