"十五五"规划建议明确提出"加快高水平科技自立自强"，并将"科技自立自强水平大幅提高"列入"十五 五"时期经济社会发展的主要目标之一，始终把科技创新摆在国家战略核心位置。而科技创新也正是珀 莱雅公司自创立以来持续深耕的核心驱动力。 "十五五"规划建议将"加快经济社会发展全面绿色转型，建设美丽中国"列为"十五五"时期核心战略任 务。珀莱雅股份始终将绿色可持续发展作为企业责任与战略，深度锚定"美丽中国"建设要求，全面推进 从生产到消费的全链条绿色发展。 数据显示：2024年，公司研发投入达2.1亿元，同比增长21.21%，研发团队的人数达389人。目前，公司 已在杭州、上海和巴黎设立三大研发与科创中心，逐步构建起"本土需求响应+国际技术协同"的创新网 络，持续夯实全球科研根基。 据2025年半年报披露，公司已累计拥有专利240项，其中包括国家授权发明专利124项、实用新型专利22 项及外观设计专利94项。在行业标准建设方面，公司至今已参与制定国家标准21项、行业标准6项，持 续引领行业规范与发展。 党的二十届四中全会审议通过的"十五五"规划建议，明确提出"坚持把发展经济的着力点放在实体经济 上，坚持智能化、绿色化 ...

天眼查App显示，近日，滕州奢养悦颜化妆品有限公司成立，法定代表人为刘燕，注册资本10万人民 币，经营范围为一般项目：化妆品零售；日用百货销售；卫生用品和一次性使用医疗用品销售；互联网 销售（ 除销售需要许可的商品）；食品销售（仅销售预包装食品）；保健食品（预包装）销售；远程 健康管理服务；健康咨询服务（不含诊疗服务）；食品互联网销售（仅销售预包装食品）；信息咨询服 务（不含许可类信息咨询服务）；包装服务；办公设备销售。（ 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：生活美容服务；食品销售。（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）。 ...

Core Insights - The article highlights the November complaint handling red and black list released by the Black Cat Complaint platform, reflecting the complaint resolution status of various companies [1][14]. Group 1: Complaint Statistics - As of the end of November 2025, the Black Cat Complaint platform has received over 31.16 million valid consumer complaints, with more than 800,000 valid complaints in November alone [1][14]. - The red and black lists categorize companies based on their complaint handling performance and include a "most concerned areas list" to provide consumers with valuable references [1][14]. Group 2: Notable Complaints - Consumers reported issues with Taobao's promotional mechanisms, citing complex rules, frequent price changes, and difficulties in applying for price protection [2][15]. - CHIGO's small freezer was criticized for falsely advertising a capacity of 72 liters, while the actual measured capacity was less than 35 liters, leading to 1,217 complaints with a response rate of only 37.93% [3][16]. - NewBalance faced complaints regarding shoes that showed quality issues after minimal use, with a total of 1,910 complaints and a response rate of 0% [4][17]. - NARS was reported for refusing to accept returns of unopened cosmetics, with consumers facing obstacles in the refund process due to lack of proper communication from the seller [5][18][19]. - Consumers reported difficulties with NVC lighting products, where the company shifted the burden of quality issues onto consumers, requiring them to handle product returns and installation risks [6][20]. - Jitu Express was criticized for failing to provide pickup codes, leading to poor customer experiences and a response rate of 0% in the last 30 days [7][21]. Group 3: Industry Performance Rankings - The November red and black lists for various industries included: - **Shared Services**: Blacklist included companies like Guangyu Koste and Wisdom Xiaolian, while the whitelist featured companies like Hello and Monster Charging [8][22]. - **Shopping Platforms**: Taobao Mall and Tmall were on the blacklist, while Heart Joy Mall and Tmall Supermarket were on the whitelist [8][22]. - **Travel and Accommodation**: Companies like Shenzhen Airlines and Agoda were blacklisted, while Chengdu Ocean Travel and Ctrip were recognized on the whitelist [8][22]. - **Entertainment and Lifestyle**: WeChat and Tencent were blacklisted, while iQIYI and Cloud Technology were on the whitelist [8][22]. - **Education and Training**: Companies like Zhonggong Education and Duolingo were blacklisted, while companies like Henan Zhong'an and Yuantong were on the whitelist [8][23].

天眼查App显示，近日，安国市承香手作商贸中心（个体工商户）成立，法定代表人为陈泽，注册资本 10万人民币，经营范围为一般项目：化妆品批发;化妆品零售;个人卫生用品销售;互联网销售（除销售需 要许可的商品）;工艺美术品及收藏品零售（象牙及其制品除外）;日用化学产品销售;工艺美术品及礼仪 用品销售（象牙及其制品除外）;保健食品（预包装）销售;日用品销售;个人互联网直播服务;互联网设 备销售;食品互联网销售（仅销售预包装食品）;食品销售（仅销售预包装食品）;日用陶瓷制品销售;珠 宝首饰批发;宗教场所用品销售;网络技术服务;信息技术咨询服务;网络设备销售;组织文化艺术交流活动; 中草药收购;地产中草药（不含中药饮片）购销;传统香料制品经营;珠宝首饰零售（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）。 ...

