HBN招股书公布的业绩数据显示，2023年、2024年及2025年前三季度，该公司营业收入分别为19.48亿元、20.83亿元、15.14亿元，净利 润分别为0.39亿元、1.29亿元、1.45亿元，毛利率维持在73%—77%之间。 1月26日，国货护肤品牌HBN母公司深圳护家科技（集团）股份有限公司向港交所递交上市申请。招股书显示，厦门美图网科技有限公 司（下称"美图网"）为HBN持股股东之一，占股23.81%。 HBN在招股书中称，美图（01357.HK）系美图网控股股东，美图执行董事长、首席执行官吴泽源已于2025年11月加入HBN任职董事， 2026年1月调任为非执行董事，主要负责向HBN提供战略意见。 HBN创立于2019年，是护家科技旗下唯一品牌，聚焦抗皱紧致、提亮美白等护肤功效。在招股书中，其称"开创了早C晚A护肤理念并实 现大规模产品化"，主要产品标准规格定价在129—689元。 美图对HBN的投资始于2020年。天眼查数据显示，2020年12月，吴泽源完成对HBN的股权投资，美图成为HBN股东，持股比例为 28.2%。该项投资的背景是，面对行业竞争加剧、业绩承压的局面，美图于2018年8月发 ...

Core Viewpoint - The company Shandong Huawutang Cosmetics Co., Ltd., the parent company of the popular domestic brand "Banmu Huatian," is preparing for an IPO on the Hong Kong Stock Exchange, highlighting the ongoing trend of consumer brands seeking public listings in Hong Kong [2][4]. Company Overview - Banmu Huatian was founded by a couple from Shandong, who initially engaged in herbal tea business and later shifted focus to rose-based products, leveraging the region's rich history in rose cultivation [3]. - The brand gained significant traction on Douyin (TikTok) and has become a leading player in the domestic market for body care products, achieving over 1 billion yuan in sales in 2019 [3][10]. Financial Performance - The company reported revenues of 11.99 billion yuan in 2023, projected to grow to 14.99 billion yuan in 2024 and 18.95 billion yuan in the first three quarters of 2025, with adjusted net profits increasing correspondingly [10]. - The body care segment is the primary revenue driver, accounting for 41.8% of total revenue in the first three quarters of 2025, while the hair care segment has seen a nearly fivefold increase in revenue [10]. Market Position - According to Frost & Sullivan, Banmu Huatian is the leading domestic brand in body lotion, body scrub, and cleansing mousse as of 2024 [8]. - The average price point for the company's products is around 20 yuan, with a strategy to expand offline channels by reducing prices [11]. Sales Channels - Online sales remain the dominant revenue source, contributing 85.7% of total revenue in 2023, with Douyin being the primary platform, achieving a GMV of over 500 million to 750 million yuan in 2025 [11][12]. - The company has diversified its sales channels to include supermarkets, specialty stores, and new retail formats, although online sales continue to lead [11]. Competitive Landscape - The beauty and personal care market is highly competitive, with numerous brands vying for market share, and the company faces challenges from both established and emerging brands [13]. - The company has been investing heavily in marketing, with a sales expense ratio of 47.3% in the first three quarters of 2025, indicating significant financial pressure [13].

▲VENUAN海外旗舰店展示的VENUAN何首乌洗发水"28天临床实验数据见证"。图/新京报 少白头、熬夜白发、压力白发……近来，随着白发人群年轻化，"白发变黑"成为商家眼中的商机。 据新京报报道，在购物平台上，大量宣称"可把白发洗黑"的非染发剂类洗发水产品，配上所谓的真人实 测数据，收割着白发人群焦虑。 在其产品包装上，也标注着"不具有黑发、染发效果"，但在产品购买详情页，则大肆宣传"白发洗黑"。 这种备案、标签与营销宣传的冲突，一方面涉及虚假宣传，另一方面则是为了逃避监管处罚。 《化妆品监督管理条例》明确要求化妆品广告内容需真实合法，功效宣称必须与备案资料一致；要求化 妆品标签内容真实完整，且禁止标注虚假或引人误解的内容。这些"神奇"的洗发水明目张胆弄虚作假， 涉嫌侵犯消费者的知情权和公平交易权。 有一个细节耐人寻味，此类洗发水产品都是代工生产，而代工企业均表示"只负责加工生产"，并不清楚 销售宣传的事情。这实际上也是一种精准、功利的切割，算计的都是消费者的决策和钱包。 花样翻新的消费陷阱，往往借着刺激消费的名义大行其道，实际上却是在破坏市场秩序，损害消费者利 益和公共利益。对此，监管部门需强化广告监管执 ...

