天眼查App显示，近日，广州瑞婕化妆品有限公司成立，注册资本100万人民币，经营范围为第一类医 疗器械销售;第二类医疗器械销售;化妆品批发;化妆品零售;个人卫生用品销售;美发饰品销售;日用化学产 品销售;卫生用品和一次性使用医疗用品销售;成人情趣用品销售（不含药品、医疗器械）;眼镜销售（不 含隐形眼镜）;塑料制品销售;日用百货销售;医护人员防护用品批发;日用口罩（非医用）销售;食品互联 网销售（仅销售预包装食品）;保健食品（预包装）销售;食品销售（仅销售预包装食品）;日用玻璃制品 销售;电子产品销售;互联网销售（除销售需要许可的商品）;健康咨询服务（不含诊疗服务）;技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;化工产品销售（不含许可类化工产品）;日 用品销售;工艺美术品及礼仪用品销售（象牙及其制品除外）;日用杂品销售;服装服饰批发;针纺织品销 售;货物进出口;通讯设备销售;企业管理咨询;信息咨询服务（不含许可类信息咨询服务）;国内贸易代理; 工程和技术研究和试验发展;医学研究和试验发展;第三类医疗器械经营;医疗器械互联网信息服务。 ...

天眼查App显示，近日，广州颜心记化妆品有限公司成立，法定代表人为刘美华，注册资本5万人民 币，经营范围为新鲜水果零售；日用家电零售；皮革制品销售；灯具销售；消毒剂销售（不含危险化学 品）；母婴用品销售；箱包销售；鞋帽零售；服装服饰零售；珠宝首饰零售；户外用品销售；厨具卫具 及日用杂品零售；美发饰品销售；工艺美术品及收藏品零售（象牙及其制品除外）；互联网销售（除销 售需要许可的商品）；化妆品零售；日用品销售；卫生用品和一次性使用医疗用品销售；个人卫生用品 销售；食品互联网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）；保健食品（预包装） 销售；日用化学产品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；信息咨询服务（不含许 可类信息咨询服务）；健康咨询服务（不含诊疗服务）；电子产品销售；家用电器销售；信息系统集成 服务；软件开发；日用杂品销售；食品用洗涤剂销售；数字文化创意技术装备销售；日用百货销售。 ...

Group 1 - The Shanghai International Entrepreneur Consultation Conference gathered 40 global business leaders to provide insights for Shanghai's high-quality development [1] - The conference is the 37th of its kind, with 24 member companies listed in the 2025 Fortune Global 500 and 7 in the Forbes 2000, collectively valued over $3.5 trillion and contributing over 35 billion RMB in annual taxes [1] - L'Oréal's chairman proposed a "dual-core driving flywheel" model for Shanghai, emphasizing the synergy between technological innovation and consumer demand [1][3] Group 2 - L'Oréal's sales in China saw a year-on-year increase of approximately 3% in Q2, indicating a significant recovery in the market [3] - Schneider Electric's chairman suggested optimizing industrial policies to attract high-end manufacturing headquarters and promote digital and green transformations [4] - Schneider Electric's EcoFit low-voltage distribution innovation center was established in Shanghai, providing end-to-end services for low-voltage component adaptation [5] Group 3 - Intuitive Surgical's chairman highlighted the need for Shanghai to balance innovation, product quality, and patient safety in the biomedicine sector [5] - Intuitive Surgical has been involved in over 800,000 surgeries in China since 2006 and has established seven regional training centers, training over 15,000 doctors [5] - The company aims to continue its growth in China, aligning with the "Healthy China 2030" vision and contributing to the local medical technology ecosystem [6]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [16]. Core Insights - The report highlights three main investment themes: 1) New products in the medical beauty sector, emphasizing the importance of product lifecycle and the potential of rare new products for growth and stability. Companies to watch include Qihuang Pharmaceutical and Lepu Medical [3]. 2) The rise of operational agencies, particularly those leveraging AI technology, with a focus on companies like Yiwang Yichuang and Qingmu Technology [3]. 3) The cosmetics sector, recommending attention to companies such as Shiseido, Maogeping, and Proya, which have strong brand matrices and growth potential [4]. Summary by Sections Industry Basic Data - The total number of stocks in the industry is 104, with a total market value of 948.33 billion and a circulating market value of 885.12 billion [6]. Key Company Earnings Forecasts and Valuations - Proya: - EPS forecast for 2025E: 4.6, 2026E: 5.1, 2027E: 5.6 - PE ratios: 2025E: 17.5, 2026E: 15.9, 2027E: 14.5 - PB ratio: 4.7 - Rating: Recommended [5] - Juzi Biological: - EPS forecast for 2025E: 2.3, 2026E: 2.8, 2027E: 3.4 - PE ratios: 2025E: 20.9, 2026E: 17.4, 2027E: 14.3 - PB ratio: 6.5 - Rating: Recommended [5] - Maogeping: - EPS forecast for 2025E: 2.4, 2026E: 3.1, 2027E: 4.0 - PE ratios: 2025E: 37.4, 2026E: 29.1, 2027E: 23.0 - PB ratio: 9.7 - Rating: Strongly Recommended [5]. Relative Index Performance - The absolute performance over 1 month is -4.9%, 6 months is +10.4%, and 12 months is +32.4%. The relative performance shows a decline of -8.7% over 1 month, -13.2% over 6 months, and an increase of +16.9% over 12 months [7]. Upcoming Promotions - The report discusses the upcoming Double 11 promotions, highlighting changes in discount strategies across platforms like Tmall, Douyin, and JD, with Tmall extending its promotional period to 31 days and implementing a direct discount strategy [9].

