智通财经APP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。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。 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。 本文编选自"国家药监局"官网，智通财经编辑：冯秋怡。 原文如下： 国家药监局召开化妆 ...

人民财讯12月29日电，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。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。 ...

近日，证监会发布《境外发行上市备案补充材料要求(2025年12月22日～2025年12月26日)》。中国证监 会国际司共对19家企业出具补充材料要求，其中，要求珀莱雅（603605）补充说明关于外资准入等事 项。据港交所10月30日披露，珀莱雅化妆品股份有限公司向港交所主板提交上市申请书，中金公司、瑞 银集团为其联席保荐人。 中国证监会要求珀莱雅补充说明以下事项，并请律师核查并出具明确的法律意见： 一、请说明公司本次募集资金用途是否涉及境外投资，是否已履行相关审批、核准或备案程序。 招股书显示，珀莱雅是一家多品牌美妆集团，致力于搭建国际一流的化妆品产业平台，为全球消费者带 来兼具科技与高品质的化妆品产品消费体验。公司建立了覆盖不同消费人群的多品牌、多品类化妆品矩 阵，已覆盖护肤、彩妆、个人护理等领域。 根据弗若斯特沙利文的资料，以2024年零售额计，在中国内地化妆品行业前五大集团中，公司位列第 五，是唯一一家中国本土化妆品集团。以零售额计，公司于2021年至2024年连续四年为中国内地最大的 本土化妆品集团。 在业绩方面，招股书显示，在过去的2022年、2023年、2024年和2025年前六个月，珀莱雅的营业 ...

新春的祝福声仍在耳畔回响，而盛世化彩的故事刚刚翻开新的篇章。如果说新年祝福是对未来的美好期 许，那么今天我们要讲述的，正是如何将这份期许转化为实际行动的动人历程。一个商业品牌的故事， 一个关于专业、责任与关怀的创业故事，在这里交织成章。 一场源于观察的专业回应 在化妆品行业高度专业化的今天，一个品牌诞生的故事往往始于商业计划书或市场调研报告。盛世化彩 的起点，却源于一个被长期观察到的真实需求：品牌创始人亓女士因工作环境与岁月流逝而面临的肌肤 困扰。 这一现象，引起了她身边一位深耕生物科研领域多年的专业人士的注意。基于深厚的专业背景，这位伙 伴看到的不仅是一位女性的烦恼，更是一个值得用科学去解答的肌肤课题。"这不应该只是一个无奈接 受的结果，"这位科研伙伴认为，"现代生物科技应当能够提供更有效的解决方案。 于是，一次充满关怀的、基于专业知识的行动开始了。这不是简单的产品推荐，而是一次近乎"定制研 发"的深度尝试。每一个成分的选择，都经过了科学与温和性的双重考量，既要科学有效，又要足够温 和;每一次配方的调整，都基于对肌肤状态变化的持续追踪。专业严谨的实验室精神，与解决现实问题 的务实关怀，在此刻紧密结合。 这场 ...

www.hczq.com 证券研究报告 化妆品行业跟踪：林清轩通过港交所聆讯 2025年12月29日 分析师 汤秀洁 执业编号：S0360525080008 邮箱：tangxiujie@hcyjs.com 联系人 王笑飞 执业编号：S0360125090005 邮箱：wangxiaofei@hcyjs.com 本报告由华创证券有限责任公司编制 。本公司不会因接收人收到本报告而视其为客户。华创证券对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考， 并不构成本公司对所述证券买卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 摘要 证券研究报告 此页包含机密资料，其全部或任何部分不可被复制或再发送。本页不构成对任何产品的要约出售/购买、招揽或建议。关于免责声明全文，详见本PPT最后部分。 2 林清轩：甄选高山红山茶花，开创以油养肤理念，连续11年位居精华油榜首，线下554家门店并逐步发力电商，精耕细作铸就国货高端品牌。 行业：预测2025年以油养肤市场规模从2024年77亿元同比增长45%至 ...

