Core Insights - The Chinese cosmetics industry has transitioned from a "channel-driven" model to a "dual-driven" model focusing on brand and efficacy, marking a new phase of high-quality development [1] Group 1: Industry Trends - Three core trends are reshaping the market landscape by 2025: deep technological integration, precise consumer demand, and the rise of domestic brands [3] - Technology is no longer just a marketing gimmick but has become a core competitive advantage for brands, enhancing the entire industry chain from R&D to production and consumer matching [3] Group 2: Technological Advancements - The "Holographic AI Sensory System" developed by Huaxizi in collaboration with universities quantifies user experience through brainwave and eye movement monitoring, reducing R&D cycles from 18 months to 8 months with a 30% increase in success rates [5] - Domestic companies are increasing R&D investment by 35% year-on-year, achieving breakthroughs in areas like peptide synthesis and biomanufacturing, with domestic production of key ingredients like hyaluronic acid and collagen exceeding 70% globally [7] Group 3: Market Dynamics - The functional skincare market is projected to reach 210 billion yuan by 2025, accounting for 42% of the overall skincare market, with anti-aging and repair products growing over 30% [6] - The Z generation is driving a 40% growth in niche domestic brands, while the 35-55 age group is pushing the high-end anti-aging market share to 38% [8] Group 4: Regulatory Environment - The revised "Cosmetics Efficacy Claim Evaluation Standards" will phase out "conceptual claims," making compliance a baseline for brand survival [10] - The integration of online and offline sales channels has led to a breakthrough of 350 billion yuan in live e-commerce sales, with offline beauty stores enhancing conversion rates by 22% through skin testing services [11] Group 5: Domestic Brand Growth - By 2025, domestic brands are expected to capture 58% of the cosmetics market share, surpassing foreign brands for the first time, driven by a combination of technology and cultural empowerment [12] - Brands like Winona and Proya are establishing a strong foothold through solid R&D, while luxury brands are achieving breakthroughs in green raw materials [12][15] Group 6: Export Opportunities - Continued policy support for quality domestic brands and optimized import-export policies are expected to facilitate smoother international expansion, with cosmetic exports projected to reach 85 billion yuan, a 28% increase [17] Group 7: Future Outlook - In 2025, technology will be the primary productivity driver, efficacy will be the core passport, and culture will serve as the differentiating soul of brands [19] - The rise of domestic brands is seen as a result of industrial upgrades, technological breakthroughs, and consumer awakening, emphasizing the need for brands to possess R&D capabilities, precise insights, and cultural depth to thrive in a competitive landscape [20]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced new tax deduction rules for advertising and business promotion expenses for certain industries, effective from January 1, 2026, to December 31, 2027 [1] Group 1: Tax Deduction Rules - Advertising and business promotion expenses for cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcoholic beverages) can be deducted up to 30% of the annual sales revenue [1] - Any expenses exceeding the 30% threshold can be carried forward to future tax years for deduction [1] Group 2: Exclusions - Tobacco companies are explicitly prohibited from deducting any advertising and business promotion expenses when calculating taxable income [1]

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" 截至发稿，福瑞达市值为75亿元。 每经AI快讯，福瑞达（SH 600223，收盘价：7.35元）12月29日晚间发布公告称，公司第十二届2025年 第五次董事会临时会议于2025年12月29日以通讯方式召开。会议审议了《关于公司2026年度日常关联交 易预计发生金额的议案》等文件。 2025年1至6月份，福瑞达的营业收入构成为：化妆品占比61.13%，物业出租占比16.37%，药品占比 11.57%，添加剂占比9.98%，其他业务占比0.95%。 （记者 王晓波） ...

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。 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 税税前扣除限额时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 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： 财政部、税务总局发布《关于广告费和业务宣传费支出税前扣除有关事项的公告》提出，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。 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 ...

财政部、税务总局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。 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税前扣除限额 时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 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。 ...

（文章来源：新华财经） 新华财经北京12月29日电财政部、税务总局发布关于广告费和业务宣传费支出税前扣除有关事项的公 告。其中提到，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。对签订广告费和业务宣传费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税前扣除限额 时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。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。本公告自2026年1月1日起至2027年12月31日止执 行。 ...

人民财讯12月29日电，财政部、税务总局发布关于广告费和业务宣传费支出税前扣除有关事项的公告， 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。 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税 前扣除限额时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 ...

Group 1 - The cosmetics sector experienced a decline of 1.26% on December 29, with Shanghai Jahwa leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key individual stock performances in the cosmetics sector included Qingdao Kingway up 1.38% and Shanghai Jahwa down 3.06% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 94.94 million yuan, while retail funds saw a net inflow of 41.59 million yuan [2] - The main fund flow for Shanghai Jahwa showed a net outflow of 1.0677 million yuan, with retail funds showing a net inflow of 2.0905 million yuan [3] - Qingdao Kingway had a significant net outflow of 24.09 million yuan from main funds, while retail funds experienced a net outflow of 23.17 million yuan [3]

水羊股份公告称，公司2025年员工持股计划股票来源为回购股份。截至2025年11月3日，公司回购股份 809.72万股，占总股本2.08%，成交金额9781.99万元。员工持股计划实际筹集资金5103.87万元，授予份 额5103.87万份。2025年12月29日，249.46万股标的股票由公司回购专用账户非交易过户至员工持股计划 账户，占股本总额0.64%，购股价格20.46元/股。 ...

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].