Summary of Water Sheep Co. Conference Call Company Overview - **Company**: Water Sheep Co. (水羊股份) - **Core Brand**: Yi Fan (一帆单品) - **Industry**: Beauty and Personal Care Key Points Performance and Growth Expectations - Yi Fan single product did not meet expectations in 2024, but Q1 2025 shows recovery with expected growth of over 10% year-on-year, aiming for an annual growth rate exceeding 20% [2][5] - Profit margins are expected to improve year-on-year due to optimized marketing strategies, shifting from celebrity endorsements to other advertising methods [2][4] Product Diversification - The company is expanding its product categories, moving from reliance on CP series (60%-70% of sales) to include new categories like sunscreen and creams, which are performing well [2][6] - This diversification is seen as a way to mitigate risks and enhance overall profitability [2] Offline Channel Development - Water Sheep Co. is investing heavily in offline channels, which currently account for about 10% of sales, with plans for continued expansion [2][7] - New stores, such as the Zhang Yuan image store and locations in SKP and Wulin Yintai, have been profitable, with expectations for offline channel growth exceeding 20% for the year [2][7] Brand Strategy and Performance - The Yuni Fang brand experienced a decline in 2024 but is being repositioned for 2025, targeting lower-tier markets with promising early results indicating a significant reduction in losses, potentially achieving breakeven [2][8] - The PA brand has completed global ownership acquisition and is positioned in the light luxury segment, with good brand assets and potential for revenue growth in 2025 [2][9] - RV brand has already generated profits, and the company plans to refine its positioning and develop products suited for Chinese consumers [2][9] Agency Business Insights - The agency business generated approximately 2.6 billion yuan in revenue in 2024, impacted by the spin-off of Johnson & Johnson's health division, leading to a decline in related agency business [2][10] - Despite a decrease in agency revenue, the introduction of new brands has stabilized overall income, with a net profit margin of about 3% [2][10] Overall Financial Outlook - The company anticipates a significant rebound in profits for 2025, with expectations of reaching over 200 million yuan in profit, supported by the recovery of various brands [2][3][11] - Water Sheep Co. is currently valued relatively low in the beauty industry, presenting a high safety margin and potential for investors [2][14] Emerging Brands and Market Trends - The Misty Bright Drink brand has shown excellent sales performance on Douyin, with potential positive contributions to overall profits if sales continue to grow [2][13] - Smaller brands like VAA and HBS are also showing promising trends, contributing to the overall improvement in company performance as they mature [2][9] Conclusion Water Sheep Co. is strategically repositioning its brands and diversifying its product offerings while expanding its offline presence. The company is expected to recover from previous losses and achieve significant profit growth in 2025, making it an attractive investment opportunity in the beauty and personal care sector.

AI+成为捕捉流量的有效"密码"。证券时报记者获悉，一批沪市消费零售公司将年中消费旺季变成了技 术加持下的"秀场"，一方面借助AI技术，在消费者洞察、人群圈选等环节实现效率提升；另一方面不断 迭代"人工智能+消费"场景，产品推陈出新，助力企业探索消费零售业的数智化发展方向。 提升消费零售"新质"含量 推动AI同消费、零售的融合，是今年"年中大促"的热词。"公司加速推进人工智能技术在业务流程中的 应用。"百联股份（600827）相关人士表示。据悉，百联股份旗下的百联西郊近期上线AI精准客流系统 进行全场覆盖，实现对全流程、全维度的客流指标进行分析。该公司相关人士介绍，公司正探索利用 AI技术重构"人-货-场"关系，推动AI从效率工具向价值创造引擎跃迁。 上海上周在发布的《上海市提振消费专项行动方案》中提到，推动人工智能、虚拟现实、大数据等技术 在消费领域深化应用。作为全国"消费第一城"，上海一批消费零售公司展现出了AI赋能后的"实战能 力"。 除百联股份利用AI为传统零售开辟新路径外，豫园股份（600655）在数字化、AI创新方面也有新成 果。"公司搭建AIGC中台，珠宝产业应用AI算法在商品管理上实现30%的 ...

