《商道创投网》2025年9月1日从官方获悉：GREENLAB绿所近日完成了由合享创投独家投资的近千万 元Pre-A轮融资。 《商道创投网》创业家会员·单位简介： 绿所2023年诞生于深圳，专注"无感化面部理容"，以"精致懒"男士为核心客群。公司首创"原初修颜 乳"品类，兼顾遮瑕与洗面奶即可卸除的便捷体验，上线一年已登顶男士彩妆市占榜首，并布局线下零 压体验舱，用极简设计与场景化动线验证需求。 《商道创投网》创业家会员·本轮融资用途是什么？ 合享创投创始合伙人杨孟衡表示：男士美妆渗透率仍低，绿所精准切入"怕麻烦"痛点，用首创修颜乳建 立品类标准；团队兼具腾讯数据能力与线下零售经验，复购率远超行业，具备定义并收割增量市场的潜 力。 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帥表示：8月商务部与药监局联合发文鼓励美妆新原料创新，地方政府密集推出直 播电商与首店补贴；绿所本轮获合享创投独家加注，彰显消费赛道对"细分场景+强复购"模型的青睐， 管理人应守住LP信任深耕长期价值，企业亦需在跟风模仿中保持迭代速度，平台将持续为理性消费创 新发声，惟愿各方敬畏周期、稳健前行。 绿所创始人William ...

Core Insights - The report by Yien analyzes marketing strategies and effectiveness of leading brands across five industries during the Qixi Festival, highlighting the latest consumer demand trends [1][10]. Luxury Goods Industry - Chopard collaborated with DIMOO WORLD to launch a limited edition gift box, primarily promoted on Xiaohongshu, attracting young consumers but facing criticism for the awkward integration of the brand and IP [1][11]. - LOEWE utilized a micro-short drama format featuring celebrities to creatively merge Qixi legends with brand imagery, successfully reaching a broader audience, although the "rustic" style impacted its premium brand image [1][6]. - Tiffany's campaign focused on individual subjectivity in love through a series of content, leveraging partnerships with top podcasters and influencers to deeply convey brand philosophy on Xiaohongshu [1]. Beauty Industry - Chando returned to its Himalayan roots by collaborating with intangible cultural heritage to launch an advertisement on Douyin, fostering deep connections with consumers through pre-launch membership and offline events [2]. - SK-II partnered with Mayday to release a campaign titled "Love-ing, Crystal-ing," featuring limited edition gift boxes and pop-up stores, primarily utilizing Xiaohongshu and Douyin for emotional engagement [2]. Fast-Moving Consumer Goods (FMCG) Industry - Yili focused on the elderly demographic by collaborating with Meng Fei on a project that resonated with the children of this group on Douyin, although some audiences felt the message was disconnected from reality [4]. Food and Beverage Industry - Bawang Chaji launched a limited edition series for Qixi, showcasing traditional wedding customs in collaboration with the She ethnic group, effectively promoting the campaign on both Douyin and Xiaohongshu [4]. Platform Industry - Taobao Flash Sale partnered with Lin Yi to create an advertising campaign and "Citywide Love" theme project, utilizing Xiaohongshu for online and offline engagement, which sparked user enthusiasm for participation [4]. Marketing Highlights and Challenges - The report identifies key marketing highlights and challenges, such as Chopard's youthful yet awkward collaboration, LOEWE's successful yet image-impacting short drama, and Yili's resonant but unrealistic messaging [6]. - These cases illustrate the innovative attempts by brands in Qixi marketing while reflecting the diverse and complex consumer demands in the current market environment [6].

