项目负责人表示，此次科研成果落地应用价值多元：为监管机构提供高灵敏度检测工具与质量分级模 型，助力精准监管；建立科学质量分级体系，帮消费者辨别产品真伪、保障合法权益；培养跨学科复合 型人才，填补产业智能检测领域人才缺口；研发的远程评价系统可降低企业研发成本、缩短上市周期， 相关专利与技术标准具备产业化潜力，全面推广后将显著拉动产业产值增长。 中国经济网北京12月22日讯（记者 鞠然）近日，由国家市场监督管理总局组织、中国质量检验检测科 学研究院研发的美丽健康产品品质智能检测评价技术顺利攻克系列关键技术瓶颈。记者了解到，该项技 术通过多学科交叉融合，系统性突破"风险物质与功能成分识别—特异性品质鉴别与质量分级—多传感 视触融合功效评价—远程快速实时智能评价系统"全链条技术壁垒，为我国美丽健康产业高质量发展提 供了重要技术支撑与创新解决方案。 智能检测评价技术在美丽健康产品品质智能检测评价技术领域取得了系统性阶段性成果：在智能识别检 测领域，科研团队成功建立AI风险检测系统，研发出8种高关注物质专属检测方法，仪器分析检测准确 率超95%，团队还推进2项口腔护理产品国家标准立项；特异性品质鉴别方面，技术团队深化对原 ...

天眼查工商信息显示，近日，毛戈平（杭州）化妆品商贸有限公司成立，法定代表人为宋虹佺，注册资 本1.5亿人民币，经营范围包括化妆品零售、个人卫生用品销售、互联网销售、市场营销策划等。股东 信息显示，该公司由毛戈平全资持股。 ...

Group 1 - The core product "Anse® Roselle Red" developed by Beijing Shangjie Youlan Technology Co., Ltd. is the first domestically approved cosmetic raw material in China and the first high molecular coloring agent approved for use in cosmetics globally, highlighting innovation in the beauty and health industry in Changping [1] - Changping has established a modern industrial system supported by three leading industries: pharmaceutical health, advanced energy, and advanced manufacturing, promoting a comprehensive innovation ecosystem from basic research to industrial clustering [4][12] - The district's GDP has grown at an average annual rate of 6.2% during the 14th Five-Year Plan period, surpassing the city's average by 1.3 percentage points, with total GDP exceeding 180 billion [8] Group 2 - Changping has implemented over 20 policy documents to support the construction of the Beijing Free Trade Zone, including the establishment of the first international research hospital and the first decentralized clinical trial pilot in the country [12][14] - The district has seen significant foreign investment, with 3,016 projects registered, including 415 foreign-funded projects, and actual foreign investment exceeding $1.5 billion, reflecting a robust economic environment [14] - The ecological environment has improved significantly, with PM2.5 levels reduced to below 30 micrograms, and the forest coverage rate reaching 49.5%, enhancing the quality of life for residents [34][36]

Core Insights - The report by Zhiyan Consulting analyzes the current market status and future prospects of the cosmetics industry in China from 2026 to 2032 [1] Import and Export Data - In October 2025, the import volume of beauty cosmetics and personal care products in China was 26,540 tons, representing a year-on-year decrease of 6.2% [1] - The import value for the same period was $1.213 billion, reflecting a year-on-year decline of 18.4% [1] - In contrast, the export volume for beauty cosmetics and personal care products in October 2025 reached 132,160 tons, showing a year-on-year increase of 15% [1] - The export value was $634 million, which is a year-on-year growth of 4.8% [1] Company Profile - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The company has over a decade of experience in the industry research field, providing comprehensive industry solutions to empower investment decisions [1]

