| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300886 | 华/香料 | 31.55 | -4.05% | 4.66万 | 1.48亿 | | 002094 | 青岛金王 | 8.37 | -2.90% | 39.15万 | 3.30亿 | | 603983 | 丸美生物 | 39.53 | -2.42% | 2.80万 | 1.11亿 | | 300856 | 科恩股份 | 14.29 | -2.12% | 7.17万 | 1.03亿 | | 301371 | 敷尔佳 | 25.87 | -2.12% | 2.99万 | 7750.12万 | | 300957 | 贝泰妮 | 46.77 | -1.78% | 4.40万 | 2.07亿 | | 603605 | 甜菜雅 | 83.36 | -1.27% | 7.42万 | 6.19亿 | | 600315 | 上海家化 | 26.83 | -1.07% | 9.49万 | 2.54亿 | | 600223 | 福瑞达 | 7.97 | ...

文 | 刘丽丽 大牌喷雾频频被网友吐槽成分只有水，疑似"智商税"。理肤泉舒缓调理温泉水喷雾首先中 招，而靠喷雾打开中国市场的另一国际品牌雅漾，是否也在收"智商税"？ 对于雅漾喷雾发挥作用的原理，电商平台雅漾官方旗舰店客服人员对《 BUG 》栏目表示， 雅漾喷雾的灵魂成分是活泉水，但目前并没有该泉水所含各类微量元素的具体数据，使用效 果有检测数据的也仅有皮肤含水量一项。 化妆品行业资深人士则直言，理肤泉和雅漾的喷雾产品非常像，成分就是水，只不过水的来 源不一样。对于水里含有的一些矿物质或者微量成分，该人士称自己保持质疑，"因为功效 不是太明确。" 和当年近 200 元一瓶的价格相比，现在雅漾喷雾的价格已经"跪了"， 300 毫升喷雾单价 已经跌至 2 位数。 数据云山雾罩 很多中国消费者认识雅漾都是从一瓶喷雾开始。但这瓶喷雾到底是怎么实现其宣称的功能 的，其实很多消费者并不是很清楚。 对于雅漾喷雾发挥作用的原理，雅漾官方旗舰店客服人员 对《 BUG 》栏目表示，雅漾活 泉水是低矿物含量的活泉水，和人体肌肤的天然 PH 值匹配。 无论有效物质含量多少，喷雾喷到脸上后会很快蒸发，如何发挥作用？雅漾官方旗舰店客服 人 ...

从流量驱动转向价值驱动，正成为当下中国化妆品行业的主基调。 伴随着监管政策持续完善、消费者理性化程度提升，以及渠道红利逐渐消退，以往依赖流量与资本扩张的模式已难以维系。国家统计局数据显示，1-6月化 妆品零售额同比仅增2.9%，6月更出现罕见的同比下滑。 8月27日晚间，云南贝泰妮生物科技集团股份有限公司（300957.SZ，以下简称"贝泰妮"）披露2025年半年度报告。报告显示，贝泰妮2025上半年实现营业收 入23.72亿元，归属于上市公司股东的净利润2.47亿元。 此外，存货及应收账款结构同步优化，库存周转加快，应收账款账龄结构健康，一年以内账龄应收账款占比高达96.02%，均表明公司资产质量处于行业较 优水平，为未来战略实施预留充足弹药。 于市场而言，这份成绩单的诸多细节呈现出一家龙头企业在行业变革期主动战略调整、拒绝"规模幻觉"的勇气和担当，系统性构建可持续竞争力的毅力。 事实上，不论是以研发定力重塑产品内核，以品牌矩阵实现风险分散与需求覆盖；还是以渠道精细化提升运营效率，以出海与ESG布局打开新维增长空间， 贝泰妮正在探索的正是化妆品企业如何穿越周期的实践范本。 如果将时间的维度拉长，这一范本所定 ...

