2 0 2 5年5月1 0日，哈尔滨的大街上铺满春末夏初的阳光，气温攀升至2 0℃，这座曾被冰雪定义 的北方城市，此刻正因一场"会议"而沸腾。 由北京茉颜定制生物科技有限公司（以下简称：茉颜）携手北京工商大学和哈尔滨举人商贸举 行的"向未来・赋新生"AI美妆定制北区品牌发布会，吸引了黑龙江省近百名店主出席。当场 有数十名店主签约，其中包括媗扬化妆品、橡果国际、小小样、华洋化妆品、大猫妈妈等区域 知名连锁系统。 这一天，恰逢第九个中国品牌日，却可能因这场"企业+高校+代理商"的跨界融合而被历史标 注为AI私人定制化妆品在线下渠道落地生根，开启新时代的特殊日子。 在个性化需求愈加显现的当下，定制化妆品正在全球市场显现出巨大的发展潜力。 据欧睿国际（Eu r omo n it o r）数据，2 0 1 5年以来全球个性化/定制化美容产品销售额年均增速 达6%，远超整体美妆市场3%的增速。 相关数据显示，2 0 2 2年全球定制化妆品的市场规模就已经达到2 7 3 4亿元，预计2 0 2 8年将突破 5 0 0 0亿元。 小红书上和"量肤定制一肤一方"相关的话题也在持续飙升，截止2 0 2 5年5月初，相关笔记总数 ...

Core Insights - The phenomenon of low pricing and diversion in channels is a common issue in brand development, which can be transformed into an opportunity for optimizing channel management [1] - Low pricing is not entirely negative; a reasonable low pricing strategy can quickly attract traffic and open new markets, serving as a leverage to attract quality distributors [1][3] - Brands need to establish a systematic governance framework to turn crises into opportunities for enhancing channel resilience [1][7] Pricing Dynamics - Low pricing reflects the direct relationship between market supply and demand, requiring brands to analyze its dual attributes [3] - Controlled low pricing strategies, such as limited-time promotions, can help brands penetrate lower-tier markets effectively [3] - Uncontrolled low pricing can create a "price black hole," eroding brand premium capabilities, as evidenced by a high-end cosmetics brand experiencing a 22% year-on-year decline in sales due to unmanaged low-priced goods [3] Governance Framework - The core of low pricing governance lies in establishing a comprehensive management framework that includes monitoring, analysis, intervention, and review [3][5] - An example is the AI monitoring system developed by Liwei Network, which scans over 5 million product links daily to identify abnormal low prices across various platforms [3][5] - The analysis phase involves grading low pricing incidents based on severity, duration, and sales scale, allowing for tailored responses to different types of violations [5] Legal and Technical Integration - Effective low pricing governance requires a combination of legal, technical, and commercial strategies [5] - Utilizing blockchain technology for product traceability and enhancing contract terms to link price control with distributor incentives are key strategies [5] - A white liquor brand successfully tracked diversion paths using RFID chips, imposing penalties on violators to curb diversion [5] Incentive Mechanisms - Brands should establish positive incentive mechanisms, such as a "price maintenance reward fund," to encourage compliance among distributors [5][7] - Successful low pricing promotional activities should be standardized and promoted across all channels to enhance market order [5][7] Sustainable Channel Ecosystem - The ultimate goal of low pricing governance is to build a sustainable channel ecosystem, integrating price control into strategic management [7] - Regular channel management review meetings should be held to analyze the root causes of low pricing, such as inventory issues or competitive pressures [7] - Collaborating with third-party agencies can provide technical support and trend forecasting based on industry data, helping brands to preemptively address pricing war risks [7]

Core Viewpoint - The 29th CBE China Beauty Expo showcases over 3,200 cosmetic companies from more than 40 countries, featuring over 10,000 beauty brands and 80,000 new products, highlighting innovation and trends in the beauty industry [1]. Group 1: New Product Launches and Innovations - Majili presents a skincare gift set suitable for all skin types, including a hydrating essence and a whitening serum with patented ingredients aimed at enhancing skin brightness and combating melanin production [3][5]. - Natural Hall Group emphasizes the importance of domestic raw material innovation, showcasing over 20 self-developed cosmetic ingredients inspired by Himalayan resources, aiming to enhance product quality and sustainability [6][8]. - YOSEIDO introduces a proprietary ingredient, FerSivi®, derived from high-level fungi, which is used in their new winter essence, replacing water in formulations with fermented birch juice to enhance efficacy [10][12]. Group 2: Technological Advancements in Skincare - Zhenyan Biotech showcases its patented recombinant mussel adhesive protein, which forms a protective film on the skin, aiding in recovery from damage [16][18]. - Quadha, a brand under Huaxi Biotech, presents its CT50 anti-aging technology, which operates at the cellular level to enhance skin rejuvenation, supported by significant clinical data [20][22]. Group 3: Sunscreen and Skin Protection Innovations - MISTINE highlights its new sunscreen products, including a research-based whitening essence and a cushion foundation, focusing on advanced protective technologies [26][29]. - The brand also introduces a unique light biology-based protective system, validated by multiple scientific publications and patents, enhancing its competitive edge in the market [28][29].

