乱价销售的危害远超想象。某国产彩妆品牌曾因代购低价倾销，半年内线下专柜客流量下降30%，不少经销商因利润缩水选择解约。更 严重的是，低价产品往往伴随假货风险，某母婴品牌查获的仿冒纸尿裤，因原料劣质导致多名婴儿红屁屁，品牌口碑一落千丈。这些案 例印证了"价格是品牌的生命线"，放任乱价无异于品牌自毁长城。 "这款护肤品官网卖599，怎么某代购店才299？"消费者的疑问背后，藏着品牌控价维权的迫切性。在电商蓬勃发展的今天，品牌控价维 权已成为企业生存的必修课。所谓品牌控价维权，就是品牌方通过制定统一价格体系，依托法律手段与技术监测，打击线上线下低价窜 货、乱价销售等行为，维护市场价格秩序与品牌形象的系统性工作。 市场控价的关键在于"及时"。互联网传播的即时性让乱价信息几秒内就能扩散，某运动品牌曾因一款新品被网红低价带货，24小时内全 网出现上百个跟风低价链接，虽最终完成清理，但品牌溢价损失已超千万元。及时控价不仅能减少经济损失，更能向市场传递"品牌重视 价格秩序"的信号，增强经销商与消费者的信任。 对中小企业而言，不必因成本顾虑放弃控价。如今不少第三方服务机构可提供定制化方案，从监测到维权全程托管，成本仅为自营团队 ...

Group 1 - UBS downgraded the rating of Giant Bio (02367) from "Buy" to "Neutral" due to increased uncertainty in short-term revenue and profit outlook [1] - The profit forecast for 2025 to 2027 was cut by 25% to 41%, with revenue projections reduced by 20% to 36% during the same period [1] - The target price was significantly lowered from HKD 79.5 to HKD 39.5 [1] Group 2 - The report indicates intensified market competition, with the emergence of other skincare brands or products that offer more attractive pricing while also focusing on collagen restructuring [1] - Despite rapid product innovation, there is uncertainty regarding the success of new products in the coming year [1] - Maintaining high profitability is expected to be challenging in the context of increased competition and weakened marketing efficiency, with a projected erosion of 2 to 3 percentage points in net profit margin due to reduced marketing efficiency and operational deleveraging [1]

中老年男性护肤市场走红背后，是整个男性护肤市场的持续升温。 据统计，过去一年国内男士护肤品市场规模超过170亿元，同比增长17%，未来五年复合增长率达到11%，超过美妆个护市场的平均水平。 2025年，韩束推出的男士控油紧致精华成为爆款，在天猫、京东、抖音平台销售额合计超过3亿。另一国货美妆巨头珀莱雅也被曝光将重启男士护肤赛 道。 曾被贴上"糙汉子"标签的中老年男性，如今正悄悄成为护肤品市场的潜力股。 快手发布的最新双十一数据显示，中老年男性成为男性护肤品类的消费新锐。其中，31-49岁以上男性占比达到50%——更加引人关注的是50岁以上男 性，占比达到24%。 面部精华、乳液、面霜、固体香膏等产品，成为这一类人群的护理首选：以男士面部精华为例，GMV同比提升7064%。 本文，AgeClub将关注中老年男性护肤的消费风向，以及这一人群的消费觉醒，将会为护肤赛道的未来发展带来哪些重要商机。 前言 一位受访者告诉AgeClub，自己的父亲长期户外骑行遭遇风吹，这让她意识到父亲存在潜在的护肤需求，进而为其针对性挑选保湿、改善皮肤角质层有关 的男士护肤品。 另一方面，中老年男性的护肤观念也在悄然迭代。 传统偏见认为 ...

图片来源：SEBASTIAN NEVOLS FOR FORBES 这位29岁的《河谷镇》（Riverdale）明星苦于找不到治疗痤疮的方案，于是她创立了自己的护肤品牌Personal Day。凭借在TikTok上的超高人 气，这位福布斯"30 under 30"上榜者如今已斩获1000万美元销售额。 2011年，时年14岁的莉莉·莱因哈特（Lili Reinhart）和母亲坐上自家的面包车，从克利夫兰驱车8小时前往纽约参加一场公开试镜。她成功拿下一个角色 ——获得了参演15分钟短片The Most Girl Part Of You的机会。 时间快进到2017年，莱因哈特已在CW电视网爆款青春剧《河谷镇》中饰演贝蒂·库珀（Betty Cooper），这部剧共播出七季，也让她一举成名。此后，她 又接连参演了《舞女大盗》（Hustlers）《化学心脏》（Chemical Hearts）《双轨人生》（Look Both Ways）等多部电影。 01 换做以前，这样的好莱坞履历足以确保其护肤初创品牌Personal Day大获成功。但在社交媒体时代，她的团队给了她一个明确指令——在小屏幕上打响名 气。于是，她架起播客麦 ...

