极目新闻记者 康旭阳 随着618购物节的临近，直播电商再次成为公众关注的焦点。 6月9日，互联网博主"约翰啥都懂"发布的一则视频引发热议，视频中揭露的直播电商佣金比例之高远超想象，特别是目前风头正盛的"聊播"模式，其商业变 现效率与分成比例令人咋舌。 什么是聊播？聊播为何分成如此之高？为何这么多品牌愿意付出高额佣金？聊播所售胶原蛋白面膜不含胶原蛋白？极目新闻进行了了解。 互联网博主"约翰啥都懂"视频截图 "聊播"模式异军突起 "聊播"这一新型直播形式源于去年某平台算法调整。平台为了提升用户黏性，在推荐算法中大幅增加了用户停留时长的权重指标。这一变化催生了一批以聊 天为主要内容、间歇性插播卖货的主播，他们通过吸引用户长时间停留来获得平台流量倾斜，进而实现更高的转化率。 博主"约翰啥都懂"介绍，在众多聊播主播中，某雪凭借传奇的情感经历迅速崛起，成为该类目的领军人物，据传其去年GMV（商品交易总额）超过20亿 元。 某直播电商平台运营总监李明（化名）向记者解释："聊播之所以能实现如此高的变现效率，关键在于它完美契合了平台算法的偏好。用户因为对主播个人 故事感兴趣而停留，平均观看时长是传统叫卖式直播的3-5倍，这使直 ...

Core Viewpoint - The beauty industry is experiencing a cyclical trend, shifting from "all-in-one" products to specialized efficacy and back to multi-functional products, indicating a potential evolution in consumer behavior towards more rational and simplified choices [1][3][28]. Group 1: Trends in Skincare - The skincare market is witnessing a significant trend towards "multi-functional" products, particularly in serums and sunscreens, with brands increasingly promoting the concept of "one bottle for multiple effects" [3][10]. - Serums are evolving from targeting single skin issues to offering combined benefits such as anti-aging, whitening, and repair, with products like Proya's dual anti-aging serum exemplifying this trend [4][6]. - The traditional boundaries between sensitive skin care and advanced efficacy are being blurred, with brands launching multi-functional products specifically designed for sensitive skin, such as Winona's silver core cream [8][16]. Group 2: Innovations in Sunscreen - Sunscreen products are transitioning from basic UV protection to "skincare-grade" experiences, incorporating multiple skincare benefits while maintaining high SPF [10][12]. - The combination of "sunscreen + whitening" is a prominent trend, with brands like Mentholatum and Lancaster launching products that emphasize dual certification for efficacy [12][14]. Group 3: Developments in Makeup - The makeup sector is embracing the "N-in-one" concept, focusing on simplifying application processes and meeting diverse consumer needs through innovative product forms and functional integration [17][27]. - Brands are launching multi-use products that combine various makeup functions, such as the "气色多用膏" from 彩棠, which serves as a blush, eyeshadow, and lip color [19][23]. - The trend of integrating skincare benefits into makeup products is evident, with Perfect Diary's bionic film foundation offering moisturizing and anti-aging properties alongside coverage [25][27]. Group 4: Consumer Behavior and Market Dynamics - Consumers are increasingly knowledgeable about skincare science, leading to a demand for products that address multiple concerns efficiently, reflecting a shift towards rational consumption [14][28]. - The competitive landscape in skincare and sunscreen is characterized by high levels of homogeneity, prompting brands to differentiate through multi-functional claims and innovative formulations [15][29]. - The beauty market in China is evolving towards a more mature stage, with consumers seeking precise solutions and simplified routines, aligning with global trends of rational consumption [29][30].

