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].

Group 1: Natural堂 Financing and IPO - Natural堂 Group has completed a new round of financing amounting to 3 billion RMB, led by 加华资本 and with participation from 欧莱雅, bringing total investment to approximately 4.42 billion RMB [1][6] - The company has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, with a valuation exceeding 7 billion RMB [1][6] - Revenue for Natural堂 is projected to be 44.42 billion RMB and 46.01 billion RMB for 2023 and 2024 respectively, showing stable growth rates of 3.49% and 3.58% [6][7] Group 2: 灵境AI Financing - 灵境AI has announced the completion of a new angel+ round financing amounting to several tens of millions RMB, led by 国科投资 [2][3] - This is the third round of financing for 灵境AI this year, aimed at expanding AI animation production and building a creator ecosystem [3] Group 3: 乐享科技 Financing - 乐享科技 has completed a 200 million RMB angel++ round financing, marking its third round of financing in nine months, with total angel round financing nearing 500 million RMB [4] - The funds will be used for self-research of core components and technology development [4] Group 4: 星河动力 Financing - 星河动力, a commercial rocket developer, has secured 2.4 billion RMB in D round financing, with investors including 顺禧基金 and 南京市创新投资集团 [5] Group 5: 蜜雪集团 Acquisition - 蜜雪集团 has signed an investment agreement to inject 286 million RMB into 鲜啤福鹿家, acquiring a 51% stake [8] - 鲜啤福鹿家 is positioned as the leading brand in China's fresh beer chain market, with plans to expand to approximately 1200 stores by August 2025 [8][9] Group 6: SHEIN's Retail Expansion - SHEIN plans to open its first physical store in France in November, marking its entry into offline retail [10] - The move is seen as a strategy to combine the advantages of e-commerce and physical retail in response to changing market conditions [10] Group 7: 字节跳动 Employee Support - 字节跳动 has introduced a new employee support scheme providing transitional subsidies for employees affected by organizational adjustments, with a maximum value of 72,000 RMB [13][14] Group 8: Consumer Trends - During the National Day and Mid-Autumn Festival holiday, the average spending per customer increased by 14.6%, with the highest proportion of tourists being those born after 1995 [22] - The total box office for the National Day film season surpassed 1.8 billion RMB, with several films exceeding 100 million RMB in box office revenue [26]

成立24年，前辽阳首富旗下的美妆品牌自然堂终于开启了上市冲刺。 9月29日晚，自然堂集团向港交所主板递交上市申请。一旦成功，它将和珀莱雅、丸美、上海家化这些 老伙计一起，成为又一家登陆国际资本市场的国产美妆集团。 然而，这一现象在2023年被打破。当年，市场开始出现传闻，自然堂的母公司考虑最早于2024年在香港 上市，募资不超过5亿美元。 是什么导致了自然堂上市战略上的重大转向？ 雷达财经注意到，当自然堂首次传出上市计划时，就有声音质疑公司发展是否出现了问题。 事实也确实如此。最新披露的招股书显示，自然堂光鲜的品牌形象下，一些财务和经营问题已经有所浮 现。 故事的开头，得从一场"下海潮"说起，让我们把时针拨回到1996年，那时郑春颖做了一个让很多人都惊 讶的决定，他毅然辞去辽阳市财政局的"铁饭碗"，选择了南下创业。 彼时，一个偶然的机会，让郑春颖看到美妆行业的巨大发展潜力。当时市场上的化妆品几乎全被外国品 牌占了，让郑春颖受到冲击。 他按下决心，要创办一个中国人自己人自己的美妆品牌。于是，2001年，一家名叫自然堂的品牌在上海 诞生了。 那时候的美妆行业尚处一片蓝海，竞争没有那么激烈，而郑春颖又很擅长在营销上 ...