Company Overview - Lin Qingxuan has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] - The company is a high-end domestic skincare brand in China, focusing on the anti-wrinkle and firming skincare market, characterized by its use of natural camellia flower ingredients and the innovative "oil-based skincare" concept [1] Product Performance - Lin Qingxuan launched its camellia facial essence oil in 2014, with cumulative sales exceeding 45 million bottles, maintaining the top position in the national facial essence oil product rankings for 11 consecutive years [1] - It is the only facial essence oil that has achieved over 100 million RMB in retail sales for 8 consecutive years [1] Product Range and Market Position - As of June 30, 2025, Lin Qingxuan will offer 230 SKUs, covering a full range of high-end skincare solutions including essence oils, creams, toners, emulsions, serums, masks, and sunscreens [1] - According to data from Zhi Zhi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, with a market share of 1.4% [1] - The company is also the only domestic brand to enter the top 15 high-end skincare brands in China (including both domestic and international brands), ranking 13th [1] Market Growth Potential - The market size for high-end skincare products in China is expected to grow from 114.4 billion RMB in 2024 to 218.5 billion RMB by 2029, with significant growth potential in the high-end anti-wrinkle and firming products market and the facial essence oil market, projected to reach 155.5 billion RMB and 13.9 billion RMB respectively by 2029 [1] Sales Strategy - The company has established an OMO (Online-Merge-Offline) integrated sales network, combining online direct sales, online retailers, and offline stores, including direct stores, partner stores, retailers, corporate clients, and distributors [1]

Core Viewpoint - Shanghai Linqingxuan Cosmetics Group Co., Ltd. is attempting to restart its IPO process on the Hong Kong Stock Exchange after its application status was marked as "invalid" due to the expiration of the audit report [1][2]. Company Overview - Linqingxuan is positioned as a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming products, and is known for its camellia oil-based skincare solutions [4][6]. - The company aims to issue up to 16.061 million shares for its overseas listing and convert 92,127,177 shares held by 14 shareholders into shares for overseas listing [2]. Market Position - The skincare market in mainland China is projected to grow from RMB 332.9 billion in 2019 to RMB 461.9 billion by 2024, with a compound annual growth rate (CAGR) of 6.8% [6]. - Linqingxuan is expected to rank first among domestic high-end skincare brands in mainland China by 2024, holding a 1.4% market share [6]. Financial Performance - Revenue projections for Linqingxuan are RMB 691.5 million in 2022, RMB 805 million in 2023, and RMB 1.21 billion in 2024, with a significant profit turnaround from a loss of RMB 5.93 million in 2022 to a profit of RMB 845.2 million in 2023 [7][8]. - The company reported a gross margin of 82.4% in the first half of 2025, significantly higher than most competitors [9]. Investment in Marketing vs. R&D - Linqingxuan's marketing expenses from 2022 to 2024 totaled RMB 760 million, while R&D costs were only RMB 70 million, indicating a heavy reliance on marketing over product development [10][11]. Compliance and Consumer Experience - The company has faced regulatory scrutiny for false advertising and has received numerous complaints regarding product efficacy and customer service [16].

Company Dynamics - On December 2, the Hong Kong Stock Exchange disclosed that Shanghai Linqingxuan Cosmetics Group Co., Ltd. submitted its listing application, with CITIC Securities and Huatai International as joint sponsors [2] - Linqingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its flagship brand offering high-end skincare solutions based on natural camellia ingredients [2] - Since starting research on camellia skincare products in 2012, the company pioneered the "oil-based skincare" concept, launching its first camellia essence oil in 2014, which laid the foundation for its core product line [2] - As of June 30, 2025, Linqingxuan has a total of 230 SKUs, including essence oils, creams, toners, lotions, serums, masks, and sunscreens [2] - Research and development costs for Linqingxuan were RMB 21 million, RMB 20 million, RMB 30 million, and RMB 18 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Overview - The Chinese skincare market has been steadily growing, with the market size increasing from RMB 332.9 billion in 2019 to RMB 461.9 billion in 2024, representing a compound annual growth rate (CAGR) of 6.8% [3] - The high-end segment of the market has seen significant growth, rising from RMB 74.9 billion in 2019 to RMB 114.4 billion in 2024 [3] - In 2024, Linqingxuan ranked first among all high-end domestic skincare brands in China, capturing a market share of 1.4% based on retail sales [3] - Linqingxuan's revenue for the years 2022, 2023, 2024 was RMB 691 million, RMB 805 million, and RMB 1.21 billion, with revenue for the first half of 2025 reaching RMB 1.052 billion [3] - The adjusted net profits for Linqingxuan were RMB -4 million, RMB 88 million, RMB 200 million, and RMB 201 million for the years 2022, 2023, 2024, and the first half of 2025, indicating significant fluctuations in growth [3]

