新浪科技讯 12月23日晚间消息，近日，阿里巴巴旗下源头厂货平台1688举办商业领袖年度峰会，揭晓 平台2025年商业领袖奖获奖名单，覆盖消费品、工业品等多个行业领域。 会上，1688商家发展中心相关人士表示："在AI时代，生意能否成功，不再依赖低价竞争，而在于确定 性——订单稳、交货稳、运营稳。增长不是'卷'出来的，而是'稳'出来的。企业越可靠，客户越敢下 单，平台也越愿意为其匹配更多商机。"另有专家在演讲中指出，中国经济正处于K型分化阶段，只有 主动拥抱数字化、具备经营韧性的企业，才能穿越周期波动。 据悉，目前已有越来越多商家在1688上从规模化流量争夺转向精细化供应链价值深耕。与此同时，1688 也正与核心商家共同构建确定性履约能力与AI化经营体系，推动平台、商家、买家三方共赢，在K型分 化的行业格局中抢占领先地位。 尽管本届获奖企业来自不同行业、各具特色，但均呈现出显著共性：中国制造业的竞争焦点，正从外部 资源比拼转向内部能力锻造。 面对质量稳定性不足、产业结构失衡等多重挑战，制造业正通过构建全链条创新生态、推进智能制造技 术革新、优化要素资源配置等路径寻求突破。在人工智能、大数据、物联网等新技术赋能 ...

截至发稿，青松股份市值为41亿元。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 每经AI快讯，青松股份（SZ 300132，收盘价：7.94元）12月23日晚间发布公告称，公司第五届第十八 次董事会会议于2025年12月23日在青松股份中山分公司会议室以现场结合通讯的方式召开。会议审议了 《关于制定 <董事 高级管理人员离职管理制度="高级管理人员离职管理制度"> 的议案》等文件。 2024年1至12月份，青松股份的营业收入构成为：化妆品占比100.0%。 （记者 曾健辉） ...

Core Viewpoint - Marubi Biotech has submitted its prospectus to the Hong Kong Stock Exchange to initiate the "A+H" listing process, aiming to raise funds for enhancing online and offline channels, brand marketing, R&D investment, and general operations. However, the company has recently faced regulatory scrutiny from the Guangdong Securities Regulatory Commission due to financial accounting and fundraising issues, raising concerns about its financial health and governance [1][2][10]. Financial Performance - The company's revenue has shown volatility, with figures for 2020-2025 (up to Q3) being 1.745 billion, 1.787 billion, 1.732 billion, 2.226 billion, 2.970 billion, and 2.450 billion respectively, reflecting year-on-year changes of -3.10%, 2.41%, -3.10%, 28.52%, 33.44%, and 25.51% [4][21]. - The net profit attributable to the parent company has also fluctuated, with figures of 464 million, 248 million, 174 million, 259 million, 342 million, and 244 million for the same period, showing year-on-year changes of -10.50%, -55.70%, -24.03%, 38.16%, 73.86%, and -5.42% [4][21]. Sales and Marketing Expenses - Marubi's sales expenses have significantly increased, with amounts of 1.199 billion, 1.635 billion, and 1.415 billion for 2023, 2024, and the first three quarters of 2025, respectively, showing year-on-year growth of 41.65%, 36.38%, and 32.09% [6][23]. - The sales expense ratio reached 57.73%, while R&D expenses were only 63 million, resulting in an R&D expense ratio of just 2.6%, indicating that sales expenses are 22 times higher than R&D expenses [8][25]. Dividend Policy - Since its A-share listing in 2019, Marubi has distributed a total cash dividend of 1.083 billion, with dividend payout ratios of 80.38% and 88.03% for 2023 and 2024, respectively. The majority of these dividends have benefited the controlling shareholders, who hold over 80% of the company [2][19][29]. Regulatory and Governance Issues - The company has faced administrative regulatory measures due to issues such as inaccurate revenue accounting and improper management of raised funds, which have raised concerns about its internal controls and compliance governance [10][27]. - The slow progress of its A-share IPO fundraising projects, including multiple delays in the "cosmetics intelligent manufacturing plant" project, has further highlighted governance concerns [10][32].

从资金流向上来看，当日化妆品板块主力资金净流出1.74亿元，游资资金净流入5539.09万元，散户资金 净流入1.18亿元。化妆品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月23日化妆品板块较上一交易日下跌1.92%，科思股份领跌。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。化妆品板块个股涨跌见下表： ...

宁夏回族自治区药品监督管理局关于2025年100批次化妆品质量抽检信息的通告 | | | | | 工程有限公司 | 公司 | 品检验 | 格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究院 宁夏药 | | | 14 宣称保湿、滋润、亮肤、抗皱功效的普通 | | CAF枸杞奢润焕颜霜 | F51701 | 银川凤仪堂生物 | 银川凤仪堂生物工程有限 | 品检验 | 合 | | 护肤类（不包括淋洗类、儿童类）产品 | | | | 工程有限公司 | 公司 | | 格 | | | | | | | | 研究院 | | | 15 宣称保湿、滋润、亮肤、抗皱功效的普通 | 护肤类（不包括淋洗类、儿童类）产品 | by the world复合重组胶原蛋 白精华乳 | F51601 | 银川凤仪堂生物 工程有限公司 | 银川凤仪堂生物工程有限 公司 | 宁夏药 品检验 | 合 格 | | | | | | | | 研究院 | | | | | | | | | 宁夏药 | | | 16 宣称保湿、滋润、亮肤、抗皱功效的普通 | | CAF地龙 ...