天眼查App显示，近日，湖南青汉楼香粉化妆品有限公司成立，法定代表人为欧光武，注册资本200万 人民币，经营范围为一般项目：化妆品批发;化妆品零售;互联网销售（除销售需要许可的商品）;市场营 销策划;会议及展览服务;日用百货销售;卫生用品和一次性使用医疗用品销售（除依法须经批准的项目 外，自主开展法律法规未禁止、未限制的经营活动）。 ...

9月20日，第34届欧洲皮肤与性病学年会(EADV 2025，以下简称欧皮会)在法国巴黎圆满闭幕。作为首个且唯一 登台亮相的中国国货美妆企业，上美股份在这场全球顶级学术盛会上重磅发布了《2025韩束肽类研究与功效护肤品应 用年鉴》(以下简称韩束多肽红宝书)。 上篇以编年形式系统梳理了全球多肽美容技术五十余年的发展脉络：从 1902年肽概念的首次提出，到2025年环 肽技术引发的产业变革，完整呈现了线性肽应用、环肽突破等关键里程碑，清晰勾勒出抗衰成分的进化路径。 近日，这部凝结韩束22年肽类科研心血的专著再度亮相2025年中国香料香精化妆品行业年会暨精品博览会 (CAME)。值得关注的是，书中不仅系统梳理了全球多肽技术发展脉络，更以自主创新成果为抗衰领域提供了"中国方 案"，标志着国货美妆正式跻身全球皮肤科学研究核心对话场。 解码抗衰科研，红宝书"实用指南" 《韩束多肽红宝书》由由知名美容及化妆品皮肤学专家、三甲医院皮肤学科带头人赖维教授和Karl Lintner博士主 编，并由中国医师协会皮肤科医师分会顾问刘玮教授、上美科学委员会首席科学顾问Karl Lintner博士、中国香料香精 化妆品工业协会理事长颜江 ...

天眼查App显示，近日，上海玉容初化妆品有限公司成立，法定代表人为李霞，注册资本100万人民 币，经营范围为一般项目：化妆品批发；化妆品零售；互联网销售（除销售需要许可的商品）；计算机 系统服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；市场营销策划；信息咨 询服务（不含许可类信息咨询服务）；图文设计制作；企业形象策划；日用口罩（非医用）销售；日用 化学产品销售；食品用洗涤剂销售；消毒剂销售（不含危险化学品）；厨具卫具及日用杂品批发；厨具 卫具及日用杂品零售；家用电器销售；家用电器零配件销售；卫生用杀虫剂销售；食品销售（仅销售预 包装食品）；广告制作；广告发布；广告设计、代理；新材料技术研发；细胞技术研发和应用；医学研 究和试验发展（除人体干细胞、基因诊断与治疗技术开发和应用）；医学研究和试验发展。（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The 2025 Nobel Prize in Physiology or Medicine awarded to immunologists highlights the breakthrough discovery of "peripheral immune tolerance mechanisms," particularly focusing on regulatory T cells (Tregs), which are crucial for maintaining skin health and understanding aging processes [3][8][10]. Group 1: Impact on Skin Health - The skin, as the largest peripheral immune organ, relies on a delicate balance of the immune system, and the Nobel Prize findings suggest that regulating Treg cell function could fundamentally maintain skin immune homeostasis, delay aging, and promote self-repair [6][8]. - Tregs play a vital role in distinguishing between self and non-self, preventing the immune system from attacking normal cells while effectively targeting pathogens [8][10]. - Research indicates that Tregs are abundant in hair follicle-rich areas of healthy skin, such as the scalp and face, emphasizing their importance in skin health [11]. Group 2: Mechanisms of Action - Tregs exert their effects through direct cell contact and the secretion of inhibitory cytokines, which finely tune the activity of effector T cells, preventing excessive inflammation while preserving normal defense functions [12]. - Tregs also participate in tissue repair by promoting keratinocyte proliferation and differentiation, which is crucial for restoring skin barrier function after injury [12][13]. Group 3: Industry Trends and Challenges - The cosmetic industry is shifting from traditional anti-inflammatory approaches to a more fundamental focus on "immune homeostasis regulation," recognizing that healthy skin is characterized by a precise balance of immune responses rather than merely the absence of inflammation [12][13]. - Despite the excitement surrounding Tregs in cosmetics, industry experts express caution regarding their practical application, noting the complexity of pathways involved and the need for precise regulation [14][22]. - Companies like Shiseido are pioneering research in skin immunity, focusing on activating the skin's immune surveillance mechanisms rather than solely delaying cellular aging [16][18]. Group 4: Future Directions - The research on Tregs and peripheral immune tolerance is expected to lead to innovative cosmetic formulations that enhance skin health by targeting chronic inflammation and aging processes [13][30]. - The industry is moving towards a dual-driven innovation ecosystem where both academic research and industry efforts contribute to advancements in skin health products [30][28]. - The recognition of Tregs by the Nobel Prize signifies a maturation of the cosmetic industry, which is now seen as a contributor to scientific advancements rather than just an application of existing research [30][28].