Core Viewpoint - Lin Qingxuan, a high-end skincare brand in China, has officially launched its IPO process, aiming to become the first domestic high-end skincare stock on the Hong Kong Stock Exchange, with a global offering of approximately 13.97 million shares [1] Group 1: Company Development and Technology - Lin Qingxuan has transitioned from following technology to leading it, particularly in the field of cell-level anti-wrinkle technology, marking a significant leap in the domestic skincare industry [2] - The brand's flagship product, the fifth-generation Camellia Oil Anti-Wrinkle Repair Essence, utilizes a core ingredient that activates cellular autophagy mechanisms, representing a new paradigm in anti-wrinkle skincare [3] - The company has established a robust R&D ecosystem by integrating industry, academia, and medical research, enhancing its technological foundation for sustainable growth [4] Group 2: Market Position and Performance - Lin Qingxuan ranks first among domestic high-end skincare brands in China, with a market share of 1.4%, and is the only domestic brand among the top 15 high-end skincare brands [8] - The brand's sales performance is strong, with its star product achieving cumulative sales of over 45 million bottles and maintaining the top position in retail sales for 11 consecutive years [6] - Financially, Lin Qingxuan has shown impressive growth, with revenue increasing from 690 million yuan in 2022 to 1.21 billion yuan in 2024, reflecting a compound annual growth rate of 32.3% [7] Group 3: Future Plans and Strategic Goals - The funds raised from the IPO will be used to deepen R&D innovation, expand channel networks, and strengthen brand building, with a goal to increase the number of stores to 1,500 within three years [10] - Lin Qingxuan aims to further leverage its cell-level anti-wrinkle technology to enhance its product matrix and accelerate offline store expansion [10] - The company is positioned to contribute significantly to the global skincare technology landscape, showcasing the rise of domestic technological capabilities in the high-end beauty market [11]

中国香料香精化妆品工业协会数据显示：2024年我国化妆品市场交易总额为10738.22亿元，市场规模连 续两年突破万亿元，其中，国货品牌交易额占比达55.2%，市场潜力巨大。 政策支持凝聚合力、科研机构有效对接、研究应用互联互通，形成了支撑广东深圳化妆品产业蓬勃发展 的良好生态。"化妆品行业的高质量发展，离不开科研支撑与制度保障。深圳不仅为企业提供了深厚的 创新土壤，还为新原料、新技术的落地提供了前沿的验证平台。"深圳市市场监督管理局相关人员表 示。 在政策与产业协同的背景下，一批注重研发的本土企业不断加快技术成果转化的步伐。HBN持续深耕 新成分的高效性、稳定性与功效验证，积累了扎实的实验数据与理论基础，并拓展了功效维度与应用边 界。 HBN于2021年获国家高新技术企业认定，2023年入选深圳市专精特新中小企业，2024年被认定为广东 省功效护肤创新工程技术研究中心。在第二十届中国医师协会皮肤科医师年会暨全国美容皮肤科学大会 上，由HBN联合中国质量检验检测科学研究院化妆品技术中心共同牵头的《化妆品功效证据权重评估 指导原则》团体标准正式立项。"国货品牌正在从制造向'质造'与'智造'跃迁。"广东省化妆品学 ...

Core Insights - The Chinese cosmetics market is projected to reach a total transaction value of 1,073.822 billion yuan in 2024, marking the second consecutive year of surpassing the trillion yuan mark, with domestic brands accounting for 55.2% of the market share, indicating significant growth potential [1] - The industry is shifting from a marketing-driven approach to one focused on solid research and genuine efficacy, as highlighted by HBN's founder, emphasizing the need for domestic brands to invest in long-term research and innovation [1] - The current consumer trend shows a more rational approach, with leading brands increasing R&D investments to attract consumers through high-quality products and differentiated brand highlights [1] Industry Development - The transition from quantity to quality in domestic cosmetics relies on high-quality innovation and supportive industrial policies, with the regulatory framework continuously improving, including the implementation of the Cosmetics Supervision and Administration Regulations [2] - The synergy between policy support and industry development has fostered a robust ecosystem in Shenzhen, which provides a strong foundation for innovation and a platform for the application of new materials and technologies [2] - Local companies focusing on R&D are accelerating the transformation of technological achievements, with HBN emphasizing the effectiveness, stability, and efficacy verification of new ingredients [2] Company Achievements - HBN was recognized as a national high-tech enterprise in 2021, selected as a specialized and innovative small and medium-sized enterprise in Shenzhen in 2023, and designated as a Guangdong Provincial Engineering Research Center for Efficacy Skincare Innovation in 2024 [3] - HBN is leading the establishment of a group standard for "Guidelines for the Weight Assessment of Efficacy Evidence in Cosmetics" in collaboration with the China Quality Inspection and Testing Science Research Institute [3] - The industry is witnessing a transition from manufacturing to quality and intelligent production, as stated by the chairman of the Guangdong Cosmetics Society [3]

