主持人： 那和其他的我们认为同样处于 ， 可持续转型当中的全球化的领军企业相比较 ， 我们也特 别关注您如何定义 ， 欧莱雅特别独特的一种应对方式 ， 或者说欧莱雅会承担怎样一份独特的责 任？ 嘉宾： 欧莱雅集团首席企业责任官 Ezgi Barcenas 主持人： 当环保议题在全球范围内受到关注 ， 作为快消品中的一员 ， 美妆企业自然无法置身事外 ， 提升可回收性 ， 使用再生成分 ， 开始进入各大品牌经营层面的长期目标 。 作为一家扎根美妆 行业上百年的国际美妆集团 ， 欧莱雅集团在可持续上 ， 一直以来都是有着非常多的实践和投入 。 今天让我们一起来听一听公司的高层 ， 对这一方面有何分享和见解 。 Ezgi 你好 ， 您如何看待美 妆行业 ， 在全球可持续的这么一个大背景下的角色 。 Ezgi Barcenas ： 很高兴今天来到节目 ， 欧莱雅是一家源于科学的公司 ， 至今已逾 115 年 历 史 ， 直至今日 ， 创新始终是引领我们一切行动的核心 ， 我们不断探索新路径 ， 寻求更优方案 ， 以期在全球范围内为各地消费者 ， 提供优质服务 ， 对我们而言 ， 这同时也伴随着一份深深的 责任感 ， ...

Core Viewpoint - The Shenzhen government is focusing on stimulating potential consumer demand as a key strategy for economic growth, with various initiatives proposed to enhance local consumption and support small businesses [1][2]. Group 1: Government Initiatives - Shenzhen's mayor emphasized "expanding domestic demand" as a top priority, aiming to stimulate consumption in sectors like automotive aftermarket, artificial intelligence, and local products [1]. - The government plans to invest nearly 800 million yuan (approximately 113 million USD) for consumption promotion, including over 600 million yuan for "trade-in" programs and 70 million yuan for a "reward invoice" initiative [2]. - Additional funding from various districts will exceed 80 million yuan to support local consumption efforts [2]. Group 2: Local Consumption Support - Local representatives suggest focusing on supporting small and micro businesses, particularly in the "smoky economy" and local cultural activities, to enhance consumer engagement [2]. - Recommendations include issuing universal consumption vouchers for sectors like dining and services to stimulate spending and attract foot traffic to local businesses [2]. - There is a call for enhancing promotional channels for local consumption, especially targeting foreign tourists through point-to-point marketing at entry and exit points [3]. Group 3: Outdoor and Cultural Consumption - Suggestions were made to activate outdoor cultural and tourism consumption by creating a closed-loop model that encourages health and spending through activities like family learning and themed outdoor routes [5]. - Monthly outdoor tourism-themed consumption vouchers are proposed, along with a points system for engaging in outdoor activities that can be converted into spending [5]. - The strategy includes optimizing participation processes for users from the Greater Bay Area and providing exclusive cross-border transportation benefits to attract visitors [5].

Core Insights - The fast-moving consumer goods (FMCG) industry is shifting focus from GMV (Gross Merchandise Value) growth to brand recognition, customer loyalty, and repurchase rates as key indicators of brand strength [1][2] - The CBI index and the "New FMCG Brand List" released by Peking University's National Development Research Institute emphasize the importance of consumer needs and brand value beyond just GMV [1][2] Group 1: Brand Evaluation Metrics - The "New FMCG Brand List" ranks brands based on a scoring system that includes newness (29%), awareness (24%), reputation (24%), and loyalty (23%) [2] - The evaluation considers 12 indicators such as transaction performance, new product capabilities, and the scale of high-value consumer groups [2][3] Group 2: Top Brands and Their Strategies - The top brands in the "New FMCG Brand List" include Huazhi Xiao, HBN, and Zhiben, which excel in areas like high-value consumer engagement and repeat purchase amounts [3][4] - Huazhi Xiao stands out for its unique brand identity and continuous product innovation, having launched over 120 SKUs in 2025 alone [7][9] Group 3: Market Trends and Consumer Behavior - The report highlights a trend where brands focusing on niche markets and consumer emotional needs are gaining traction, with brands like Off&Relax and HBN leading in the hair care segment [9][10] - The market for functional hair care products is growing rapidly, with a projected market size of 899.95 billion yuan in 2024, reflecting a 59.32% year-on-year increase [10][15] Group 4: Emerging Opportunities - The report identifies high-potential categories such as hair cleansing, facial care sets, and baby skincare, indicating areas for future growth [14][15] - A notable metric is the "search transaction growth gap," which highlights categories with high consumer interest but low conversion rates, suggesting unmet demand in the market [17]