Group 1 - Foreign companies are increasingly focusing on innovation as a key strategy for investment and operations in China, aiming to create a collaborative ecosystem for growth [2][3] - L'Oréal has been actively investing in innovation in China, including partnerships with local biotech firms and the establishment of investment funds for beauty brands [2] - The local market understanding allows foreign companies like Eppendorf to develop products tailored to Chinese needs, achieving nearly 90% localization in their offerings [3] Group 2 - Eppendorf is expanding its manufacturing capabilities in China, with a significant investment of 500 million RMB in the Xi'an factory, which will become its largest global production base [3] - Meiji is enhancing its local development and production efforts in China, aiming to launch new products that cater to the Chinese market first [4] - The Chinese government is supporting foreign investment in key sectors, with measures to encourage multinational companies to enhance their regional headquarters' capabilities [4][5] Group 3 - From January to April this year, there were 18,832 new foreign-invested enterprises established in China, reflecting a 12.1% year-on-year increase, indicating strong foreign confidence in the Chinese market [5]

新消费市场关注度显著提升，投资者积极寻找潜力股，但传统龙头公司 的高分红和竞争力亦带来投资机会。华泰证券建议关注能反映未来消费 趋势、提供情绪价值的消费品，如潮玩、黄金珠宝、美妆等。 新消费板块波动性预期增加，但部分龙头公司业绩超预期增长驱动股价 上涨，估值虽不便宜，但相对于未来复合增长率，PEG 小于 1，市场空 间大、竞争力强、产品上限高的公司仍值得重点推荐。 2025 年新消费投资主线包括国货崛起、情绪消费、银发经济及 AI 智能 家居。必选消费方面，重视大市值白马股价值重估，关注 AH 溢价较大 或即将港股 IPO 的大市值公司。 潮玩行业 IP 运营成熟，渠道拓展多样，海外市场确定性增加，资金层面 估值体系容忍度提高。泡泡玛特和名创优品作为龙头公司，在多元化变 现和海外市场拓展方面表现突出。 茶饮行业景气度较高，连锁茶饮仍是首推赛道。蜜雪冰城跳脱出茶饮品 类，更具生命久期，长期隐形壁垒深厚，值得关注。古茗的区域效率最 大化模式构成其独特护城河，成长空间值得期待。 再论新消费的投资节奏、方向 20250609 摘要 Q&A 对于当前新消费市场的关注度如何评价？ 当前新消费市场关注度极高，从去年（202 ...

《福布斯》美国最富有白手起家女性榜单来到第十个年头，而上榜的创富女王们也再度刷新纪录：亿万富豪人数激增20%，上榜最低身家跃至历史新高。 从左至右：丹妮拉·阿莫迪，赛琳娜·戈麦斯，格温·肖特维尔。 图片来源：Illustration by Ben Kirchner for Forbes 财富更丰沛，亿万富豪阵容更壮大，影响力更深远。这份统计美国最成功白手起家女性的榜单迎来十周年之际，我们再一次聚焦百位企业家、高管与演艺 界女性，致敬她们行稳致远的奋斗历程。 这些打破天花板的先锋女性财富总和达1550亿美元，刷新历史峰值。 今年的上榜者中有38位亿万富豪，她们的财富版图涵盖汽车制造、美妆、霞多丽葡萄酒等多元领域。这个人数较2015年榜单首次推出时的18人翻倍有余， 相比2024年的31人也增长显著。上榜身家门槛从去年的3亿美元提升至3.5亿美元。回溯2015年，榜单仅列出50人，上榜最低身家为2.5亿美元。十年前的首 批上榜者中，有36人进入了2025年榜单。 | 州名 | 上榜人数 | | --- | --- | | 加利福尼亚州 | 43 | | 纽约州 | 11 | | 佛罗里达州 | 6 | | 得克萨 ...