Core Viewpoint - MAISON d e SIT.E aims to redefine the high-end beauty market in China by integrating fashion and beauty, drawing inspiration from diverse cultural elements while positioning itself as a unique brand that challenges the status quo of international beauty brands [2][11]. Group 1: Brand Identity and Philosophy - MAISON d e SIT.E is characterized as a "functional beauty" brand that seeks to merge rebelliousness with professionalism, aspiring to become the next "Mao Geping" without merely replicating existing models [2]. - The brand emphasizes a narrative that intertwines fashion and beauty, showcasing a distinct aesthetic that reflects Mongolian culture and other cultural influences [3][11]. - The brand's philosophy revolves around the idea that beauty transcends mere facial aesthetics, embodying a three-dimensional emotional expression [5]. Group 2: Product Development and Innovation - MAISON d e SIT.E's product line is designed with a focus on texture and user experience, collaborating with a Japanese company to create unique skin feel experiences such as "silk marble ice sensation" and "chiffon glutinous rice mud" [8]. - The brand encourages a hands-on approach to makeup application, allowing users to apply products without the need for brushes, thus catering to the needs of mature consumers who seek efficiency and quality [9][10]. - The introduction of innovative products like the "freckle cushion" and "no-size foundation" reflects the brand's commitment to breaking traditional beauty norms and addressing diverse consumer needs [22][23]. Group 3: Cultural Integration and Globalization - MAISON d e SIT.E aims to present Chinese culture in a way that resonates globally, deconstructing traditional cultural symbols and reinterpreting them for a modern audience [11][13]. - The brand's use of non-heritage cultural elements, such as the "female script" and Mongolian craftsmanship, highlights its dedication to showcasing a new narrative of Chinese aesthetics [13][15]. - By entering high-end retail channels like Sephora, MAISON d e SIT.E is positioning itself for global expansion while maintaining its unique cultural identity [15]. Group 4: Market Positioning and Consumer Engagement - The brand targets women over 30 who are disillusioned with conventional beauty marketing, offering products that emphasize quality and emotional value rather than superficial trends [8][10]. - MAISON d e SIT.E actively engages with consumer feedback, addressing concerns directly and adapting products to meet the needs of its audience, thus fostering a transparent relationship with its customers [9][10]. - The brand's approach to inclusivity in model selection and marketing challenges traditional beauty standards, promoting a diverse representation that resonates with contemporary societal values [19][20].

Group 1 - The core viewpoint of the article emphasizes that despite the emergence of a "new normal" with single-digit growth in China's consumer market by mid-2025, the potential for international brands in China remains significant [4] - The "China Consumer" forum, hosted by the China-Britain Business Council, attracted around 140 leaders from the consumer economy sector, highlighting the importance of establishing brand recognition in the Chinese market for global brands [4][5] - Peter Burnett, President of the China-Britain Business Council, stated that for any strong and mature brand, establishing brand recognition in China is crucial for achieving globalization [5] Group 2 - The article discusses a shift in Chinese consumer behavior from "conspicuous consumption" to "cultural resonance consumption," indicating a growing focus on emotional and cultural connections rather than mere material display [7] - Brompton, a folding bicycle brand, exemplifies this shift by emphasizing its cultural integration and local engagement in China, rather than positioning itself solely as a foreign brand [9] - The changing demographics of Brompton's user base, with a significant increase in female users, reflects the evolving preferences and needs of Chinese consumers [9] Group 3 - The article highlights that traditional Western luxury frameworks are no longer applicable to the current Chinese market, as consumer aspirations and emotional demands have fundamentally changed [11] - The concept of "localization" is becoming a key lever in competition, with brands needing to adopt a "Think Local, Act Global" approach to resonate with Chinese consumers [11]