Core Viewpoint - Qingsong Co., Ltd. has shown improvements in both revenue and profit, indicating enhanced profitability and operational efficiency [1] Financial Performance - The company's non-recurring net profit margin for Q3 2025 reached 8.0%, a significant year-on-year increase of 3.5 percentage points, reflecting a notable recovery in profitability [1] - The improvement in gross margin is attributed to increased capacity utilization driven by order and revenue growth, alongside a rise in sales of high-value products [1] Cost Management - Effective cost control measures have been implemented, contributing to the overall enhancement of the company's financial performance [1] Market Position - Nosbel, a subsidiary of the company, is recognized as a leading domestic cosmetics manufacturer, benefiting from scale advantages and continuous investment in research and development [1] Future Outlook - The company is expected to gradually reach an inflection point in performance as it continues to pursue cost reduction and efficiency enhancement initiatives [1] - The current market capitalization corresponds to a price-to-earnings ratio of 26 times for 2026, with a maintained "buy" rating [1]

该行指，巨子生物的投资逻辑已由增长转向战略调整，该行认为当前尚缺乏明显的反弹催化剂。在企稳 迹象更加明朗之前，持观望态度。该行将2025-27年收入预测平均下调30%，以反映管理层最新指引及 该行对2026年更加审慎的展望。该行将销售费用率预测从36%上调至38%，以反映调整阶段下的执行挑 战。目标价基于由原来的2026年预测市盈率21.5倍降至16倍。 智通财经APP获悉，招商证券国际发布研报称，将巨子生物(02367)评级由"增持"下调至"中性"，将目标 价从64港元下调45%至35港元。报告指，公司正面临诸多挑战，包括一系列声誉危机，以及核心品牌可 复美在双11大促期间出现两位数下滑。虽然该行认为公司股价已基本消化相关问题及随后下调2025年销 售指引，但该行对2026年前景仍持谨慎态度。该行认为，当前市场一致预期可能过于乐观。 ...

招商证券国际发布研报称，将巨子生物(02367)评级由"增持"下调至"中性"，将目标价从64港元下调45% 至35港元。报告指，公司正面临诸多挑战，包括一系列声誉危机，以及核心品牌可复美在双11大促期间 出现两位数下滑。虽然该行认为公司股价已基本消化相关问题及随后下调2025年销售指引，但该行对 2026年前景仍持谨慎态度。该行认为，当前市场一致预期可能过于乐观。 该行指，巨子生物的投资逻辑已由增长转向战略调整，该行认为当前尚缺乏明显的反弹催化剂。在企稳 迹象更加明朗之前，持观望态度。该行将2025-27年收入预测平均下调30%，以反映管理层最新指引及 该行对2026年更加审慎的展望。该行将销售费用率预测从36%上调至38%，以反映调整阶段下的执行挑 战。目标价基于由原来的2026年预测市盈率21.5倍降至16倍。 ...

Core Insights - China remains the largest single growth engine globally, driven by a growing middle class and strong consumer demand, prompting global CEOs to consider strategic areas for investment and competition in the new development phase of China [1][2]. Economic Performance - China's economy contributes approximately one-third of global GDP growth, with an expected growth rate of around 5% this year, which, while lower than historical expectations, is still notable given the economic scale and global context [2]. - The trade surplus in China has increased by 22%, becoming a key driver for GDP growth by 2025 [2]. Consumer Confidence and Spending - Despite a decline in consumer confidence, which remains at historical lows, there are signs of gradual improvement in consumer willingness to spend, although youth unemployment remains a significant concern [8]. - Retail sales are projected to grow by about 4% for the year, driven by strong demand and new consumption models, particularly in home appliances and electric vehicles [12]. Key Questions from Global CEOs - **Question 1:** Why are some businesses declining despite overall retail growth of 4%-5%? The consumer landscape in China is highly fragmented, with significant disparities across segments, product categories, channels, and city tiers [17][18]. - **Question 2:** What does the declining and aging population mean for the consumer sector? Although the birth rate is low, the next decade may still see favorable demographic trends, with urbanization continuing to drive growth in middle and high-income households [21]. - **Question 3:** What does the sharp decline in foreign direct investment (FDI) signify? FDI has dropped significantly, reflecting multinational companies' cautious attitudes, but its impact on overall investment levels in China is limited [25]. - **Question 4:** How is the public capital market recovering, and what is the future of private equity? The public capital market is rebounding, particularly in Hong Kong, while private equity activity remains below historical peaks, indicating a cautious outlook for mid-term growth [30]. Conclusion - Although China's economic growth has decreased from historical highs, the underlying fundamentals, especially in the consumer market, show resilience. Achieving a 5% growth in consumption is noteworthy, supported by continuous innovation in products, channels, and business models [34]. - For multinational companies, success in China now hinges on precise market positioning, focusing on niche segments, optimizing channel strategies, and refining value propositions to leverage the unique opportunities presented by the Chinese market [34].

Group 1 - The core project of the Cotyson perfume factory in Pingtan is expected to produce 30 million bottles of perfume annually with the introduction of five fully automated production lines [1] - Cotyson (Fujian) Biotechnology Co., Ltd. integrates research and development, production, and sales, focusing on perfumes, cosmetics, and fragrances, aiming to become a leading enterprise in China's cosmetics manufacturing industry [1] - The factory is part of Pingtan's new customs closure operation, which aims to enhance the region's economic development through favorable policies and international collaboration [2] Group 2 - The new customs closure operation will transform Pingtan into a large "bonded warehouse," allowing for preferential tax policies that stimulate industrial innovation and foreign trade growth [3] - Pingtan's new customs closure operation focuses on seven core industries, including tourism, biomedicine, and bonded processing, to attract high-quality projects and enterprises [3] - Ongoing infrastructure improvements and policy enhancements are being implemented to support the new customs closure operation and facilitate deeper integration into domestic and international markets [3]