Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

Core Points - Guangdong is launching an initiative to expand online sales channels for industrial products, focusing on connecting industrial clusters with e-commerce platforms and utilizing live-streaming sales through influencers [1][2] - The province aims to recruit 100 influencers to conduct 100 live-streaming sales events, with over 20 targeted production and sales matching activities planned by the end of the year [1][2] - Guangdong's industrial value added accounts for approximately 1/8 of the national total and over 30% of the province's GDP, with a strong manufacturing base across all 31 major categories [1] Group 1 - The initiative will involve collaboration between the provincial industrial and information technology department and 21 local city departments, various industrial clusters, leading e-commerce platforms, and well-known live-streaming agencies [1] - Local cities will select high-quality industrial products to enter mainstream e-commerce platforms, promoting favorable measures for Guangdong enterprises to enhance online sales [1] - The focus will be on promoting products from large-scale enterprises, manufacturing champions, and specialized "little giants" in key industries such as home appliances, electronics, automotive, apparel, beauty, home goods, and toys [1] Group 2 - The initiative will create an innovative model of "influencer + Guangdong business" with a main live-streaming room in Guangzhou and additional rooms in various local parks and enterprises [2] - The unified live-streaming promotional branding will be "Good Products, Made in Guangdong," aiming to establish a matrix of leading influencers and local supporters [2] - Since the fourth quarter, over 50 industrial product matching activities have been held, resulting in 937 cooperation intentions with a total intended amount exceeding 29.2 billion yuan [2]

Core Viewpoint - The recent announcement by Emei Mountain A to provide benefits such as free admission to shareholders holding 500 shares or more has led to a short-term increase in stock price, but it ultimately fell by 4.84% on December 3, indicating limited long-term impact on stock performance [1][3]. Group 1: Shareholder Return Activities - Over 30 A-share companies have announced shareholder return initiatives this year, with 8 in the cultural tourism sector, 11 in food consumption, and 7 in beauty and home products, primarily offering experiences or physical products [3]. - The shareholder return activities have not significantly influenced stock prices, with most stocks showing stable performance despite the announcements [3]. Group 2: Market Reactions and Analyst Insights - Analysts suggest that shareholder return activities are more about brand promotion and investor relations management rather than core performance improvement, leading to only short-term emotional market reactions [5][10]. - There is a concern that if these return activities are misrepresented as "physical dividends" or lack proper disclosure, they may attract regulatory scrutiny [7]. - The distinction between shareholder return activities and cash dividends is emphasized, urging investors to focus on the core operational capabilities and long-term growth potential of companies [8].

在品牌投资方面，欧莱雅尤为关注具有东方美学叙事的本土高端品牌。就在今年11月，欧莱雅宣布对中 国纯净护肤品牌"LAN兰"进行少数股权投资。这个以"以油养肤"闻名的品牌，是欧莱雅旗下美次方公司 投资的首个中国本土护肤品牌。此前，美次方已投资了高端香水香氛品牌"闻献DOCUMENTS"和"观 夏"。更早之前，欧莱雅还曾以4.42亿元投资了本土美妆巨头自然堂，持有其6.67%的股份。 当全球奢侈品与美妆巨头在中国市场的传统增长路径遭遇挑战时，它们不约而同地选择了一种更轻巧、 更深入的方式继续加注。近日，中国高端黄金珠宝品牌"寶蘭"的母公司杭州宝兰黄金文化发展有限公司 宣布完成一轮超1亿元人民币的融资。这笔交易的特别之处在于其投资方阵容：领投方是本土消费领域 的明星推手挑战者创投，而跟投方中则赫然出现了法国奢侈品巨头开云集团与雷军旗下的顺为资本。 这并非国际巨头一时兴起的偶然之举。同样在近期，全球美妆巨头欧莱雅集团在中国市场也动作频频， 通过设立专项投资基金等方式，明确将投资中国本土创新品牌作为核心战略。两大国际巨头不约而同的 行动，标志着它们对中国市场的策略正在发生根本性转变——从过去的直接收购与控股经营，大举转向 ...