Core Insights - The domestic "self-indulgence economy" shows characteristics of high growth, high valuation, and high differentiation compared to Japanese counterparts, indicating a significant developmental stage difference and valuation premium [2] - Chinese companies are generally in a rapid growth phase with revenue growth rates significantly higher than those of mature Japanese companies, while gross margins are comparable or even superior [2] - The report highlights the need to identify leading companies with competitive advantages to maintain valuation premiums and achieve long-term value creation in a context of intensified competition and slowing growth [2] Section Summaries 01 Japan's Self-Indulgence Consumption Wave - Japan's consumption society has evolved through four stages, reflecting specific economic, social, and cultural contexts, providing a framework for understanding the evolution of the self-indulgence economy [4] - The current transition in China mirrors Japan's historical consumption patterns, positioning it for rapid growth in the self-indulgence economy [4] 02 The Rise of New Consumption in Japan - The emergence of the self-indulgence economy in Japan has been gradual, transitioning from basic needs to a focus on spiritual satisfaction and self-realization [5] - The report discusses the impact of cultural shifts on consumption preferences, particularly among younger generations [5] 03 Development Path and Future Outlook of Domestic Self-Indulgence Consumption - The report outlines four key investment logic areas for the domestic self-indulgence economy: developmental stage advantages, innovative business models, cultural value rediscovery, and technology-driven differentiation [2] - It emphasizes the importance of a core-satellite investment strategy, focusing on leading companies with clear competitive advantages and exploring undervalued quality targets [2] Japanese Self-Indulgence Economy Development - Japanese companies have transitioned from product-oriented to IP-oriented and from manufacturing-driven to culture-driven models, showcasing the importance of brand heritage and innovation [52] - The report provides examples of successful Japanese companies, highlighting their IP value, global presence, and robust profitability [53] Consumer Behavior Trends - The report notes a shift in consumer behavior among Japan's younger generations, moving from seeking social recognition to prioritizing personal satisfaction and identity through consumption [7] - This trend reflects a broader cultural shift towards community-based consumption, facilitated by social media and shared interests [7] Industry Case Studies - Shimano's case illustrates the potential for significant stock price appreciation driven by strong business fundamentals and market positioning, with a notable CAGR of approximately 23.6% over a significant period [57]

风 潮 如 螺 旋 般 上 升 ， 不 断 循 环 同 时 也 不 断 进 步 。 这 似 乎 是 美 妆 行 业 永 恒 的 规 律 。 早 在 1 9 8 0 年，Sisl e y推出的经典全能乳液，凭借"一瓶全效，终极保养"的功效承诺风靡全球；1 8年前， OLAY 多 效 修 护 面 霜 成 为 当 年 的 大 爆 品 。 后 来 伴 随 成 分 党 崛 起 ， 品 牌 们 用 消 费 者 对 玻 色 因 、 3 7 7等高效成分的崇拜统领市场，靶向精准、专一强效成为了研发"圣经"。 到今天，风向似乎又回潮到"多而全"：精华开始抗氧/美白/修护三效a ll i n，防晒霜不仅防晒 还得防黑防老，彩妆更是要化身"全能战士"，恨不能一盒解决全脸妆容。 从全能风靡到专效 神坛、再回归如今的多效狂欢，美妆赛道似乎又画出了一个轮回。这究竟是消费理性的终极进 化，还是新一轮营销内卷的开端？能否推动市场走向更理性、更精简的未来？ 放眼当下的美妆市场，一股"一瓶多效"的风潮正以前所未有的力度席卷核心品类。 《FBe a u t y 未来迹》发现，2 0 2 5年以来，品牌们在升级经典单品或推出新品时，都不约而同地将" ...

Core Insights - The luxury beauty brands Helena and La Mer are facing a trust crisis due to issues such as order cancellations and subpar packaging during the 618 shopping festival, leading to a disconnect between sales and reputation [1][2][3] - Despite the negative publicity, these brands still ranked high in sales on platforms like Tmall and Douyin, indicating a complex market dynamic where brand prestige remains but consumer trust is eroding [2][3] Group 1: Sales and Market Performance - Helena's high-end cosmetics division showed the lowest growth rate in L'Oréal's 2024 financial report, with sales declines noted for brands like Helena and Lancôme in China, while YSL and others maintained strong growth [3] - La Mer's parent company, Estée Lauder, reported a 7% and 12% year-over-year revenue decline in Q3 and Q4 of 2024, primarily attributed to decreased sales of La Mer and Estée Lauder products [3] Group 2: Pricing and Service Issues - The traditional pricing control that maintained the high-end image of luxury beauty brands has collapsed, with significant price discrepancies observed across platforms during the 618 festival [5][10] - Consumers reported confusion over pricing, with some products being sold at nearly half the price in duty-free shops compared to official retail channels, leading to concerns about product authenticity [8][10] Group 3: Consumer Behavior and Market Trends - The rise of domestic brands offering high cost-performance ratios is squeezing the luxury beauty market, as younger consumers increasingly question the value of high-priced foreign brands [14][15] - The shift towards medical beauty treatments is also diverting consumer spending away from traditional luxury skincare products, as consumers seek more effective solutions for skin issues [15]