Core Insights - The report titled "E-commerce Operations: Review of Qixi Marketing 2025" focuses on the marketing practices of representative brands in five major industries: luxury goods, beauty, fast-moving consumer goods (FMCG), food and beverage, and platforms, analyzing their strategies, channel performance, and consumer feedback [1][4][5] Luxury Goods Industry - Chopard collaborated with Pop Mart to launch a limited edition set for Qixi, primarily using Xiaohongshu as the main advertising channel, but faced issues with brand and IP integration and unclear target audience [1][12] - LOEWE partnered with actors Chen Duling and Chen Zheyuan to create a micro-drama titled "Que Ding Ai," leveraging cultural symbolism and social media for targeted audience penetration, although the "earthy" impression of the short drama impacted the brand's high-end image [1][22][27] - Tiffany released a radio series "I Am the Subject of Love," collaborating with top podcasters to explore individual subjectivity in love, with Xiaohongshu as the core communication channel [1][29][32] Beauty Industry - Natural Hall returned to its roots in the Himalayas, launching an advertisement titled "Meet the Rainbow, Natural Good Luck," and initiated the "吸好运" campaign, primarily using Douyin for diverse content dissemination [1][36] - SK-II collaborated with Mayday to release a short film "Loveing, Crystal Joying," featuring a bouquet gift box and offline pop-up stores, focusing on Xiaohongshu and Douyin for marketing [1][34] Fast-Moving Consumer Goods (FMCG) Industry - Yili focused on the elderly demographic, collaborating with Meng Fei to launch the "100 Reasons for Twilight Love" campaign, which resonated with children of elderly consumers on Douyin [1][34] Food and Beverage Industry - Bawang Chaji introduced a limited edition series "Phoenix Flying" for Qixi, collaborating with the She ethnic group to showcase traditional marriage customs, with balanced advertising on Douyin and Xiaohongshu [1][34] Platform Industry - Taobao Flash Sale partnered with Lin Yi to create an advertisement and a themed campaign "Citywide Love," integrating online and offline efforts, with Xiaohongshu as the primary platform [1][34]

Group 1 - The core point of the article is that Proya has announced its intention to list in Hong Kong while revealing its semi-annual report, which has attracted significant attention in the capital market [1][2] - Proya's revenue for the first half of the year reached 5.362 billion yuan, a year-on-year increase of 7.21%, while net profit attributable to shareholders was 799 million yuan, up 13.80% year-on-year [3] - The growth rates of revenue and net profit have significantly slowed compared to the previous year, indicating that Proya has entered a period of more moderate growth [4] Group 2 - The main brand "Proya" reported a slight decline in revenue of 0.08% year-on-year, marking the first negative growth in five years [4] - Proya's marketing expenses have increased, with total sales expenses reaching 2.659 billion yuan, accounting for 49.59% of revenue, which is significantly higher than the revenue growth rate [6] - The company has experienced significant internal personnel changes, including the departure of several core executives and the introduction of new executives with international backgrounds [7][8] Group 3 - Proya's plan to list in Hong Kong aims to accelerate its international strategy and overseas business development, although its current overseas sales account for less than 5% of total revenue [12][13] - The company faces challenges in expanding its overseas market presence, particularly in saturated markets like Europe and North America, where established brands dominate [15] - Proya's reliance on online channels for 90% of its domestic revenue poses a challenge for its international expansion, where offline channels remain crucial [15]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][12]. Core Insights - The company achieved a revenue of 5.362 billion yuan in H1 2025, representing a year-on-year growth of 7.21%. The net profit attributable to shareholders was 799 million yuan, up 13.80% year-on-year [1]. - The skincare segment showed steady growth, with revenue of 4.199 billion yuan in H1 2025, a slight increase of 0.20% year-on-year, while the beauty makeup segment grew by 25.79% to 837 million yuan [2]. - The company plans to list in Hong Kong to further its international strategy [1]. Financial Performance - The gross margin for H1 2025 increased by 3.56 percentage points to 73.38%, while the net profit margin rose by 0.86 percentage points [3]. - The main brand, Proya, generated 3.979 billion yuan in revenue, a slight decline of 0.08% year-on-year, while the sub-brand Cai Tang saw a revenue increase of 21.11% to 705 million yuan [4]. - The company forecasts net profits of 1.8 billion yuan, 2.08 billion yuan, and 2.35 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 15.9%, 15.3%, and 13.2% [4][6]. Revenue Breakdown - In H1 2025, online sales accounted for 95.39% of total revenue, amounting to 5.109 billion yuan, while offline sales decreased by 21.49% to 247 million yuan [2]. - The revenue from the hair care segment surged by 131.25% to 320 million yuan, indicating strong performance in this category [2]. Future Projections - The company expects revenue growth rates of 10.3%, 7.8%, and 6.5% for the years 2025, 2026, and 2027, respectively [6][9]. - The projected earnings per share for 2025, 2026, and 2027 are 4.54 yuan, 5.24 yuan, and 5.93 yuan, respectively [6][9]. Brand Development - The main brand Proya continues to enhance its brand strength, while other brands are also making significant progress, with Off&Relax being the fastest-growing brand, achieving a revenue of 279 million yuan, up 102.52% year-on-year [4].

