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].

天眼查App显示，近日，广州珂芙未来化妆品有限公司成立，法定代表人为陈礼健，注册资本10万人民 币，经营范围为食品互联网销售（仅销售预包装食品）;计算机软硬件及辅助设备批发;贸易经纪;五金产 品零售;服装服饰批发;日用品批发;化妆品批发;计算机软硬件及辅助设备零售;日用口罩（非医用）销售; 五金产品批发;服装辅料销售;鞋帽零售;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广;互联网销售（除销售需要许可的商品）;日用品销售;玩具销售;化妆品零售;鞋帽批发;金属包装容器及 材料销售;国内贸易代理;未经加工的坚果、干果销售;食品销售（仅销售预包装食品）;保健食品（预包 装）销售;美发饰品销售;珠宝首饰零售;酒类经营。 ...

天眼查App显示，近日，广州碧源化妆品有限公司成立，注册资本5万人民币，经营范围为食品互联网 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）;电子产品销售; 体育用品及器材零售;文具用品零售;办公用品销售;个人卫生用品销售;卫生用品和一次性使用医疗用品 销售;日用百货销售;美发饰品销售;母婴生活护理（不含医疗服务）;化妆品批发;化妆品零售;技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广;生物基材料技术研发;生物化工产品技术研发;生 物质能技术服务;市场营销策划;广告制作;广告发布;广告设计、代理;个人互联网直播服务;健康咨询服务 （不含诊疗服务）。 ...

天眼查App显示，近日，湖南大三湘生物科技有限公司成立，法定代表人为周泉，注册资本1000万人民 币，经营范围为许可项目：化妆品生产；食品用洗涤剂生产；食品生产（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目：粮食收购；初级 农产品收购；农副产品销售；化妆品零售；技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；专用化学产品制造（不含危险化学品）；专用化学产品销售（不含危险化学品）；食品用洗涤 剂销售；互联网销售（除销售需要许可的商品）；日用杂品制造；日用杂品销售；农业科学研究和试验 发展（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）。 ...

Core Viewpoint - The domestic cosmetics industry is experiencing a significant transformation, focusing on the innovation of plant-based ingredients and the development of proprietary technologies for extracting and utilizing these ingredients effectively [1][4][14]. Group 1: Technological Advancements - Since 2022, the domestic cosmetics industry has gradually mastered the full-process technology of "active substance labeling, impurity separation, and purity control" [10]. - Companies like Yunnan's Betaini have successfully extracted beneficial components from plants, such as the Qingci fruit, which has shown efficacy in skin barrier repair and anti-aging [2][11]. - The use of AI technology has accelerated the identification and extraction of effective plant components, allowing for higher purity and better efficacy in products [12]. Group 2: Market Trends - There is a growing trend among domestic cosmetics companies to utilize plant-based ingredients as a key differentiator in product offerings, with many brands showcasing their latest research and development at industry conferences [3][6]. - The number of new plant-based raw materials registered has increased significantly, from 3 in 2022 to 42 in 2024, indicating a shift towards plant-based ingredients dominating the market [7]. - The market for domestic cosmetics is expanding, with local brands capturing over 55.2% of the market share, surpassing foreign brands [15]. Group 3: Investment and Capital Market - Several companies focusing on plant-based ingredients have initiated IPO processes, reflecting increased investor interest in the sector [14]. - Notable investments have been made in companies with capabilities in plant raw material research, indicating a strong market confidence in the potential of domestic plant-based cosmetics [14]. Group 4: Future Outlook - The domestic cosmetics industry is expected to continue its shift towards using local plant resources, with predictions that domestic raw materials will account for over 80% of the market share in the future [15]. - As the industry matures, the purity, stability, and efficacy of domestic raw materials are approaching or even surpassing international standards, enhancing brand confidence in local sourcing [15].

【导读】自然堂向港交所递交招股书，多重"挑战"未解 中国基金报记者赵刚 继林清轩之后，今年又一国货美妆公司冲击港股IPO。 近日，自然堂全球控股有限公司（以下简称自然堂）正式向港交所递交上市申请，联席保荐人为华泰国际和瑞银集团。 然而，招股书也揭示了自然堂面临的一些挑战：营收高度依赖主品牌（占比超94%），净利润呈现"过山车式"波动，以及销售营销费用高企挤压利润空间 等。 "中等生"困境？ 多项数据"跑不赢" 自然堂在招股书中称："我们是中国化妆品行业中以战略引领、数字化驱动和产品科技领先的多品牌企业。根据弗若斯特沙利文的资料，以2024年零售额 计，我们是中国第三大国货化妆品集团。" 从2025年上半年营收看，自然堂位居本土美妆企业第六，规模落后于珀莱雅、上美股份、上海家化、巨子生物和毛戈平。同期，自然堂实现营收24.48亿 元，而行业头部企业珀莱雅实现营收53.62亿元，是自然堂两倍有余。 | 公司名称 | 营收（亿元） ▼ | | --- | --- | | 珀菜雅 | 53.62 | | 上美股份 | 41.08 | | 上海家化 | 34.78 | | 巨子生物 | 31.13 | | 毛戈平 | ...