Core Viewpoint - The article highlights the remarkable growth and transformation of Lin Qingxuan, a Chinese skincare brand, under the leadership of its founder Sun Laichun, emphasizing its journey from near bankruptcy to becoming a leading player in the high-end skincare market with a focus on camellia oil products [4][5][10]. Group 1: Company Overview - Lin Qingxuan was founded by Sun Laichun, who registered the brand name 20 years ago, and has since become a benchmark in the anti-wrinkle skincare sector in China [5][6]. - The brand has achieved significant sales milestones, with a cumulative sales volume of 30 million bottles of its star product, the camellia oil, and has maintained the top position in facial oil sales in China for 11 consecutive years [8][10]. Group 2: Financial Performance - Lin Qingxuan's revenue is projected to grow from 6.91 billion yuan in 2022 to 12.10 billion yuan in 2024, marking a 75% increase [10]. - The net profit has reversed from a loss of 5.93 million yuan to a profit of 1.87 billion yuan during the same period [10]. - The camellia oil product line has seen revenue growth from 2.18 billion yuan to 4.48 billion yuan, increasing its share of total revenue from 31.5% to 37% [11]. Group 3: Market Position and Strategy - Lin Qingxuan has positioned itself as a high-end domestic skincare brand, ranking first in retail sales among Chinese high-end skincare brands and being the only domestic brand in the top 15 of high-end skincare brands in China [11]. - The company has successfully transitioned to online sales, with online revenue reaching 7.14 billion yuan in 2024, accounting for 59.1% of total revenue [12]. Group 4: Future Plans and Market Trends - Lin Qingxuan plans to use IPO funds to enhance its high-end domestic brand image, expand into Southeast Asia, and develop new anti-wrinkle technologies [15]. - The high-end anti-wrinkle skincare market in China is expected to grow at a compound annual growth rate of 21.2%, from 59.4 billion yuan in 2024 to 155.5 billion yuan by 2029 [15].

Core Viewpoint - Luxury skincare brands in China are undergoing a profound transformation to adapt to market growth constraints and changing consumer environments, focusing on technological investment, localized research, flexible product forms, and experiential communication to redefine their value in consumers' minds [2][14][40] Group 1: Market Dynamics - The high-end beauty market in China is experiencing a slowdown, with a compound annual growth rate (CAGR) decline of 3% from 2021 to 2024, leading to a market size reduction from 257.8 billion to 236.4 billion yuan, a loss of 21.4 billion yuan [15] - The luxury goods market is also facing challenges, with a projected sales decline of 18%-20% in 2024, returning to 2020 levels, indicating a shift from high-speed growth to a stable market [15] - Despite the overall market contraction, high-end beauty brands are maintaining low but stable share expansion, with brands like La Mer showing double-digit growth [17] Group 2: Product Innovation and Consumer Engagement - Sisley launched a new foundation in February that emphasizes a "makeup and skincare" trend, featuring a unique formula with three key benefits and a wide range of shades to cater to personalized consumer needs [4] - La Mer's new product launch in April focuses on oil control and anti-aging, targeting the growing oil skin care market in China, which is expected to exceed 50 billion yuan by 2025 [6][8] - La Prairie introduced a travel-sized version of its new caviar essence, reflecting a trend among luxury brands to lower the entry barrier for consumers and enhance product accessibility [11][12] Group 3: Consumer Behavior and Brand Strategy - The luxury beauty market is witnessing a shift towards "smart luxury," where consumers are more discerning and value-driven, leading to a decline in brand loyalty and impulsive purchases [19][20] - Brands are now required to emphasize scientific efficacy and product performance, moving away from traditional emotional marketing strategies [20][30] - High-end brands are increasingly focusing on localized research and product customization to meet the unique needs of Chinese consumers, such as addressing specific skin types and environmental factors [22][23] Group 4: Future Outlook - The transformation of luxury skincare brands is characterized by a balance between maintaining core brand values and embracing innovation, with a focus on technology, localization, and enhanced consumer experiences [39][40] - The future winners in the luxury beauty market will be those who can uphold the essence of luxury while understanding and responding to the evolving demands of Chinese consumers [40]

