Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 0.2% from December 26 to December 31, 2025, while the Shenwan Cosmetics Index increased by 1.0% [4][5]. - Lin Qingxuan successfully completed its IPO on December 30, 2025, attracting significant investor attention. The company, founded in 2003, reported a revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.7% [4][10]. - Upward confidence in the company is reflected in the share buyback by senior management at Shangmei Co., with a total of 835,900 shares purchased in December 2025, amounting to approximately 66.32 million HKD [4][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed strong performance, with the Shenwan Beauty Care Index increasing by 0.2% during the specified period, outperforming the market [4][5]. - The top-performing stocks included Yanjiang Co. (+14.3%), Shuiyang Co. (+9.5%), and Qingsong Co. (+7.0%), while Shangmei Co. saw a decline of 18.6% [6]. Key Company Updates - Lin Qingxuan's IPO on the Hong Kong Stock Exchange was a significant event, marking it as a leading high-end domestic skincare brand. The company has a strong market presence with a focus on camellia oil-based products [4][10]. - Shangmei Co. demonstrated management confidence through share buybacks, indicating a positive outlook for future growth [4][10]. E-commerce and AI Integration - The report highlights the robust foundation of the e-commerce agency business, particularly for companies like Yiwan Yichuang, which is leveraging AI to enhance operational efficiency and performance [11][12]. - The e-commerce agency sector is experiencing a resurgence, driven by increased demand for brand representation on platforms like Alibaba [12][13]. Market Data - The retail sales of cosmetics in China for the first eleven months of 2025 reached 428.5 billion yuan, reflecting a year-on-year growth of 4.8% [16]. - The report indicates that the market for PDRN components is expected to reach 285 million USD globally by 2029, with China projected to capture 34% of this market [21]. Competitive Landscape - The domestic skincare market is becoming increasingly competitive, with local brands gaining market share against international competitors. The report notes that local brands now occupy five of the top ten positions in market share [24]. - The report anticipates that the trend of domestic brands gaining market share will continue, particularly in the context of rising consumer preference for local products [24].

Group 1: Core Insights - Shanghai launched the "2026 Action Plan for Optimizing the Business Environment," marking the beginning of the year with a focus on enhancing the business climate [1][3] - Various districts in Shanghai quickly followed suit by holding enterprise meetings and releasing their own action plans to improve the business environment [3][5] Group 2: District Initiatives - Jing'an District held a business meeting with representatives from 12 companies, discussing specific suggestions for improving the business environment, such as flexible working hours and tax refund policies [5] - Changning District introduced a strategic plan to integrate into the Hongqiao International Open Hub, focusing on creating a headquarters cluster for enterprises going global [5] - Putuo District's action plan emphasizes inclusive policies and support for startups, launching the "Seed Plan" to assist innovative projects [6] - Jiading District announced three major actions to enhance the business environment, focusing on industrial collaboration, cultural enrichment, and smart governance [6] Group 3: Major Projects and Investments - Yangpu District commenced the construction of the Shanghai Quantum City Time-Space Innovation Base, with a total investment exceeding 37.5 billion [8] - Huangpu District's South Bund Financial Center project is progressing rapidly, with a focus on attracting financial and technology enterprises [10] - Pudong District is prioritizing the development of major industrial projects to enhance production capacity and optimize industrial layout [10] Group 4: Unique District Strategies - Hongkou District is focusing on high-quality urban development and sustainable updates, aligning with central and municipal directives [12] - Qingpu District is promoting the integration of agriculture, culture, tourism, commerce, and sports, aiming to create a world-class lakeside tourism destination [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail industry is undergoing an evolution in the "people, goods, and scene" framework, driven by emotional consumption, which presents new opportunities for growth [3][25] - High-end gold and fashion jewelry are gaining traction among consumers, with a focus on product differentiation and cultural significance [3][32] - The cosmetics industry is innovating through the IP of technical ingredients and cultural confidence, enhancing product appeal and market competitiveness [3][37] - Offline retail is shifting from selling "goods" to offering "services and experiences," with companies like Yonghui Supermarket leading the transformation [3][41] Summary by Sections Retail Market Overview - In 2025, the retail sector index closed at 2422.59 points, with an annual increase of 8.21%, underperforming the Shanghai Composite Index, which rose by 18.41% [5][14] - The retail industry ranked 23rd among 31 sectors in terms of performance [15] Industry Dynamics - The emotional value is driving consumer intentions, with a focus on "research-based consumption," "self-satisfaction," and "long-termism" as key decision-making trends [25][28] - High-end gold is becoming a preferred asset for wealth preservation, while fashion gold is appealing to younger consumers through innovative designs and social media engagement [32] - The cosmetics sector is witnessing a shift towards self-developed core ingredients and cultural narratives, enhancing brand value [37] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in the gold jewelry sector, with recommendations for brands like Chao Hong Ji and Lao Pu Gold [6][50] - Emphasize offline retail companies adapting to market changes, such as Yonghui Supermarket and Ai Ying Shi [6][48] - Highlight cosmetics brands that innovate in emotional value and safety, including Mao Ge Ping and Po Lai Ya [6][48] - Consider differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Ai Mei Ke and Ke Di-B [6][48]