Core Viewpoint - The employee stock ownership plan (ESOP) announced by Shuiyang Co. aims to enhance employee motivation and reflects the company's confidence in its development [4][5]. Group 1: Employee Stock Ownership Plan - The ESOP will involve up to 938 participants, categorized into professional and management roles, with a funding source capped at 51.04 million yuan [4]. - The company plans to repurchase shares at a price of 20.46 yuan per share, with a maximum of 2.49 million shares being repurchased, representing 0.64% of the total share capital [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 3.41 billion yuan, marking a 12% year-on-year increase, and a net profit attributable to shareholders of 140 million yuan, which is a 44% increase year-on-year [6]. - The company has seen significant growth across multiple brands, with notable increases in sales on various platforms: 11% on Taobao, 19% on Douyin, and 314% on JD.com for the brand Ifidan [6].

Core Insights - The rise of "Guochao" (national trend) reflects the improvement in Chinese consumer spending power and cultural confidence, showcasing the ascent of Chinese manufacturing and brands [1][11] - The transformation of Chinese manufacturing from low-end to high-quality production is a fundamental aspect of the Guochao phenomenon [3][11] Group 1: Manufacturing Evolution - Chinese manufacturing has evolved from "unable to produce" to "able to produce" and now to "able to produce well," marking a significant upgrade in quality and capability [1][3] - The diversification of product offerings and improvement in quality are key foundations for the rise of Guochao, meeting the personalized and experiential consumption needs of younger consumers [2][8] Group 2: Brand Development - The shift from OEM (Original Equipment Manufacturer) to creating independent brands is crucial for enhancing the emotional and cultural value of products, allowing consumers to connect with the brand on a deeper level [5][8] - The establishment of "China Brand Day" and the recognition of Guochao as a cultural movement have contributed to the growth of brand value and market presence for Chinese companies [6][8] Group 3: Quality and Design - The focus on high-quality manufacturing and innovative design has allowed Chinese brands to compete effectively with international counterparts, providing products that are not only functional but also aesthetically appealing [4][5] - The integration of traditional cultural elements with modern aesthetics has transformed products from being merely functional to being culturally resonant and visually attractive [5][6] Group 4: International Standards and Globalization - Participation in the formulation of international standards is a critical step for Chinese brands to gain global recognition and assert their influence in the global market [9][10] - The ability to set and adhere to international standards enhances the competitiveness of Chinese manufacturing, facilitating smoother entry into global markets [10][11] Group 5: Market Dynamics - The collaboration between manufacturing enterprises and e-commerce platforms has created a robust ecosystem for promoting Guochao brands, enabling them to reach younger consumers effectively [7][8] - The emphasis on quality and innovation, combined with effective storytelling, has allowed Chinese brands to resonate with consumers and establish a strong market presence [8][11]

线上经济流量时代，造就了太多"爆品"的品牌神话，一度让人们认为，爆发式增长是品牌的常 态。但在线下渠道中，一盘高质量、可持续的慢生意，也许才是美妆经营的本质。 在SIA2 0 2 5科学护肤创新联盟大会上，一个根植于线下渠道的品牌——仙瑟，引起了人们的广 泛关注。只因在以功效叙事获取线上流量为主流生意模型的时代，仙瑟却用医研共创的专业产 品和服务，为线下渠道的增长给出一个值得借鉴的答案。 据《FBe a u t y未来迹》了解，在当下普遍承压的大环境下，通过"医院+医美机构"双轨制，仙 瑟品牌一直保持高速增长，且不断为线下渠道带来增量，引领合作的线下门店走向新的增长曲 线。 仙瑟荣登"未来100皮肤健康未来百强企业榜单" " 我们希望在科盟的助力下，对皮肤医学，对医研共创有更好的前沿性的学习，我们尊重每一 个学者，尊重他们在学术领域的付出，他们让企业的研发有了新的方向，让美妆企业有了更强 的创新力。 " 在创新联盟大会上，仙瑟品牌创始人薛永红在央视网的采访中展示了医研共创专业品牌的底层 研发模型。 仙瑟品牌创始人薛永红接受央视网采访 " 我们会根据消费者的真实需求做研发。 "在薛永红看来，" 过去品牌依据原料 ...