Core Insights - The Chinese beauty industry is entering a new phase of policy explosion, with over 102 new regulations released since 2025, covering key aspects such as raw material innovation, registration, quality supervision, and personalized services, indicating a strategic shift from a "cosmetic manufacturing country" to a "cosmetic powerhouse" [1][71][96] Industry Overview - The total transaction value of the Chinese cosmetics market is projected to reach 1,073.822 billion yuan in 2024, making it the largest consumer market globally [4][71] - As of October 2025, there are over 20,000 registered cosmetic companies and 2,291,000 registered ordinary cosmetics in China [4][71] Regional Policies - Major production areas like Guangdong, Shanghai, Hainan, and Zhejiang have introduced targeted policies that leverage local industrial advantages, focusing on compliance and industry empowerment [4][72] - Guangdong has implemented a "strict regulation + strong support" policy, enhancing production compliance and providing substantial financial incentives for innovation [26][91] - Shanghai emphasizes its role as a "R&D hub + international window," with policies aimed at brand cultivation and innovation support [93] Specific Initiatives - Guangdong's policies include a one-time funding of up to 1 million yuan for approved national key laboratories and 100,000 yuan for new raw material registrations [92] - Shanghai's measures offer up to 200,000 yuan for new raw materials and 3 million yuan for projects promoting "Shanghai-made brands" [93][81] - Hainan is focusing on developing local resources like pearls and coconuts, with a special support policy for the cosmetics industry, offering up to 30 million yuan in direct funding [94][87] Regulatory Reforms - The National Medical Products Administration (NMPA) has released 20 core new policies since 2025, focusing on deepening regulatory reforms and activating innovation [96][97] - Key reforms include the introduction of a risk monitoring and evaluation management method, which shifts regulatory focus from post-event handling to proactive prevention [34][98] - The NMPA aims to achieve an internationally advanced level of cosmetic quality and safety regulation by 2035, with 24 reform measures targeting raw material innovation and registration efficiency [96][98] Technical Standards - The China National Institute of Standardization has published at least 65 technical standards and guidelines for cosmetics this year, providing essential technical support for regulatory compliance [53][54] - These standards aim to fill critical gaps in the regulatory framework, ensuring quality control and safety in the cosmetics market [53][54]

FLEER CA 本 20 HELENA RUBINSTEIN 增资高德美 收购、投资，欧莱雅正在用一切可行的办法扩大版图，抢占市场份额。近日，欧莱雅官方发布消息称，从由EQT牵头的财团手中收购高德美额外10%的股 权。在更早的10月，欧莱雅刚刚斥资40亿欧元拿下开云集团多个奢侈品品牌美妆授权；11月，欧莱雅再投国产护肤品牌LAN兰……这背后或许是欧莱雅正 在面临的增长放缓现实情况。 此次交易完成后，欧莱雅对高德美的持股比例将增至20%。早在2024年底，欧莱雅收购了高德美10%的股权。欧莱雅官方披露的信息中，并没有透露此次增 持的具体金额。不过欧莱雅方面透露，鉴于投资增加，高德美董事会将考虑从2026年年度股东大会起，提名2名来自欧莱雅的非独立董事候选人，以取代由 EQT领导的财团。 欧莱雅看中的不只是医美赛道。近年来，欧莱雅正在构建足够涵盖高奢、大众、护肤、美发等全场景的美妆体系。不论是对医美赛道的势在必得，还是对高 奢美妆的加持，以及对中国更具发展潜力的护肤品牌的投资，都在推动欧莱雅向更丰富的阵容、更完整的版图挺进。 今年10月，欧莱雅宣布与开云集团在高端美容与健康领域建立长期战略合作关系，涉及收购Cr ...

Investment Rating - The report does not explicitly provide an investment rating for the cosmetics new ingredients industry in China Core Insights - The report aims to systematically outline the development status and core characteristics of the new cosmetic ingredients industry in China, analyzing the definition management, efficacy orientation, filing patterns, and technological trends to provide valuable insights for industry participants to grasp R&D directions and optimize strategic layouts [3] Summary by Sections Overview of China's Cosmetic Ingredients - Cosmetic ingredients are the core foundation and value source throughout the entire industry chain, with innovation directly determining the efficacy, safety thresholds, and market competitiveness of end products. China implements a dual-track management system for new cosmetic ingredients, providing a clear regulatory pathway for ingredient innovation while imposing higher safety and efficacy requirements [7] - The analysis indicates that due to abundant local plant resources, natural and mild plant extracts have become mainstream, with maintaining skin barrier and antioxidant properties being two major functional claims. The industry shows a dual-track development path, rapidly following mature ingredients validated in international markets while actively exploring cross-application of food-grade materials [7][8] Overview of China's Cosmetic Filing New Ingredients - The data shows that chemical ingredients account for 46.0%, plant ingredients for 30.7%, biotechnology ingredients for 20.0%, and animal ingredients for 3.3% of the new filing ingredients in China. Chemical synthesis remains the dominant force in upstream development due to its advantages in formula stability, process maturity, and cost control [29] - The leading functions of these ingredients include skin protectants and antioxidants, which account for 43.0%, followed by moisturizers at 17.3% and anti-wrinkle agents at 9.0%. The focus of cosmetic R&D has shifted from superficial modification to maintaining and enhancing skin health [29][28] Development Trends of China's Cosmetic New Ingredients - Biomanufacturing technologies, including microbial fermentation, genetic engineering, enzyme engineering, and tissue culture, are profoundly influencing traditional chemical ingredient production methods, driving the transformation of cosmetic ingredients towards greener, low-carbon, and high-efficiency directions [7] - Despite facing adjustment pressures in end-consumer demand, the continuous growth of disposable income among residents lays a solid foundation for consumption upgrades. This demand will continue to compel upstream ingredient sectors to innovate substantively to activate potential consumer needs [7][41]