Core Viewpoint - The concept of "competition" in the consumer goods sector has intensified, evolving from mere growth to a survival mode, affecting even niche categories that were previously less competitive [1][4]. Group 1: Nature of Competition - The essence of "competition" is characterized by oversupply and supply homogenization, driven by excessive competition on the supply side [4]. - Two main factors contribute to this phenomenon: oversupply due to a high number of competitors and the homogenization of supply, where many brands follow similar paths, leading to a crowded market [4][6]. Group 2: Brand Homogenization - The trend of brand homogenization has become more pronounced in recent years, with brands increasingly adopting similar strategies and methods, resulting in a lack of differentiation [8][9]. - The rise of e-commerce has lowered the barriers for brand creation, leading to an explosion of brands and consequently, a homogenization of brand offerings [8][9]. Group 3: Building Brand Scarcity - To escape the cycle of homogenization, brands need to focus on creating scarcity through unique brand positioning and innovative strategies [10][11]. - The differentiation of brands can be achieved by understanding the dual nature of branding: as a tool for business strategy and as a result of consumer perception [12][14]. Group 4: Positioning Theory - The essence of consumer goods business is rooted in "concept" and the competition for consumer mindshare through effective positioning [20]. - Many brands tend to adopt a simplistic approach to positioning, focusing solely on product categories, which can lead to a lack of differentiation in a saturated market [21][22]. Group 5: Multi-Dimensional Brand Image - A multi-dimensional brand image is more difficult to replicate and can provide a competitive edge, as seen in successful brands like Apple [37][38]. - Building a multi-dimensional brand requires a cohesive narrative and alignment with business strategies to create a strong brand identity [38].

这是新消费智库第 2 6 5 0 期文章 新消费导读 新消费 1. 福建两口子食品有限公司推出牛肉馅饼 1. 福建两口子食品有限公司推出牛肉馅饼 2. Jel ley Brown 携手来一葫推出 新品 3. Stone I s land 杭州旗舰店开业 4. 瑞幸推出羽衣轻体果蔬茶 5. 古茗推出轻椰拿铁 6. 艾芬达提交注册 7. 君合盟生物再完成数千万元融资 8. 坦途科技获 B 轮融资 9. Dolce&Gabbana 获得 1.5 亿欧元融资 10. 传欧莱雅有意以 10 亿欧元收购 Medi k8 11. 阿迪达斯开售宠物服装挖掘它经济 12. R IMOWA 携手 Vitra 发布 2025 限量联名系列 13. 三只松鼠成立超鲜密码食品公司 14. Mush 扩展隔夜燕麦产品线 15. 巨子生物拟在厦门设立东南区域总部 福建两口子食品有限公司近日新推出牛肉馅饼。在饼皮制作上，该牛肉馅饼采用 72 层中式酥饼阶梯式开酥工艺，原料选用加拿大小麦粉，并 添加安佳黄油。 （ 食品板 ） 2. Jel ley Brown 携手来一葫推出 新品 健康饮品品牌界界乐 Jel ley Brown 携手新中式养生 ...

Group 1 - The sanitary napkin industry faces a trust crisis after issues were exposed on CCTV's 315 Gala, leading to Huang Zitao's rapid development and launch of the Duowei brand, achieving sales of 40 million in its first live stream, priced at less than 60% of traditional brands [2] - The beauty industry remains strong, with Proya surpassing Shanghai Jahwa with a revenue of 10.778 billion, marking a significant shift as the top ten companies now require a minimum revenue of 2.569 billion, and R&D investments have surged, with companies like Shiseido and Giant Bio seeing over 40% growth in R&D spending [2] - The cruise industry is attempting to recover from a price collapse in the summer of 2024, with some routes seeing price drops of 60%, leading companies like Royal Caribbean and Aida Cruises to introduce cultural crossover themes to attract customers, resulting in a record of 30,000 people entering and exiting Shanghai Port in a single day during the May Day holiday [2] Group 2 - The value of intellectual property (IP) is being reaffirmed, as Light Media's "Nezha: The Devil's Child" grossed 15 billion at the box office, with a net profit increase of 374.79% to 2.016 billion in the first quarter, despite concerns over the film industry's reliance on single IPs [3] - Consumer-facing IP commercialization is booming, with brands like Liangpinpuzi and Qiaqia collaborating over 50 times, generating 7.1 billion in revenue; the Palace Museum's dining experience has become a trend with an average spending of 500 per person, showcasing the overwhelming success of cultural IP in driving consumer behavior [3] - The traditional employment relationship is evolving, as seen in the live stream featuring Dong Mingzhu and Meng Yutong, highlighting a shift from loyalty to a more flexible employment approach among younger generations [3]