5月27日晚间，美妆博主大嘴博士在其微博、微信公众号等社交媒体再度发文(视频)，质疑巨子生物检测报告中的检测方法和检测产品问题。 有机构研报称，尽管巨子生物迅速否认指控，但此类负面宣传仍可能影响消费者情绪，进而损害可复美在即将到来的618促销活动中的表现。618购物节向来 是美妆行业的销售旺季，众多品牌都会在这个时期加大营销投入，争取取得亮眼的销售成绩。可复美作为巨子生物的核心品牌，原本也对618寄予厚望。但 如今这场风波让可复美的618之路充满不确定性。若在618前夕，第三方检测结果仍未公布，消费者的观望情绪可能会持续加重，这无疑将对可复美的销售业 绩造成重大打击。 有意思的是，巨子生物内部检测5月24日开始，当天就出了结果，送往第三方检测已经过去三天了，结果却迟迟没能披露。无论是吃瓜的网友，还是美妆行 业人士，都在等第三方检测结果，也在等有关监管部门介入调查后的一个权威答案。只有权威的检测结果和清晰的解释，才能让消费者重新建立对品牌的信 任，也才能让整个事件尘埃落定。而对于巨子生物而言，如何妥善应对此次危机，化解消费者的疑虑，将是其面临的重大挑战。 此外，"大嘴博士"质疑，巨子生物内部检测的产品是胶原棒2 ...

裁员潮仍在继续。近日，露华浓向佛罗里达州商务部提交的《工人调整和再培训通知》(WARN)信函公示，将永久关闭位于佛罗里达州杰克逊维尔的制造 工厂。 据悉，此次关闭工厂将导致127人被裁员，裁员计划于7月18日启动，并在三个月内逐步实施。 曾裁员1100人，负债超260亿 据悉，关闭Overmyer Drive工厂是露华浓"简化业务运营以确保长期可持续性" 既定计划的一部分。 此举是C&S WholesaleServices宣布在其Baldwin配送中心裁员490人后，又一波裁员举措，这无疑加剧了当地就业市场的紧张氛围。 业绩承压、经营本土化缺失、营销推广不足等三重原因迫使露华浓裁员、撤资败退中国市场。 业绩承压，负债超260亿 值得注意的是，露华浓作为国际知名彩妆企业，曾辉煌一时，但近年来却因业绩不佳而困境频现，经历了大幅裁员、高管"换血"等多次动荡。 | | 2017年FY | 2018年FY | 2019年FY | 2020年FY | 2021年FY | | --- | --- | --- | --- | --- | --- | | 1 | -1.83亿 | -2.94亿 | -1.58亿 | -6.19 ...

美团-W(03690)获净买入19.19亿港元。消息面上，建银国际发表报告指，美团第一季财报胜预期。在财 报电话会议上，管理层承诺将采取一切必要措施来捍卫市场份额。该行预期补贴和销售及市场推广费用 增加将在短期内影响美团外卖的收入和单均盈利，但认为不太可能发生持续价格战。 | 股票名称 | 买入额 | 卖出额 | 头卖思额 | | --- | --- | --- | --- | | | | | 净流入 | | 盈富基金 | 36.58亿 | 417.57万 | 36.63亿 | | HK 02800 | | | +36.54亿 | | 美团-W | 24.90亿 | 11.72亿 | 36.62亿 | | HK 03690 | | | +13.18亿 | | 小米集团-W | 12.71 乙 | 12.25亿 | 24.96 乙 | | HK 01810 | | | +4663.92万 | | 阿里巴巴-W | 7.16亿 | 11.06亿 | 18.22 乙 | | HK 09988 | | | -3.89 亿 | | 腾讯控股 | 4.73亿 | 10.10 乙 | 14.83亿 | | HK 00700 ...

Group 1: Economic Development and Industry - The city of Shangcheng is focusing on "fashion consumption economy" and "headquarters economy" as key drivers for economic growth, aiming to establish a billion-level international fashion consumption center and attract over 30 quality brand enterprises and 40 flagship stores this year [9][10] - In 2022, the financial sector in the Qiantang River Financial Port area generated an added value of 679.5 billion yuan, ranking first in the province, with plans to introduce 8 new licensed financial institutions and 5 investment institutions this year [10] - The digital economy core industry in Shangcheng saw an increase of 11.4% last year, with a focus on developing sectors such as the metaverse and artificial intelligence, aiming to double the scale of future industries [11] Group 2: Urban Renewal and Quality of Life - The city is implementing urban renewal projects, such as the transformation of the Xiaoxiang Alley, to enhance the quality of life and create vibrant public spaces that blend traditional and modern elements [13][14] - Shangcheng is committed to improving public services, with a focus on education and healthcare, including the construction of new schools and community health centers to enhance residents' well-being [14][15] - The district aims to create an age-friendly environment by providing support for elderly care and youth development initiatives, ensuring that all community members benefit from urban development [15] Group 3: Cultural Development and Tourism - The first Summer Yan Film Screenwriting Week was held in Shangcheng, showcasing the district's commitment to cultural development and the promotion of the film industry [16] - The De Shou Palace has launched a night music live mode, integrating cultural tourism with innovative experiences, and aims to enhance the cultural industry’s contribution to the local economy with a target growth of 6.5% this year [17][18] - Shangcheng is focusing on cultural heritage preservation and innovation, with plans to develop cultural parks and new cultural business formats to strengthen its cultural industry [18]

