Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Group 1 - In 2025, Guangzhou police cracked over 1,800 criminal cases related to food safety and intellectual property, detaining more than 3,000 individuals to ensure public safety and environmental protection [1] - A significant case involved a cross-border e-commerce live-streaming operation selling counterfeit cosmetics, resulting in the arrest of 15 suspects and the seizure of over 130,000 counterfeit products, with total sales exceeding 800 million yuan [1] Group 2 - Guangzhou police conducted seven rounds of "food safety" special operations targeting illegal additives in meat products, substandard food near schools, and counterfeit goods in rural areas, successfully handling various cases involving fake health foods, tea, bottled water, and mooncakes [2] - The police also executed three rounds of operations against counterfeit medical beauty products, dismantling 15 criminal gangs and destroying 40 production sites, seizing approximately 353,000 boxes/bottles of counterfeit medical products with a total value of about 650 million yuan [2] - Efforts to combat environmental crimes included strict actions against illegal waste disposal, illegal mining, and pollution, while also focusing on protecting high-value intellectual property rights and combating the sale of counterfeit well-known brand products [2]

Group 1 - The 2025 China E-commerce Anchor Competition concluded successfully in Fuzhou, with Fujian Pizaihuang Cosmetics Trading Co., Ltd. winning the national third place among top contestants from five major regions and ten professional tracks [1] - The competition focused on empowering quality products and activating consumer potential, featuring three main segments: "China Has Good Products," "Anchors Have Stories," and "Consumption Has Explosive Products," assessing anchors' product promotion, content creation, emotional resonance, and market conversion abilities [6] - The performance of anchors Fang Xun and Chen Huimin from Pizaihuang Cosmetics showcased a blend of traditional Chinese medicine culture and modern cosmetic technology, successfully impressing judges and online audiences, reflecting the enhancement of digital marketing capabilities for local brands in Zhangzhou [6] Group 2 - Zhangzhou Municipal Bureau of Commerce has actively implemented provincial and municipal policies to promote consumption, significantly advancing the development of new e-commerce formats through policy guidance, talent training, and resource matching [8] - Pizaihuang Cosmetics, as a representative of innovative development for Zhangzhou's time-honored brands, has embraced new retail transformations and focused on the e-commerce live streaming sector, aiming to effectively tell the brand story through digital means [8] - The Bureau plans to continue optimizing the e-commerce development environment, enhancing talent cultivation in live streaming e-commerce, and supporting more enterprises in leveraging live streaming to empower brands and expand markets, contributing to the high-quality economic development of the city [10]

除了生产端，销售端的线上渠道特性也让监管难度进一步升级。当前化妆品销售越来越以线上渠道为主 阵地，直播等网络销售涉及多个环节主体、隐秘性强，有些环节很难在监管层面被发现。"线上销售的 产品经营地、注册地、发货地、生产地均不相同，主体多元、复杂。直播销售的广告话术、链接产品均 为即时动态更新，监管很难把控。"该负责人表示。 除上述具体难点外，监管资源与任务量存在不匹配的长期矛盾，也是制约监管效能的关键因素。尽管法 规标准体系日趋完善，但如何更科学、高效地实施监管，仍是重大课题。 为破解监管困境，2025年11月，国家药品监督管理局发布了《关于深化化妆品监管改革促进产业高质量 发展的意见》（下称《意见》），该《意见》被业内人士称为"24条"。 12月30日，在第二届丽水市生态美妆产业发展大会上，化妆品行业相关监管部门负责人表示，国内化妆 品行业发展迅速，但受产品安全使用风险突出、线上销售环节不透明，加之生产源头管控薄弱等因素影 响，行业监管仍面临不少现实难度。 "该份文件是在2020年《化妆品监督管理条例》基础上的一次重大革新，融入了我们五年来总结的基本 经验，其中最难的是论证环节"。前述负责人告诉经济观察报，文 ...

当新年的钟声又一次拂过这片土地，当日历再一次翻开崭新而光亮的一页，我们与这个时代一 同，站在了又一个"渡口"。 回望2 0 2 5，有无数个瞬间会从记忆的长河中浮现。四月的EGF风波乍起，五月的重组胶原蛋 白争议绵延，再到十月的苏丹红事件骤响，直至年末舆情居然如轮回般再度指向EGF。 从表面上看，2 0 2 5年的化妆品行业可谓是在舆情的此起彼伏中经历了近十年来最为云波诡谲 伏的一段航程。 然而在这些喧嚣背后，一些更为微小而具体的瞬间，却展露出行业最真实的脉搏。 这意味着，2 0 2 5年市面上接近4 0%的品牌经历了生死迭代。市场正通过这种最直接、最粗暴 的方式，筛选真正的长期主义者。 与此同时，市场的分化也在数据中展现得淋漓尽致。TOP5 0品牌中，8 0%保持了正增长，成为 驱 动 市 场 的 绝 对 引 擎 ；5 1 名 至 1 0 0 名 之 间 的 品 牌 ， 6 2% 保 持 增 长 ；1 0 1 名 至 5 0 0 名 之 间 的 品 牌 6 4%保持增长；而在5 0 0名之外的广阔长尾里，仅有2 6 . 5%的品牌能够维持增长。强者恒强的 马太效应，在这个行业从未如此清晰。 当丝芙兰的消费者 ...