Core Viewpoint - The article discusses the controversy surrounding the efficacy of Avene's thermal water spray, questioning whether it represents a "smart tax" for consumers due to its high price and minimal active ingredients [1][8]. Group 1: Product Composition and Efficacy - Avene's thermal water spray is primarily composed of water and nitrogen, with the official customer service stating that the water has low mineral content and matches the natural pH of human skin [3][5]. - The specific mineral content of Avene's thermal water is not disclosed, with only a mention of 266mg/L low mineral content and a calcium-magnesium ion ratio of 2:1 [3][5]. - Industry experts express skepticism about the actual benefits of the spray, suggesting that its primary function is to provide a temporary feeling of hydration and comfort rather than long-term skin care benefits [5][6]. Group 2: Market Performance and Pricing - Avene's thermal water spray is currently being promoted on e-commerce platforms, with prices significantly lower than in the past, indicating a drop in perceived value [8][9]. - The spray is reported to be a best-seller on Avene's official store, selling approximately 35 bottles per second and accumulating over 1 million orders [8]. - The parent company, Pierre Fabre, aims for double-digit growth in total sales across all channels for Avene in 2024, driven by a trend towards functional skincare products among Chinese consumers [9]. Group 3: Consumer Perception and Brand Positioning - There is a growing consumer sentiment questioning the value of high-priced sprays, likening them to bottled water with significant markup for branding and marketing [9]. - The article highlights the historical context of Avene's entry into the Chinese market, emphasizing its reputation as a pioneer for sensitive skin care since 1990 [9].

新京报讯（记者陈琳）2025年"全国药品安全宣传周"于9月1日至7日开展。北京市药监局将依托国家平 台，通过市、区药监部门联动，推出系列主题宣传活动，包括实验室开放日、公众开放日、送服务进园 区进企业、执业药师走进商圈社区等，集中展示药品监管工作成效，普及药品、化妆品、医疗器械 （"两品一械"）安全知识。 在药品安全宣传周期间，还将组织多种多样的科普宣传活动。重点针对儿童、老年人等特殊群体设计分 众化科普内容。充分发挥执业药师、药学专家团队作用，通过社区讲座、校园课堂等形式，普及安全用 药用械知识。 记者从北京市药监局获悉，近五年，北京药品、医疗器械、化妆品年均抽检1.3万批次，药品抽检合格 率保持在99.8%以上。升级改造"风险+信用"分级分类监管系统，对4.7万家监管主体开展评定，科学匹 配检查频次，精准识别并预警潜在风险点300余个。营商环境持续优化，药监领域市级政务服务事项"全 程网办"实办率提升至95%，较2024年增长14%。 创新药临床审评审批、药品补充申请审评审批、生物制品分段生产等试点政策落地北京。其中，创新药 临床审评审批试点工作中，12个项目已获批临床试验、10个项目已启动，最快18个工 ...

理肤泉再陷舆论风波。 近日，有网友质疑，理肤泉舒缓调理温泉水喷雾是"智商税"，原因是该产品的成分只有"水"，并称"如果只是把水装 进喷雾瓶里，为什么要卖到上百元？"随后，"理肤泉上百元喷雾被指成本只有水"等相关话题登上热搜。 9月2日，记者在理肤泉线上自营店查询发现，该款喷雾的成分确实只有"水"，150ml的售价是119元，300ml的售 价为129元起。产品特性一栏介绍称，该喷雾天然蕴含特有的矿物质和微量元素组合，可迅速舒缓调理肌肤，帮助 增强肌肤的抵御力，缓解外界因素引起的肌肤不适感。 9月1日， 理肤泉官方客服工作人员表示，该款喷雾并非普通饮用水，而是来自法国理肤泉小镇的天然温泉水。这些 温泉水在用于制作喷雾前，会经过严格的筛查加工与杀菌消毒处理，同时会保留温泉水中天然含有的矿物质和微量 元素。工作人员还称，该款喷雾的喷头造价也较高。 理肤泉是欧莱雅旗下品牌，创立于1975年，主要业务是医学护肤品牌研发和销售。今年3月，该品牌曾陷入致癌风 波。 据《北京商报 》 ，3月12日，欧莱雅在检测理肤泉品牌Effaclar Duo清痘净肤双重调理乳时，发现了微量的苯。欧 莱雅已在美国召回其所有批次的Effacl ...

机构：华源证券 研究员：丁一 风险提示：化妆品行业竞争加剧风险；渠道竞争加剧风险；新品孵化风险。 推行"六六战略"，布局六大板块，实现可持续发展。战略维度聚焦组织、研发、AI、营销、智能生产、 平台化发展；业务基于现有多品牌矩阵基础上持续搭建大众护肤、母婴&青少年、洗护个护、彩妆、功 效护肤、高端护肤六大板块，拓展业务边界，提高营收增长天花板。 净利率增势向好，销售费用率有所下降。25H1 公司毛利率同比-1.0pct 至75.5%，期间费用方面，销售 费用率/管理费用率/研发费用率分别同比-0.7/+0.5/+0.3pct 至56.9%/3.7%/2.5%，销售费用率下降反映规 模效应释放。净利率方面，25H1 公司净利率同比+1.7pct 至13.5%，公司盈利能力小幅提升。 盈利预测与评级：基于公司线上渠道靓丽销售表现，我们预计公司2025-2027 年归母净利润分别为 10.2/12.8/15.5 亿元，同比增速分别为31.1%/25.3%/20.9%，公司作为多品牌国货优质美妆龙头之一，主 品牌韩束势能强劲，在抖音渠道已成功塑造极强品牌势能，其余品牌有望复制其成功模式，进一步贡献 业绩增量，看好公司 ...