每经记者｜曾子建 每经编辑｜肖芮冬 上周末，蜜雪集团被多家外资投行"下调评级"，引发市场高度关注。然而6月9日早盘，蜜雪集团大涨超 9%，带领其他新消费龙头集体大涨。除了蜜雪集团外，古茗一度涨超7%，布鲁可更是盘中大涨18%。 有分析人士指出，今日蜜雪集团、古茗和布鲁可三家公司正式纳入沪股通下的港股通标的名单，这意味 着南向资金今日起可以买入这些港股新消费股，短期利好因素比蜜雪集团被下调评级更加明显。但从中 期来看，过高的估值以及多家公司即将迎来限售股解禁，或将成为悬在股价上方的"利剑"。 蜜雪集团多空分歧已现 今年3月，蜜雪集团在港交所上市，立刻成为市场最牛新股之一。蜜雪集团招股价202.5港元/股，上周 三盘中触及618.5港元/股，较招股价涨幅高达205%。随着股价不断上涨，蜜雪集团估值也在飙升，最高 PE超过46倍，随之而来的是多空分歧。 就在上周，美林和瑞银相继发布报告，下调蜜雪集团投资评级。其中，美林将蜜雪集团评级下调至"跑 输大市"，瑞银则将其评级从"中性"下调至"卖出"。 下调评级的理由主要来自两方面。 真正的考验即将到来 实际上，不管是外资投行下调评级，还是纳入港股通标的证券名单，这些都是摆 ...

Core Viewpoint - In 2025, brands face unprecedented pricing chaos due to the deep integration of e-commerce and physical channels, necessitating the development of new pricing control strategies to maintain brand value and market order [1] Pricing Control Strategies - **Intelligent Price Monitoring System**: Establish a comprehensive price monitoring network across major e-commerce platforms and emerging channels using big data and manual verification. The system should include dynamic alert mechanisms, hidden violation identification, and cost accounting linkage analysis to quickly respond to abnormal price fluctuations [3] - **Channel Hierarchical Governance and Compliance Constraints**: Implement tiered management for distributors, bundling bestsellers with slow-moving items to prevent low-price dumping. A credit rating system should be constructed to incentivize compliance through dynamic rewards and penalties, supported by legal measures to combat market price disruption [3] - **Intellectual Property Defense**: Protect brand rights comprehensively through trademark, copyright, and patent protections. This includes initiating complaints for platform rule violations, leveraging legal deterrents against infringement and false advertising, and joining industry alliances to share violation information and enhance enforcement [6] - **Ecological Pricing Control Network**: Integrate third-party service providers and other brand resources to create a pricing control service alliance, promoting the establishment of a "Price Self-Discipline Convention" and enhancing industry self-regulation through initiatives like "red and black lists" [6] - **Flexible Pricing and Value Empowerment**: Adopt non-confrontational management methods to avoid aggressive price suppression. Provide compliant distributors with data support and alternative discount methods, such as member points programs, to enhance product and service value. The focus should be on long-term brand asset development rather than short-term price stability [10] Summary - The approach to brand pricing control in 2025 has shifted from simple suppression to systematic governance, with five essential strategies: intelligent monitoring as a foundation, channel governance as a root, intellectual property as strong support, ecological alliances for collaboration, and flexible empowerment to enhance value [11]