Core Viewpoint - The acquisition of the hair care brand "Siyu" by "Kids King" for 1.65 billion yuan marks a strategic expansion from maternal and infant retail into the beauty and hair care sector, aiming to capture a broader family-oriented customer base [1][11]. Group 1: Acquisition Details - Kids King announced the acquisition of the domestic hair care chain "Siyu" for a total consideration of 1.65 billion yuan, with the deal involving multiple stakeholders including Jiangsu Xingsiyu and Giant Biological [1][3]. - The transaction consists of two parts: the transfer of 100% equity of Jiangsu Xingsiyu and a subsequent cash purchase of 100% equity of Siyu Industrial [3][4]. - The new shareholder structure will see Kids King holding 65%, with other investors including Giant Biological and the original founders [3][4]. Group 2: Strategic Rationale - Kids King aims to leverage its extensive chain operation experience and digital technology to enhance Siyu's operational efficiency and digital capabilities [4]. - The partnership with Giant Biological is intended to improve Siyu's research and development capabilities, creating a comprehensive product ecosystem for hair care [4][11]. - The acquisition is seen as a way to tap into the growing demand for hair care services, especially among families, thus broadening Kids King's customer demographic [11][12]. Group 3: Market Position and Growth - Siyu has established itself as a leading brand in the hair care industry with over 2,500 stores nationwide and a membership base exceeding 2 million [7][8]. - The brand's growth trajectory includes significant milestones such as surpassing 1,000 stores in 2014 and expanding into medical beauty services [7][8]. - The acquisition price reflects a valuation of approximately nine times Siyu's projected net profit for 2024, indicating strong investor confidence in the brand's future performance [11]. Group 4: Background of Key Players - Kids King, founded by entrepreneur Wang Jianguo, has successfully transitioned from a maternal and infant retail focus to a broader family-oriented service provider [1][12]. - Wang Jianguo's investment firm, Xingnahe Capital, has previously invested in various sectors including beauty and healthcare, indicating a strategic approach to diversifying investments [12][14]. - The original founders of Siyu, Chen Yingyan and Wang Deyou, have played a crucial role in establishing the brand's market presence and will continue to be involved post-acquisition [3][4].

New Product Launches - Jiu Yu launched coconut matcha powder, made from 100% matcha and coconut water powder, with a matcha content of ≥ 5% [3] - Xi Zhi Lang introduced NFC fruit pulp jelly, using fresh fruit pulp within 24-48 hours, with a fruit content of ≥ 40% [3] - Chao Le Zi collaborated with Harry Potter to launch new ice cream flavors [3] - Koko Manfen released three new fruit tea products, emphasizing natural tea polyphenols [5] - Oreo launched a limited edition cookie in collaboration with Selena Gomez, featuring chocolate and cinnamon flavors [16][20] Financing Activities - BlissClub, a women's activewear brand, completed a financing round totaling $530 million [14] - Miraggio, a handbag and accessories brand, raised $650 million in its first round of institutional financing [15] - Nutriearth established a distribution partnership with AIDP to expand its vitamin D3 oil market in North America [9] Market Developments - Pizza Hut's app fully integrated with JD Pay, launching promotional activities to attract customers [8] - Topologie, a French outdoor brand, opened its first store in mainland China [8] - Drunk Elephant announced its exit from the Japanese market, ceasing all sales channels by June 30, 2025 [28] Industry Trends - e.l.f. Beauty announced a $1 billion acquisition of Hailey Bieber's skincare brand, marking its largest acquisition to date [27] - The collaboration between君乐宝 and Synodis aims to promote local production of high-end cream [8] - The launch of new products by major brands indicates a trend towards innovative and health-focused offerings in the food and beverage sector [16][20]