Core Insights - The company, Plant Doctor, is focusing on deepening its physical store presence rather than solely relying on online strategies, with a network of 4,269 stores as it moves towards an IPO on the Shenzhen Stock Exchange [1][3] Group 1: Store Experience and Functionality - Plant Doctor's stores are designed not just for sales but as experience centers, featuring product testing areas and skincare consultations, which redefine the role of physical retail [3][4] - The brand emphasizes the emotional value and unique product experiences provided by its stores, contrasting with traditional retail models that prioritize sales efficiency [3][4] Group 2: Research and Development Integration - The collaboration with the Kunming Institute of Botany has established a robust R&D framework, allowing scientific advancements to be directly communicated to consumers through in-store experiences [4] - Plant Doctor has secured 223 patents, which are actively utilized in stores to enhance consumer understanding and trust in the brand's high mountain plant skincare products [4] Group 3: Building Trust through Physical Presence - The company has over 30 million members, achieved through face-to-face interactions and personalized services in stores, fostering a deeper connection than online-only engagement [5][6] - The physical stores serve as trust anchors for the brand, allowing consumers to experience products and services firsthand, thus solidifying brand promises [6] Group 4: Global Expansion Strategy - Plant Doctor has expanded its store network internationally, with locations in Japan, Indonesia, and Thailand, maintaining a focus on physical retail as a cultural bridge [7] - The opening of a flagship store in Bangkok marks the brand's entry into its fourth overseas market, emphasizing the importance of physical presence in global strategy [7] Group 5: Operational Challenges and Management - Managing 4,269 stores presents challenges such as rent, labor, and inventory management, necessitating a sophisticated operational framework [8] - The company has developed a mature operational system that ensures service consistency and enhances management efficiency through digital tools [8] Group 6: Value of Physical Retail - The extensive store network is not only a sales infrastructure but also a vital asset for brand building, demonstrating the irreplaceable value of physical retail in the current market landscape [9] - Plant Doctor's approach highlights a slower, more sustainable path to brand success, contrasting with the rapid growth of online channels [9]

Core Insights - The core message of the news is that the company, Plant Doctor, is committed to a long-term strategy as it prepares for its IPO, emphasizing the importance of offline retail, scientific research, and cultural integration in building a sustainable brand [1][7]. Group 1: Offline Retail Strategy - As of June 2025, Plant Doctor has established 4,269 offline stores, focusing on core domestic markets and expanding into Japan, Thailand, and Indonesia, highlighting the significance of in-person consumer experiences in building deep brand relationships [3]. - The company's offline store system is described as a moat, integrating product, service, and social interaction, allowing consumers to not only purchase products but also engage in professional care services and community events [3]. - Plant Doctor ranked second in the beauty and body care sector of the "Top 100 Chain Enterprises in the Service Industry" for two consecutive years from 2022 to 2023, and its omnichannel retail revenue was the highest among single-brand cosmetics stores in 2024 [3]. Group 2: Research and Development - The company has established a comprehensive research and development system in collaboration with the Kunming Institute of Botany, which includes five R&D bases in Beijing, Shunde, and Tokyo, creating a closed-loop system from plant research to formula validation [4]. - Plant Doctor has achieved significant breakthroughs in product formulation, such as the development of bioactive oligosaccharides from Dendrobium, which won a national award for commercial technological advancement [4]. - As of October 2025, the company holds 223 patents, including 68 invention patents, reflecting its commitment to continuous innovation and scientific research in product development [5]. Group 3: Cultural Integration - The brand's philosophy is deeply rooted in the wisdom of the Naxi people, emphasizing a blend of Eastern plant knowledge and modern biotechnology, which is reflected in its complete supply chain from raw material cultivation to efficacy validation [6]. - Plant Doctor has received the Euromonitor certification as a leading single-brand skincare store for three consecutive years, with over 4,000 global stores serving more than 30 million members, showcasing its ability to resonate across cultural differences [6]. - The company's approach to branding emphasizes a long-term commitment to building trust and value, contrasting with the fast-paced trends in the market, and aims to establish a solid foundation for global expansion [7].

