证券代码：603983 证券简称：丸美生物 公告编号：2025-024 变更事项 变更前 变更后 广州 市 天河区珠江新城冼村路 广州市海珠区新港东路 69 号丸美 办公地址 邮政编码 510623 510308 除上述变更内容外，公司投资者联系电话、电子邮箱等其他联系方式均保持 不变，具体如下： 广东丸美生物技术股份有限公司 关于变更办公地址的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广东丸美生物技术股份有限公司（以下简称"公司"）已于近日搬迁至新办 公地址，具体情况如下： 办公地址：广州市海珠区新港东路 69 号丸美大厦 11 楼 邮政编码：510308 投资者联系电话：020-66378685 传真号码：020-66378600 电子邮箱：securities@marubi.cn 敬请广大投资者关注以上变更，由此带来的不便，敬请谅解。 特此公告。 广东丸美生物技术股份有限公司董事会 ...

Core Insights - The recent controversy surrounding La Roche-Posay's "Soothing Thermal Water Spray" has sparked discussions on social media, with critics labeling it as a "smart tax" due to its ingredient list primarily consisting of water, questioning its high price point [1] - L'Oréal Group reported a sales revenue of €22.473 billion (approximately ¥186.19 billion) for the first half of the year, reflecting a year-on-year growth of 3%, while operating profit reached approximately €4.74 billion (around ¥39.28 billion), also up by 3.1% [1] - Compared to the double-digit growth seen in the past three years, L'Oréal's growth rate for the first half of 2024 has noticeably slowed, with sales and operating profit both reverting to single-digit growth [1] Financial Performance - In the first half of 2024, L'Oréal's sales amounted to €22.12 billion, marking a year-on-year increase of 7.5%, while operating profit grew by 8% to €4.599 billion, accounting for 20.8% of sales, which is a 10 basis points increase year-on-year [1] - Net profit for the same period reached €3.65 billion, reflecting an 8.8% year-on-year growth [1] Segment Performance - L'Oréal's four major divisions experienced growth in the first half of the year, but with significant differences in growth rates. The Professional Products Division led with a 6.5% year-on-year growth, achieving sales of €2.55 billion (approximately ¥21.16 billion), driven by brands like Kérastase and Color Wow, which saw a second-quarter growth of 11.5% [2] - The Consumer Products Division reported sales of €8.41 billion (around ¥69.78 billion), with a year-on-year growth of 2.8% [2] - The Active Cosmetics Division generated sales of €3.86 billion (approximately ¥32.03 billion), with a year-on-year growth of 3.1%, supported by double-digit growth from brands like La Roche-Posay, SkinCeuticals, and CeraVe [2]

2025.09. 02 本文字数：1235，阅读时长大约2分钟 那么，消费者经常使用的喷雾是"智商税"吗？ 据新京报，同济大学皮肤学博士、资深护肤专家冰寒表示，喷雾的主要作用是瞬时补水，含有的一些 特别成分可以起到舒缓作用，例如锌可以抗炎、硒具有抗衰老的效果等，但"这些成分是否发挥作 用，取决于用法、用量以及皮肤的吸收程度等。" 近日，有网友吐槽理肤泉舒缓调理温泉水喷雾， 成分只有"水"，简直就是"智商税"，并提出疑 问："如果只是把水装进喷雾瓶里，为什么要卖到上百元？" 据经视直播， 9月1日，理肤泉官方客服工作人员对此回应称，该款喷雾的成分确实只有"水"，但并 非普通饮用水， 而是来自法国理肤泉小镇的天然温泉水。 这些温泉水在用于制作喷雾前， 会经过 严格的筛查加工与杀菌消毒处理，同时会保留温泉水中天然含有的矿物质和微量元素， 这是其与普 通水的核心区别。 近百元的定价是基于产品生产过程中有的一定成本，并非无依据定价。 此外，工作人员还提到， 该款喷雾的喷头造价也较高，而高成本的喷头也带来了更好的使用体验， 喷出来的水雾呈广角形态，且质地十分细腻，能更均匀地覆盖肌肤。 据界面新闻，9月2日，通过理肤泉线上 ...