科创50指数样本调整名单显示，华熙生物被调出名单。 在2024年年报中，华熙生物表示，公司已将"个人健康消费品事业线"更名为"皮肤科学创新转化事 业线"，这一年，其皮肤科学创新转化业务实现收入25.69亿元，同比下降31.62%，占公司主营业务收入 的比例进一步降至47.92%。分品牌来看，润百颜、夸迪、米蓓尔、BM肌活的营收分别为9.23亿元、 6.49亿元、2.9亿元和2.79亿元，已无10亿级护肤品牌。 （责任编辑：华青剑） | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 688363 | 华壁生物 | 688220 | 翱捷科技 | | 688563 | 航材股份 | 688702 | 盛科通信 | 新京报11月28日发布标题为《华熙生物旗下又一护肤品牌店铺清空，皮肤科学创新转化业务遇瓶 颈》的文章。文章称，皮肤科学创新转化业务"失速"，去年已无10亿级护肤品牌。华熙生物的调整早有 苗头。在今年半年报中，该公司指出，2024年是华熙生物组织变革元年，2025年继续推进变革。今年3 月，公司董事长 ...

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand in China, has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1][3]. Company Overview - Lin Qingxuan focuses on anti-wrinkle and firming skincare products, known for its high-end solutions based on natural camellia oil since its research began in 2012 [3]. - The company launched its first camellia oil essence in 2014, which has since sold over 45 million bottles, maintaining the top position in retail sales among all facial oil products in China for 11 consecutive years [3][4]. - As of June 30, 2025, Lin Qingxuan offers 230 SKUs and has generated significant revenue, with 99% of its income coming from its core product lines in recent years [4]. Market Position - In 2024, Lin Qingxuan ranked first among all high-end domestic skincare brands in China, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands [4]. - The high-end skincare market in China is rapidly growing, with the market size expected to increase from RMB 749 billion in 2019 to RMB 2,185 billion by 2029 [4]. Financial Performance - Revenue for Lin Qingxuan was approximately RMB 6.91 billion in 2022, RMB 8.05 billion in 2023, and RMB 12.1 billion in 2024, with a projected revenue of RMB 10.52 billion for the first half of 2025 [8]. - Gross profit figures were RMB 5.39 billion in 2022, RMB 6.54 billion in 2023, and RMB 9.98 billion in 2024, with a gross profit of RMB 8.66 billion for the first half of 2025 [9]. Market Growth Potential - The market for high-end anti-wrinkle and firming products is projected to grow from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, with a compound annual growth rate (CAGR) of 21.2% [5]. - The facial oil market in China is expected to reach RMB 139 billion by 2029, with a CAGR of 21.3% from 2024 to 2029 [6]. Sales Strategy - The company has established a comprehensive sales network that combines online and offline channels, enhancing brand engagement and consumer touchpoints [7].

Core Viewpoint - The company, Giant Bio (02367.HK), has announced a large-scale share buyback plan, which has positively impacted its stock price and market perception, reflecting investor confidence in its future development [1][9]. Company Performance - Giant Bio is a leading player in the recombinant collagen market, with its products being widely used in popular beauty products. The company has been recognized as a global leader in recombinant collagen by authoritative market research institutions [2][10]. - For the first half of the year, Giant Bio reported a revenue of 31.13 billion RMB, a year-on-year increase of 22.5%. Gross profit was 25.42 billion RMB, up 21.5%, and net profit reached 11.82 billion RMB, growing by 20.6% [2][10]. Stock Price Dynamics - Since May, the stock price of Giant Bio has been on a downward trend, losing nearly half of its value from its peak. This decline was partly due to negative publicity regarding the collagen content in its products, leading to a public relations crisis [3][11]. - The company's brand, Kefu Mei, experienced a decline in GMV during the Double Eleven shopping festival, raising concerns about consumer acceptance and impacting the stock price further [3][11]. Share Buyback Plan - In response to the stock price decline, Giant Bio announced a buyback plan to repurchase up to approximately 104 million shares, representing 10% of its total issued shares. This move is seen as a sign of management's confidence in the company's intrinsic value and commitment to optimizing capital structure [4][12]. - Large-scale buybacks are typically viewed as a signal that a company's stock is undervalued and indicate strong cash flow and stable operations [6][14]. Market Outlook - Despite current challenges in the consumer market, Giant Bio is considered competitive in product development, channel construction, and brand building. The buyback action is expected to enhance market perception of its operational stability and long-term growth potential [6][14]. - Analysts remain optimistic about the company's future performance, projecting net profits of 24.3 billion RMB, 29.8 billion RMB, and 36.4 billion RMB for 2025-2027, with corresponding P/E ratios of 15X, 12X, and 10X [15].