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 ...

Core Viewpoint - The report from Huachuang Securities projects that Maogeping (01318) will achieve a net profit of 1.19 billion, 1.53 billion, and 1.94 billion yuan for the years 2025 to 2027, with a compound annual growth rate of 27.5% over three years, leading to a target price of 124.4 HKD and a "strong buy" rating [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1%, meeting market expectations [1] - The gross margin for the first half of 2025 was 84.2%, a decrease of 0.7 percentage points, while the net profit margin was 25.9%, an increase of 0.9 percentage points [2] Cost Management - The sales and management expense ratios were 45.2% and 5.3%, respectively, showing a decrease of 2.4 percentage points and 1.5 percentage points [2] - Despite an increase in marketing and promotional expenses to 540 million yuan, the company effectively controlled the sales expense ratio, contributing to the improvement in net profit margin [2] Revenue Breakdown by Product Category - The revenue composition by brand shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2] - Color cosmetics generated 1.42 billion yuan in revenue, up 31%, with a gross margin of 82.7% [2] - Skincare revenue reached 1.09 billion yuan, a 33% increase, with a gross margin of 87.5% [2] Revenue Breakdown by Channel - Revenue by channel indicates 47% from offline sales and 50% from online sales [3] - Offline revenue was 1.22 billion yuan, a 27% increase, with a gross margin of 85.7% [3] - Online revenue reached 1.297 billion yuan, up 39%, with a gross margin of 83.9% [3] Brand Development and Market Positioning - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its brand image and positioning [4] - The opening of a flagship store in a core business district of Hangzhou and entry into high-end department stores like Beijing SKP further solidifies the brand's high-end positioning [4] Future Growth Potential - The company has significant room for SKU expansion and improvement in store efficiency, which is expected to drive future growth [4] - The dual-channel strategy of online and offline sales is showing healthy collaborative growth, with the potential for continued momentum [5]

Core Viewpoint - The report from Huachuang Securities projects that Maogeping (01318) will achieve net profits of 1.19 billion, 1.53 billion, and 1.94 billion yuan for the years 2025 to 2027, with a compound annual growth rate of 27.5% over three years, leading to a target price of 124.4 HKD and a "strong buy" rating [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1%, meeting market expectations [2] Profitability - The gross margin for the first half of 2025 was 84.2%, a decrease of 0.7 percentage points, while the net profit margin was 25.9%, an increase of 0.9 percentage points. The sales and management expense ratios were 45.2% and 5.3%, respectively, showing a decrease of 2.4 percentage points and 1.5 percentage points [3] Business Segmentation by Brand - Revenue breakdown shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances. Specifically, color cosmetics generated 1.42 billion yuan (+31%) with a gross margin of 82.7%, skincare brought in 1.09 billion yuan (+33%) with a gross margin of 87.5%, makeup artistry training earned 70 million yuan with a gross margin of 62.9%, and fragrances generated 11 million yuan with a gross margin of 77.6% [4] Business Segmentation by Channel - Revenue distribution indicates 47% from offline sales and 50% from online sales. Offline revenue was 1.22 billion yuan (+27%) with a gross margin of 85.7%, while online revenue reached 1.297 billion yuan (+39%) with a gross margin of 83.9% [5] Brand Development - The company has expanded into the fragrance market with the launch of two high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang." It is also enhancing its brand image by opening flagship stores in key urban areas and entering high-end department stores, indicating a strong commitment to high-end brand positioning [6] Investment Recommendation - As a benchmark for high-end domestic cosmetics, the company has a strong brand moat and is experiencing steady growth driven by both color cosmetics and skincare. The successful expansion into fragrances demonstrates potential for multi-category development. The rapid growth of online channels and the strengthening of offline channels through experiential services indicate a healthy dual-channel synergy [7]