Core Viewpoint - HBN, a skincare brand, has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to become the first stock representing "true efficacy skincare" in China and to leverage international capital markets for long-term development [1] Group 1: Company Overview - HBN was founded in 2019 with a commitment to the philosophy of "true efficacy" and a belief in the long-termism of "slow research" [2] - The brand has established itself among the top ten domestic skincare brands in China and is the largest domestic brand in the improvement skincare market [2] - HBN is recognized as a pioneer in the domestic retinol anti-aging sector and was one of the first brands to propose the "morning C, evening A" skincare concept [2] Group 2: Market Position and Performance - HBN's retinol and α-arbutin products have ranked first in sales in their categories for three consecutive years (2022-2024), creating a rare series of enduring bestsellers among domestic brands [2] - The company has accumulated over 4.6 million repeat customers, with average order values steadily increasing [3] - HBN's average repurchase rates on platforms like Tmall and Douyin are 35.4% and 44.0% respectively, significantly exceeding industry averages [3] Group 3: Financial Performance - HBN has experienced steady revenue growth, with total revenue reaching 2.08 billion yuan in 2024 and 1.51 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 10.2% [4] - Adjusted net profit increased from 90 million yuan in 2023 to 130 million yuan in 2024, and further to 150 million yuan in the first three quarters of 2025 [4] - The adjusted net profit margin improved from 4.7% in 2023 to 6.2% in 2024, and reached 9.6% in the first three quarters of 2025, indicating a transition to a sustainable growth phase [4] Group 4: Research and Development - HBN has published 50 SCI-indexed papers, ranking first among domestic skincare brands for papers published as the first author [3] - The company ranks third among domestic brands in the number of new cosmetic raw materials registered by its own research and development as of September 2025 [3] - HBN has established a rigorous efficacy verification system and is the only skincare brand in China to conduct real-world efficacy testing for its entire product line through an international authority [3] Group 5: Future Outlook - HBN aims to establish a comprehensive multi-dimensional efficacy verification system throughout the product lifecycle, expanding verification from laboratories to real-world settings [4] - The company is promoting the establishment of industry standards for cosmetic efficacy evidence assessment, which is expected to lead to more standardized and transparent efficacy claims across the industry [4] - The upcoming listing in Hong Kong is seen as a critical step for HBN to transform its systematic research capabilities into broader market influence [5]

Market Overview - The cosmetics sector experienced a decline of 1.27% on January 27, with Marubi Biotechnology leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Key performers in the cosmetics sector included: - Jiahen Home Cosmetics (300955) with a closing price of 41.47, up 6.88% and a trading volume of 73,900 shares, totaling 303 million yuan [1] - Qingdao Kingway (002094) closed at 8.24, up 3.00% with a trading volume of 569,900 shares, totaling 467 million yuan [1] - Conversely, Marubi Biotechnology (603983) closed at 31.84, down 4.47% with a trading volume of 46,400 shares, totaling 149 million yuan [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 43.98 million yuan from main funds, while retail investors contributed a net inflow of 43.99 million yuan [2] - Notable capital flows included: - Qingdao Kingway (002094) with a net inflow of 22.70 million yuan from main funds [3] - Shanghai Jahwa (600315) with a net inflow of 8.10 million yuan from main funds [3] - Marubi Biotechnology (603983) experienced a slight net outflow of 94,800 yuan from main funds [3]

Core Insights - The "2026 Online New Year Goods Festival" has been launched, featuring the "Top 100 Must-Buy Shandong New Year Goods" list, highlighting the cultural and innovative aspects of Shandong products [1][2] - The Yao Shun Peony Luxury Skin Care Set has been recognized for its quality and represents the diversification of the "Good Products Shandong" brand matrix [2] Company Highlights - Yao Shun Peony, a leading company in the peony industry, emphasizes natural, technological, and luxury elements in its skin care products, which include three core items: luxury essence water, luxury essence lotion, and luxury essence liquid, all based on peony extracts [2] - The inclusion of the Yao Shun Peony Luxury Skin Care Set in the festival enriches the product categories available, extending the concept of "Shandong Good Products" from traditional food and intangible cultural heritage to high-end beauty products [2] Industry Trends - The festival aims to create a comprehensive online shopping experience that combines shopping, cultural experiences, and tourism, reflecting the strong momentum of innovation and brand upgrading in Shandong's industries [2] - The event will run until the eve of the Spring Festival, promoting various recommendations including "Good Products Shandong New Spring Goods" and "Winter Travel in Qilu Fun Check-in Places" [2]