Group 1 - The core viewpoint of the news is that Shangmei Co., Ltd. reported strong financial performance for the first half of 2025, with significant revenue and profit growth, leading to a rise in stock price [1] - For the six months ending June 30, 2025, the company achieved a revenue of 4.108 billion yuan, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 524 million yuan, up 30.65% year-on-year [1] - The company plans to distribute an interim dividend of 0.5 yuan per share [1] Group 2 - The revenue from the Han Shu brand for the first half of 2025 was 3.344 billion yuan, an increase of 14.3% compared to 2.927 billion yuan in the first half of 2024, driven by brand upgrades and category expansion [1] - Han Shu maintained its leading position in the online beauty industry, ranking first in total gross merchandise value (GMV) on the Douyin platform and achieving the top spot in the "Douyin E-commerce Skincare Brand Overall Ranking H1" [1] - According to Haitong International, other brands under the company, such as Newpage, Yiyue, and Red Little Elephant, reported revenues of 397 million, 89 million, and 159 million yuan respectively, with Newpage showing a significant year-on-year growth of 146.5% [2]

Group 1 - The core viewpoint of the news is that 上美股份 (Shangmei Co., Ltd.) has shown significant growth in its mid-term performance for the first half of 2025, with a revenue increase of 17.29% year-on-year and a notable rise in shareholder profit by 30.65% [1] - For the first half of 2025, 韩束 (Hansu) contributed 33.44 billion yuan in revenue, up 14.3% from 29.27 billion yuan in the same period of 2024, driven by brand upgrades and category expansion [1] - 韩束 maintained its leading position in the online beauty industry, achieving the highest monthly GMV among beauty brands on the Douyin platform and ranking first in the "Douyin e-commerce skincare brand total list H1" [1] Group 2 - 海通国际 (Haitong International) reported that besides the 韩束 brand, the new brands newpage, 一叶子 (Yiyezi), and 红色小象 (Red Elephant) generated revenues of 3.97 billion, 0.89 billion, and 1.59 billion yuan respectively, with year-on-year changes of +146.5%, -29.0%, and -8.7% [2] - The revenue contribution from newpage increased by 5 percentage points year-on-year, making it the second-largest revenue contributor [2] - The repurchase rates for newpage on Tmall and Douyin were 54% and 53% respectively, showing increases of 6% and 16% year-on-year, with an average transaction value of approximately 130 yuan [2]

Core Viewpoint - The company, Mao Geping, is leveraging the growing young consumer demographic that values experience and emotional connection in purchasing decisions, leading to a strong performance in the Hong Kong new consumption sector [1] Financial Performance - In the first half of 2025, Mao Geping achieved total revenue of 2.588 billion RMB, a year-on-year increase of 31.3%, indicating continuous business expansion [2] - The company's net profit grew by 36.1% to 670 million RMB, with profit growth outpacing revenue growth, reflecting high-quality core business development [2] - The gross profit margin reached 84.2%, driven by high margins in core categories and optimized expenses, with makeup products at 82.7% and skincare products at 87.5% [2] Product Strategy - Mao Geping has established a robust product matrix that avoids reliance on single-hit products, focusing on long-cycle core items and rapid introduction of new products [3] - The makeup segment generated 1.422 billion RMB in revenue, accounting for 55.0% of total revenue, with strong performance from key products [3] - The skincare segment saw a revenue increase of 33.4% to 1.087 billion RMB, highlighting its role as a key growth driver [4] New Product Development - The company launched new skincare products that quickly gained traction, with the luxury caviar mask exceeding 600 million RMB in retail sales [4] - The introduction of fragrance products has opened new growth avenues, with two series generating over 10 million RMB in less than a month [5] Channel Strategy - Mao Geping's online sales reached 1.297 billion RMB, a 39.0% increase, representing 51.4% of total revenue, with high profitability in direct sales [7] - The offline channel generated 1.224 billion RMB, a 26.6% increase, with a focus on high-end retail locations and enhanced customer experience [8] International Expansion - The company has begun international expansion, achieving a 503.1% increase in overseas revenue, indicating a clear growth trend [9] Long-term Value Proposition - Mao Geping aims to redefine the value standards in high-end beauty, positioning itself as a leader in Chinese luxury brands with a focus on "Oriental aesthetics" [11]

