（文章来源：21世纪经济报道） 目前记者在电商平台上已搜索不到这两款产品。记者询问店铺内是否没有售卖这两款面膜的正常规格产 品，客服表示，咨询的这款产品店铺不售卖。 近日，据央视《经济半小时》栏目报道，记者通过一家具有检验资质的第三方检测机构，对市场上多款 热门化妆品进行了送检。检测结果显示：在"韩束丰盈紧致精华面膜"中，检测出0.07pg/g的表皮生长因 子；而在另一款"韩束嫩白透亮面膜"中，这一数值更高，达到3.21pg/g。公开资料显示，表皮生长因子 属于临床用于烧伤、创伤愈合等的药用活性因子，不应作为化妆品原料使用。 据南都N视频报道，12月26日，韩束方面就上述央视曝光一事，向记者出示了两款涉事产品的检测报 告，均未检出EGF。韩束透露，此前上海市药品监督管理局稽查局，已就这两款产品开展了现场核验与 检测，同时为客观公允性，公司与市药监局进行了双向送检，结果均显示：送检样品中均未添加表皮生 长因子成分。对于央视报道中提及的产品，他们会再次送检，届时公布检测结果。同时，韩束方面表 示："在报道播出后的第一时间，我司已立即启动全面自查程序，展开相关情况的核查与追溯工作。" ...

Group 1 - The article discusses the announcement by Spiber, a biotech unicorn in Japan, regarding the involvement of Masaya Kawanami, the daughter of SoftBank's founder Masayoshi Son, in the company's operations starting in the first half of 2026. This marks her first public acknowledgment of her family background in a business context, raising speculation about potential succession plans for SoftBank [2] - Realme, a smartphone brand under OPPO, has responded to rumors of large-scale layoffs, stating that business operations are normal and that the rumored layoffs are part of regular personnel changes at year-end. The company is set to launch new products in January [4] - Bawang Tea's stock price fell nearly 15% due to concerns over caffeine content in their products, prompting the company to issue a statement clarifying that their tea's caffeine levels are comparable to that of a latte and significantly lower than that of an Americano [4] - Chow Tai Fook faced backlash over a gold pendant design, which was criticized on social media. The company responded that the product is selling well online and that customer feedback will be considered for future designs [6] - Dong'an Group confirmed the suspension of three Porsche dealerships due to operational difficulties, with plans to address employee salary issues within 60 days. The company denied rumors of investor flight [9] - Midea's Building Technology division announced a 5% price increase across all product lines due to rising raw material costs, effective from December 15, 2025 [11][12] - The first national standards for AI large models have been implemented, focusing on technical evaluation and aiding over 30 companies in technology iteration [13] Group 2 - Lenovo plans to unveil an AI super-intelligent agent at CES, which is expected to compete with existing AI assistants by offering more comprehensive features and cross-device connectivity [17] - Douyin has launched a long-form content feature allowing users to publish articles up to 8,000 words, enhancing its content creation capabilities [17] - The UK used car market saw a 2.8% growth in Q3 2025, with over 2 million transactions, marking the strongest performance since 2021 [22] - Apple's smartphone sales in China doubled in November, with a 128.4% year-on-year increase, while the overall smartphone market grew less than 2% [22]

Group 1 - Xiaomi's 17 Ultra Leica version sold out within hours of its pre-sale launch, with the highest resale price reaching 20,000 yuan, significantly above the official starting price of 8,999 yuan [1][1][1] - The 16GB+512GB version is available on Xiaomi's official store, while the 16GB+1TB version is out of stock across various platforms, indicating high demand [1][1] - Over 1 million reservations were recorded on JD platform for the Xiaomi 17 Ultra Leica version [1] Group 2 - Zhou Dafu responded to criticism regarding its "cow and horse" gold pendant, stating it is only sold online and has seen high sales; they are open to customer feedback for future improvements [2][2] - The pendant is priced starting at 3,044.7 yuan, and the company clarified the pendant's meaning as representing resilience and good fortune [2] Group 3 - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership, following its previous entry into Qatar [7][7] - The company also opened a flagship showroom in Abu Dhabi and a large service center in New Cairo, Egypt [7] Group 4 - Douyin launched a long-form text feature allowing users to publish articles up to 8,000 words with up to 30 images and background music [6][6] - The mobile version of this feature is expected to roll out soon [6] Group 5 - LV responded to a customer's complaint regarding a pair of shoes that caused injury, stating that they only offered an exchange and did not support returns for used products [8][8] - The shoes were purchased for 9,250 yuan, and the customer required medical treatment due to the injury [8] Group 6 - The first mandatory standard for electric vehicle energy consumption will be implemented in China starting January 1, 2026, tightening limits by approximately 11% compared to previous recommendations [10][10] - This standard aims to guide the development of energy-saving technologies while accommodating diverse vehicle types [10] Group 7 - The first batch of L3 autonomous vehicles in China has begun large-scale road operation in Chongqing, consisting of 46 vehicles equipped with L3 autonomous driving systems [16][16] - These vehicles are authorized to operate on specific urban roads [16] Group 8 - Fujitsu will join a next-generation memory development project led by SoftBank, aiming for commercialization by the 2027 fiscal year [22][22] - This project will utilize technologies from Intel and the University of Tokyo [22]