Core Insights - The Southeast Asian beauty market is seen as a promising opportunity for growth, especially for Chinese brands like Colorkey, which has established a strong presence in Vietnam [2][5][8] - Colorkey's success in Vietnam is attributed to its understanding of local consumer preferences and effective use of social media platforms like TikTok for marketing [5][13][18] - The competitive landscape in Southeast Asia is characterized by a mix of local players and international brands, making brand recognition and consumer loyalty crucial for sustained growth [4][16][19] Market Dynamics - The beauty market in Southeast Asia is less saturated compared to China, allowing for easier entry and growth for brands [2][4] - Local consumer preferences differ significantly from those in China, with a preference for lighter, more vibrant makeup products [3][4] - The average purchase price for beauty products in Southeast Asia is lower, which aligns well with the cost advantages of Chinese manufacturers [10] Business Strategies - Colorkey initially entered the Southeast Asian market through cross-border e-commerce, which allowed for low investment and rapid testing of products [3][4] - To scale operations, Colorkey is shifting towards local warehousing and distribution to improve logistics and reduce costs [4][5] - The company plans to establish a comprehensive sales network, including both online and offline channels, to enhance market penetration [15][19] Competitive Landscape - Chinese beauty brands are gaining market share in Southeast Asia, with significant growth rates reported [8][10] - International brands like L'Oréal and Maybelline still dominate the market, but local Chinese brands are increasingly recognized for their value [7][10] - The competition is intensifying, with established international brands having a strong foothold and local adaptation strategies [19] Future Outlook - The Southeast Asian beauty market is expected to continue growing, driven by a young population and increasing beauty product usage [16] - However, brands must focus on building long-term relationships with consumers rather than seeking quick profits to succeed in this market [16][19] - The importance of localizing products and marketing strategies to align with consumer preferences is emphasized for sustained success [19]

Financial Data and Key Metrics Changes - Total net revenues for Q1 2025 increased by 7.8% year over year to RMB 833.5 million from RMB 773.4 million in the prior year period [16] - Gross profit for Q1 2025 increased by 9.7% to RMB 659.1 million, with gross margin rising to 79.1% from 77.7% in the prior year [17][18] - Non-GAAP net income for Q1 2025 was RMB 7.1 million, a significant turnaround from a non-GAAP net loss of RMB 83.8 million in the prior year [22] - Net loss for Q1 2025 was RMB 5.6 million, compared to RMB 124.9 million in the prior year, with a net loss margin of 0.7% versus 16.1% [22] Business Line Data and Key Metrics Changes - Net revenues from skincare brands rose by 47.7% year over year, while net revenues from color cosmetics brands decreased by 9.9% [16][17] - Selling and marketing expenses as a percentage of total net revenues decreased to 66.4% from 69.7% in the prior year, reflecting more strategic marketing spending [19] - General and administrative expenses as a percentage of total net revenues decreased to 7.8% from 18.1% in the prior year, attributed to lower share-based compensation and payroll expenses [20] Market Data and Key Metrics Changes - The beauty market in China saw a modest growth of 3.2% year over year, slightly trailing the 4.6% growth in total retail sales of consumer goods [5] - Combined beauty sales on Q1 and Douyin recorded low double-digit year-over-year growth, with Douyin outperforming Tmall in both skincare and color cosmetics categories [6] Company Strategy and Development Direction - The company is focused on accelerating growth for skincare brands and optimizing cost structure to prepare for profitable growth [8] - A new share repurchase program was approved, allowing the company to repurchase up to RMB 30 million worth of ordinary shares over the next 24 months, demonstrating confidence in future potential [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement regarding the progress made in executing strategic transformation despite complex market conditions [15] - The company expects