Industry Overview - The beauty industry is showing signs of recovery, with a reported 8.8% year-on-year growth in retail sales of cosmetics for December 2025 according to the National Bureau of Statistics [1] - In January 2026, Douyin's beauty GMV increased by over 20% year-on-year, indicating improved daily sales and self-broadcasting efforts by brands [1] Company Insights - According to a report by Guotai Junan, the main brand of Shangmei Co., Han Shu, continues to expand its product categories, while sub-brands Yiye and Anminyou are experiencing significant growth in single products, suggesting a strong multi-brand strategy that could drive future growth [2] Stock Performance - Over the past week (February 5 to February 11, 2026), Shangmei Co.'s stock price has experienced a downward trend, with a decline of 2.61%. The stock reached a high of 67.95 HKD and a low of 62.10 HKD, with a trading volume of approximately 334 million HKD. Technical indicators show that MACD is in negative territory and KDJ is weak, indicating pressure on the stock price [3]

Core Insights - The upcoming Valentine's Day has led to a surge in consumer demand for gifting, particularly in the beauty sector, which is seen as a key medium for expressing emotions and intentions [1][5] - Kuaishou E-commerce is launching a themed campaign titled "New Spring, New Look, Big Brand Gifts for Loved Ones" from February 7 to 14, featuring various promotions and live-streaming events with major beauty brands [1][5] Group 1: Campaign Details - The campaign includes participation from numerous beauty brands such as Naturando, Han Shu, Gu Yu, Orange Du, Marubi, Oushiman, and Proya, offering special live-streaming events and discounted beauty products [1][3] - Users can engage in interactive activities on Kuaishou, such as sharing videos related to Valentine's Day gifts, with opportunities to win prizes like gold bracelets and Kuaishou merchandise [3][4] Group 2: Consumer Behavior and Trends - Kuaishou reported significant growth in Valentine's Day-related metrics, with a 310.8% month-over-month increase in total video views and a 70.7% increase in GMV for beauty purchases driven by search behavior [2][4] - The demand for beauty products is strong, with notable increases in searches for gift sets and practical items like facial cleansers and sunscreens, reflecting a trend towards more refined and practical gift choices [4][5] Group 3: Market Insights - The Valentine's Day celebration has evolved into a significant marketing opportunity, intertwining emotional expression with consumer behavior, as evidenced by the rising popularity of related topics and search terms [3][4] - The "he economy" is gaining traction, with men's skincare sets emerging as a notable category, indicating potential growth in this segment during Valentine's Day [4]

Core Insights - The upcoming Valentine's Day has led to a surge in consumer demand for gifting, particularly in the beauty sector, which is seen as a key medium for expressing emotions and intentions [1][3] - Kuaishou E-commerce is launching a themed event titled "New Spring, New Look, Big Brand Gifts for Loved Ones" from February 7 to 14, featuring various promotions and live broadcasts from major beauty brands [1][3] Group 1: Event Details - Kuaishou E-commerce is collaborating with numerous beauty brands to create a Valentine's Day shopping extravaganza, offering subsidies and various promotional activities [1][3] - Brands such as Naturando, Han Shu, Gu Yu, Ju Duo, Marubi, Oushiman, and Proya will host special live broadcasts featuring discounted beauty products, including makeup gift boxes and skincare sets [1][3] Group 2: Consumer Engagement - Users can participate in the HeartfeltValentine'sDay topic on Kuaishou, sharing videos about gifting ideas and Valentine's moments, with opportunities to win prizes like gold bracelets [3][4] - The platform has seen a significant increase in engagement metrics related to Valentine's Day, with topic playback volume rising by 310.8% and search frequency increasing by 64.4% month-over-month [3][4] Group 3: Consumer Trends - The demand for beauty products during Valentine's Day is strong, with a notable increase in searches for gift sets and practical items like cleansers and sunscreens, reflecting a trend towards more refined and practical gift choices [5] - The "he economy" is gaining traction, with men's skincare sets emerging as a popular choice, indicating a shift in gifting dynamics during Valentine's Day [5]

Core Insights - The report from Guohai Securities highlights the growth momentum of Proya, emphasizing the importance of a big product strategy that focuses on channels, marketing, and customer demographics [1] - Proya has effectively captured market opportunities and addressed the pain points of young consumers through its "early C, late A" big product launches [1] Group 1: Big Product Strategy - The three core elements of the big product strategy are channels, marketing, and customer demographics [1] - The company has optimized its customer structure and enhanced brand positioning through product iteration, category expansion, and emotional marketing combined with direct sales channel operations [1] Group 2: Market Trends and Performance - The rise of Douyin has led to a trend where product sets composed of big products are becoming popular, with 95% of sales for Estee Lauder's Little Brown Bottle and 85% for La Mer's Black Essence coming from product sets on Douyin by 2025 [1] - Different sub-brands in the beauty industry continue to innovate products targeting various pain points of the young demographic, with Cai Tang experiencing sustained high growth and Hua Zhixiao accelerating its overseas expansion, expecting over 100 million yuan in overseas revenue by 2024 [1] Group 3: Financial Performance - The hair care sub-brand OR is positioned as a mid-to-high-end brand, achieving revenue of 279 million yuan in the first half of 2025, representing a year-on-year increase of 102.52% [1] - As a pioneer of the "early C, late A" big product strategy, Proya is expected to achieve stable growth through continuous development of big products and category expansion [1]