来源：新浪证券 出品：新浪财经上市公司研究院 作者：喜乐 12月18日，林清轩启动港股全球发售，预计于12月30日上市。本次IPO采用定价发行，发行价为77.77港 元/股，基础发行股数约1397万股，绿鞋后发行股数约1606万股，对应发行规模约10.9-12.5亿元。作为 港股市场首个主打"本土高端护肤"定位的上市企业，林清轩的IPO不仅承载着自身的资本跃迁梦想，更 被视作观察资本市场对国货高端化价值判断的重要样本。其亮眼的业绩增长、独特的品牌定位与多元化 的资本支持，让这场上市备受瞩目，但与此同时，市场对其高端定位、竞争韧性及估值合理性的质疑也 从未停歇，这场资本盛宴背后的多重考验正逐步浮现。 深耕山茶花赛道 2025年上半年收入盈利近翻倍 林清轩自2012年起开展山茶花护肤品研究，开创"以油养肤"理念，2014年推出的首款山茶花精华油成为 核心产品。历经多年发展，林清轩旗下提供全系列高端护肤改善方案，包括精华油、面霜、爽肤水及乳 液、精华液、面膜及防晒霜，旨在支持自清洁及爽肤至保湿及针对性护肤的全套护肤流程。截至2025年 6月30日，林清轩提供230个SKU。 业绩层面，林清轩近年实现跨越式增长。20 ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 19 companies, including Proya Cosmetics, which is required to clarify foreign investment access and other matters [1][2] - Proya Cosmetics has submitted its listing application to the Hong Kong Stock Exchange, with CICC and UBS as joint sponsors [1] - The CSRC requests Proya to clarify the use of raised funds, particularly regarding any overseas investments and compliance with relevant approval procedures [1][2] Group 2 - Proya's subsidiaries are involved in various businesses, including advertising, and the CSRC requires clarification on the compliance and operational status of these activities [2] - Proya is recognized as the fifth largest cosmetics group in China by retail sales in 2024, being the only domestic cosmetics group among the top five [2] - The company has maintained its position as the largest domestic cosmetics group in China for four consecutive years from 2021 to 2024 based on retail sales [2]

智通财经APP获悉，12月26日，中国证监会发布《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.SH)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。 招股书显示，珀莱雅是一家中国本土多品牌美妆集团，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。 证监会请珀莱雅补充说明以下事项，请律师核查并出具明确的法律意见： 根据弗若斯特沙利文的资料，以2024年零售额计，在中国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年连续四年为中国最大的本土化妆品 集团。 三、发行人下属公司经营范围包含设计、制作、代理、发布广告等，请说明广告相关业务开展情况，是 否取得必要的资质许可。 四、关于外资准入：(1)发行人境内下属公 ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 19 companies, including Proya Cosmetics Co., Ltd. (603605.SH), which is seeking to list on the Hong Kong Stock Exchange [1][2] - Proya is required to clarify the use of funds raised in the issuance, particularly regarding any overseas investments and compliance with relevant approval procedures [1] - The company must also provide details on its subsidiaries' operations related to apps and data collection, including the scale of user information collected and stored [1][2] Group 2 - Proya is a domestic multi-brand beauty group in China, aiming to build a world-class cosmetics industry platform and provide high-quality cosmetic products to global consumers [2] - The company has established a diverse portfolio covering skincare, makeup, and personal care, and ranks fifth among the top five cosmetic groups in China by retail sales, according to Frost & Sullivan [2] - Proya has been the largest domestic cosmetics group in China by retail sales for four consecutive years from 2021 to 2024 [2]