total net revenues for Q2 2025 to be between RMB 810.4 million and RMB 889.9 million, representing a year-over-year increase of approximately 2% to 12% [23] Other Important Information - The company launched the third Bocawu Acne Research Fund project, which has reached over 20,000 doctors and received more than 350 clinical research proposals [12] - The global R&D center in Shanghai was accredited by the China National Accreditation Service, reinforcing the company's commitment to excellence in beauty research [14] Q&A Session Summary Question: How does the company plan to promote new products of Perfect Diary and Ganik? - The company emphasized that product innovation and efficacy are crucial for driving repeat purchases, with strong initial consumer feedback on new products [27] Question: How is the performance of the June 18 shopping festival so far? - Management indicated that it is still early to predict overall performance, but sales are currently in line with expectations [29]

Financial Data and Key Metrics Changes - Total net revenues for Q1 2025 increased by 7.8% to RMB 833.5 million from RMB 773.4 million in the prior year period, primarily due to a 47.7% year-over-year increase in net revenues from skincare brands [15][21] - Gross profit for Q1 2025 increased by 9.7% to RMB 659.1 million from RMB 600.9 million, with gross margin rising to 79.1% from 77.7% [15][16] - The net loss for Q1 2025 was RMB 5.6 million, a significant improvement from RMB 124.9 million in the prior year, resulting in a net loss margin of 0.7% compared to 16.1% [21][22] Business Line Data and Key Metrics Changes - Skincare brands achieved a remarkable revenue growth of 47.7% year-over-year, while color cosmetics brands saw a decline of 9.9% [15][21] - Selling and marketing expenses as a percentage of total net revenues decreased to 66.4% from 69.7%, reflecting more strategic marketing spending [18][19] - General and administrative expenses as a percentage of total net revenues decreased to 7.8% from 18.1%, attributed to lower share-based compensation and reduced headcount [19] Market Data and Key Metrics Changes - The beauty market in China saw a modest growth of 3.2% year-over-year in retail sales, slightly trailing the 4.6% growth in total retail sales of consumer goods [5][6] - Online beauty sales mirrored this trend, with combined beauty sales on Q1 and Douyin recording low double-digit year-over-year growth [6] Company Strategy and Development Direction - The company is focused on accelerating growth for skincare brands and optimizing cost structures to prepare for profitable growth [7][14] - A new share repurchase program was approved, allowing the company to repurchase up to RMB 30 million worth of ordinary shares over the next 24 months, indicating confidence in future potential [13][14] - Continued investment in R&D is emphasized as a core competitive advantage, with a global R&D center in Shanghai receiving accreditation [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement regarding the progress made in executing strategic transformation despite complex market conditions [14] - For Q2 2025, the company expects total net revenues to be between RMB 810.4 million and RMB 889.9 million, representing a year-over-year increase of approximately 2% to 12% [22] Other Important Information - The company hosted an offline event to launch an upgraded product, enhancing brand awareness through targeted marketing efforts [9][10] - The company is committed to scientific research, having launched an acne research fund project that has reached over 20,000 doctors [11] Q&A Session Summary Question: How does the company plan to promote new products of Perfect Diary and Ganik? - The company emphasizes product innovation and efficacy as key drivers for consumer repeat purchases, with strong initial feedback on new products [25][26] Question: How is the performance of the June 18 shopping festival so far? - Management indicated that it is still early to predict overall performance, but initial sales are in line with expectations [28]

