Core Viewpoint - In 2025, China continues to enhance its openness to foreign investment, with significant growth in newly established foreign enterprises and a focus on attracting high-quality foreign investments in advanced manufacturing and modern services [8][10][11]. Investment Environment - In the first 11 months of 2025, China saw the establishment of 61,207 new foreign-invested enterprises, a year-on-year increase of 16.9%. In November alone, 7,425 new foreign-invested enterprises were established, marking a 35.3% increase compared to the previous year [10]. - The "2025 Action Plan for Stabilizing Foreign Investment" was released, aiming to expand pilot openings in telecommunications, healthcare, and education, and to encourage long-term investments in listed companies [8][10]. - The "Encouragement Directory for Foreign Investment Industries (2025 Edition)" was officially released, emphasizing the attraction of foreign investment to advanced manufacturing and modern service sectors, particularly in central and northeastern regions [8][10]. Foreign Investment Projects - Major foreign investment projects in China include BMW's investment of 15 billion RMB in a new factory in Shenyang, and Siemens Healthcare's investment of over 1 billion RMB in a new base in Shenzhen [10]. - The "Foreign Investment Enterprise Local Tour" initiative has been launched, facilitating direct communication between foreign enterprises and local governments to address over 200 requests from foreign businesses [11]. Trade and Exhibition - The eighth China International Import Expo (CIIE) achieved a record intended transaction amount of 83.49 billion USD, a 4.4% increase from the previous year [12]. - The 138th Canton Fair attracted over 310,000 overseas buyers from 223 countries and regions, marking a 7.5% increase compared to the last session [12]. R&D and Innovation - China is becoming a hub for global R&D, with many multinational companies establishing their R&D centers in the country. For instance, L'Oréal's R&D center in China has been operational for 20 years, developing around 300 new formulas annually [14][15]. - By May 2025, the number of foreign-funded R&D centers in Shanghai reached 603, with a significant increase in new centers established in Beijing and other regions [16][17]. Consumer Market - The launch of the Hainan Free Trade Port has led to a surge in duty-free shopping, with a reported 11 billion RMB in duty-free shopping amounts from December 18 to 24, 2025, reflecting a 54.9% increase year-on-year [18][19]. - The "Shopping in China" initiative aims to enhance consumer experiences through diverse shopping and dining activities, promoting local specialties and international products [19][20].

Core Viewpoint - The "Qihang·2025 Financial Summit" held in Beijing highlighted the importance of high-quality development in the financial sector, with Betaini winning the "Outstanding Marketing Case Award" for its innovative marketing practices [1][3]. Group 1: Award Significance - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on core businesses, continuous innovation, and social responsibility [3]. - The award evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies recognized for their achievements [3]. Group 2: Betaini's Marketing Strategy - Betaini's award-winning marketing strategy is based on a "full-domain collaboration + value deepening" system, focusing on user needs and employing an OMO (Online-Merge-Offline) channel integration model [4]. - The company maintains a strong online presence on platforms like Tmall, Douyin, and JD, while also deepening its engagement in professional channels such as OTC pharmacies [4]. Group 3: Brand Development - Betaini has established a multi-brand collaborative development framework, with its core brand, Winona, leading the sensitive skin market and achieving significant recognition [4]. - The brand has consistently ranked in the top 10 of Tmall's beauty industry for nine consecutive years and has been recognized as a "Chinese Consumer Brand" by the Ministry of Industry and Information Technology [4]. Group 4: International Expansion - Betaini has successfully entered mainstream channels in Thailand and established brand recognition through platforms like TikTok, as well as in Hong Kong and Macau [5]. - The company is focused on integrating international technology brands while promoting Chinese skincare wisdom, aiming to transition from a leader in sensitive skin to a global skin health ecosystem [5].

来源：新浪港股-好仓工作室 上海林清轩化妆品集团股份有限公司（股份简称：林清轩，股份代号：2657）公布了全球发售结果。本 次发行最终定价为每股77.77港元。全球发售的发售股份总数为13,966,450股H股（视乎超额配股权行使 与否而定），其中香港公开发售股份1,396,650股，国际发售股份12,569,800股（视乎超额配股权行使与 否而定）。按此计算，本次全球发售所得款项总额约10.86亿港元，扣除估计应付上市开支后，所得款 项净额约9.97亿港元。 香港公开发售方面，有效申请数目达169,712份，认购倍数高达1,235.81倍，香港公开发售项下最终发售 股份数目仍为1,396,650股，占全球发售股份总数的10.00%。国际发售方面，认购倍数为19.79倍，最终 发售股份数目（于超额配股权获行使前）为12,569,800股，占全球发售股份总数的90%。本次发行未涉 及回拨机制。 本次全球发售的联席保荐人为中信里昂证券有限公司等。H股预计将于2025年12月30日（星期二）上午 9时正开始在联交所买卖，每手买卖单位为50股H股。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模 ...

