9月19日，由北京华贸中心主办，北京市朝阳区商务局、北京市商务中心区管理委员会、朝阳区八里庄 街道办事处、新时代文明实践中心指导的北京华贸中心"第二届世界头号玩家节"正式开幕。 （文章来源：北京商报） 此外，作为活动核心板块之一的iCARnival马路咖啡节，集合15台定制新能源车与多家精品咖啡、精酿 品牌，打造出"早C晚A"的潮流动线，诠释了年轻人日咖夜酒的生活方式。活动期间还将发布奇瑞iCAR- V23S新车型，进一步呼应了科技、出行与休闲文化的融合。 据介绍，本次活动吸引国际品牌超30家，活动覆盖30万人次、带动华贸商圈客流量增长15%。 本次活动中，四大品牌快闪——兰蔻、福特、馥绿德雅和宝得意，分别从美妆、出行、护发与生活美学 角度，提供沉浸式产品体验，反映出品牌与消费者对话方式的迭代。 ...

（原标题：露华浓再陷集体诉讼：Almay 化妆湿巾 "100% 可降解" 被指虚假宣传） 近日，美国美妆巨头露华浓（Revlon）旗下品牌 Almay 再次卷入集体诉讼风波。此次诉讼直指其化妆 湿巾的 "环保属性"—— 原告罗宾?维多利亚?萨维奇（Robin Victoria Savage）于 7 月 30 日向加利福尼亚 州联邦法院提起诉讼，指控露华浓以 "100% 可生物降解" 为噱头误导消费者，而该产品在日常处置场景 中根本无法实现宣传中的降解效果。这已是露华浓近期第二次因 Almay 品牌产品的宣传问题面临集体 诉讼，此前其 "低敏" 产品宣传也曾引发法律争议。 核心指控："环保标签" 与实际性能脱节，违反 FTC 绿色指南 根据诉讼文件，萨维奇在起诉书中明确指出，Almay 化妆湿巾在营销过程中大量使用绿色标识、树叶图 案等环保视觉元素，刻意营造 "生态友好" 的产品形象，核心宣传点 "100% 可生物降解" 更是直接印在 产品包装与电商详情页中。但实际情况是，当这些湿巾被丢弃至垃圾填埋场或进行焚烧处理时，根本无 法在合理时间内完成分解。 诉讼重点援引了美国联邦贸易委员会（FTC）发布的《绿色指南》 ...

Group 1 - The core viewpoint is that in the era of user sovereignty, consumers shift from passive information acceptance to actively controlling their choices, making "word of mouth" a critical factor in consumer decision-making [1][4] - Companies must establish a comprehensive monitoring system to capture user feedback across all channels, moving from a "one-way output" to "full perception" of user needs and preferences [1][3] - The essence of listening is to adopt a humble approach to understand real user needs rather than trying to "educate users" [1] Group 2 - Companies need to create a rapid response mechanism to turn crises into opportunities for rebuilding trust, as negative word of mouth can spread quickly [3] - A key aspect of responding is not just problem-solving but also conveying a "user-first" value through the company's attitude, making consumers feel valued [3] - The ultimate goal of maintaining word of mouth is to elevate users from mere satisfaction to becoming brand advocates, establishing emotional connections beyond functional satisfaction [3][4] Group 3 - In the user sovereignty era, word of mouth represents the "trust vote" cast by consumers, and companies must integrate word of mouth maintenance into their strategic DNA to gain a competitive edge [4] - The best marketing is not about persuasion but about enabling users to genuinely recommend the brand [4]

