为切实保障化妆品质量安全，连日来，新疆维吾尔自治区乌苏市市场监管局强化党建引领，积极践 行"实干争先"理念，开展化妆品质量安全专项检查。 下一步，该局将继续加大监管力度，并开展好宣传教育，营造安全放心的化妆品消费环境。（杜志锋、 刘鹏、马婧） 此次专项检查，该局执法人员通过塔通办·扫码检查方式，深入各大商场、超市、化妆品专卖店，以护 肤保湿、防冻防裂类化妆品为重点，查看经营单位进货查验制度执行、产品标签、存储条件、产品保质 期等情况，查看祛斑美白、防脱发类特殊化妆品是否存在非法宣称"药妆、医用面膜、表皮生长因子、 睫毛生长液"等，是否经营变质、超过使用期限的化妆品；是否存在染发类化妆品"一号多用"违法行为 等，杜绝同一文号的染发化妆品标注不同颜色、不同色号、不同适用发质等违法情形，严查不落实化妆 品进货查验制度，严厉打击未经注册备案、标签标识不符合规定、非法添加、自行灌装和使用过期变质 化妆品等违法违规行为。 ...

近期，北京植物医生化妆品股份有限公司在深交所主板IPO审核状态更新为"已问询"，即将登陆A股市 场，展示了DR PLANT植物医生如何通过三十年的战略定力、科研深耕与格局拓展，构建起穿越产业周 期的强大品牌力。 植物医生品牌公司创立于1994年，多年来深耕"高山植物护肤"这一核心赛道。 这种坚守并非固步自封，而是基于对消费趋势的深刻洞察。通过将中国传统高山植物智慧与现代护肤科 技相结合，植物医生成功打造了"石斛兰""紫灵芝""冬虫夏草"等标志性产品系列，在消费者心中建立 了"天然、安全、有效"的鲜明认知。值得注意的是，即使在2022年至2024年行业充满挑战的时期，公司 仍实现了营收的稳定增长与净利润的持续提升，这种穿越周期的韧性，正是长期专注所带来的必然回 报。 植物医生的"长期"除了体现在时间跨度上，更体现在对核心技术"十年磨一剑"的耐心上。 2014年，植物医生与中国科学院昆明植物研究所签订了长达20年的战略合作协议，双方联合成立的研发 中心，是实实在在的科研攻坚。值得一提的是，经过多年持续投入，团队成功从特有铁皮石斛中提取出 高活性的石斛寡糖成分，并验证了其在促进胶原蛋白生成方面的显著功效。这项"石斛 ...

近日，韩国小众彩妆品牌hince在中国市场的线上布局出现重大调整，清空多家线上店铺商品。1月1日起，hince天猫国际海外旗舰店与天猫旗舰店率先按 下"暂停键"。与此同时，其抖音海外旗舰店及上述两家店铺也已不见商品踪影，处于清空状态。 公开资料显示，hince成立于2018年年末，隶属于韩国Vivawave公司，是韩国首个强调自然美的感性和情绪概念的彩妆品牌，它具有经典设计的情感包 装，强调产品的自然色彩和曲线，基于"第二皮肤粉底"和"真维度光泽膏"等热门产品，在韩国"MZ世代"（千禧一代+Z世代）中迅速走红。2022年销售额 达218亿韩元，其中海外收入占比50%，日本市场贡献主要增量。 2023年10月，韩国美妆巨头LG生活健康以425亿韩元收购Vivawave 75%股权，意图通过hince的日本渠道基础拓展海外中高端彩妆市场。彼时，LG生活健 康表示，预计日本和海外的MZ消费群体在未来拥有更大的购买力时，集团能够抢占并进一步扩大中高端化妆品领域的商机。 对于hince多家线上店铺清空商品的情况，LG生活健康方面向媒体表示，"该品牌被收购之后还在独立运作。"同时，hince在中国市场的运营方水羊国际则 ...

Core Viewpoint - The company maintains its profit forecast for 2025-2026 and introduces a net profit forecast of 1.76 billion yuan for 2027, with the current stock price corresponding to a P/E ratio of 26/27 years at 26/21x, maintaining an outperform rating and a target price of 127 HKD, indicating a 47% upside potential [1] Group 1: Company Updates - The company announced a strategic cooperation with LVMH's subsidiary, L Catterton, to expand globally, focusing on acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [2][3] - The company organized a Hong Kong investor open day, showcasing a robust pipeline of new products and a continued deepening of high-end retail coverage, with initial success in international markets [2] Group 2: Strategic Cooperation - The partnership with L Catterton aims to leverage its global investment network to assist the company in expanding overseas high-end retail channels and to establish a joint equity investment fund focused on the global high-end beauty sector [3] - The collaboration is expected to promote the company's group and global development, opening up long-term growth opportunities [3] Group 3: Management's Shareholding Plan - The company announced that its controlling shareholder and management plan to reduce their holdings by up to 3.51% of the total issued shares within six months through block trades, primarily for investments in the beauty industry and personal financial needs [4] - This clear limit on share reduction is seen as beneficial for stabilizing market expectations and reflects management's confidence in the company's long-term development [4] Group 4: Product Development and Market Performance - The company has a strong pipeline of new products, with the launch of the skincare series "Liu Guang Fu Huo" set for late December and positive market feedback for the new color of the air warehouse lip glaze [5] - Brand building efforts are ongoing, including the release of a documentary series and themed fashion shows, with successful sales of limited edition gift boxes inspired by cultural themes [5] - The company continues to enhance its presence in high-end retail locations, with impressive performance data from its first store in Hong Kong's Harbour City and initial success in international markets [5]