Q&A 如何看待高端国货美妆龙头的增长延续性 20251227 摘要 毛戈平凭借会员运营和品类迭代，预计未来两年内保持 25%-30%的增 长。长期增长需依赖品类拓展，目前在化妆品行业中具备稀缺性和永续 增长潜力。 2025 年毛戈平线上渠道增速近 40%，线下渠道增速 20%-25%，整体 业绩符合年初目标。线下会员运营体系贡献主要收入，约 10%的忠诚会 员贡献 70%以上收入。 毛戈平线上渠道不仅贡献收入，还能为线下引流，2025 年线上新客占 比超 75%，其中 25%-30%转化为线下客户，线上小规格彩妆产品适合 引流，提升整体复购率。 毛戈平通过会员服务维持用户粘性，电商引流至线下，升级服务提高老 客户复购率，吸引年轻消费者，实现客群年轻化，共同推动公司稳定发 展。 某品牌 2025 年主要驱动大单品复购，预计增长可持续两年，增长率或 达 40%，未来几年约为 30%。现有大单品预计两三年内达 20 亿营收量 级。 请介绍一下国货美妆龙头某品牌在化妆品行业中的独特定位及其增长逻辑。 化妆品行业的企业可以分为三类。第一类是以珀莱雅为代表的企业，这些企业 在 2015 年至 2021 年间抓住了国内电 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index declining by 1.1% from December 19 to December 26, 2025, which is weaker than the market performance [4][5]. - Lin Qingxuan is set to lead the high-end domestic essence oil sector with its upcoming IPO on December 30, 2025, planning to issue 13.9665 million H shares. The company has shown significant growth, with revenue projected to increase from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.7% [4][10]. - The report highlights the strong performance of Yiwang Yichuang (300792SZ) in the e-commerce agency sector, leveraging AI to enhance operational efficiency and revenue potential [11][12]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the market, with specific indices showing declines: the Shenwan Cosmetics Index fell by 1.3%, and the Shenwan Personal Care Index decreased by 1.0% [4][5]. Key Company Developments - Lin Qingxuan's IPO is anticipated to bolster its market position, with a focus on high-end skincare products. The company has achieved a market share of 1.4% in the high-end skincare segment and ranks 10th in the anti-wrinkle product market with a 2.2% share [10]. - Yiwang Yichuang's business model is robust, with a comprehensive coverage of consumer goods categories and deep collaboration with Alibaba, positioning it well for future growth [11][12]. Market Trends - The report notes a recovery in the e-commerce agency sector, driven by increased demand for brand representation on platforms like Alibaba, with a notable rebound in traffic [12][13]. - The overall retail sales of cosmetics in China showed a growth of 4.8% year-on-year for the first 11 months of 2025, with November alone seeing a 6.1% increase, aided by promotional events [18][20]. Regulatory and Product Innovations - Jiangsu Chuangjian Medical Technology's collagen implant product received approval from NMPA, indicating ongoing innovation in the medical beauty sector [22]. - The report also mentions the investment by L'Oréal in a Chinese pharmaceutical company, marking a significant move into the skin health sector [25].

Investment Rating - The report indicates a cautious outlook for the cosmetics and medical beauty sector, with the beauty care index declining by 1.1% from December 19 to December 26, 2025, underperforming the market [3][4]. Core Insights - Lin Qingxuan is set to lead the high-end domestic essence oil market with its upcoming IPO on December 30, 2025, aiming to issue 13.9665 million H shares. The brand has established itself as a benchmark in high-end domestic skincare, with a market share of 1.4% in 2024, ranking 13th among high-end skincare brands [3][8]. - The company has shown impressive growth, with revenue increasing from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.7%. The net profit margin for the first half of 2025 reached 17.3%, with net profit doubling to 182 million yuan year-on-year [3][8]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with the cosmetics index down 1.3%, lagging behind the Shenwan A index by 4.2 percentage points [3][4]. - The top-performing stocks in the sector included Yanjiang Co. (+10.9%), Mingchen Health (+9.2%), and Hongmian Co. (+8.6%), while the worst performers were Nobon Co. (-4.0%), Mengyue Care (-3.4%), and Shangmei Co. (-3.1%) [4]. Key Company Updates - Yiwang Yichuang (300792SZ) is highlighted for its robust operational foundation in e-commerce agency services, leveraging AI to enhance performance. The company has seen a turnaround in net profit growth, with a 4% year-on-year increase in the first three quarters of 2025 [9][10]. - The approval of Jiangsu Chuangjian Medical's "cross-linked recombinant collagen implant" on December 24, 2025, marks a significant advancement in the medical beauty sector, targeting facial dermal filling [19][21]. Market Trends - The retail sales of cosmetics in China for the first eleven months of 2025 reached 428.5 billion yuan, with a year-on-year growth of 4.8%. The sales in November alone grew by 6.1%, driven by promotional events [16][20]. - The report notes a shift in market dynamics, with domestic brands gaining market share against international competitors. In 2024, the domestic skincare market is projected to reach 271.2 billion yuan, despite a decline of 3.7% year-on-year [24][26].