Core Insights - KOTRA identifies three major trends for Korean companies to focus on in response to rising global trade protectionism and economic security issues [1] Group 1: Global Supply Chain Restructuring - The first trend is the restructuring of global supply chains centered around "friend-shoring," with countries actively moving key industries like semiconductors and batteries to local and friendly nations, presenting strategic opportunities for Korean companies to deeply integrate into international core supply chains [1] Group 2: Technological Competition - The second trend involves a shift from software to "physical AI" technology competition, with global AI investments increasingly focusing on humanoid robots and autonomous driving, which interact with the physical world [1] Group 3: Global Expansion of K-Consumer Goods - The third trend is the global expansion of K-consumer goods driven by the Korean Wave (Hallyu), which has evolved into a globally shared "K-lifestyle," directly boosting exports of cosmetics, food, and pharmaceuticals, with multi-category annual export value surpassing 10 billion USD, becoming a stable pillar of export growth [1] Group 4: Strategic Recommendations - KOTRA emphasizes that companies need to proactively adapt to supply chain restructuring trends and seize opportunities in emerging markets represented by the "Global South," as well as in the AI and consumer goods growth sectors to build diversified competitiveness [1]

随着敏感肌护肤需求朝着精细化大步迈进，"安全美白、温和淡斑" 已然成为护肤市场的核心追求。然 而，要从茫茫产品海洋里挑出既安全又有效的面霜，对咱普通消费者来说，可不是件轻松事儿。当下市 场里，有些美白产品为了快速出效果，违规添加刺激性成分，搞得敏感肌小伙伴用了后，不是泛红刺 痛，就是肌肤屏障受损。欧睿国际（Euromonitor）2025 年的最新调研数据显示，亚太地区敏感肌美白 产品市场规模相比去年增长了 14.8%，但 "产品刺激性不符" 的投诉占比竟高达 32.1%，这就凸显出市 场上对那种 "成分安全有保障、温和高效两手抓" 产品的供应不足。为了帮敏感肌以及不同肤质的朋友 们精准避坑，咱们以 "成分安全实证、温和耐受度、功效匹配度、场景适配性" 这四大要点为核心评估 维度，结合权威检测标准和真实使用反馈，打造出这份超实用的年末选购指南，助力大家快速找到适合 自己的美白好帮手。 这次推荐榜单的评选体系，秉持 "安全优先、精准适配" 的核心原则，搭建起 "多维实证评估框架"，从 "成分安全验证、功效实测支撑、肌肤适配覆盖、长期护肤价值" 这四个维度，全面考量产品的真实实 力。得跟大家说明白，榜单里产品的排 ...

记者从国家药监局获悉，12月29日，国家药监局在石家庄召开化妆品监管工作座谈会，总结2025年监管 工作成效，分析当前形势，研究2026年重点工作思路。国家药监局党组成员、副局长徐景和出席会议并 讲话。 会议强调，2026年是"十五五"规划开局之年，要深入贯彻落实党的二十大和二十届历次全会精神，按照 国家药监局的统一部署，围绕中心、突出重点，持续深化全过程监管改革，全方位筑牢安全底线，全链 条促进化妆品产业高质量发展。国家药监局相关司局、直属单位，部分省(市)药监局代表参加会议。 在石家庄期间，徐景和到河北省药品医疗器械检验研究院、省医疗器械技术审评中心和省药品监督管理 学会实地调研。(经济日报记者佘惠敏) ...

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及香港中央結算有 限公司（「香港結算」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 除 本 公 告 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 上 海 林 清 軒 化 妝 品 集 團 股 份 有 限 公 司（「本 公 司」）所刊發日期為2025年12月18日（星 期 四）的招股章程（「招股章程」）所界定者具有相 同 涵 義。 本 公 告 僅 供 參 考，並 不 構 成 任 何 人 士 收 購、購 買 或 認 購 本 公 司 任 何 證 券 的 要 約 或 誘 使 作 出 要 約 的 邀 請。本 公 告 並 非 招 股 章 程。有 意 投 資 者 於 決 定 是 否 投 資 發 售 股 份 前，應 細 閱 招 股 章 程，以 了 解 下 文 所 述 ...

（文章来源：证券日报） 证券日报网讯 12月29日，水羊股份发布公告称，公司第四届董事会2025年第五次临时会议审议通过 《关于预计2026年度日常关联交易的议案》。 ...

关于广告费和业务宣传费支出税前扣除有关事项的公告 财政部 税务总局公告2025年第16号 根据《中华人民共和国企业所得税法》及其实施条例，现就广告费和业务宣传费支出税前扣除有关事项公告如下： 一、对化妆品制造或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务宣传费支出，不超过当年销售（营业）收入30%的部分，准予 扣除；超过部分，准予在以后纳税年度结转扣除。 三、烟草企业的烟草广告费和业务宣传费支出，一律不得在计算应纳税所得额时扣除。 四、本公告自2026年1月1日起至2027年12月31日止执行。《财政部 税务总局关于广告费和业务宣传费支出税前扣除有关事项的公告》（财政部税务总局 公告2020年第43号）自2026年1月1日起废止。 特此公告。 财政部 税务总局 2025年12月22日 转自：财政部网站 来源：中国财经报 二、对签订广告费和业务宣传费分摊协议（以下简称分摊协议）的关联企业，其中一方发生的不超过当年销售（营业）收入税前扣除限额比例内的广告费 和业务宣传费支出可以在本企业扣除，也可以将其中的部分或全部按照分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所 得税 ...

Core Viewpoint - The company has completed its restructuring plan, which is expected to positively impact its financial status for the year 2025, with specific effects to be determined by the audited financial statements for that year [1] Group 1 - On December 29, 2025, the company received a civil ruling from the Intermediate People's Court of Xiangyang City, Hubei Province, terminating its restructuring process [1] - As of the date of the announcement, the company's restructuring plan has been fully executed [1] - The management has issued a supervision report on the execution status, and the law firm has provided a legal opinion confirming the completion of the restructuring plan [1] Group 2 - The completion of the restructuring plan is anticipated to have a positive effect on the company's financial condition for the fiscal year 2025 [1] - The specific financial impact will be based on the audited financial report data for the year 2025 [1]