Market Overview - As of May 16, 2025, the Shanghai Composite Index closed down 0.40% at 3367.46 points, while the Shenzhen Component Index fell 0.07% to 10179.60 points, and the ChiNext Index decreased by 0.19% to 2039.45 points, indicating a broad loss effect in the market [1] - The total trading volume across both markets reached 1.09 trillion yuan [1] Sector Performance - The top three sectors with gains were passenger cars (up 2.28%), auto parts (up 1.95%), and accessories (up 1.87%) [1] - The sectors with the largest declines included fisheries (down 2.27%), insurance (down 1.52%), and cosmetics (down 1.43%) [1] ETF Performance - A total of 323 non-currency ETFs rose, with an increase ratio of 28% [1] - The National Index Hong Kong Stock Connect Innovative Drug Index rose by 2.20%, with various related ETFs also showing gains, including the Hong Kong Innovative Drug ETF (up 2.62%) and the Hong Kong Stock Connect Innovative Drug ETF (up 2.35%) [1] - The latest share size of the Hong Kong Innovative Drug ETF reached 1.172 billion shares, closely tracking the National Index Hong Kong Stock Connect Innovative Drug Index [2] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the National Index Hong Kong Stock Connect Innovative Drug Index is 24.83, which is lower than 1.22% of the time over the past three years [3] - The latest PE-TTM for the Hang Seng Innovative Drug Index is 23.51, also below 2.74% of the time over the past three years [3] Declining ETFs - A total of 730 non-currency ETFs declined, with a decrease ratio of 64% [3] - The top three ETFs with the largest declines included the Engineering Machinery ETF (down 10.00%), the Innovation 50 ETF (down 4.91%), and the New Economy ETF (down 3.99%) [5] Premium Rates - The S&P 500 Consumer Select Index showed a premium of 26.71%, while the S&P 500 Index had a premium of 13.82% [6] - The top three ETFs with the highest premium rates included the S&P Consumer ETF (26.71%), the S&P 500 ETF (13.82%), and the Saudi ETF (5.29%) [8]

作为 Orebella 英国首发的一部分，塞尔福里奇伦敦旗舰店将于 5 月 15 日至 28 日在店内中央快闪空间打 造沉浸式体验活动。该互动空间邀请宾客 "探索个人气场"，同时为其提供个性化香水推荐。消费者购 买产品即可获赠一条 Orebella 丝巾，本周末（5 月 16 日至 18 日）还可在店内为丝巾定制刺绣。与塞尔 福里奇的独家合作结束后，该品牌将于 9 月起拓展至更多销售渠道。值得一提的是，哈迪德并非首位在 塞尔福里奇大举推出个人香水品牌的名人 ——2023 年，哈里?斯泰尔斯（Harry Styles）的 Pleasing 品牌 便曾占据该百货的 Corner Shop 空间推广其香氛系列。 （原标题：超模贝拉?哈迪德的香水品牌即将登陆英国市场） Orebella 凭借以精油为基底、无酒精的 "双相" 配方，践行 "香水护肤化" 理念。这一配方意味着产品兼 具保湿护肤层与香氛层，既能滋润肌肤，又能为肌肤增添香气。专家指出，在疫情期间香水市场繁荣后 增速放缓的当下，创新香氛配方将成为成功的关键。 从戛纳红毯上亮相的贝拉?哈迪德（Bella Hadid）随后马不停蹄赶往伦敦，为其香水品牌 Orebe ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased by 47% year-over-year to $7,900,000, exceeding guidance of $7,800,000, driven by balanced growth in the Vinia business [5][20] - Gross profit rose by 53% to $4,600,000, representing 58.5% of total revenue, up from 56.2% a year ago, primarily due to increased manufacturing scale and improved yield [20][21] - Net loss for Q1 2025 was $2,300,000, or $0.13 per share, compared to a net loss of $6,600,000, or $0.48 per share in the same quarter last year [21][22] Business Line Data and Key Metrics Changes - The Direct to Consumer Health and Wellness Products Division, led by Vinia, accounted for the majority of revenue, with total active subscribers exceeding 50,000 in the USA, and recurring subscribers making up 90% of revenue [6][13] - The Amazon channel represented 20% of the business, with improvements in customer conversion and repeat purchase rates [6] - The company launched new products, including a superfood tea lineup and plans for a hydration beverage, targeting significant market segments [9][12][60] Market Data and Key Metrics Changes - The company is expanding its reach into new consumer segments and channels, including international shipping and social media platforms like TikTok [42][43] - The market for non-GMO, plant-based compounds is growing, with increasing consumer awareness of health benefits related to blood flow and longevity [8][79] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven at $11,000,000 to $12,000,000 in quarterly revenue by the second half of 2025, focusing on balancing growth with profitability [17][18] - Strategic investments will be made in expanding the direct-to-consumer portfolio, enhancing R&D processes, and building AI-powered tools for CDMO services [18] - The company is targeting a 20% adjusted EBITDA margin for its direct-to-consumer division and higher margins in the CDMO segment [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its growth strategy and deliver life-changing compounds, highlighting the synergy between the direct-to-consumer and CDMO divisions [23][70] - The company is optimistic about the increasing interest from pharmaceutical companies in its botanical synthesis technology, which