Core Viewpoint - The beauty giants are expanding into the medical aesthetics sector by launching microneedling products, moving beyond just perioperative skincare to direct medical device offerings [2][3][4]. Group 1: Product Launches - Shiseido has launched a new microneedling product, MicroClick Concentrate, in the Japanese market, priced at 36,300 yen (approximately 1,791 RMB) for 1.4ml [2][4]. - L'Oréal is set to release a microneedling beauty device named 400 BOOSTER, priced at £250 (approximately 2,394.7 RMB), targeting the high-end home beauty market [3][8]. Group 2: Technology and Mechanism - Microneedling is a common medical device that creates microchannels in the skin to deliver active ingredients for therapeutic effects, particularly in aesthetic treatments [3][6]. - Shiseido's MicroClick Concentrate features 18 microneedles per disposable head and includes niacinamide and barrier-repairing ingredients, enhancing the penetration of active substances [4][7]. - L'Oréal's 400 BOOSTER utilizes a module with 400 nano-sized tips to create invisible microchannels in the skin, promoting the absorption of skincare ingredients [8][11]. Group 3: Market Trends and Consumer Acceptance - The Chinese medical aesthetics market has been growing at an annual rate of 17.5% since 2017, projected to reach nearly 400 billion RMB by 2026, with light medical aesthetics contributing significantly [13]. - The microneedling market, which surpassed 200 million RMB in 2022, has substantial growth potential compared to the broader light medical aesthetics market [13]. - Consumers are increasingly accepting microneedling as a method for effective skincare, with a shift towards home-use devices that enhance the efficacy of topical products [15][16]. Group 4: Regulatory and Safety Considerations - The integration of microneedling into beauty products faces regulatory challenges, as microneedles are classified as medical devices in many regions, requiring compliance with stricter safety standards [19][22]. - There is a growing concern about the safety of DIY microneedling practices, highlighting the need for consumer education on safe and effective use [22][27]. Group 5: Future Outlook - The combination of beauty and microneedling presents significant opportunities for innovation in skincare, but companies must navigate regulatory hurdles and ensure product safety [27]. - The trend towards home-use microneedling devices reflects a broader consumer demand for effective skincare solutions that are easy to use and accessible [15][16].

Core Viewpoint - The company Drunk Elephant will completely exit the Japanese market by June 30, 2024, including both online channels and six physical stores, less than four years after its introduction to Japan [2][3]. Group 1: Company Performance and Strategy - Drunk Elephant was acquired by Shiseido in 2019 for $845 million, with the expectation that it would become a key growth driver for the group [3][4]. - Initially, Drunk Elephant showed strong performance, contributing positively to Shiseido's financial results, with a 14% year-on-year growth in Q1 2020 despite declines in other brands [5][6]. - However, sales began to decline significantly, with a 25% drop in 2024 and a staggering 65% decline in Q1 2025, particularly in the Americas and Europe [5][7]. Group 2: Market Dynamics and Challenges - The clean skincare market has become increasingly competitive, making it difficult for Drunk Elephant to maintain its market share [6][8]. - Shiseido has faced overall performance challenges, with a net sales figure of 990.586 billion yen in 2024, a 1.8% increase, but a significant drop in operating profit by 73.1% [7]. - The shift in consumer preference towards efficacy-driven skincare over clean skincare has further complicated Drunk Elephant's position in the market [8]. Group 3: Future Outlook - The exit from Japan is viewed as a strategic adjustment for Shiseido, allowing the company to focus resources on markets with better growth potential [7][8]. - There is uncertainty regarding whether Drunk Elephant will exit other markets, as Shiseido has not provided specific responses to these questions [8].