Core Insights - Shiseido Group reported a net sales of 969.99 billion yen (approximately 43.20 billion RMB) for 2025, marking a year-on-year decline of 2.1% [1][3] - Core operating profit increased to 44.52 billion yen (approximately 1.98 billion RMB), reflecting a year-on-year growth of 22.4%, with a core profit margin of 4.6% [1][2] - The company recorded an operating loss of 28.79 billion yen (approximately 1.28 billion RMB) [1][2] Financial Performance - The 2025 revenue represents one of only two declines in the past five years, with a net loss attributable to owners of the parent amounting to 40.7 billion yen (approximately 1.81 billion RMB) [2][3] - Goodwill impairment losses reached 46.8 billion yen (approximately 2.08 billion RMB) [1][3] - The main brand Shiseido remained flat year-on-year, while the Drunk Elephant brand saw a significant decline in net sales, dropping 39% [2][3] Regional Performance - The Americas market experienced a double-digit decline, primarily due to the poor performance of Drunk Elephant and NARS brands, with a core operating profit loss of 11.6 billion yen (approximately 0.52 billion RMB) [17] - The Chinese and travel retail business saw a 4.3% decline in net sales for the year, despite a 4.2% growth in Q4 [20][21] - Japan's net sales showed a slight increase of 0.4%, driven by new product launches, but were impacted by reduced inbound consumption from Chinese tourists [20] Brand Performance - Among Shiseido's eight core brands, four showed growth while three declined, with ELIXIR and Issey Miyake fragrances experiencing drops of 2% and 10%, respectively [9][11] - The Next 5 brands, including ELIXIR and Narciso Rodriguez, saw net sales growth of 9% and 5%, while Drunk Elephant faced a drastic decline [11][16] Strategic Changes - Shiseido is undergoing significant organizational changes, including restructuring and voluntary retirement plans, with related expenses of 3.1 billion yen (approximately 0.14 billion RMB) [26] - The company aims to achieve a core operating profit margin of 7% as part of its 2025-2026 action plan, while also focusing on improving capital efficiency and cash generation capabilities [28]

2026年情人节马上到来，给自己心仪的女朋友送什么礼物往往是很多男生最头痛的事。如果不知道送什么，化妆品肯 定是最贴心的选择，毕竟每一位女性都需要美丽加持，所以情人节也是各大美妆品牌抢夺市场的最佳时机。 近期法国著名奢侈品牌YSL圣罗兰美妆（以下简称YSL）推出了"粉星辰"情人节系列限定礼盒供广大消费者选择。与此 同时，摘星屋限时快闪店也接连在全国各大城市亮相，粉色梦幻星光闪闪的装饰风格令人印象深刻。 新年当有"新"气象，这一波浪漫营销深得人心，自然会让销量节节攀升，帮助YSL实现开门红。不过如今国内美妆越发 内卷，作为海外大牌的YSL正在承受着不小的压力。当毛戈平、花西子等国产品牌开始打造高端美妆"中国样本"，YSL 又该何去何从呢？ 好业绩掩盖不住焦虑 在2025年第三季度财报电话会议上，欧莱雅首席执行官叶鸿慕向外界透露，旗下YSL的销售额已经逼近30亿欧元，跻 身全球奢侈美妆前五强，与迪奥、香奈儿、雅诗兰黛位居同一阵营。 具体到中国市场，尽管欧莱雅在大众化妆品领域表现不佳，但在高端赛道保持着强劲势头。据第三方数据平台统计， 2025年YSL在天猫、京东、抖音等主流电商销售额累计超过40亿元，远超其他品牌 ...

临近春节假期，国内消费板块在估值底部与复苏环境下迎来久违的反弹。 值得注意的是，A股宠物龙头公司中宠股份1月30日发布的《关于回购股份事项前十大股东和前十大无 限售条件股东持股情况的公告》显示，截至1月23日，知名基金经理谢治宇管理的兴全合润、兴全合宜 以及基金经理乔迁管理的兴全商业模式优选、兴全新视野，均新进成为公司前十大股东。按该股1月23 日收盘价计算，四只基金合计持股市值超8亿元。 早在2025年四季度，部分知名主动权益基金经理以及"固收+"基金经理就已经开始"埋伏"消费板块。部 分机构提示，市场对今年物价修复水平存在分歧，而物价温和回升是市场的一致预期，若今年实质性政 策继续推出，有望带动物价水平明显改善，消费板块弹性值得重视。 兴全组队增持中宠股份 中宠股份披露的公告显示，截至1月23日，谢治宇管理的兴全合润、兴全合宜，乔迁管理的兴全商业模 式优选、兴全新视野四只基金分别持有中宠股份643.14万股、373.18万股、356.69万股、275.68万股，均 位列前十大股东。按照1月23日中宠股份的收盘价估算，谢治宇、乔迁管理的基金分别持有中宠股份的 市值达5.03亿元和3.13亿元，合计超8亿元。 ...