香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及香港中央結算有 限公司（「香港結算」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 除 本 公 告 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 上 海 林 清 軒 化 妝 品 集 團 股 份 有 限 公 司（「本 公 司」）所刊發日期為2025年12月18日（星 期 四）的招股章程（「招股章程」）所界定者具有相 同 涵 義。 本 公 告 僅 供 參 考，並 不 構 成 任 何 人 士 收 購、購 買 或 認 購 本 公 司 任 何 證 券 的 要 約 或 誘 使 作 出 要 約 的 邀 請。本 公 告 並 非 招 股 章 程。有 意 投 資 者 於 決 定 是 否 投 資 發 售 股 份 前，應 細 閱 招 股 章 程，以 了 解 下 文 所 述 ...

Core Viewpoint - Water Sheep Co., Ltd. announced the approval of the proposal regarding expected daily related transactions for the year 2026 during the fifth temporary meeting of the fourth board of directors in 2025 [2] Group 1 - The company held a board meeting to discuss and approve future related transactions [2]

Core Points - The announcement outlines tax deductions for advertising and promotional expenses for specific industries, including cosmetics, pharmaceuticals, and non-alcoholic beverages, allowing deductions up to 30% of annual sales revenue [1] - Companies can share advertising and promotional expenses through agreements, allowing for flexibility in tax deductions between related entities [1] - Tobacco companies are explicitly prohibited from deducting advertising and promotional expenses from taxable income [1] - The new regulations will be effective from January 1, 2026, to December 31, 2027, replacing previous guidelines [1] Summary by Category Tax Deductions - Advertising and promotional expenses for cosmetics, pharmaceuticals, and non-alcoholic beverage companies can be deducted up to 30% of annual sales revenue [1] - Any expenses exceeding this limit can be carried forward to future tax years for deduction [1] Related Party Agreements - Related companies can enter into agreements to share advertising and promotional expenses, allowing one party to deduct expenses within the allowable limit while the other can also benefit from the shared expenses [1] Tobacco Industry - Tobacco companies are not allowed to deduct any advertising and promotional expenses when calculating taxable income [1] Implementation Timeline - The new tax deduction rules will be in effect from January 1, 2026, to December 31, 2027, and will replace the previous announcement from 2020 [1]

Core Viewpoint - The company has completed its restructuring plan, which is expected to positively impact its financial status for the year 2025, with specific effects to be determined by the audited financial statements for that year [1] Group 1 - On December 29, 2025, the company received a civil ruling from the Intermediate People's Court of Xiangyang City, Hubei Province, terminating its restructuring process [1] - As of the date of the announcement, the company's restructuring plan has been fully executed [1] - The management has issued a supervision report on the execution status, and the law firm has provided a legal opinion confirming the completion of the restructuring plan [1] Group 2 - The completion of the restructuring plan is anticipated to have a positive effect on the company's financial condition for the fiscal year 2025 [1] - The specific financial impact will be based on the audited financial report data for the year 2025 [1]

Core Insights - The Chinese cosmetics industry has transitioned from a "channel-driven" model to a "dual-driven" model focusing on brand and efficacy, marking a new phase of high-quality development [1] Group 1: Industry Trends - Three core trends are reshaping the market landscape by 2025: deep technological integration, precise consumer demand, and the rise of domestic brands [3] - Technology is no longer just a marketing gimmick but has become a core competitive advantage for brands, enhancing the entire industry chain from R&D to production and consumer matching [3] Group 2: Technological Advancements - The "Holographic AI Sensory System" developed by Huaxizi in collaboration with universities quantifies user experience through brainwave and eye movement monitoring, reducing R&D cycles from 18 months to 8 months with a 30% increase in success rates [5] - Domestic companies are increasing R&D investment by 35% year-on-year, achieving breakthroughs in areas like peptide synthesis and biomanufacturing, with domestic production of key ingredients like hyaluronic acid and collagen exceeding 70% globally [7] Group 3: Market Dynamics - The functional skincare market is projected to reach 210 billion yuan by 2025, accounting for 42% of the overall skincare market, with anti-aging and repair products growing over 30% [6] - The Z generation is driving a 40% growth in niche domestic brands, while the 35-55 age group is pushing the high-end anti-aging market share to 38% [8] Group 4: Regulatory Environment - The revised "Cosmetics Efficacy Claim Evaluation Standards" will phase out "conceptual claims," making compliance a baseline for brand survival [10] - The integration of online and offline sales channels has led to a breakthrough of 350 billion yuan in live e-commerce sales, with offline beauty stores enhancing conversion rates by 22% through skin testing services [11] Group 5: Domestic Brand Growth - By 2025, domestic brands are expected to capture 58% of the cosmetics market share, surpassing foreign brands for the first time, driven by a combination of technology and cultural empowerment [12] - Brands like Winona and Proya are establishing a strong foothold through solid R&D, while luxury brands are achieving breakthroughs in green raw materials [12][15] Group 6: Export Opportunities - Continued policy support for quality domestic brands and optimized import-export policies are expected to facilitate smoother international expansion, with cosmetic exports projected to reach 85 billion yuan, a 28% increase [17] Group 7: Future Outlook - In 2025, technology will be the primary productivity driver, efficacy will be the core passport, and culture will serve as the differentiating soul of brands [19] - The rise of domestic brands is seen as a result of industrial upgrades, technological breakthroughs, and consumer awakening, emphasizing the need for brands to possess R&D capabilities, precise insights, and cultural depth to thrive in a competitive landscape [20]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced new tax deduction rules for advertising and business promotion expenses for certain industries, effective from January 1, 2026, to December 31, 2027 [1] Group 1: Tax Deduction Rules - Advertising and business promotion expenses for cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcoholic beverages) can be deducted up to 30% of the annual sales revenue [1] - Any expenses exceeding the 30% threshold can be carried forward to future tax years for deduction [1] Group 2: Exclusions - Tobacco companies are explicitly prohibited from deducting any advertising and business promotion expenses when calculating taxable income [1]