Group 1: Financing Activities - Natural堂 completed a financing round of 300 million RMB, with a total investment of approximately 4.42 billion RMB from L'Oréal and 加华资本, leading to a valuation exceeding 7 billion RMB [4][13] - 灵境AI announced a new round of angel+ financing amounting to several tens of millions RMB, aimed at expanding AI animation production and creator ecosystem [6][7] - 乐享科技 secured 200 million RMB in angel++ financing, marking its third round in nine months, with total angel financing nearing 500 million RMB [8][10] - 星河动力, a commercial rocket developer, raised 2.4 billion RMB in D round financing, focusing on low-cost rocket launches [11] Group 2: Market Developments - Natural堂 submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with plans to enhance DTC capabilities and expand its brand portfolio [5][16] - 蜜雪集团 acquired 鲜啤福鹿家, aiming to enter the fresh beer market, with 鲜啤福鹿家 being the leading brand in fresh beer chain stores in China [17][18] - SHEIN plans to open its first physical store in France, aiming to combine e-commerce and physical retail advantages amid changing import tax policies [19] - 字节跳动 initiated its Double Eleven promotion, reporting significant sales growth, with a 75% increase in participating merchants and an 800% rise in brands exceeding 100 million RMB in sales [20] Group 3: Consumer Trends - During the National Day and Mid-Autumn Festival holiday, the average spending per customer increased by 14.6%, with the post-95 generation being the largest group of travelers [33] - The film box office during the National Day holiday surpassed 1.8 billion RMB, with several films exceeding 100 million RMB in box office revenue [38] - The user base for micro-short dramas in China reached 696 million, indicating rapid growth in this entertainment segment [36][37] Group 4: Brand Collaborations and Marketing - 喜茶 launched a new series of products, incorporating traditional flavors and innovative ingredients to attract consumers [23][24] - 奈雪的茶 collaborated with the popular domestic animation IP "罗小黑" to launch new products, leveraging the popularity of the IP for marketing [25][27] - 霸王茶姬 signed tennis player 郑钦文 as its global brand ambassador, aiming to enhance its international brand image [28]

Core Viewpoint - The Chinese beauty brand Chando, backed by the Zheng family, is preparing for an IPO on the Hong Kong Stock Exchange, with a valuation of approximately 71.4 billion yuan after recent investments from global beauty giant L'Oréal and Capital Group [2][3][8]. Company Overview - Chando, founded in 2001, has grown into a major player in the beauty industry, achieving annual revenues exceeding 4.6 billion yuan [2][4]. - The company is primarily controlled by the Zheng siblings, who hold over 87% of the shares, with Zheng Chunying's personal wealth reaching 11 billion yuan [2][3]. - The brand's marketing slogan, "You are already beautiful," reflects a shift in consumer culture towards confidence and self-identity [5]. Business Development - Zheng Chunying transitioned from a civil servant to an entrepreneur, initially exploring various business ventures before establishing Chando in Shanghai [4]. - The brand's growth strategy involved a gradual expansion from lower-tier cities to higher-end markets, leveraging television advertising and sponsorships, such as with the Chinese diving team during the London Olympics [6][8]. - Chando has maintained a family-oriented management style, which has contributed to its resilience during industry changes [6][8]. Market Context - The Chinese beauty market is projected to reach 1,073.8 billion yuan by 2024, with significant shifts in competition dynamics, including the rise of domestic brands and the decline of foreign brands in the high-end segment [7][8]. - The company faces pressure to adapt to changing consumer preferences and market conditions, necessitating a structural upgrade in branding, research and development, and distribution strategies [7][8]. Financial Position - Chando recently completed a financing round of 742 million yuan, with L'Oréal contributing 442 million yuan, enhancing its capital base and market credibility [8]. - The company's online sales have surged, with online revenue accounting for 68.8% of total sales by 2024, indicating a strong digital presence [8]. - Despite a high gross margin of over 70%, the company has seen a 37.1% decline in net profit due to increased marketing expenditures [9][10]. Governance and Challenges - The company's governance structure is characterized by family control, which can lead to efficient decision-making but may raise concerns among investors regarding minority rights and transparency [10][11]. - Chando's reliance on its flagship brand for over 90% of revenue poses a risk if market dynamics shift or consumer interest wanes [9][10]. - The company must navigate challenges related to research and development investment and regulatory scrutiny over packaging practices as it approaches its IPO [10][11].