Core Insights - The cosmetics industry is experiencing an intensified wave of factory closures, with at least 203 companies having canceled their production licenses in 2025, marking a significant increase in the trend of closures [2][7] - A notable trend is that 93% of these closures are voluntary, indicating a strategic withdrawal from the market rather than forced exits [2][13] Group 1: Industry Overview - The number of companies canceling their licenses has been on a continuous rise over the past three years, with 150 closures in 2023 and 185 in 2024, reflecting a sustained double-digit growth rate [7] - The closures are concentrated in 15 provinces, with Guangdong leading at 105 closures, accounting for 51.7% of the total, followed by Shandong with 37 closures [8][11] Group 2: Company Characteristics - Companies established between 2010 and 2019 represent the majority of closures, totaling 115, which is 56.7% of the total [11] - A significant number of closures involve small and micro enterprises, with 98 companies having registered capital between 1 million and 5 million yuan, and 36 companies with capital of 500,000 yuan or less, making up over 88% of the total [12] Group 3: Reasons for Closure - The primary reason for the closures is the inability of small and micro enterprises to withstand market pressures, leading to a significant number of voluntary withdrawals [13][16] - The market has shifted from "incremental expansion" to "stock competition," intensifying the competition among factories as they vie for limited orders [17] Group 4: Market Dynamics - The industry is witnessing a price war as some factories lower prices to secure orders, while others are diversifying their services to include brand consulting and sales channel planning [19] - The shift in order structure, with an increase in white-label orders, is forcing factories to adjust their production capacities and find a balance between large-scale production and flexible customization [19]

Core Viewpoint - The article discusses the journey of the Chinese cosmetics brand, Chando, founded by Zheng Chunying and his siblings, highlighting its growth, IPO preparations, and strategic investments from major players like L'Oréal and Himalaya International. Group 1: Company Background and Ownership - Chando was established in 2001 and has grown to become the second-largest domestic cosmetics brand in China, following Proya [1][12] - The Zheng siblings collectively control 87.82% of the voting rights in Chando, with Zheng Chunying holding 55% of the shares [2][12] - Zheng Chunying is recognized as the wealthiest individual in Liaoyang, with a net worth of 11 billion RMB, ranking 2448th on the 2025 Hurun Global Rich List [2] Group 2: IPO and Strategic Investments - Prior to its IPO filing, Chando raised over 700 million RMB by bringing in strategic investors, including L'Oréal and Himalaya International, which provided both capital and technical support [4][5] - The post-investment valuation of Chando is approximately 6.826 billion RMB [4] Group 3: Financial Performance - Chando's revenue has shown consistent growth, with total revenues of 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and 46.01 billion RMB in 2024 [16] - The skincare segment contributes approximately 90% of Chando's total revenue, with the main brand Chando generating 94.6% to 95.9% of total income during the reporting periods [12][14] - Despite revenue growth, net profit has fluctuated, with a significant drop of 37.09% in 2024 to 1.9 billion RMB [16] Group 4: Marketing and Sales Strategy - Chando has invested heavily in marketing, with total marketing expenses reaching 6.534 billion RMB over three and a half years, accounting for over 50% of total revenue during the reporting periods [17][18] - The company has shifted its sales strategy towards online channels, increasing online revenue from 59.7% in 2022 to 68.8% in 2025 [20][21] Group 5: Operational Insights - Chando operates three factories in China, maintaining a high capacity utilization rate of 95.7% and 82.5% for its Shanghai and Linzhi factories, respectively [23] - The company has not declared any dividends since its inception and has a cash-to-short-debt ratio of 10.53, indicating a strong liquidity position [25][26]

近日，关于韩束部分面膜产品被指"非法添加"表皮生长因子（EGF）的情况引发关注。 12月25日，据央视《经济半小时》栏目，记者将市面上多款热门化妆品送往具有检验资质的第三方检测机构进行检测。结果显示，在韩束丰盈紧致精华面膜 中，检测出0.07pg/g的表皮生长因子；在另一款韩束嫩白透亮面膜中，这一数值更高，表皮生长因子达到3.21pg/g。 资料显示，韩束于2003年由上美股份推出，专注于满足各年龄段亚洲女性不断变化的护肤诉求。2024年，该品牌收入同比增长80.9%至55.91亿元，在上美股 份整体收入中的占比达82.3%。近日该品牌宣布，青年演员刘浩存担任其品牌全球代言人。 目前韩束官方旗舰店中，涉事的"丰盈紧致精华面膜"和"嫩白透亮面膜"均已无法搜索购买，客服回应称相关产品已下架，品牌已启动全面自查程序，正在核 查和追溯具体情况。韩束官方旗舰店显示，其拥有粉丝926万，店铺年销量超1000万件。 韩束丰盈紧致精华面膜检出0.07pg/g的表皮生长因子。 韩束嫩白透亮面膜检出3.21pg/g的表皮生长因子。 据悉，由于分子量较大，EGF在正常皮肤屏障条件下较难被吸收，一旦皮肤屏障功能不全，可能会引发其他潜 ...