Core Insights - JD.com has launched its 11.11 shopping festival, offering significant discounts on beauty and skincare products, with prices as low as 10% of the original price [1][6] - The event features collaborations with renowned brands such as Lancôme, La Mer, SK-II, Estée Lauder, and others, providing a wide range of products from serums to makeup [1][6] Beauty and Skincare Promotions - The "Beauty Carnival Day" includes promotions on various anti-aging and moisturizing serums, such as Lancôme's Advanced Génifique, which offers a buy one get one free deal [3] - Other highlighted products include SK-II Facial Treatment Essence, which comes with a complimentary sample, and Guerlain's Abeille Royale Serum, which offers a 100ml bonus with a 50ml purchase [3][4] Moisturizers and Eye Creams - The event emphasizes deep nourishment with moisturizers and eye creams, featuring products like Helena Rubinstein's Prodigy Reversis Cream and Lancôme's Advanced Génifique Eye Cream, both with promotional offers [4] - Estée Lauder's Advanced Night Repair Eye Cream is also highlighted, with a promotion that allows customers to receive additional product volume [4] Makeup Offers - JD.com is promoting various makeup products with buy one get one free offers, including YSL's cushion foundation and Givenchy's powder [5] - The promotions aim to enhance the overall makeup experience, providing customers with high-quality products at competitive prices [5] Event Duration and Access - The "Beauty Carnival Day" runs from October 9 to October 15, with customers encouraged to access the event through the JD.com app by searching for "Beauty 1111" [1][6]

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7 0亿元。至此，一个国货美妆独角兽诞生。 美町与自然堂于2 0 2 4年10月2 3日订立股份认购协议并于2 0 2 5年9月8日对其进行补充，据此，美町按每股股份约5 8元认购7 , 0 2 6 , 4 5 9股 股份，对价总额为4 . 0 9亿元。今年9月，美町又按每股股份6 3元的价格购入5 3 1 , 0 2 3股股份，对价总额为3 3 4 5万元，以此累计投资4 . 4 2 亿元，已于2 0 2 5年9月2 6日不可撤销地结清。 于2 0 2 5年9月1 6日，Hima l a y a I n t e r n a ti o n a l与公司订立投资协议，据此，Hima l a y a I n t e r n a ti o n a l按每股股份约6 3元认购4 , 7 6 1 , 9 0 5股 股份，对价为3亿元，已于2 0 2 5年9月2 5日不可撤销地结清。 其 中 ， Hima l a y a ...

Core Insights - The rise of the "sample economy" in the beauty industry is driven by changing consumer preferences, particularly among younger generations, who are increasingly opting for smaller, more convenient products during travel [1][4][7] - The market for beauty samples is projected to grow significantly, evolving from a supplementary market into a standalone sector worth hundreds of billions to potentially a trillion yuan [4][7] Group 1: Market Trends - The "double holiday" has sparked a surge in demand for beauty samples, with consumers favoring smaller products like 5ml serums and 15ml creams over traditional full-size items [3][4] - Online sales data from platforms like Taobao shows that sample sets from international brands are becoming bestsellers, with significant sales figures reported for various products [3][4] Group 2: Consumer Behavior - The trend towards "lightweight travel" is a key driver, as strict liquid limits and the risk of damage to full-size products make samples more appealing for consumers seeking convenience [3][4] - The sample economy allows consumers, especially budget-conscious younger generations, to experience high-end brands at a lower financial risk, promoting a "try before you buy" mentality [7][9] Group 3: Industry Challenges - Despite the growth potential, the sample market faces issues such as counterfeit products and a lack of regulatory compliance, which pose risks to consumer trust and market integrity [9][10] - The absence of a robust anti-counterfeiting system for samples makes it difficult for consumers to verify product authenticity, leading to concerns about the prevalence of fake goods [9][10] - Regulatory challenges include non-compliance with labeling requirements, as many products lack necessary information, which has led to penalties for companies in the sector [10]

Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Industry**: High-end beauty and skincare Key Points and Arguments 1. **Strategic Transformation**: Water Sheep Co. is undergoing a strategic transformation focusing on high-end brands, leveraging e-commerce and digitalization to enhance operational efficiency and brand positioning [2][6][9] 2. **High-end Brand Matrix**: The company has developed a high-end brand matrix, which includes brands like Yufei Dan (伊菲丹), PA, and Revive, aiming for a global luxury beauty transformation [2][9] 3. **Market Trends**: The high-end beauty market in China is characterized by a shift towards scientific skincare concepts, with a growing consumer base among affluent women, providing significant growth opportunities for niche high-end brands [3][5] 4. **Performance Expectations**: For 2025, the company anticipates significant profit recovery and growth, with high-end brands expected to contribute over 1.5 billion RMB in revenue [3][27] 5. **Brand Contributions**: Yufei Dan's core products, including super masks and CP combinations, contribute 60%-70% of overall revenue, indicating strong market demand and brand positioning [10] 6. **International Expansion**: The Revive brand, with products priced between 2,000 RMB and over 10,000 RMB, has seen significant sales growth, achieving over 10 million RMB in GMV in the first half of 2025 [4][20] 7. **Resource Allocation**: Starting in 2024, resources will be concentrated on high-end brands, with a reduction in support for mass-market skincare products [9][11] 8. **PA Brand Strategy**: PA focuses on the unique HP DNA repair component, targeting younger consumers with a need for effective and quick skincare solutions [15][17] 9. **Sales Growth**: The company has reported substantial growth in its brands, with PA experiencing over 200% growth and Yufei Dan maintaining a doubling growth rate [27] 10. **Operational Adjustments**: The company is adjusting its operational strategies to enhance profitability, including reducing reliance on influencer marketing and focusing on sustainable growth [14][26] Additional Important Insights 1. **Consumer Insights**: The company emphasizes the importance of consumer insights and rapid product iteration as key drivers of market share in the domestic beauty sector [5] 2. **Brand Positioning**: Yufei Dan differentiates itself through a narrative of French skincare experience and aristocratic storytelling, which has resonated well with consumers [7][8] 3. **Market Challenges**: The company has faced challenges due to adjustments in Johnson & Johnson's business, but has successfully diversified its partnerships to mitigate risks [26] 4. **Future Plans**: Water Sheep Co. plans to open 50 stores in China over the next three years, enhancing its offline presence and brand visibility [11][12] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on high-end beauty brands and its growth trajectory in the competitive market.

Summary of the Conference Call for Juzi Biotechnology Company Overview - Juzi Biotechnology is a pioneer in the research and production of recombinant collagen, focusing on functional skincare products, medical devices, and functional foods. The company has the most comprehensive collagen molecular library globally and has contributed to the establishment of the first industry standards for recombinant collagen in China [3][4]. Industry Insights - The beauty and skincare industry is experiencing a shift towards differentiated competition, with Juzi leveraging its proprietary recombinant collagen technology through brands like Kefu Mei and Keli Jin. Kefu Mei is seeing rapid growth, while Keli Jin has returned to a growth trajectory after adjustments [2][4]. Key Financial Performance - Juzi Biotechnology projects a 25% revenue growth and a 20% profit growth for the year. The company anticipates strong performance in the second half of the year, supported by collaborations with key influencers for promotional events like Double Eleven [4][14]. Online and Offline Channel Strategy - Online sales account for 75% of total revenue, expected to rise above 80%. The company employs a GTC model for online sales, while offline sales are conducted through a distribution model with lower sales costs. Juzi is expanding its product offerings in pharmacies and hospitals, and has launched a new brand, "Ke Yu," targeting family consumption [2][8][9]. Response to Market Challenges - The company has effectively managed short-term public relations challenges by stabilizing gross sales margins and optimizing cost structures. Collaborations with influencers are strategically planned to avoid significant fluctuations in operating margins [6][11]. Pricing Strategy - During the Double Eleven shopping festival, Juzi maintained stable pricing to prevent negative consumer perceptions regarding brand value. The company selectively participated in promotional activities, ensuring minimal impact on gross margins [7][14]. Product Development and Innovation - Juzi is actively tracking market trends and new ingredients, such as PDR, to enhance its product offerings. The company emphasizes scientific validation and consumer value in its product development strategy, avoiding the release of ineffective products [12][13]. Future Outlook - The company is optimistic about its growth trajectory, particularly in the cosmetics and medical aesthetics sectors. Juzi is focused on steady development, with plans to enhance its online presence and maintain a robust offline foundation. The company is also exploring international markets, albeit at a cautious pace [15][16].