Core Viewpoint - The Chinese beauty and cosmetics industry has transitioned from "incremental competition" to "stock game," shifting from channel-driven to brand-driven strategies, with significant advancements in raw material innovation, efficacy verification, and technology transformation [3]. Group 1: Market Overview - The market size of China's cosmetics industry has exceeded 1 trillion yuan for two consecutive years since 2023, making it the largest cosmetics consumption market globally [3]. - In 2024, the total transaction volume of China's cosmetics market is projected to reach 1,073.82 billion yuan, reflecting a year-on-year growth of 2.8% [6]. Group 2: Industry Challenges - The core driving force of the cosmetics market is the raw materials, with domestic companies primarily focused on mid-to-low-end markets due to insufficient R&D investment and outdated production processes [6][9]. - High-end raw materials are still heavily reliant on imports, highlighting the need for domestic companies to enhance their R&D capabilities [6]. Group 3: Technological Advancements - Many domestic beauty companies are investing in R&D to develop new raw materials, with examples including the establishment of an intelligent bio-fermentation raw material factory by the natural brand Chando [8]. - Companies like Huaxi Biological have achieved breakthroughs in synthetic biology technology, allowing for precise control over hyaluronic acid molecular weight [9]. Group 4: Government Support - The Chinese government is encouraging innovation in upstream raw material development, implementing policies such as "immediate reporting and review" for new cosmetic raw materials [10]. - In September, Shanghai introduced measures to promote high-quality development in the cosmetics industry, offering substantial subsidies for new raw material development [10]. Group 5: Collaboration and Innovation - The industry is focusing on systematic and foundational innovation, with companies like Yunnan Betaini emphasizing the integration of medical research and technological innovation to build strong brand barriers [12]. - Collaborative projects, such as the establishment of a joint laboratory for artemisinin and traditional Chinese medicinal plants by Shanghai Jahwa and the Chinese Academy of Medical Sciences, aim to enhance the application of artemisinin in skincare [17].

Core Insights - Guangzhou has launched a "green channel" for innovative medical device products to expedite their market entry [1] - The collaboration between the Guangzhou Market Supervision Administration and the Bio-Island Laboratory aims to enhance the innovation ecosystem in the life and health industry [1][2] Group 1: Collaboration and Services - The agreement provides comprehensive technical services covering the entire product development and registration process for high-end medical devices [1] - The Bio-Island Laboratory, a key provincial laboratory in Guangdong, focuses on high-end medical devices, scientific instruments, and biomanufacturing [1] - The partnership will facilitate cooperation in key areas such as medical devices, pharmaceuticals, and cosmetics [1] Group 2: Standards and Innovation - The collaboration will strengthen standard-setting and innovation cooperation in the pharmaceutical sector, including participation in international standard formulation [1] - A joint effort will be made to establish a "cosmetic raw material research laboratory" to focus on critical raw material technologies [1] Group 3: Intellectual Property and Funding - The partnership will explore the establishment of a knowledge property innovation consortium and a life and health industry fund [2] - The aim is to build a collaborative innovation system involving government, industry, academia, and medical sectors [2]

Core Viewpoint - Proya Cosmetics Co., Ltd. plans to list H shares in Hong Kong to enhance its overseas financing capabilities and accelerate its internationalization strategy [3][4]. Group 1: Listing Plans - The board of Proya has approved the proposal for issuing H shares and listing on the Hong Kong Stock Exchange, marking a significant step in its overseas listing process [3]. - The proposed H share issuance will not exceed 15% of the total share capital post-issuance, with funds focused on R&D innovation, brand expansion, smart manufacturing, and global layout [3][4]. - The company aims to enhance its overseas financing capabilities and improve its overall competitiveness through this listing [4]. Group 2: Financial Performance - In the first half of the year, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, which is a significant slowdown compared to the 37.9% growth in the same period of 2024 [4]. - The net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 13.80%, which is notably higher than the revenue growth rate [4]. - The net cash flow from operating activities was 1.293 billion yuan, showing a substantial increase of 95.34% year-on-year, indicating improved cash flow conditions [4].