来源：证券日报 1月16日，NEWty2026天猫超级新品盛典在上海举办。盛典回顾了2025年亮眼新品增长成绩的同时，正 式发布了2026年优质新品扶持核心举措，同时公布涵盖百大年度新品的六大新品奖项，颁发年度商业人 物奖，并特别设立女性专项表彰，联动商业与公益，凝聚行业创新力量。 增长数据印证平台实力，新品驱动品牌增长 2025年，超过1600万款优质新品在天猫首发，新品规模创历史新高，超30000款优质新品成交破百万， 数量同比增长35%，新品整体实现34%的成交增长，充分彰显平台的新品孵化力与增长确定性。 盛典现场，行业标杆品牌们登台分享了独家的新品方法论。阿迪达斯讲述了通过新中式系列与天猫小黑 盒全球首发秀深度联动，实现了"即看即买"的新品爆发，25年销量较前两年增长超25倍。潘婷推出了蕴 含护肤级3A胜肽配方的胜肽泡弹发膜，联合天猫精准触达需求人群，新品上市后1个月内新增人群资产 破1亿，以功效创新与平台人群运营驱动了新品增长。以端侧AI Agent技术赋能创意生态，AMD连续三 年打造以中国文化为内核、AI生成技术载体的大众赛事，借力天猫推动"科技+艺术"新品落地消费场 景，建立起中国应用AI先锋 ...

新华财经上海1月27日电 "皮肤是抵御外来病原体入侵的第一道防线，是人体的'动态长城'。" "多数情况下，敏感肌都是后天形成的。""修护皮肤屏障不是缺 什么补什么，而是要激活自身修复能力"……日前在玉泽新品发布会上，上海交通大学医学院附属瑞金医院终身教授郑捷、美国加州大学旧金山分校皮肤医 学专家蔄茂强等多位专家学者现场"上课"。专家的讲解，让前沿的皮肤科学理论，不再那么晦涩难懂、遥不可及。同时，医研共创也让这些科研成果从专 利、论文变成市场上的畅销产品。 近年来，医研共创成为国内外化妆品巨头构建差异化优势的战略选择之一。欧莱雅增资制药公司高德美，同年官宣与华山医院共建"皮肤科学实验室"；日妆 巨头资生堂加码中国医美市场，与上海九院等医疗机构展开科研合作；雅诗兰黛集团与嘉会医疗在沪设立联合临床研究中心……一系列动作表明，行业竞争 正从"博流量"转向对基础研究、临床验证和跨学科转化能力的比拼。 "买得起、用得久"饱含医者匠心 "我倡导'健康皮肤、美丽皮肤、健康身体'的理念，皮肤作为人体最大的器官，脱离健康去谈美丽是没意义的。"郑捷说。 美丽建立在健康之上。从医学角度看，维护皮肤屏障的健康对于预防皮肤疾病、保持皮肤 ...

根据《化妆品监督管理条例》《化妆品生产质量管理规范》《化妆品生产质量管理规范检查要点及判定原则》等法规文件要求，省药监局组织对27家持证生 产企业进行了监督检查。现将检查结果通告如下： 对济南玖玫玫瑰制品有限公司等27家企业检查发现的问题，已责令相关企业限期整改，并监督其整改到位，督促企业保持生产质量管理的持续稳定。菏泽市 泽然生物科技有限公司等4家企业检查时处于停产状态。 特此通告。 转自：山东省药品监督管理局网站 山东省药品监督管理局 2026年1月4日 （公开属性：主动公开） 附件 化妆品生产企业监督检查情况汇总表 | 序号 企 业 | 名 称 | | 许可证编号 检查结果 | 整改情况 | | --- | --- | --- | --- | --- | | 1 | 济南玖玫玫瑰制品有限公司 | | 鲁妆20200025 限期整改 | 整改完成 | | 2 | 威海隆江笔业有限公司 | | 鲁妆20170047 限期整改 | 整改完成 | | 3 | 山东美貌制药有限公司 | | 鲁妆20190003 限期整改 | 整改完成 | | 4 | | 华昕生物医药（山东）集团有限公司 | 鲁妆20160038 ...

中国质量新闻网讯 近日，山东省药品监督管理局网站发布化妆品抽样检验结果（2026年第2号）。 附原文： 2026年第2号 山东省药品监督管理局 关于化妆品抽样检验结果的通告 为加强化妆品质量监管，保障公众健康安全，山东省药品监督管理局组织开展了全省化妆品抽样检验，涉及染发类、一般护肤类、香水类、美白祛斑类、面 膜类、防晒类等化妆品，经检验，发现不符合规定6批次。对抽检发现的不符合规定化妆品，山东省药品监督管理局已要求各相关监管部门依法处置；生产 企业涉及外省的，已及时将问题线索移交相关省药品监督管理部门核查处置。 化妆品抽检产品不符合规定信息 | | | 标识化妆品 | 标识标示化妆 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 注册人/备案 | 品注册人/备案 | 被抽 | | | | 检 | | | | | | 序 | 标示样 | 人、受托生 | 人、受托生产 | 样单 | 被抽样单 | 规格/ | 批号/标示生产日期、有 | 验 | 不符合 ...