Core Viewpoint - Shanghai Jahwa has successfully registered five new raw materials with the National Medical Products Administration, focusing on the development and application of Chinese characteristic plants, which is seen as a significant opportunity for the company to leverage its unique resources in the beauty industry [1][2]. Group 1: R&D Strategy and Achievements - The company reported a revenue of 3.478 billion yuan in the first half of 2025, representing a year-on-year growth of 4.75%, while the net profit attributable to shareholders was 266 million yuan, up 11.66% [1]. - R&D expenses increased by 26% during the same period, reflecting the company's commitment to innovation and development [1][11]. - The R&D structure is divided into three main areas: basic research, product development, and project support, covering the entire process from raw material development to product quality control [3]. Group 2: Focus on Chinese Characteristic Plants - The company aims to deepen the research and application of Chinese characteristic plants, which are perceived as complex systems with multiple components and mechanisms, rather than relying on single-target research approaches [4]. - Shanghai Jahwa has established a database for external beauty prescriptions based on traditional Chinese medicine, utilizing AI technology to explore the potential of "Chinese ingredients" [4]. Group 3: Collaboration and Innovation - The company has partnered with the Chinese Academy of Traditional Chinese Medicine to establish a joint laboratory focused on the skin health benefits of Artemisia annua and other Chinese characteristic plants [7]. - A new innovation R&D center focusing on synthetic biology has been established, aiming to leverage gene editing and microbial engineering to create new cosmetic ingredients [9][10]. Group 4: AI and Digitalization - The company is exploring AI and digital capabilities, including an AI skin detection program developed in collaboration with Megvii Technology, which analyzes skin conditions based on facial data [11]. - R&D investments have steadily increased from 151 million yuan in 2020 to 179 million yuan in 2024, with a focus on enhancing the R&D system, medical research collaboration, and product innovation [11].

Company Overview - The company has successfully extended its product categories, launching new skincare and makeup products in Q3, with positive market feedback for the new fragrance line [1] - The skincare product matrix continues to expand, with the introduction of the "Fire Spark Source" series aimed at addressing early aging issues for Oriental skin types [1] - The company is focusing on high-end positioning and has made significant progress in both offline and online channels, indicating strong brand momentum [2] Product Development - The skincare line includes serums and creams, with the launch of the "Black Gold Water" and the "Fire Spark Source" series, which includes anti-aging products [1] - In makeup, new color products have been introduced, including the "Starry Sky Eyeshadow" and earth-tone eyeshadows [1] - The fragrance line saw the launch of 13 new products in May, which have been well-received in the market [1] Channel Strategy - The company has entered high-end retail locations, with plans for new counters in major cities, showing strong same-store sales growth of approximately 18% in 1H25 [2] - Online sales have also been robust, with a combined GMV growth of 47% on Tmall and Douyin in July and August [2] International Expansion - The company is expanding its brand internationally, having entered Hong Kong's Sephora and planning to open its first counter in Harbour City in October [2] - Future expansion plans include Southeast Asia, Japan, and Europe starting in 2026, indicating a long-term growth strategy [2] Financial Outlook - The company maintains its profit forecast for 2025-2026, with current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026 [2] - The target price is set at 127 yuan, reflecting a potential upside of 22.5% based on projected P/E ratios [2]

2025年下半年，美妆行业的破产浪潮仍在持续蔓延，上下游企业纷纷受到冲击。 近日，聚美丽从全国企业破产重整案件信息网获悉，美妆TP服务商上海亿朵网络科技有限公司(以下简称"亿朵电商")目前已进入破产清算程序，并公开拍 卖名下资产。 △图片截自全国企业破产重整案件信息网 值得注意的是，早在今年三月，亿朵电商的前员工杜晶晶，就以公司"无法清偿到期债务且明显缺乏清偿能力"为由，向上海市浦东新区人民法院申请对其 进行破产清算。 之后披露的职工债权公示进一步显示，亿朵电商拖欠数名员工工资共计61万元，经营困境彻底浮出水面。 一家曾位列个护家清行业增长榜首位的亿朵电商，为何会走向破产之路？ 成立3月内，旗下平台GMV破千万！ 据国家企业信用信息公示系统显示，亿朵电商成立于2014年，注册资本761.51万元，专注于大健康领域，为品牌提供一站式全球健康渠道链接、品牌营 销、供应链及新品孵化等服务，覆盖保健、滋补、健康个护、食品及母婴等多个品类。 值得注意的是，亿朵电商旗下平台世销网成立于2019年6月，运营仅五个月便与汤臣倍健、哈药、同仁堂等20余家健康品类头部品牌达成合作。 另外，据其旗下子公司上海支婕在招聘平台上披露信 ...