Core Viewpoint - The implementation of supportive policies in Zhejiang Province is accelerating the development of the cosmetics industry, enhancing confidence among local enterprises to innovate and develop new products [1][3]. Group 1: Policy Initiatives - Multiple favorable policies were announced at the "2025 Zhejiang Province Cosmetics Industry Innovation Development" conference, aimed at speeding up the growth of the cosmetics sector [1]. - The "Zhejiang Beauty 18 Measures" and the "Zhejiang Province Cosmetics Filing Management 'Empowerment' Reform Work Plan" were introduced to deepen regulatory oversight and support high-quality industry development [1][3]. Group 2: Industry Performance - Zhejiang Province's cosmetics industry ranks among the top in the country in terms of industry scale, brand competitiveness, and export share, indicating a strong industrial foundation [1]. - Over 60% of cosmetics production enterprises in Zhejiang are located in Jinhua, which has 437 cosmetics production companies and achieved an export value of 7.49 billion yuan from January to October this year, accounting for 15% of the national share [3][4]. Group 3: Innovation and Support Measures - The Zhejiang Provincial Drug Administration introduced four key measures to enhance enterprise experience, including direct handling of filings at the county level and expedited review processes for domestic cosmetics [3]. - A pilot program for facilitating cosmetics import and export trade was launched in Jinhua, aiming to establish it as a leading hub for trade facilitation in the cosmetics sector [4].

根据《化妆品监督管理条例》《化妆品生产经营监督管理办法》《化妆品抽样检验管理办法》，国家药 品监督管理局已要求上海、山东、广东等省（市）药品监督管理部门对上述不符合规定化妆品涉及的注 册人、备案人、受托生产企业等依法立案调查，责令相关企业依法采取风险控制措施并开展自查整改。 各省（区、市）药品监督管理部门要依法责令相关化妆品经营者停止经营上述化妆品，并依法调查其进 货查验记录等情况，对违法产品进行追根溯源，发现违法行为的，依法严肃查处；涉嫌犯罪的，依法移 送公安机关。 央视网消息：国家药监局12月9日发布通告，在2025年国家化妆品抽样检验工作中，经浙江省食品 药品检验研究院等单位检验，产品标签标示名称为诗朗生姜去屑修护洗发露等37批次化妆品不符合规 定。 ...

Core Viewpoint - The article highlights the impressive financial performance and high profit margins of Shanghai Linqingxuan Cosmetics Group Co., Ltd, a Chinese skincare brand, which is preparing for an IPO in Hong Kong. The company has achieved significant revenue growth and maintains a high gross margin, indicating strong market positioning and brand appeal [2][4]. Financial Performance - The company reported a gross margin of 81.2% in 2023, projected to reach 82.5% in 2024, with a mid-year gross margin of 82.4% [4]. - Revenue over the past three years has shown substantial growth: 690 million yuan, 805 million yuan, and 1.21 billion yuan, with net losses and profits fluctuating. The latest mid-year results show a revenue increase of 98% to 1.052 billion yuan and a profit increase of 110% to 182 million yuan [4]. - Despite high gross margins, the net profit margin was only 15% last year and 17% in the first half of this year, primarily due to high marketing and promotional expenses [4]. Product and Brand Strategy - Linqingxuan focuses on high-end skincare products, with its flagship product being camellia oil, which has sold over 45 million bottles since its launch [2][4]. - The company invests significantly in marketing, with sales and distribution expenses reaching 689 million yuan last year and 580 million yuan in the first half of this year, emphasizing brand image and lifestyle marketing [5]. - The brand has engaged various celebrities for endorsements and utilizes family members in promotional activities to enhance visibility and market presence [5]. Competitive Positioning - Linqingxuan has positioned itself as a challenger to international brands like Chanel, claiming that Chanel's new products mimic its offerings. The company has also launched a high-priced perfume to signal its premium positioning in the market [6]. - The brand's marketing strategies have included bold claims about product efficacy, which have led to regulatory fines, indicating a willingness to push boundaries in brand promotion [7]. Market Outlook - The recent revenue and profit growth suggest that the company is on the right track, but the sustainability of this growth and market acceptance remains to be seen [8].