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]

证券日报网讯1月8日，珀莱雅（603605）在互动平台回答投资者提问时表示，公司在公司治理、日常经 营等相关事项决策中充分考虑投资者利益和回报，2025年10月，公司完成2025年半年度权益分派实施， 进一步提高分红频次和分红比例；2025年12月，基于对公司未来持续发展的信心和对公司价值的认可， 为了维护广大投资者利益，增强投资者对公司的投资信心，同时促进公司稳定健康发展，公司拟以自有 资金通过集中竞价交易方式进行股份回购。公司将持续做好经营管理工作，提高公司核心竞争力和盈利 能力，进一步提升公司投资价值和股东回报能力，增强投资者回报水平和获得感。 ...

证券日报网1月8日讯，敷尔佳（301371）在接受调研者提问时表示，公司进行产品结构调整是为了顺应 消费市场趋势、契合公司业务发展、完善产品矩阵。毛利率的阶段性波动，主要受行业竞争加剧带来的 促销环境变化影响，叠加产品结构切换过程中高毛利产品占比自然下降、新拓展品类前期规模效应尚未 完全释放的客观情况。后续，公司会从生产方式、产品定价、供应链管理等方面进行优化与改善，毛利 率短期波动属正常调整。 ...

Core Viewpoint - The company has achieved preliminary success in optimizing its offline channels, focusing on sales channel and retail terminal improvements, with financial feedback showing some lag [2] Group 1: Channel Optimization - The company is enhancing cooperation with service-oriented distributors through a dual approach of "strong regulation + strong optimization" to strengthen market control [2] - The focus is on meticulous management of inventory levels at both distributors and retail terminals to avoid excess stock risks, alongside comprehensive and ongoing dynamic regulation of the pricing system across all channels to maintain price order stability [2] - The strategy includes careful selection of strategic partners among distributors and retail terminals, transitioning the channel model from traditional distribution to value-driven sales [2] Group 2: Short-term Impact and Future Development - The short-term impact of the offline adjustments on performance is manageable, serving as a foundational project for the company's future high-quality development [2]

证券日报网讯 1月8日，珀莱雅在互动平台回答投资者提问时表示，公司董事及高级管理人员的聘任严 格遵循《公司法》《上海证券交易所股票上市规则》等相关法律法规规定，有关信息请以公司在上海证 券交易所网站披露的信息为准。目前公司管理层人员背景涵盖金融、财务、供应链等领域，行业经验丰 富，具备国际化视野，核心能力与职位相匹配。 （编辑 袁冠琳） ...

Core Viewpoint - The company is focusing on digital transformation to support its multi-brand and multi-channel global strategy, enhancing operational efficiency through data-driven and AI-enabled approaches [1] Group 1: Digital Transformation - The company is building a unified data and process governance system to create an efficient digital foundation [1] - Key systems are being selected and developed across various business domains, including product research and development, marketing, production, and supply chain [1] Group 2: Innovation and Collaboration - The company has initiated an AI formula large model project in collaboration with external technology partners to explore intelligent research and development paths [1] - The aim is to facilitate product innovation and the accumulation of experiential assets [1] Group 3: Decision-Making Efficiency - The company is actively leveraging data and AI to enhance decision-making efficiency and innovate business models [1]

（文章来源：证券日报） 证券日报网讯 1月8日，珀莱雅在互动平台回答投资者提问时表示，股价受市场情绪、行业变化、公司 情况、宏观因素等多重因素综合影响，公司始终重视全体股东利益，在公司治理、日常经营等相关事项 决策中充分考虑投资者利益和回报，增强投资者回报水平和获得感。 ...

证券日报网讯 1月8日，珀莱雅在互动平台回答投资者提问时表示，公司旗下各品牌的产品及使用的原 料均经过严格评估和安全检测，符合国家相关标准。 （文章来源：证券日报） ...