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 | ...

Core Viewpoint - CHANDO has submitted its IPO application to the Hong Kong Stock Exchange, facing multiple challenges including high reliance on its main brand and fluctuating net profits [2][5]. Group 1: Company Overview - CHANDO is the third largest domestic cosmetics group in China based on retail sales projected for 2024, with a valuation exceeding 7.1 billion RMB after a recent investment from L'Oréal [5]. - The company has five major brands covering skincare, makeup, and personal care, with the main brand CHANDO contributing over 94% of total revenue [11][12]. Group 2: Financial Performance - CHANDO's revenue growth has been stable but slow, with a compound annual growth rate of only 3.5% from 2022 to 2024, lagging behind industry leaders [8][9]. - In 2023, the company's net profit peaked at 302 million RMB but dropped by 37.1% to 190 million RMB in 2024, with a slight recovery to 191 million RMB in the first half of 2025 [9]. Group 3: Market Position and Competition - In the first half of 2025, CHANDO's revenue was 2.448 billion RMB, significantly lower than competitors like Pechoin, which achieved 5.362 billion RMB [8][9]. - The company's reliance on a single brand and product category may weaken its ability to adapt to market fluctuations, especially in a diversifying beauty market [13]. Group 4: Marketing and R&D Expenditure - CHANDO's sales and marketing expenses reached 2.717 billion RMB in 2024, accounting for 59% of total revenue, which is 14.3 times its net profit for the year [14]. - The company's R&D investment has been relatively low, totaling only 348 million RMB from 2022 to the first half of 2025, with a decreasing R&D expense ratio compared to industry peers [14]. Group 5: Online Sales Strategy - The company has a high dependency on online sales, with online revenue accounting for 68.8% of total income in the first half of 2025, primarily from direct online sales [14][15]. - The increasing competition in e-commerce and rising customer acquisition costs may further pressure the company's profit margins [15].

再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌 溉，盛开时满树白花，被当地人称为"百花之王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口 愈合。2015年，云南本土美妆企业贝泰妮（300957）发现了青刺果在人体皮肤上的效用：青刺果含有的 不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老 作用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修 护与舒缓功效，该产品在2019年"双11"期间通过直播间售出1.7万套。2024年3月，薇诺娜通过提取青刺 果多糖(PROMAX)，将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品在天猫"双 11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今成为国内化妆品企业的共同选择。 在9月25日到9月27日举行的2025年中国香料香精化妆品行业年会上，多家化妆品企业展示最新研发成 果，其中，中国本土植物成分成为各化妆品企业展示 ...

再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌溉，盛开时满树白花，被当地人称为"百花之王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口愈合。2015年，云南本土美妆企业贝泰妮发现了青刺 果在人体皮肤上的效用：青刺果含有的不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老作用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修护与舒缓功效，该产品在2019年"双11"期间通过直播 间售出1.7万套。2024年3月，薇诺娜通过提取青刺果多糖（PROMAX），将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品在天猫"双 11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今成为国内化妆品企业的共同选择。 在9月25日到9月27日举行的2025年中国香料香精化妆品行业年会上，多家化妆品企业展示最新研发成果，其中，中国本土植物成分成为各化妆品企业展示产 品功效与差异化竞争的" ...

中国香妆行业面临从增量竞争转向存量博弈的竞争格局。 虽然中国香妆行业市场规模从2023年开始已连续两年超万亿元，成为全球第一大化妆品消费市场，但如今的中国美妆市场也迎来全新的竞争格局：从"增量 竞争"转向"存量博弈"，从渠道驱动转向品牌驱动。 在近期举办的2025CAME上，记者在走访一些企业后了解到，如今的中国化妆品行业在原料创新、功效验证、技术转化等方面都有了突破。 不少业内人士表示，从核心技术攻关到品牌价值重构，从单点竞争到生态共建，中国香妆产业正通过深化科技驱动、重塑品牌逻辑、构建协同网络，培育新 质生产力，重塑其在全球价值链中的话语权。 突破原料"卡脖子"，企业进入"收获期" "很多人说化妆品没什么用，只是一个安慰品，其实不是的。化妆品一定是有价值的，它要真正为皮肤健康提供帮助，让消费者切实感受到获得感。" 华熙 生物科技股份有限公司董事长兼总裁赵燕日前在2025CAME上接受媒体采访时表示。 一位来自广东的参展商告诉记者，自从有了电商直播，国内美妆企业更卷，在一些社交平台上，贴牌的新品牌很容易将业绩在短时间内做上去，但过两年回 头去看，这家企业就没有了。"做化妆品需要做品牌讲故事，但不只是做品牌讲 ...

Core Viewpoint - The company Furuida plans to transfer 100% equity of its wholly-owned subsidiary Shandong Lushang Yinzou Commercial Management Co., Ltd. to its affiliate Lushang Furuida Health Investment Co., Ltd. for 88.4028 million yuan, aiming to optimize resource allocation and focus on its core businesses in pharmaceuticals and cosmetics [1][2]. Group 1: Transaction Details - The transaction constitutes a related party transaction as both parties are controlled by the same parent company, Shandong Provincial Commercial Group Co., Ltd. [1] - The transfer is part of Furuida's ongoing "slimming down" strategy, which includes divesting from non-core business lines [1]. Group 2: Financial Implications - The transaction is expected to improve Furuida's financial statements and cash flow, as the company reported a significant decline in operating cash flow by 86.26% year-on-year to 18.6774 million yuan for Q2 2025 [2]. - The subsidiary, Yinzou Commercial Management, has faced cumulative losses of approximately 1.5 million yuan for 2024 and the first half of 2025, heavily relying on internal real estate projects [1][2]. Group 3: Business Performance - Furuida's cosmetics segment is a key revenue driver, with a reported revenue of 1.79 billion yuan and a net profit of 108 million yuan for the first half of 2025 [2]. - The company's brands, including Yaili and Aier Bo, have shown strong growth, with Yaili achieving a revenue increase of 23.78% to 554 million yuan in the same period [2].

近日，昆药集团在互动平台向投资者表示，和上美集团的合作，公司既是合作产品核心原料的供应商， 也是合作产品渠道的共建者。安敏优系列的核心成分青蒿油AN+由昆药研发、生产和提供，公司希望 通过与国内头部化妆品企业的跨界合作，将天然植物成分与现代科技有效融合，助推青蒿产业链发展。 该合作通过资源共享与优势互补，有望为公司带来包括投资收益、品牌赋能等多方面的积极效应，进一 步拓展公司在大健康板块的业务边界与盈利能力。 据悉，安敏优青蒿护肤系列功效护肤产品是昆药集团敏感肌微生态的护肤品牌，该品牌于2022年首发上 市。2020年，昆药集团便与上海上美公司开展合作。2025年上半年，昆药集团实现营收33.51亿元，同 比下降11.68%；实现归母净利润1.98亿元，同比下降26.88%。 ...