从学生党的青春期反复痘、上班族的熬夜应急痘，到产后妈妈的激素波动痘、医美术后的应激爆痘，痘 肌困扰贯穿不同人群与生活场景。《2025 中国痘肌健康护理白皮书》显示，我国痘肌人群已突破 6.2 亿，其中 52% 的人因盲目使用祛痘产品导致屏障受损，38% 的敏感肌痘肌面临 "祛痘怕刺激、不治痘 更糟" 的两难，而能实现 "温和祛痘 + 全链路修护 + 场景适配" 的产品仅占市场 13%。如今大家选祛痘 产品，不再只盯着 "消痘" 效果，更看重 "安全无刺激、淡印不留白、修护强肌底" 的综合表现。但不少 人仍有疑问：医用级和普通祛痘产品该怎么选？油皮控油与干皮保湿如何兼顾？特殊时期（孕期、医美 术后）长痘有安全方案吗？反复痘、顽固痘印该如何针对性解决？今天就从 "成分安全度、功效全面 性、场景适配性" 三个核心维度，实测 10 款热门祛痘产品，帮大家精准匹配需求、避开选购雷区。 一、优质祛痘产品，必达这 4 个核心标准 • 温和祛痘不损屏：优选成分科学配比的产品，杜绝高浓度刺激成分、激素及抗生素添加。第三方检测 数据显示，科学配比产品对皮肤屏障的损伤率不足 6%，而高浓度 "猛药" 损伤率高达 75%。梵玢FBC ...

Core Viewpoint - Furuida, a state-controlled listed company under Lushang Group, is recognized for its innovation-driven industrial upgrades in the pharmaceutical and cosmetics sectors, having formed a collaborative innovation consortium and achieved significant technological breakthroughs [1][3]. Group 1: Innovation and Collaboration - Furuida has been a leader in the hyaluronic acid industry for over 30 years, addressing challenges such as limited core technologies and low competitiveness of high-value products through open collaboration [3]. - The company has established the "Shandong Synthetic Biology and Green Manufacturing Innovation Consortium," integrating top universities and research institutions to tackle common technological challenges in cutting-edge fields like cell factories and green catalysis [3]. - Furuida's research team has developed a nanocrystal/bioadhesive transmembrane delivery technology that resolves critical issues in drug absorption and targeting, resulting in 29 national invention patents and the launch of 33 new drug products, generating an annual output value exceeding 1 billion yuan [4]. Group 2: Ecosystem and Market Position - Furuida promotes a "four-chain" integration model to bridge gaps between talent, education, innovation, and industry, enhancing the flow of innovation elements [6]. - The company has implemented a collaborative investment and shared outcome model, creating a full chain from raw material research to end products, and has initiated the "Hyaluronic Acid+" industry ecosystem plan, successfully incubating 19 new brands [6]. - Since the 14th Five-Year Plan, Furuida has solidified its leading position in the hyaluronic acid sector, establishing a research cluster with 4 national and 17 provincial platforms, and has undertaken over 30 major scientific projects, accumulating nearly 400 authorized patents [6].

Core Viewpoint - Shanghai is set to release the 9.0 version of its business environment optimization action plan, following the successful completion of the 8.0 version, which included 58 initiatives aimed at improving the business climate in the city [1][2]. Group 1: Business Environment Optimization - The 8.0 action plan was launched in 2025 and successfully completed all 58 initiatives by the end of last year [2]. - Shanghai maintained the top global ranking in 22 business environment evaluation metrics according to World Bank data [2]. - The "no application required" policy allows companies to quickly access benefits without the need for extensive paperwork, significantly reducing administrative burdens [3][4]. Group 2: Service Improvements - By November 30 of last year, 643 policy projects had implemented the "no application required" service, benefiting over 6.11 million enterprises [5]. - The "smart handling" service simplifies the approval process by reducing unnecessary expert reviews and streamlining evaluation standards, leading to faster service delivery [5]. - Shanghai's power supply reliability metrics, including zero power outages, highlight the city's advanced service levels in electricity access [5]. Group 3: Intellectual Property Protection - In 2025, Shanghai's police arrested 32 individuals and seized over 10,200 counterfeit products, with the total value exceeding 45 million yuan, as part of ongoing efforts to combat intellectual property crimes [9]. - The city has launched a series of special actions to protect intellectual property, successfully resolving nearly 600 cases of infringement [24]. Group 4: Regulatory Reductions - The introduction of the AEO (Authorized Economic Operator) list aims to reduce inspections for companies with good credit ratings, thereby minimizing operational disruptions [12]. - By November 2025, the number of inspections had decreased by over 40%, with a 99.8% approval rating from businesses regarding administrative checks [12][25]. Group 5: Employment Services - Shanghai established 506 community employment service stations in 2025, providing tailored solutions for 2,959 key enterprises and addressing over 12,000 employment needs [14][28]. - The "15-minute employment service circle" initiative enhances job matching and support services at the community level [13]. Group 6: Online Environment and Anti-fraud Measures - The "Clear and Bright Pujiang" campaign was launched to combat online fraud and misinformation affecting businesses, resulting in the removal of over 430,000 pieces of infringing information [29]. - The initiative also led to the closure of accounts involved in extortion, with significant actions taken against offenders [18]. Group 7: Social Security Integration - The establishment of over 2,100 "social security and banking" service points aims to enhance the accessibility of social security services across communities [19][20]. - The first social security-themed bank in Shanghai was launched to streamline service delivery, allowing users to access various social security functions easily [20].