Core Insights - The Chinese beauty industry is experiencing a significant transformation, with many brands exiting the market while others are rapidly launching new sub-brands to adapt to changing consumer demands and market conditions [1][8][24]. Group 1: Industry Trends - The beauty industry is facing a "winter" period, leading to the exit of several brands such as Qiaodi Shanghui and Jing Sheng Zhi Yuan [1]. - Despite the challenges, there is a surge in new brand launches, indicating a robust response from leading companies [1][8]. - Major players like Shangmei Co., Beitaini, and Polaroid are actively developing multiple sub-brands to enhance their market presence [8][24]. Group 2: Company Strategies - Shangmei Co. has launched three new brands this year, including NAN beauty, a high-end anti-aging brand Tazu, and a baby care brand [10][11]. - Beitaini is set to introduce a new acne treatment brand, Ansta, which has been in development for three years [15][16]. - Polaroid is considering overseas acquisitions to fill gaps in its product offerings, targeting markets such as baby care and men's grooming [17][24]. Group 3: Market Positioning - The multi-brand strategy allows companies to cater to diverse consumer needs across different demographics, enhancing their competitive edge [24][29]. - Companies are focusing on leveraging their main brand strengths to create differentiated sub-brands that address specific market segments [27][30]. - The trend of building a multi-brand matrix is becoming standard among leading beauty companies in China, moving away from a single-brand dominance [28][39]. Group 4: Growth Strategies - Companies are employing both internal brand incubation and external acquisitions as primary methods for expanding their brand portfolios [29][33]. - Internal incubation allows companies to innovate and meet emerging consumer demands effectively, while acquisitions provide immediate access to established brands and markets [32][38]. - The balance between these strategies is crucial for sustained growth and market relevance in a competitive landscape [39].

10月8日，抖音生活服务发布国庆中秋假期消费数据。数据显示，10月1日至10月7日，平台上餐饮、住宿、美妆个护、服饰鞋帽等多个类目消费 火爆，味蕾游、小城游、周边游颇受青睐，非遗国风消费、体验式消费等带动地方文旅消费再创新高。 根据平台团购销售额数据显示，成都排入全国最具消费力的十大城市。国庆中秋假期，川剧相关订单量增幅达到63%。 ▲10月2日，众多游客在成都杜甫草堂里参观游览，游客和川剧变脸演员合影留念。中新社记者 安源 摄 假期川剧订单量增加63% 成都排入全国最具消费力十大城市 根据平台团购销售额，全国最具消费力的十大城市同步出炉，分别为：上海、北京、杭州、郑州、深圳、成都、广州、重庆、无锡、南京。 周边近郊度假成为不少人假期休闲的选择，市民游客在假期的休闲选择也趋于多样。其中，最为强劲的是钓鱼——10月1日至10月7日，抖音钓鱼团购销售额 同比增长142%，露营和农家乐团购销售额增长69%和63%。同时，音乐节、洗浴按摩、演唱会、KTV团购销售额同比增幅也分别达到72%、58%、38%和 33%，大众假日休闲消费愈加多元化。 受国庆中秋双节8天超长假期推动，大众出游、购物休闲热情高涨，带动线下多类消 ...