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" 截至发稿，福瑞达市值为75亿元。 每经AI快讯，福瑞达（SH 600223，收盘价：7.35元）12月29日晚间发布公告称，公司第十二届2025年 第五次董事会临时会议于2025年12月29日以通讯方式召开。会议审议了《关于公司2026年度日常关联交 易预计发生金额的议案》等文件。 2025年1至6月份，福瑞达的营业收入构成为：化妆品占比61.13%，物业出租占比16.37%，药品占比 11.57%，添加剂占比9.98%，其他业务占比0.95%。 （记者 王晓波） ...

Core Viewpoint - The announcement by the Ministry of Finance and the State Administration of Taxation outlines new tax deduction rules for advertising and promotional expenses for specific industries, allowing deductions up to 30% of annual sales revenue, with provisions for carryover of excess amounts to future tax years [1][2]. Group 1: Tax Deduction Rules - Advertising and promotional expenses for cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcoholic beverages) can be deducted up to 30% of the annual sales revenue [1]. - Any expenses exceeding the 30% threshold can be carried forward to subsequent tax years for deduction [1]. Group 2: Related Party Agreements - For related enterprises that have signed a cost-sharing agreement, advertising and promotional expenses that do not exceed the annual sales revenue deduction limit can be deducted by either party, or allocated to the other party as per the agreement [2]. - The receiving party can exclude the allocated advertising and promotional expenses from their own deduction limit calculations [2].

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration outlines new tax deduction rules for advertising and business promotion expenses for specific industries, effective from January 1, 2026, to December 31, 2027 [1] Group 1: Tax Deduction Rules - For cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcoholic beverages), advertising and business promotion expenses are deductible up to 30% of the annual sales revenue; any excess can be carried forward to future tax years [1] - Related enterprises that sign a cost-sharing agreement can deduct advertising and business promotion expenses within the allowable limit, either in the entity that incurred the expense or allocated to another entity as per the agreement [1] - Tobacco enterprises are prohibited from deducting any advertising and business promotion expenses when calculating taxable income [1] Group 2: Implementation Period - The new rules will be in effect from January 1, 2026, to December 31, 2027, and will replace the previous announcement (Announcement No. 43 of 2020) starting from the same date [1]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced new tax deduction policies for advertising and business promotion expenses for specific industries, effective from January 1, 2026, to December 31, 2027 [1]. Group 1: Tax Deduction Policies - Companies in the cosmetics manufacturing or sales, pharmaceutical manufacturing, and beverage manufacturing (excluding alcoholic beverages) sectors can deduct advertising and business promotion expenses that do not exceed 30% of their annual sales revenue [1]. - Any advertising and business promotion expenses exceeding the 30% threshold can be carried forward to future tax years for deduction [1]. - For related enterprises that have signed advertising and business promotion expense sharing agreements, expenses within the deduction limit can be allocated between the parties involved [1]. Group 2: Specific Exclusions - Tobacco companies are explicitly prohibited from deducting any advertising and business promotion expenses when calculating taxable income [1].