本报讯（记者张月朦）北京青年报记者从市药监局获悉，2025北京"药品安全宣传周"系列宣传活动 于昨天启动，本次宣传周将举办公众开放日、执业药师走进商圈社区等系列活动，集中展示药品监管工 作成效，普及药品、化妆品、医疗器械安全知识。 宣传周将承办国家局实验室开放日活动，组织在京大学生参观市药品检验研究院科普展厅及实验 室，探索实验室奥秘，感受科技支撑力量；"政策进园区"活动精准对接产业需求，服务企业发展，开展 药品医疗器械创新政策宣讲，发布全国首个省级生物医药企业合规指引，搭建政策对接与项目合作平 台。公众开放日活动中，将开放药品法治宣传基地，组织市民走进药品、医疗器械、化妆品生产企业， 邀请媒体及公众代表探秘药品检验实验室等，直观感受药品法规发展脉络，现场体验药品检测技术。 ...

Group 1 - Starting from October 1, paper train tickets will be phased out, replaced by electronic invoices for reimbursement, which can be obtained online [2][3] - The new Balenciaga tote bag, resembling a plastic bag, is priced at 8,200 RMB and made from Dyneema fabric, not plastic [2][3] - The 2025 summer movie box office reached 11.966 billion RMB, with 321 million admissions, showing year-on-year growth of 2.76% and 12.75% respectively [5][6] Group 2 - Apple has added three products to its obsolete list, including the MacBook Air (11-inch, 2015) and iPhone 8 Plus, which will no longer be serviced after a certain period [5] - The price of gold jewelry has increased, with the price per gram reaching 1,027 RMB, reflecting a rise of 12 RMB from the previous day [7] - The CEO of Li Auto aims to stabilize monthly sales of its electric models at 18,000-20,000 units by the end of the year [12] Group 3 - Nestlé appointed Philipp Navratil as the new CEO, following the dismissal of Laurent Freixe due to undisclosed personal relationships [19] - Tencent has released an open-source translation model, Hunyuan-MT-7B, which supports 33 languages and is lightweight [25] - The company "Obita" has completed over 10 million USD in angel round financing, led by Yuanjing Capital and Mirana Ventures [26]

Core Viewpoint - The overall profitability growth of A-share listed companies is slowing down due to continuous price declines and weak effective demand, despite some improvements in revenue [1][2] Profitability Analysis - The net profit growth of listed companies has narrowed, with quarterly net profit growth rates for 2024Q4, 2025Q1, and 2025Q2 being -15.7%, 3.2%, and 1.2% respectively [2] - Non-financial oil and petrochemical sectors show even more significant declines, with quarterly net profit growth rates of -50.2%, 4.5%, and -0.1% for the same periods [2] Revenue Trends - A-share companies have seen an improvement in quarterly revenue growth compared to 2025Q1, with growth rates of 1.4%, -0.3%, and 0.4% for 2024Q4, 2025Q1, and 2025Q2 respectively [2] - Non-financial oil and petrochemical sectors also show improved revenue growth rates of 1.2%, 0.5%, and 0.9% for the same quarters [2] Sector Performance - Key sectors showing improved profitability include healthcare, midstream manufacturing, and financial real estate, with information technology leading in profit growth [4] - The quarterly profit growth rates for 2025Q2 are ranked as follows: Information Technology > Midstream Manufacturing > Financial Real Estate > Healthcare > Utilities > Consumer Services > Resource Products [4] Cash Flow and Capital Expansion - Free cash flow as a percentage of market value and revenue is steadily increasing, with operating cash flow showing high growth, particularly from midstream manufacturing [5] - Capital expenditure growth has declined since reaching a peak in Q2 2023, with limited recovery in demand and low corporate capital expansion willingness [5] Focus Areas for Growth - Industries with high or improving profit growth in 2025Q2 include TMT (software development, gaming, components, communication devices, other electronics, semiconductors, consumer electronics), mid-to-high-end manufacturing, and certain resource products [6]