Core Viewpoint - The investment by Proya (珀莱雅) in HuazhiXiao (花知晓) marks a strategic move to enhance its business ecosystem and capitalize on the growing influence of HuazhiXiao in both domestic and international markets [2][4]. Group 1: Investment Details - Proya's subsidiary, Proya (Hainan) Investment Co., acquired a 38.45% stake in HuazhiXiao, making it the second-largest shareholder [2]. - The specific financing amount for the investment has not been disclosed [2]. - Following the investment, Proya's representative on HuazhiXiao's board will be Jin Yanhua, who has been with Proya since 2018 [3]. Group 2: HuazhiXiao's Market Performance - HuazhiXiao, established in 2016, has successfully expanded into international markets, including Japan, Singapore, Malaysia, North America, and Europe [3]. - In 2022, HuazhiXiao achieved annual sales exceeding 400 million yuan and entered nearly 1,000 offline retail stores globally [3]. - The brand focuses on appealing to young consumers with its unique aesthetic and product offerings, including concealers, lipsticks, and highlighters [3]. Group 3: Proya's Strategic Goals - Proya emphasizes its commitment to international expansion, with a focus on markets in Japan and Southeast Asia [5]. - The company is planning a Hong Kong stock listing as part of its global development strategy, which includes both supply chain and brand expansion [5]. - Proya's financial performance shows a revenue of 5.362 billion yuan for the first half of 2025, reflecting a year-on-year growth of 7.21% [5].

证券日报网讯 9月2日晚间，丸美生物发布公告称，公司将于2025年9月19日召开2025年第一次临时股东 大会。本次股东大会将审议《公司2025年半年度利润分配方案》。 （文章来源：证券日报） ...

美容护理/化妆品 科思股份（300856.SZ） 周期底部业绩承压，期待新品爬坡和盈利能力修复 2025 年 09 月 02 日 投资评级：买入（维持） | 日期 | 2025/9/1 | | --- | --- | | 当前股价(元) | 14.60 | | 一年最高最低(元) | 40.30/14.35 | | 总市值(亿元) | 69.45 | | 流通市值(亿元) | 66.66 | | 总股本(亿股) | 4.76 | | 流通股本(亿股) | 4.57 | | 近 3 个月换手率(%) | 76.06 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-09 2025-01 2025-05 科思股份 沪深300 相关研究报告 《下游去库+降价致业绩承压，静待需 求恢复和新品爬坡延续成长性—公司 信息更新报告》-2025.4.25 《下游去库+降价影响业绩表现，静待 新品爬坡延续成长性—公司信息更新 报告》-2024.10.25 初敏（分析师） 程婧雅（分析师） chumin@kysec.cn 证书编号：S0790522080008 chengjingya@k ...

Core Viewpoint - The controversy surrounding La Roche-Posay's "Soothing Thermal Water Spray" has sparked discussions online, with critics labeling it as a "smart tax" due to its ingredient list primarily consisting of "water" and questioning its high price point [1][3]. Company Overview - La Roche-Posay's thermal water spray is a flagship product under the L'Oréal Group, which has reported a sales revenue of €224.73 billion (approximately ¥1861.91 billion) in the first half of this year, reflecting a year-on-year growth of 3% [3][4]. - The product is available in three sizes: 50ml, 150ml, and 300ml, with the 300ml two-pack priced at ¥101.5 [3]. Financial Performance - In the first half of 2024, L'Oréal's sales reached €221.2 billion, marking a year-on-year increase of 7.5%, while operating profit grew by 8% to €45.99 billion, accounting for 20.8% of sales [4]. - The professional hair care division has emerged as a growth driver, achieving a 6.5% year-on-year increase in sales, with brands like Kérastase and Color Wow gaining consumer favor [4]. - The mass cosmetics division reported sales of €84.1 billion (approximately ¥697.8 billion), with a year-on-year growth of 2.8%, while the skin science beauty division saw sales of €38.6 billion (approximately ¥320.3 billion), growing by 3.1% [5].