Core Insights - The article highlights the growing influence of young consumers in driving new consumption trends, emphasizing their focus on experience, cost-effectiveness, and emotional value, which has positively impacted the Hong Kong stock market's new consumption sector [1] - The company, Mao Geping, stands out in the high-end domestic beauty market by leveraging "Oriental aesthetics" as its core strategy, focusing on multi-dimensional collaboration across product categories, channels, and profitability to build a sustainable value system [1][10] Financial Performance - Mao Geping reported a total revenue of 2.588 billion RMB for the first half of 2025, marking a year-on-year growth of 31.3%, indicating continuous business expansion [2] - The company's net profit increased by 36.1% to 670 million RMB, with profit growth outpacing revenue growth, reflecting high-quality core business development [2] - The gross profit margin reached 84.2%, driven by high margins in core categories and optimized expenses, with makeup products achieving a gross margin of 82.7% and skincare products at 87.5% [2] Product Strategy - Mao Geping has established a robust product matrix that avoids reliance on single-hit products, instead focusing on a combination of long-cycle core products and rapid introduction of new items [3] - The makeup category remains a stronghold, generating 1.422 billion RMB in revenue, accounting for 55.0% of total revenue, with key products achieving significant sales [3][4] - The skincare segment has seen explosive growth, contributing 1.087 billion RMB in revenue, with key products like the luxury caviar mask and black cream driving sales [4] Channel Strategy - The company has effectively integrated online and offline channels, achieving 1.297 billion RMB in online revenue, a 39.0% increase, and 1.224 billion RMB in offline revenue, a 26.6% increase [7][8] - Online channels account for 51.4% of total revenue, with high profitability maintained across direct sales and distributor channels [7] - The offline strategy focuses on high-end experiences, with over 400 self-operated counters and a strong presence in premium shopping areas, enhancing brand image and customer loyalty [8] International Expansion - Mao Geping has begun international expansion, notably through a partnership with Sephora, resulting in a 503.1% increase in overseas revenue [9] - The establishment of a research center in Hangzhou and plans for further international development aim to position Mao Geping as a representative of high-end Chinese beauty in the global market [9] Long-term Value Proposition - The company is redefining the value standards in high-end beauty by emphasizing potential in product categories, cultural premium, and channel barriers, moving away from being a follower of international brands [10] - Mao Geping's appeal lies in its dual high growth in revenue and profit, alongside a sustainable and replicable long-term value system [10]

Core Viewpoint - Yatsen Holding Limited (逸仙电商) has returned to a growth trajectory, with significant improvements in revenue and a reduction in net losses, driven by a strategic shift towards skincare products [2][6]. Financial Performance - For the first half of 2025, Yatsen reported revenue of 1.92 billion yuan (approximately 268 million USD), a year-on-year increase of 22.4% [2][6]. - The net loss for the same period was 22.97 million yuan, a substantial decrease from a net loss of 203 million yuan in the previous year [2][6]. - In Q2 2025, revenue reached 1.09 billion yuan (approximately 152 million USD), reflecting a 36.8% year-on-year growth [6]. - Skincare brand revenue in Q2 2025 was 581.3 million yuan, marking a 78.7% increase, and accounted for 53.5% of total net revenue, up from 40.9% in the previous year [6]. Strategic Initiatives - The company has initiated a "second entrepreneurship" strategy since late 2021, focusing on skincare to diversify its revenue streams [6]. - Yatsen has made acquisitions of high-end brands such as Galénic, DR.WU, and Eve Lom to build a dual-driver model of color cosmetics and skincare [6]. - The company has emphasized R&D investment, with Q2 2025 R&D expenses reaching 36.12 million yuan, representing 3.3% of total revenue, maintaining over 3% for three consecutive years [6]. Future Outlook - The company anticipates total revenue for Q3 2025 to be between 780 million and 880 million yuan, projecting a year-on-year growth of approximately 15% to 30% [7].