Core Viewpoint - Company maintains profit forecasts for 2025-2026 and introduces a net profit forecast of 1.76 billion yuan for 2027, with current stock price corresponding to 26/27 years P/E ratios of 26/21x, indicating a 47% upside potential [1] Group 1: Company Updates - Company has announced a strategic cooperation with LVMH's subsidiary, Roadway Keten, to expand globally, focusing on acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [2][3] - The collaboration aims to leverage Roadway Keten's global investment network to enhance the company's overseas high-end retail channels and establish a dedicated equity investment fund for the global high-end beauty sector [3] Group 2: Management and Market Confidence - Company disclosed a plan for major shareholders and management to reduce their holdings by up to 3.51% of the total issued shares within six months, primarily through block trades, to support investments in the beauty industry and personal financial needs [4] - This clear limit on share reduction is expected to stabilize market expectations and reflects management's confidence in the company's long-term development [4] Group 3: Product Development and Market Expansion - Company has a robust pipeline of new products, with the skincare series "Liu Guang Fu Huo" set to launch in late December, and positive market feedback for the new lip gloss color [5] - Brand building efforts are ongoing, including the release of a documentary series and themed fashion shows, alongside successful sales of limited edition products [5] - The company is enhancing its presence in high-end retail locations, with notable performance in Hong Kong and initial success in international markets [5]

Group 1 - The core viewpoint of Haitong International is to maintain an "outperform" rating for Maogeping (01318), with a target price of HKD 108.2, indicating a potential upside of 23.1% based on a 32X PE for 2026. The firm believes that the brand strength and fundamentals remain solid, with the company's core value lying in its strong high-end brand positioning and continuous product innovation [1] Group 2 - Haitong International expects Maogeping to continue strong growth in the second half of 2025, benefiting from robust offline same-store performance driven by sales volume, despite a weakening consumer spending power in the latter half of the year. The expansion of membership and high repurchase rates support sales growth [2] - The company is projected to achieve revenues of RMB 5.101 billion, RMB 6.489 billion, and RMB 8.115 billion for 2025-2027, representing year-on-year growth of 31.3%, 27.2%, and 25.0% respectively. Net profit attributable to the parent company is expected to be RMB 1.201 billion, RMB 1.494 billion, and RMB 1.848 billion for the same period, with growth rates of 36.4%, 24.4%, and 23.7% respectively [2] Group 3 - The company has signed a strategic agreement with investment institution Luwei Kaiteng to inject internationalization and capitalization momentum, focusing on global market expansion, establishing a high-end beauty investment fund, and optimizing corporate governance. This collaboration is expected to significantly enhance the company's penetration in overseas high-end markets and open up avenues for future growth through the investment fund platform [3] Group 4 - The company's controlling shareholders and some directors plan to reduce their holdings by up to 3.51% of the total share capital, equating to a maximum of 1,720 shares, valued at approximately HKD 15.1 billion based on the closing price of HKD 87.95 per share on January 7. The reduction is primarily for personal financial planning, and the company emphasizes that this will not lead to a change in control, as the founding family will maintain around 70% ownership [4]

智通财经APP获悉，海通国际发布研报称，维持毛戈平(01318)"优于大市"评级，给与毛戈平2026年32X PE，对应目标价108.2港元，有23.1%上行空间。该行认为其品牌力与基本面依然稳固，相信公司的核心 价值在于其坚固的高端品牌定位与持续的产品创新能力。战略合作的推进有望打开新的成长曲线。该行 建议投资者关注后续合作细则的落地以及减持的具体实施情况，并维持对公司长期价值的积极看法。 海通国际主要观点如下： 预期2H25毛戈平将延续1H25的强势增长 随着海外高端品牌在低基数下的强势回归，2025年以来化妆品行业竞争持续加剧，该行判断该趋势将延 续至26年。该行预期2H25毛戈平将延续1H25的强势增长，一方面受益于销量带动的强劲线下同店表 现，尽管下半年居民消费力有所走弱，但会员数的扩展和高复购率支持销量上行；另一方面，线上增长 仍旧强势，双十一竞争加剧，公司通过分配营销资源把握双十二和圣诞节销售节点，推动线上增速。行 业竞争加剧可能对利润空间带来一定压力，但公司凭借其高端品牌定位、持续的产品创新，线下和线上 产品区隔，以及灵活的市场策略，有望在2026年继续保持较快增长。基于此，该行预计公司202 ...