Group 1 - The core viewpoint of the article highlights Shanghai's resilience in consumer spending, with a total retail sales figure of 15,212.93 billion yuan from January to November, reflecting a year-on-year growth of 5.0% [1][14] - Shanghai has maintained a positive growth trend in retail sales since May 2025, outperforming both the national average and other cities of similar size [1][14] - The city is focusing on boosting consumption as a primary economic development task, especially in light of the challenges faced in 2024 [1][14] Group 2 - Shanghai consumers accounted for 23.2% of the national clothing and footwear sales, 10.9% of gold and jewelry, and 14.9% of daily necessities over the past 11 months, with cosmetics leading the category [3][16] - The retail sales of cosmetics in Shanghai reached 130.609 billion yuan from January to November, marking a 5.7% year-on-year increase and representing over 30% of the national total for this category [3][16] - The city has implemented a series of measures to stimulate consumption, particularly in the beauty industry, which has a significant market scale and global influence [3][16] Group 3 - Shanghai has seen a surge in new retail stores, with 848 new stores opened from January to October, including 275 in retail, and a significant number of global and national first stores [5][18] - The city is pioneering measures to facilitate the inspection of imported consumer goods, enhancing the availability of new products in the market [5][18] - Local beauty brands are gaining prominence, supported by social media platforms and targeted policies to foster high-quality development in the cosmetics industry [5][18] Group 4 - The number of inbound tourists to Shanghai has surpassed last year's total, with a notable increase in domestic tourism as well [6][19] - Shanghai's tourism sector is bolstered by a variety of events and activities throughout the year, contributing to consumer engagement and spending [6][20] - The city has introduced initiatives like the "Shanghai Summer" international consumption season, featuring over 300 events to attract visitors [6][20] Group 5 - Shanghai's departure tax refund policy has been optimized, leading to a significant increase in tax refund sales, which grew by 83.8% year-on-year [10][23] - The city has over 1,700 stores participating in the departure tax refund program, enhancing the shopping experience for international tourists [10][23] - The implementation of consumer-friendly policies has positively influenced various retail categories, including automobiles and home appliances, with notable sales growth in recent months [11][24] Group 6 - The restaurant industry in Shanghai is showing signs of recovery, with November's revenue at 15.359 billion yuan, reflecting a slight year-on-year decline but a significant improvement compared to earlier in the year [13][26] - Targeted policies and financial incentives, such as dining vouchers, have been introduced to support the restaurant sector and improve the business environment [13][26] - The Shanghai Catering Association anticipates a positive trend in the dining market as consumer confidence grows and holiday demand increases [13][26]

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry index rose by 6.66% in the week of December 15-19, 2025, outperforming the Shanghai Composite Index by 6.63 percentage points, ranking first among 31 primary industries [6][15] - The launch of the Hainan Free Trade Port has shown promising initial results, with duty-free sales reaching 118 million yuan on the first day and a significant increase in the number of zero-tariff goods [4][25][26] - The report emphasizes the importance of consumer sentiment and the potential for high-growth sectors within the retail space, particularly in jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Summary by Sections Retail Market Review - The retail industry index closed at 2458.79 points, with a weekly increase of 6.66% [6][15] - The supermarket sector saw the highest weekly increase of 14.18%, while the commercial property sector led with a year-to-date increase of 22.51% [17][19] Industry Dynamics - The Hainan Free Trade Port officially commenced operations on December 18, 2025, with a focus on "one line open, two lines controlled, and free trade within the island" [4][25] - The proportion of zero-tariff goods increased from 21% to 74%, covering approximately 6,600 items, which is expected to reduce import tax burdens by about 20% for related enterprises [26][25] Investment Themes - Investment Theme 1: Focus on high-end jewelry brands with differentiated product offerings, recommending companies like Chow Tai Fook and Lao Pu Gold [7][30] - Investment Theme 2: Emphasize offline retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiying Room [7][30] - Investment Theme 3: Highlight domestic cosmetics brands that meet emotional value and safety ingredient innovations, recommending brands like Maogeping and Proya [7][31] - Investment Theme 4: Focus on differentiated medical aesthetics product manufacturers and leading chain medical institutions, recommending Aimeike and Kedi-B [7][31] Company-Specific Insights - Chow Tai Fook reported a revenue of 38.986 billion HKD for FY2026H1, with a slight decline of 1.1% year-on-year, while net profit increased by 0.1% [37] - Lao Pu Gold achieved a revenue of 12.354 billion HKD for FY2025H1, marking a significant increase of 250.9% year-on-year, with net profit rising by 285.8% [36] - Yonghui Supermarket's revenue for the first three quarters of 2025 was 42.434 billion yuan, down 22.2% year-on-year, with net profit showing a significant loss [44]