offers consistent and economically viable compounds [70][71] Other Important Information - The company raised $3,900,000 in debt financing during the quarter, increasing cash and cash equivalents to $3,400,000 [22] - The company is preparing to launch the olivoboscoside cell product in 2026, targeting significant market opportunities in liver health and cholesterol management [13][79] Q&A Session Summary Question: Can you provide details on the Phase two portion of the CDMO contract? - Management explained that Phase two involves moving from solid media to liquid media for cell conditioning, with an expected timeline of six to nine months [27][28] Question: How long will it take to narrow down targets with Tate and Lyle? - Management indicated that significant work is underway, with a comprehensive update expected by the end of the year [30] Question: Should we expect continued gross margin expansion as revenue grows? - Management affirmed the intention to drive continued gross profit margin improvement alongside revenue growth [31][32] Question: How many products contributed to revenue in Q1, and how many are expected by year-end? - Management noted that three product lines contributed to Q1 revenue, with expectations to increase to four by Q2 and five by Q3 or Q4 [36][38] Question: Will marketing costs drop due to increased ad inventory? - Management highlighted efforts to reduce marketing costs as a percentage of revenue while exploring new channels for customer acquisition [39][44] Question: Does the second quarter guidance include contributions from the CDMO business? - Management confirmed that the guidance includes revenue recognition from existing CDMO projects and potential new catalysts [45][46] Question: How many CDMO programs can be run concurrently? - Management stated that the current capacity allows for five to seven concurrent projects in stage one [49] Question: What is the long-term opportunity for the beauty product? - Management discussed a focused strategy on high-margin categories, including health and beauty, with plans for a launch in Q1 next year [60][61]

Core Insights - United-Guardian, Inc. reported a decline in both net sales and net income for the first quarter of 2025, with net sales at $2.48 million, down 24% from $3.25 million year-over-year, and net income falling 39% to $560,895 or 12 cents per share from $925,442 or 20 cents per share [2][6] Business Segment Performance - The cosmetic ingredients segment experienced a significant decline, with sales dropping 63% year-over-year to $698,998 from $1.88 million, primarily due to a 74% reduction in orders from its largest distributor, Ashland Specialty Ingredients [3] - Pharmaceutical sales rebounded, with net sales increasing 23% to $1.17 million from $950,323 in the previous year, driven by the normalization of Renacidin supply, which saw gross sales rise 38% year-over-year to $1.23 million [4] - Medical lubricant sales grew 43% year-over-year to $613,671, benefiting from increased demand in India and China, making it the strongest performing segment [5] Management Commentary - The company's president acknowledged the challenging start to the year, attributing revenue shortfalls to the cosmetic ingredient business but highlighted the strength in medical lubricants and pharmaceuticals as positive signs [6] - Concerns were raised regarding evolving trade policies and tariffs by the U.S. government, which could introduce uncertainty for product lines tied to China markets, although the company is monitoring these risks [7] Financial Metrics - Cost of sales decreased to $1.12 million from $1.56 million year-over-year, improving as a percentage of revenues to 45% from 48% [8] - Operating expenses rose 11% to $632,735 due to higher payroll and marketing costs, while research and development expenses also increased by 11% to $114,394 [8] - Investment income and gains on marketable securities fell to $97,037 from $139,569 a year earlier, attributed to lower interest income and reduced unrealized gains [9] Future Outlook - The company expressed confidence in its long-term strategy, particularly in product development and market expansion, with plans to begin manufacturing and sales of the Natrajel product in 2025 [10] - In February 2025, United-Guardian expanded its partnership with Azelis Group NV to include South Korea and broadened coverage in the U.K. and Ireland [11]