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining global attention in the health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant regulatory advancements expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2][19]. Regulatory Environment - The global regulatory landscape for NMN is shifting from strict restrictions to cautious openness, with significant milestones achieved in countries like Japan, Canada, the US, and Australia [17][18]. - In China, NMN has been approved as a new cosmetic ingredient and is on the path to becoming a recognized health food, with the National Market Supervision Administration listing it for health food approval in April 2025 [17][18]. Market Demand - The aging population in China is driving the "silver economy," with projections indicating that the elderly population will grow from 320 million to 390 million between 2025 and 2030, creating a substantial market for anti-aging products [19]. - The younger generation, particularly those born in the 1990s, is increasingly aware of anti-aging needs, further boosting market demand for NMN products [19]. Technological Advancements - Innovations in synthesis, quality testing, and delivery methods are driving the NMN industry forward, with full enzyme methods significantly enhancing production efficiency and reducing costs [21][22]. - The transition from chemical synthesis to full enzyme methods is leading to higher purity and environmental sustainability in NMN production [10][12]. Application Areas - NMN is primarily used in health supplements and cosmetics, with the health supplement market accounting for nearly 90% of its applications, including anti-aging and immune support products [24][28]. - Future applications are expected to expand into pet nutrition, medical health, and agricultural technology, opening new growth avenues for the industry [24][28]. Market Size and Growth - The NMN market in China is projected to exceed 3 billion yuan by 2025, driven by increasing regulatory clarity and expanding applications in various sectors [28][32]. - The market has been growing steadily since 2020, with significant penetration into health supplements and cosmetics [28][32]. Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60% to 70% of market share [35][34]. - Brand private channels are also showing strong performance, capturing about 30% of the market share [35]. Certification and Standards - The "blue hat" certification for health foods in China represents the highest standard for NMN products, indicating safety and compliance [37]. - Achieving this certification could significantly reshape the market landscape for NMN products in China [37]. Future Prospects - The NMN industry is poised for growth, with regulatory breakthroughs expected to enhance market opportunities, particularly in the cosmetics sector [51]. - The potential for NMN in pet nutrition, medical health, and agricultural technology is also being explored, indicating a broadening of its application scope [53][56][58].

Core Viewpoint - The article discusses the financial success and wealth accumulation of the beauty mogul Mao Geping, highlighting the recent share reduction announcement by his company, Mao Geping Cosmetics, and the implications for shareholders and the market [2][3][6]. Company Overview - Mao Geping Cosmetics, known as the "first high-end domestic beauty stock," has a market capitalization of HKD 42.25 billion as of January 8, 2024, with projected revenue exceeding HKD 3.8 billion for the year [3][10]. - The company was founded in July 2000, marking the beginning of the Geping family's wealth journey in the beauty industry [5]. Wealth Accumulation - Mao Geping and his wife, Wang Liqun, have a combined wealth of RMB 12.5 billion, ranking them 2188th on the 2025 Hurun Global Rich List [3][8]. - The family plans to cash out up to HKD 1.41 billion through a share reduction of 17.2 million H shares, representing 3.51% of the total share capital [10]. Shareholding Structure - The Geping family holds a significant portion of the company's shares, with Mao Geping and Wang Liqun owning approximately 29.22% of the total shares, while other family members collectively hold over 50% [11][13]. Financial Performance - Mao Geping Cosmetics has experienced rapid growth, with a compound annual growth rate (CAGR) of 35.04% in revenue and 38.56% in net profit from 2021 to 2024, significantly outpacing industry averages [16]. - Revenue figures from 2021 to 2024 are as follows: RMB 1.577 billion, RMB 1.829 billion, RMB 2.886 billion, and RMB 3.885 billion, with net profit increasing from RMB 331 million to RMB 881 million [16]. - In the first half of 2025, the company reported revenue of RMB 2.588 billion and a net profit of RMB 670 million, both showing over 30% growth [16]. Product Portfolio - The company's flagship brand, "MAOGEPING," contributes over 99% of its revenue, with a diverse product range including makeup, skincare, and fragrance [17]. - Notable products include the "Luxury Caviar Cushion" and "Light Sense Soft Color Powder Cake," each generating over RMB 200 million in retail sales in the first half of 2025 [19]. Cash Flow and Profitability - As of mid-2025, the company had cash reserves of RMB 3.89 billion, with net cash flow from operating activities increasing by 145.7% [19]. - The gross profit margin has remained stable above 83% from 2021 to 2025, outperforming competitors like Proya and Shanghai Jahwa [16]. Future Outlook - The Geping family’s wealth is expected to continue growing with the expansion into new markets and product lines, including fragrances and international markets [20].

Core Viewpoint - The company is currently finalizing its financials and will disclose specific data in its annual report on April 23. The sales data for the first three quarters of 2025 indicates significant impact from the optimization of offline sales channels, which the company is actively adjusting to ensure long-term healthy development of its offline business [1] Group 1 - The company is transitioning its offline sales model from traditional distribution to a value-driven sales approach to create better conditions for long-term growth [1] - The optimization of offline sales channels is showing noticeable effects, although it may take time for sales data to reflect this change [1] - The company believes that as the channel model transforms and the offline market stabilizes, both distributors and sales terminals will improve, leading to healthy growth in the company's offline business [1]