五大分论坛则如同一部"中国美妆全链路创新图鉴"，从香氛、原料、洗护，到功效验证、AI 美妆、医 研共创、眼部赛道技术，分享"行业真正想听"、"品牌真正要做"的内容。 12月6日，为期三日的2025第十七届五省一市日化联合会议暨CICE中国国际化妆品产业发展促进大会圆 满落下帷幕。大会以"超强阵容、全链联动、热点议题齐聚"之势，围绕"妆启东方·美共未来"主题，开 展"1场主论坛+5场分论坛"结合美妆企业展，唱响年度美妆行业"压轴大戏"。 e通世界产业园及园区美妆护肤企业携前沿成果与解决方案集中亮相企业展区，同期布展的还有品牌 方、医疗机构、科研院所、检测机构、供应链企业、政府平台等各界创新主体，协力共建"中国美妆产 业年度协作场"。 五省一市共建共享 贯通美妆产业创新全链路 中国美妆行业正迎来高质量发展的"黄金时代"。2024 年，中国化妆品市场交易总额达到10738亿元人民 币，同比增长2.8%，展现出强大的消费潜力和发展韧性。在全国格局中，五省一市(上海、广东、福 建、浙江、江苏、山东)是中国化妆品产业最具实力的核心集群，构成了中国化妆品产业链最完整、最 具活力的板块。 大会主论坛汇集了年度最强"美妆智库" ...

天眼查App显示，近日，内黄县桁聪化妆品有限公司成立，法定代表人为吴银聪，注册资本10万人民 币，经营范围为一般项目：化妆品零售；化妆品批发；卫生用品和一次性使用医疗用品销售；个人卫生 用品销售；生物化工产品技术研发；生物基材料技术研发；生物质能技术服务；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；母婴生活护理（不含医疗服务）；美发饰品销售；日用百 货销售；办公用品销售；文具用品零售；体育用品及器材零售；电子产品销售；健康咨询服务（不含诊 疗服务）；个人互联网直播服务；广告制作；广告发布；广告设计、代理；市场营销策划；食品互联网 销售（仅销售预包装食品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，潍坊澳煊化妆品有限公司成立，法定代表人为丁心然，注册资本50万人民币， 经营范围为一般项目：化妆品零售；日用百货销售；互联网销售（除销售需要许可的商品）；针纺织品 及原料销售；服装服饰零售；家用电器销售；信息咨询服务（不含许可类信息咨询服务）；化妆品批 发；保健食品（预包装）销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；日 用品销售；日用品批发；日用化学产品销售；教育咨询服务（不含涉许可审批的教育培训活动）；卫生 用品和一次性使用医疗用品销售；品牌管理；信息技术咨询服务；个人卫生用品销售。（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）许可项目：互联网直播技术服务；卫生用品和一次性 使用医疗用品生产。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

智通财经APP获悉，瑞银发布研报称，将巨子生物(02367)评级由"买入"降至"中性"，主要因短期收入及 利润前景的不确定性增加。同时，将2025至27年盈利预测下调25%至41%，期内收入预测降介乎20%至 36%，目标价由79.5港元大削至39.5港元。 报告指，现时市场竞争加剧，出现其他定价更具吸引力且同样以重组胶原蛋白为核心成分的护肤品牌或 产品。虽然公司产品创新快速，但明年新产品是否能成功仍存在不确定性。另外，在竞争加剧及营销效 率减弱的环境下，要维持高盈利能力或具挑战。在营销效率减弱及经营去杠杆下，瑞银料巨子生物净利 润率面对2至3个百分点的蚕食。 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 109.78, based on a PE valuation of 30 times for 2025 [4]. Core Insights - The company is a leading player in China's beauty and personal care industry, with a multi-brand matrix covering skincare, baby care, and hair care segments. The main brand, Han Shu, has rapidly expanded its presence on platforms like Douyin, achieving significant revenue growth [2][3]. - The company is expected to achieve revenue of CNY 67.93 billion in 2024, representing a year-on-year growth of 62.1%, with a net profit of CNY 7.81 billion, up 69.4% [14]. - The growth strategy is supported by a strong brand operation methodology, focusing on market-driven brand positioning, precise consumer targeting, and innovative marketing strategies [3][39]. Summary by Relevant Sections Company Highlights - The company has a multi-brand strategy with a focus on online sales, achieving nearly 93% online sales in the first half of 2025. The main brand, Han Shu, is projected to generate revenue of CNY 55.91 billion in 2024, a growth of 80.90% year-on-year [2]. - New brands like Yi Ye are experiencing rapid growth, with projected annual growth rates of 498% for 2023/2024 and 146% for the first half of 2025 [2]. Investment Logic - The company is expected to see significant growth in its three main segments: skincare, baby care, and hair care. Han Shu is projected to exceed CNY 10 billion in revenue within three years, while Yi Ye is expected to maintain a compound annual growth rate of over 50% [3]. - The baby care brand Yi Ye is leveraging a unique "medical research co-creation" model, while the hair care segment is expected to produce major brands through clear positioning and effective marketing strategies [3]. Profit Forecast, Valuation, and Rating - The forecasted EPS for 2025, 2026, and 2027 is CNY 2.68, CNY 3.33, and CNY 4.09 respectively, with a projected valuation of 24 times for 2026. The strong growth potential of the multi-brand strategy supports the "Buy" rating [4]. - The company is expected to achieve a return on equity (ROE) of 41.92% in 2025, indicating strong profitability [8].