Group 1 - The 2025 WTO Public Forum commenced with 4,200 participants and 350 speakers, focusing on the contribution of trade to global economic growth and the impact of digital transformation on the interconnected global economy [1] - WTO Director-General Ngozi Okonjo-Iweala emphasized that the WTO remains the core of the global multilateral trading system, which safeguards 72% of global goods trade, but reforms and increased predictability are urgently needed [3] - L'Oréal's strategy of "multi-polar operations" involves localizing production, with 95% of products sold in Europe manufactured in Europe, highlighting the importance of proximity to markets [5] Group 2 - L'Oréal's public affairs VP, Cynthia Sanfilippo, stated that businesses should be evaluated not only on products and services but also on their contributions to professional knowledge, training, and job opportunities, emphasizing the need for a standardized international trade system [7] - Rosario Navarro Betteley, president of the Chilean Industrial Promotion Association, noted that half of Chile's GDP comes from international trade, underscoring the necessity of a multilateral trading system for economic certainty and predictability [7] - Lola Aworanti-Ekugo, founder of Afriborder, highlighted the significant internal trade demand in Africa and the challenges faced, advocating for higher-level trade policies and the WTO's guidance to enhance trade flow on a global scale [8][10]

公司目前以天猫平台运营为主，同时持续探索以抖音为代表的新兴渠道平台。截止2025年年上半年末， 公司合计在运营店铺数量281家，主要新增合作品牌包括：素力高、唐嘉庭（Tender garden）、温丽慈 （Ongredients）、安多可（ENDOCARE）等。 （上证路演） 9月17日，丽人丽妆举办2025年半年度业绩说明会。会上管理层介绍，公司自有品牌业务进展顺利。自 2023年起，公司便聚焦美妆领域，持续培育以 "玉容初"、"美壹堂" 为代表的具备增长潜力的品牌。报 告期内，公司自有品牌整体销售收入同比增长超80%。 此外，公司自2024年下半年起以总代的形式将海外品牌引入国内，先后与温丽慈（Ongredients）、吉儿 玛（GEOMAR）、shaishaishai等品牌签署总代协议。2025年4月，公司又与唐嘉庭（tender garden）达 成战略合作，将成为其中国总代。依托公司强大的营销能力以及消费者洞察实力，公司为更多品牌方拓 展中国区业务提供支持，同时将更好的产品带给广大消费者。报告期内，公司总代业务整体发展顺利， 业务增长迅速。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].

Economic Development - In 2024, the GDP of Jing'an District is projected to reach 336.99 billion yuan, surpassing the 300 billion yuan mark, with public budget revenue of 30.22 billion yuan, ranking among the top in the city [1] - Since 2021, Jing'an has attracted a total of 991 first stores and 85 regional headquarters of multinational companies, with headquarters economy tax contributions growing at an average annual rate of 11.1% [1] Consumer Trends - The arrival of the "Louis" cruise ship in June has significantly boosted foot traffic in the Nanjing West Road business district, with an average daily footfall of 509,300, a year-on-year increase of 61.7% [3] - The sales at Xinyi Taikoo Hui increased by 70%, with surrounding projects also experiencing significant growth, such as Zhangyuan and Starbucks, which saw increases of 110% and 30% respectively [3] Internationalization and Tax Policies - Jing'an District has over 500 merchants participating in the departure tax refund program, accounting for about half of the city's total departure tax refund sales from January to July this year [6] - The district aims to increase the number of departure tax refund merchants to 1,000, enhancing its status as a departure tax refund demonstration area [6] Innovation and Industry Development - The "Meichuang Jingjie" skin health management innovation center has attracted over 40 cosmetic companies since its launch in May, aiming to cultivate a new trillion-yuan skin health industry cluster [8] - The center collaborates with institutions like Huashan Hospital to provide technical support and has established a public laboratory for industry standards and operational processes [10][11] Urban Renewal and Living Environment - The renovation of the former Four Seasons Hotel into the Fengsheng Commercial Center integrates urban resort hotels, fashion commerce, and modern offices, enhancing the commercial ecosystem [12][13] - Jing'an has completed the renovation of 47 old sites, improving living conditions and creating new housing options for urban workers, with a focus on community and support services [14][16]