Core Insights - Despite short-term pressures, the Chinese consumer market remains large and diverse, presenting opportunities for companies with clear product positioning [2] - Understanding Chinese consumers is crucial, as their purchasing power is a key driver of economic growth and corporate expansion [2] Consumer Trends - The post-1995 generation, while only about 20% of the population, contributes approximately 40% of consumption, with their spending expected to grow by about 400% to 16 trillion RMB by 2035 [3] - This demographic values self-expression and authentic experiences, favoring experiential consumption such as travel and concerts, and they are significant contributors to luxury goods spending [3] - The average age of high-end consumers in China is only 29, indicating a young market with increasing purchasing power due to wealth inheritance [3] Market Dynamics - Local brands are gaining market share across various sectors, including electric vehicles, beauty products, and collectibles, due to their better understanding of Chinese consumers and competitive pricing [4] - The luxury goods sector is also witnessing a shift towards high-quality, creative brands that reflect Chinese craftsmanship [4] - The jewelry market, characterized by a large capacity and relatively few international competitors, presents opportunities for brands that emphasize cultural and artisanal value [4] Travel and Consumption - The rapid recovery of outbound tourism is expected to impact domestic luxury consumption, as international flight capacity has reached approximately 93% of pre-pandemic levels, with a 20% year-on-year increase in international passenger flights from January to August [4] - The growth of outbound tourism aligns with the demand for experiential consumption, although it may divert some spending from domestic luxury markets [4] Long-term Outlook - The continuous growth of local brands and the recovery of outbound tourism indicate a diversification of the Chinese consumer market [4] - The increasing purchasing power of the post-1995 generation suggests a positive long-term outlook for the Chinese consumption market, despite short-term challenges [4]

行 华福证券 社会服务 2025 年 12 月 02 日 业 研 究 行 业 定 期 报 社会服务 关注本周多部门促消费政策主线 投资要点： 美护：k 型消费趋势明显，关注高端与性价比赛道。 据久谦平台数据，2025 年 1-10 月美妆国内线上（天猫+抖音）销 售额约为 2170.8 亿元，同比增速 6.1%，其中 2025 年 10 月销售额约为 413.81 亿元，同比增速-1.0%，环比增速为 149%。 零售及潮玩：线下业态中长期关注胖改业态下有望率先对上游品牌商 形成议价权的零售商，K 型消费叠加消费旺季有望带来高端百货流量回归。 告 据久谦平台数据，2025 年 1-10 月潮玩板块国内线上（天猫+京东+ 抖音）销售额约为 6644.3 百万元，同比增速 65%，其中 2025 年 10 月 销售额约为 873.8 百万元，同比增速 21%，环比增速为 45%。 文旅：出行链下半年关注海南免税与旅游公司资产收并购两条主线。 海南离岛免税政策方面，近期财政部等国家部委研究制定并出台 《关于调整海南离岛旅客免税购物政策的公告》，为激发海南消费市 场潜能注入新动力、拓展新空间，核心包括品类拓展等利好政 ...

Core Insights - A new company, Changsha Fenfenxiong Beauty Co., Ltd., has been established with a registered capital of 100,000 RMB [1] Company Overview - The legal representative of the company is Hua Haibo [1] - The business scope includes general projects such as internet sales (excluding goods that require permits), wholesale and retail of cosmetics, sales of sanitary products and disposable medical supplies, and various daily necessities [1] - Additional activities include professional design services, supply chain management services, and daily life services for residents [1] Industry Implications - The establishment of this company indicates a growing trend in the beauty and personal care industry, particularly in online sales and diversified product offerings [1] - The inclusion of various sales categories, such as hair accessories and home goods, suggests a strategic approach to capture a broader market segment [1]