Core Insights - The Chinese cosmetics industry has undergone significant transformation over the past five years, shifting from dominance by international brands to the rise of domestic brands, with the retail market expected to reach 1,073.8 billion yuan in 2024 and domestic market share increasing from 52% to 55% [1] Group 1: Market Performance - Zhejiang province reported a retail sales figure of 32.41 billion yuan for cosmetics in the first three quarters of 2025, marking a year-on-year growth of 12.3% [1] - The province's cosmetics export value reached 11.058 billion yuan, with a year-on-year increase of 14.9%, ranking first in the country [1] Group 2: Industry Structure - During the 14th Five-Year Plan period, Zhejiang's cosmetics industry has developed a structure characterized by "one center, one window, and four bases," with Hangzhou as the headquarters and other cities focusing on various aspects of the cosmetics supply chain [1] - The "Beauty Town" in Huzhou has attracted over 100 upstream and downstream enterprises, showcasing a complete range of production lines for skincare, color cosmetics, and fragrances [2] Group 3: Corporate Development - Zhejiang Diefei Cosmetics Co., Ltd. has established a standardized GMP factory and an e-commerce park in Yiwu, along with a research and brand incubation center in Hangzhou, creating a new ecosystem for the beauty industry [4] - The Zhejiang Provincial Drug Administration has signed strategic cooperation agreements to promote high-quality development in the cosmetics industry, supporting regional brand building and cross-industry development [5] Group 4: Innovation and Sustainability - The province is leveraging its ecological resources to cultivate unique plant-based raw materials, transforming "green mountains and clear waters" into "ecological beauty" products [5] - Zhejiang has established a new raw material service channel and research centers, leading to 30 new raw material registrations, ranking third in the country, with a 300% year-on-year increase in new registrations this year [5] Group 5: Global Expansion - The global expansion of "Zhejiang Beauty" is supported by a well-structured supply chain and a thriving e-commerce economy, with a focus on enhancing brand recognition and influence internationally [6] - Policies have been introduced to facilitate the export of cosmetics, including customized measures for customs clearance and inspections, enabling faster and smoother international trade for Zhejiang's beauty products [6]

Core Viewpoint - The company, Han Shu, has publicly committed that all its products do not contain human epidermal growth factor (EGF) following consumer concerns raised by recent reports about specific products [2][3]. Group 1: Company Response - Han Shu initiated a comprehensive self-inspection and traceability process after reports suggested that its products, specifically "Han Shu Firming Essence Mask" and "Han Shu Brightening Mask," contained EGF [2][3]. - The Shanghai Municipal Drug Administration conducted on-site verification and testing in November 2025, confirming that the samples tested did not contain EGF [2][3]. - Han Shu expressed its commitment to adhere strictly to national regulations regarding cosmetics and to cooperate with regulatory authorities in the future [2][4]. Group 2: Regulatory Context - EGF is a polypeptide composed of 53 amino acids that promotes cell proliferation and growth, but it is prohibited in cosmetics due to safety concerns [3][4]. - The National Medical Products Administration clarified in 2019 that EGF cannot be used as a cosmetic ingredient due to its large molecular weight and potential safety issues [3][4]. - There is currently no unified detection standard for EGF in the cosmetics industry, and existing testing methods may yield false positives, necessitating comprehensive testing approaches [4].