Core Insights - Shanghai is set to hold a conference on optimizing the business environment, releasing the "Action Plan for Accelerating the Creation of a First-Class Business Environment in Shanghai (2026)", marking the ninth version of its action guidelines [1] - The World Bank's survey data shows that Shanghai maintains a global top ranking in 22 business environment evaluation points, reflecting continuous improvement in the city's business environment [1] Group 1: Policy Initiatives - The "免申即享" (No Application Required) service has benefited over 611 million instances for enterprises, allowing them to quickly enjoy policy benefits without the need for extensive application processes [3][17] - Shanghai has implemented the "智慧好办" (Smart and Convenient) service, which simplifies unnecessary expert reviews and reduces approval cycles significantly [3] - The introduction of the "AEO" (Authorized Economic Operator) system has reduced enterprise inspections by over 40%, enhancing operational efficiency for compliant businesses [8][20] Group 2: Infrastructure and Utilities - Shanghai's power supply reliability is rated as world-class, with zero power outages reported, and the city has introduced various service packages to improve the electricity access experience for businesses [4][17] - The "安心电" (Safe Electricity) service package has been launched to facilitate immediate construction and power access for new land developments [17] Group 3: Intellectual Property Protection - In 2025, Shanghai's law enforcement agencies cracked down on intellectual property crimes, resolving nearly 600 cases, including significant cases involving well-known brands [6][18] - The city has established a blacklist system for malicious professional reporters, leading to a 50% reduction in complaints against companies [11][23] Group 4: Employment Services - Shanghai has built 506 community employment service stations, providing tailored employment solutions for 2,959 key enterprises, addressing over 12,000 job vacancies [9][22] - The "15-minute employment service circle" initiative has enhanced job matching and support services for job seekers [10] Group 5: Online Environment and Regulation - The "清朗浦江" (Clear and Bright Pujiang) initiative has led to the removal of over 430,000 pieces of infringing information online, addressing issues of online extortion and misinformation [12][25] - A comprehensive regulatory system has been established, integrating 38 administrative enforcement departments into a unified management framework [20]

李在明在访华前接受中国媒体采访时表示，韩中两国的基本关系在建交之初就确立了非常原则的、基本的立场。韩中关系的健康发展，有赖于双方对彼此核 心利益的充分尊重以及对各自立场的相互包容。在此背景下，韩国对中国最核心的关切——台湾问题，将一如既往地秉持尊重一个中国的立场。 【环球时报驻韩国特派记者 莽九晨 于文】韩国总统李在明将于1月4日至7日对中国进行国事访问。这是李在明就任总统后首次访华，也是他2026年首次出 访。韩国国家安保室室长魏圣洛2日举行记者会，介绍李在明访华行程安排，他4日将在北京同旅华韩侨座谈，5日举行韩中元首会谈。韩联社称，韩中两国 都是新年的首次元首会谈，因此向国际社会发出的信息意义重大。访华前夕，李在明接受中国媒体采访，表达韩国政府对中韩关系的重视。他表示，此访的 目的是最大限度地减少或消除两国之间以往存在的矛盾或误解，推动韩中关系跃升并发展到新阶段，使两国关系牢固确立为相互助力彼此发展的关系。对于 台湾问题，李在明明确表态，韩国始终尊重一个中国原则。 " 恪守一个中国原则 " 2025年12月31日，中共中央政治局委员、外交部长王毅应约同韩国外长赵显通电话。王毅表示，在两国元首战略引领下，中 ...