Group 1 - The core viewpoint of the article indicates that 巨子生物 (Giant Bio) is experiencing significant sales pressure during the Double Eleven shopping festival, with a notable decline in sales for its Comfy brand on platforms like Tmall and Douyin, down 20% and 50% year-on-year respectively [1][1][1] - 招银国际 (CMB International) has revised its revenue growth forecast for the company for 2025/26 down to -3.5% and 13.6% due to short-term pressures on 可复美 (Kefumei) [1][1][1] - 中信证券 (CITIC Securities) has also adjusted its revenue and profit forecasts for 2025, citing the impact of the industry environment and corporate operational decisions on sales performance during Double Eleven [1][1][1] Group 2 - Despite the current challenges, the company possesses solid brand assets and operational structural highlights, indicating potential for future growth [1][1][1] - The company has a clear short, medium, and long-term strategy, with 可复美 aiming for a revenue target of 10 billion and a well-defined plan across products, operations, and channels [1][1][1] - 可丽金 (Kailijin) is expected to launch new products while undergoing brand rejuvenation, with the potential to create a second OTC blockbuster brand [1][1][1]

智通财经APP获悉，巨子生物(02367)再跌超3%，截至发稿，跌2.93%，报35.14港元，成交额2.36亿港 元。 中信证券发布研报称，受行业大环境和企业运营决策取舍的影响，巨子生物双十一销售承压，下调2025 年收入、利润预测；同时，公司品牌资产扎实，运营存在结构性亮点。展望未来，公司短、中长期思路 清晰，可复美制定百亿收入目标并从产品/运营/渠道上制定了清晰的规划，可丽金推新的同时将进行品 牌重塑，可预有望打造第二个OTC爆款品牌。 消息面上，巨子生物在双十一期间销售受压，据管理层数据，Comfy品牌在天猫及抖音的销售分别同比 下降20%及50%。招银国际发布研报称，由于可复美短期承压，该行将公司2025/26年收入预测增速下调 至-3.5%及13.6%。报告指，"双十一"期间，公司的销售承压，主要由于达播的销售表现不及预期。 ...

中信证券发布研报称，受行业大环境和企业运营决策取舍的影响，巨子生物(02367)双十一销售承压， 下调2025年收入、利润预测;同时，公司品牌资产扎实，运营存在结构性亮点。展望未来，公司短、中 长期思路清晰，可复美制定百亿收入目标并从产品/运营/渠道上制定了清晰的规划，可丽金推新的同时 将进行品牌重塑，可预有望打造第二个OTC爆款品牌。调整2025年收入和利润预测分别至54.9亿元/19.3 亿元，调整经调归属净利润预测至19.8亿元，给予2026年20x PE，目标价44港元，维持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that due to industry environment and corporate operational decisions, Juzhi Biotechnology (02367) faces sales pressure during the Double Eleven shopping festival, leading to a downward revision of revenue and profit forecasts for 2025 [1] Group 1: Financial Forecasts - The revenue forecast for 2025 has been adjusted to 5.49 billion yuan, and the profit forecast has been revised to 1.93 billion yuan [1] - The adjusted net profit attributable to shareholders is projected to be 1.98 billion yuan [1] Group 2: Brand and Operational Insights - The company has solid brand assets and structural operational highlights, indicating potential for future growth [1] - The company has a clear short, medium, and long-term strategy, with a goal to achieve 10 billion yuan in revenue and a well-defined plan across products, operations, and channels [1] - Keli Jin is expected to undergo brand rejuvenation while launching new products, aiming to create a second OTC blockbuster brand [1] Group 3: Valuation and Rating - A price-to-earnings ratio of 20x is assigned for 2026, with a target price set at 44 HKD [1] - The rating is maintained at "Buy" [1]

近日(12月8日)，美妆科普博主麻瓜对言之有物50%玻色因面霜宣传图的问题提出质疑，在社交媒体引发了广泛关注和热议。 △图源：小红书 在这则笔记中，麻瓜爆料称，上述品牌50%玻色因面霜的产品详情页中，使用了来源于网络的外国人对比图进行产品功效展示，且图中人物"连发丝走向 都是一样的"，由此他对其功效宣称真实性产生了怀疑。 再结合宣传图中最后一行小字(上述人脸图片来源于网络，非功效测试人脸图)来看，对此麻瓜指出，这是品牌"故意拿网络图P图，夸大使用前后对比，再 到最后'藏'一个免责声明，说自己仅为网络P图，不是真的功效图"，以此逃避追责。 △图源：小红书 针对该事件，言安堂CEO赵国庆随即作出回应："详情页面不严谨，已经内部整改"，并表示"达人指出了问题，我们虚心接受，愿意接受行业监督。" △图源：小红书 而除盗用网络图这一问题外，在上述笔记发布及品牌方作出回应后不久，另一小红书博主"今天美妆又有瓜了"也针对此事提出了关于擦边球宣称、玻色因 数字游戏的两点质疑。 | | 擦边球宣称，P图造假 | | --- | --- | | | 以及玻色因数字游戏 | | 胶据查看 | | | 【产品编辑】 | 即日到时刻是 ...