2025年8月，珀莱雅、欧诗漫等国内美妆头部企业与莲都区签订战略合作协议，计划共建原料研发中 心、投资运营珀澜美谷项目，聚焦白莲、三叶青等本地特色植物开展功效产业化应用。目前，该项目已 获批莲都当地相关用地，打造集研发和生产一体的产业链集群。（记者 罗文利） 经济观察网 12 月 30 日，在第二届丽水市生态美妆产业发展大会现场，珀莱雅（603605）官宣正式落地 浙江省丽水市莲都区化妆品原料研发联合创新中心。该创新中心将聚焦丽水本土生态特色植物原料的功 效研发与产业化应用，重点攻关原料安全控制、功效科学评价等核心环节。 ...

Group 1 - The cosmetics sector experienced a rise of 1.33% on December 31, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the cosmetics sector showed varied performance, with Shuiyang Co., Ltd. closing at 23.84, up 9.56%, and Qingdao Kingking closing at 7.65, up 5.23% [1] Group 2 - The cosmetics sector saw a net inflow of 50.68 million yuan from institutional investors, while retail investors experienced a net outflow of 89.73 million yuan [2] - The stock performance of individual companies showed that Qingdao Kingking had a significant net outflow of 50.75 million yuan from institutional investors [3] - Shuiyang Co., Ltd. had a net inflow of 32.23 million yuan from institutional investors, indicating strong interest despite overall retail outflows [3]

特别值得一提的是，5月，在赴港上市前夕，欧莱雅集团参投的凯辉创美未来基金悄然潜入林清轩股东名单。在行业人士看来，此举远超财务投资范畴。 而回望整个2025年，入股林清轩，只是欧莱雅集团美妆投资版图的一个切片。过去一年，在谨慎甚至略带寒意的投资环境中，欧莱雅集团划出了一条截然 不同的轨迹：据《化妆品观察》不完全统计，2025年，欧莱雅集团共完成了18+起投资，仅在中国市场就7次出手。 12月30日，"国货高端护肤第一股"林清轩正式挂牌交易。 上市首日，股价盘中一度触及91.65港元/股，截至当日收盘，林清轩报收85港元/股，较77.77港元/股的招股价上涨9.3%，市值为118.7亿港元。 "别人恐惧，我贪婪"成为其投资布局的真实写照，透过这家全球第一大美妆集团的一系列投资动作，我们还发现了一些值得关注的点，具体来看： 半年投了4个中国品牌 比过去3年加起来还要多 5月，在冲刺IPO前的关键时期，林清轩发生了一系列股权变动，其中最引人注目的，当属欧莱雅集团的入局： 欧莱雅集团参投的凯辉创美未来（上海）私募投资基金合伙企业（有限合伙）（以下简称"凯辉创美未来基金"或"上海凯辉创美"）以1.05亿元收购691620 ...

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, officially listed on the Hong Kong Stock Exchange on December 30, 2025, with a closing price of HKD 85 per share, a 9.3% increase from the issue price of HKD 77.77, resulting in a market capitalization of approximately HKD 11.9 billion [2][28]. Group 1: Company Overview - Lin Qingxuan's flagship product, the Camellia Oil, has sold over 45 million bottles since its launch in 2014, averaging 4.29 million bottles sold annually [8][28]. - The company has a diverse product line with 188 SKUs, including essential oils, creams, toners, lotions, serums, masks, and sunscreens, with essential oils, creams, serums, and sunscreens being the four core categories [5][32]. - The pricing of Lin Qingxuan's products ranges from 80 to 2000 RMB, with the 50ml Camellia Oil priced at 799 RMB and a New Year gift set priced at 1443 RMB [7][34]. Group 2: Financial Performance - From 2022 to 2024, Lin Qingxuan's revenue grew from 691 million RMB to 1.21 billion RMB, with a compound annual growth rate of 32.5%. In the first half of 2025, the company achieved revenue of 1.052 billion RMB and a net profit of 182 million RMB [8][35]. - The gross margin of Lin Qingxuan has been increasing, reaching 82.5% in 2024, with the gross margin for the Camellia Oil at 86.2%, comparable to high-end liquor margins [10][38]. - The marketing expenses over three and a half years totaled approximately 1.121 billion RMB, with a significant portion of the workforce (85.2%) dedicated to sales and marketing [11][12][39]. Group 3: Marketing Strategy - The founders, Sun Laichun and Sun Fuchun, actively engage in live streaming and social media to promote the brand, creating a unique "Lin Qingxuan family IP matrix" that includes family members participating in content creation [4][30]. - The company has accumulated around 7.96 million followers on Tmall and over 1.66 million on Douyin, with significant sales during promotional events [19][46]. - Lin Qingxuan has faced challenges with advertising compliance, receiving fines for misleading claims about product efficacy, which highlights the importance of regulatory adherence in marketing strategies [20][47]. Group 4: Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China and is the only domestic brand among the top 15 high-end skincare brands, including international competitors [8][34]. - The company has expanded its offline presence, with 554 stores nationwide, primarily located in shopping centers, reinforcing its high-end brand image [19][46]. - Despite facing consumer complaints regarding product efficacy and pricing, the overall market sentiment towards Lin Qingxuan remains positive, with significant backing from institutional investors [27][51].