Group 1 - The endorsement marketing market is showing signs of recovery in the first five months of 2025, with a 5.4% year-on-year increase in the number of endorsers and a 1.4% increase in the number of brands [1][15][16] - The beauty and skincare industry leads with 590 official endorsers, marking a 34.9% year-on-year growth, while the commercial/service sector sees the highest growth rate at 38.5% [1][15] - Brands are increasingly favoring mid-tier and lower-tier celebrities, with the proportion of B and C-list stars rising by 7.8% year-on-year, and more brands are building endorser matrices, with a 5.3% increase in brands announcing two or more endorsers [1][37][39] Group 2 - In the entertainment sector, popular works significantly boost commercial value, with top stars like Xiao Zhan, Bai Lu, and Dilireba leading the rankings due to their ongoing hit series [2][13] - Sports stars, particularly top athletes, have seen a 100% year-on-year increase in endorsement numbers, despite a 31% decline overall in non-Olympic years [2][24][29] - Emotional marketing strategies are emerging, including emotional resonance marketing and nostalgia-driven campaigns, which resonate well with younger audiences [3][4] Group 3 - The Lunar New Year has led to a surge in short-term endorsements for stars like Zhao Yazhi and Ye Tong, reflecting the seasonal connection between traditional culture and endorsement marketing [3][32] - The endorsement market is becoming more diversified, with brands focusing on emotional resonance and precise audience targeting to enhance marketing effectiveness [3][4] - The rise of short drama actors as new influencers is notable, with over 15 brands collaborating with them in the first five months of 2025 [40][42]

对话商社：新消费的黄金纪元：新场景+新客群+新产品+ 新渠道 20250605 摘要 新消费区别于传统消费，后者依赖经济增长和收入提升，前者基于"幸 福等于效用和欲望"理论，强调情绪价值、性价比出海及极致成本优势。 2025 年国投证券新消费 50 组合表现良好，验证了新消费投资潜力。 国投证券看好 2025 年新消费板块的持续增长，尽管存在波动，但税收 政策和内需增长驱动新兴企业发展，如老铺黄金、泡泡玛特等。基本面 良好，未来一到两年行情仍具持续性，但需警惕资金在新科技与新消费 间的切换。 新消费定价抓手在于场景、客群、产品和渠道的创新。2018-2020 年 一级市场资本注入宠物经济、美容护理和餐饮等领域，催生一批国产品 牌，商业模式逐渐成熟，竞争格局改善，为新消费公司提供了发展机遇。 当前新消费行情并非全新产品周期，而是渠道、场景或客群变化驱动， 呈现百花齐放态势。前期资本注入的种子经过培育，推动行业发展，行 情由实际业绩支撑，如泡泡玛特和老铺黄金，估值具备支撑。 Q&A 新消费的黄金纪元是什么意思？国投证券策略团队对新消费的认知是什么？ 新消费的黄金纪元指的是在当前经济环境下，新的消费模式和趋势正在迅 ...

Group 1 - The core trend in the fashion industry is the strong return of quality basic clothing, reflecting consumers' deep pursuit of certainty and practicality in their purchases [1][3][11] - During the "6.18" shopping festival, nearly 70% of consumers preferred to shop on JD.com, citing its rich brand selection and the availability of high-quality basic clothing [1][30][32] - The overall growth in JD.com's apparel and beauty categories exceeded 30%, significantly outpacing the market average [1][21] Group 2 - A significant 51.6% of consumers expressed a preference for simple and versatile basic clothing this summer, indicating a shift towards practicality in fashion choices [3][8] - Over 80% of surveyed consumers reported that more than half of their wardrobe consists of basic clothing, highlighting its importance in their daily lives [8][11] - Consumers are increasingly focused on the quality and material of clothing, with 46.8% prioritizing texture and 45.7% valuing practicality [10][34] Group 3 - The purchasing behavior of consumers shows a clear preference for established brands, with 39.9% seeking quality assurance and 34.3% focusing on familiar brands [11][17] - Fast fashion brands like MUJI lead in consumer preference for basic clothing, with a selection rate of 38.9% [17] - The budget for clothing purchases reflects income stratification, with over 70% of consumers maintaining or increasing their spending during the "6.18" festival [21][25] Group 4 - The trend of "precision decentralized consumption" is evident, with JD.com recognized for its high quality-to-price ratio and reliable shopping experience [30][32] - Consumers are increasingly aware of quality standards, with nearly 60% noting the importance of JD.com's "安心品质" (Assured Quality) label [33] - The focus on essential elements such as fabric quality and comfort is becoming more pronounced, with 45.9% of consumers prioritizing material and functionality [34] Group 5 - Female consumers are particularly active in the "6.18" shopping festival, showing a preference for quality and comfort in their summer wardrobe choices [38][42] - The demand for invisible and comfortable undergarments is strong among women, with 41.3% opting for seamless options [41] - The overall consumer behavior indicates a shift towards valuing quality and practicality over mere trends, with a willingness to invest in versatile and high-quality items [42][60]