在"科学发烧"的中国美妆市场，护肤品正变得越来越像"成分药方"。 当成分浓度和专利活性物成为最核心的卖点，"速效"成为主流叙事的时候，一些自然主义品牌 也不得不加速向"猛药"定位转型寻求生存。 但 真 相 是 ， 消 费 者 对 天 然 功 效 的 底 层 需 求 从 未 消 失 。 自 然 主 义 品 牌 面 临 的 关 键 挑 战 和 机 遇 在 于：如何打破"自然护肤"="高价"或"反科技"的刻板印象？ 《 FBe a u t y 未 来 迹 》 近 期 关 注 到 ， MUJI 無 印 良 品 （ 下 称 MUJI ） 的 新 品 「 米 糠 发 酵 精 华 系 列」给出了一种新解法： 锚定"天然成分"与"质价比"双重核心，并创新提出"护肤第0步"概 念。 其以更务实的姿态，重新诠释了自然主义护肤在当下的价值内核，展现出了迥异于市场 既有路径的新洞察。 从「米糠发酵精华系列」对外传达的信息来看，MUJI不仅以现代科技手段锚定米糠功效"做足 文章"，还以"护肤第0步"的概念传达了「先于开始，肌肤沉浸天然」的护肤主张。这与其近年 来一直倡导的"自然的力量"品牌理念深度融合。 正如其直白的名称所示，这个系列 ...

Core Viewpoint - The article discusses the initiatives and events organized by the China Fragrance and Cosmetic Industry Association to promote safety in cosmetic use and enhance the industry's global standing through media collaboration and scientific communication [4][12]. Group 1: Events and Initiatives - The 2025 Safety Cosmetic Use Science Promotion Week will take place from September 1 to 7, with the theme "Safe Use of Cosmetics, Science to Safeguard" [5]. - The China Fragrance and Cosmetic Industry Association aims to strengthen public awareness of safe cosmetic use and establish a new social governance model [5][12]. - The association's annual media collaboration meeting focuses on building a better media cooperation ecosystem and enhancing scientific communication within the industry [14][17]. Group 2: Key Activities - The first execution plan for the Safety Cosmetic Use Science Promotion Week includes a "Full Media Science Promotion Action" with activities such as expert-written articles and engaging multimedia content [10]. - The second plan involves a "Consumer Safety Use of Cosmetics Public Welfare Action," encouraging companies to showcase their green and sustainable development practices [11]. - The third plan, "Green Action: Empty Bottle Recycling," aims to set up around 300 recycling points nationwide and promote consumer participation in sustainability efforts [11]. Group 3: 2025 CAME Highlights - The 2025 China Fragrance and Cosmetic Industry Annual Conference and Boutique Expo (2025 CAME) will be held from September 25 to 27 in Nanjing, focusing on "Technology and Brand Co-Progress" [21][23]. - The expo will feature over 115 exhibitors and more than 500 brands, showcasing innovations in the industry, including biotechnological advancements and sustainable packaging [25][27]. - The event will also host numerous thematic conferences, inviting over 100 influential guests to discuss key industry topics, enhancing the exchange of ideas and collaboration [28][30].

8月27日晚间，云南贝泰妮生物科技集团股份有限公司（300957.SZ，以下简称"贝泰妮"）披露2025年半 年度报告。报告显示，贝泰妮2025上半年实现营业收入23.72亿元，归属于上市公司股东的净利润2.47亿 元。 从流量驱动转向价值驱动，正成为当下中国化妆品行业的主基调。 伴随着监管政策持续完善、消费者理性化程度提升，以及渠道红利逐渐消退，以往依赖流量与资本扩张 的模式已难以维系。国家统计局数据显示，1-6月化妆品零售额同比仅增2.9%，6月更出现罕见的同比下 滑。 于市场而言，这份成绩单的诸多细节呈现出一家龙头企业在行业变革期主动战略调整、拒绝"规模幻 觉"的勇气和担当，系统性构建可持续竞争力的毅力。 事实上，不论是以研发定力重塑产品内核，以品牌矩阵实现风险分散与需求覆盖；还是以渠道精细化提 升运营效率，以出海与ESG布局打开新维增长空间，贝泰妮正在探索的正是化妆品企业如何穿越周期的 实践范本。 如果将时间的维度拉长，这一范本所定义的，很可能是化妆品行业的未来。 战略换挡：以退为进，重塑高质量增长范式 增速放缓，正成为整个化妆品行业必须面临的现实课题。 国家统计局数据，2025年1-6月，限额以上化 ...