每经记者｜宋美璐 每经编辑｜董兴生 ｜ 2025年7月14日 星期一 ｜ NO.1 欧莱雅否认香港办事处关闭及裁员传闻 7月11日，针对近期有关"欧莱雅计划将香港办事处与内地业务合并，导致逾200名员工被裁"的传闻，欧 莱雅中国予以否认，称报道失实。欧莱雅表示，为应对不断变化的市场环境和消费者需求，集团会持续 评估并优化在全球和本土市场的组织架构，以确保其与时俱进。 点评：在全球消费市场多变、成本压力加剧的大背景下，企业组织架构调整已成常态。虽然欧莱雅未正 面回应是否会裁员，但强调"持续优化"也释放出调整预期。对跨国企业而言，如何在战略整合与员工稳 定间取得平衡，成为舆论关注焦点。 NO.2 "BilibiliWorld 2025"预计三天观展人次达30万 7月11日至13日，"BilibiliWorld 2025"在上海举行，定位为亚洲规模最大的二次元综合性展会，共计24万 平方米展出面积，吸引700个以上展商、1000余位全球UP主报名参与，预计三天整体观展人次达30万。 第一轮开票35秒售罄，第二轮开票6秒售罄。 点评："BilibiliWorld 2025"盛大举办，再次印证二次元经济的强劲号召力。B ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the rapid growth of instant retail, with daily order volumes for Taobao Flash Sale and Meituan Flash Sale reaching new highs, indicating a competitive landscape among major platforms [5][25] - The report emphasizes the shift in the instant retail industry from speed competition to comprehensive strength competition, driven by significant investments from major e-commerce platforms [26] - The report suggests focusing on high-quality companies in high-growth sectors driven by emotional consumption themes [8][29] Summary by Sections Retail Market Review - The retail industry index rose by 2.20% during the week of July 7 to July 11, outperforming the Shanghai Composite Index by 1.11 percentage points [7][14] - The internet e-commerce sector showed the largest increase among retail sub-sectors, with a weekly rise of 4.37% [17][20] Retail Insights: Instant Retail Competition - Taobao Flash Sale and Meituan Flash Sale reported daily order volumes exceeding 80 million and 150 million, respectively, contributing significantly to market growth [5][25] - Major platforms are implementing substantial subsidy programs to support merchant transformations, indicating a trend towards a three-way competitive landscape [26] Focus on High-Growth Quality Companies - Investment themes include: - **Gold and Jewelry**: Focus on brands with differentiated product offerings, recommending companies like Laopuhuangjin and Chaohongji [8][29] - **Offline Retail**: Emphasizing companies that adapt to trends, with recommendations for Yonghui Supermarket and Aiyingshi [8][29] - **Cosmetics**: Highlighting domestic brands with strong differentiation, recommending brands like Maogeping and Pola [8][29] - **Medical Aesthetics**: Focusing on companies with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company-Specific Insights - **Zhou Dafu**: FY2025 revenue of 89.66 billion HKD (-17.5%), net profit of 5.916 billion HKD (-9.0%), focusing on product structure optimization [31][36] - **Laopuhuangjin**: FY2024 revenue of 8.506 billion CNY (+167.5%), net profit of 1.473 billion CNY (+253.9%), benefiting from brand expansion [31][36] - **Chaohongji**: 2025Q1 revenue of 2.252 billion CNY (+25.4%), net profit of 189 million CNY (+44.4%), driven by differentiated product offerings [31][39] - **Mao Ge Ping**: FY2024 revenue of 3.885 billion CNY (+34.6%), net profit of 881 million CNY (+33.0%), focusing on high-end cosmetics [31][39] - **Polaya**: FY2024 revenue of 10.778 billion CNY (+21.0%), net profit of 1.552 billion CNY (+30.0%), maintaining a strong position in the domestic market [31][39]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that as the earnings season approaches, stock price volatility is expected to increase due to expectation gaps [4][21]. - The gambling sector has shown strong performance, driven by higher-than-expected visitor numbers in Macau, leading to upward revisions in market expectations for monthly GGR and EBITDA [5][12]. - The report notes that most sectors are currently valued below their historical averages over the past five years, indicating potential investment opportunities [8][16]. Sector Performance Review - Weekly performance rankings show Gambling > Luxury Goods > U.S. Hotel > Domestic Sportswear > Domestic Cosmetics > Daily Necessities > Overseas Sportswear > Overseas Cosmetics > Credit Card > Snacks > Gold Jewelry > Pet, with the Gambling sector outperforming the MSCI China index [10][21]. - Monthly performance also favors the Gambling sector, followed by U.S. Hotel and Luxury Goods, while Domestic Cosmetics and Pet sectors experienced negative growth [22]. - Year-to-date performance indicates Gold Jewelry leading, followed by Domestic Cosmetics and Overseas Cosmetics, with the Overseas Sportswear sector showing negative growth [23]. Valuation Analysis - The report provides a detailed valuation analysis, indicating that many sectors, including Overseas Sportswear and Domestic Sportswear, are trading below their historical PE averages, suggesting potential upside [8][16]. - Specific expected PE ratios for 2025 are provided, with Overseas Sportswear at 34.4x (55% of its 5-year average), Domestic Sportswear at 12.6x (72%), and Gambling at 17.6x (26%) [16].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].

Group 1 - MISTINE collaborates with the popular game "Light and Night of Love" to launch new products including sunscreen and cushion foundation, featuring game-themed designs to attract young consumers [2] - Face Gym, a UK skincare brand, receives investment from Reliance Industries, led by Mukesh Ambani, indicating interest in the international beauty market and providing strong financial support for global expansion [3] - Upm's brand Han Shu wins the Rongge Technology Innovation Award for its "X Peptide Cream" and has filed a patent for a hair loss prevention composition, showcasing innovation in the personal care sector [5] Group 2 - Henkel appoints Rajat Agarwal as North America President, effective July 1, 2025, to drive growth in the personal care business, strengthening the connection between packaging strategy and product portfolio [6] - Changzhou Baijiji Biopharmaceutical Co., Ltd. responds to IPO review and forecasts its functional skincare business to achieve breakeven by Q4 2027, with projected revenues of 73.14 million, 88.58 million, and 108.96 million over the next three years [7] - HBN collaborates with Pantone to define "Oriental Native White," creating four color cards and scientifically analyzing its texture, enhancing brand visibility in the color trend space [8]

Group 1 - The company has been deeply engaged in the plant-based skincare market for 30 years, focusing on the "Plant Doctor" brand, and is one of the largest single-brand beauty store chains in China [4][10] - The company achieved revenue of 2.12 billion, 2.15 billion, and 2.16 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 24% for net profit, indicating strong profitability [4][21] - The company has a well-established sales model that includes a mix of distribution and direct sales, with a comprehensive online and offline presence [4][25] Group 2 - The cosmetics market is steadily growing, transitioning from quantity to quality, with domestic brands, online sales, and niche segments driving growth [4][32] - The skincare segment remains dominant, accounting for 50.5% of the overall cosmetics market in China, with a market size of 271.2 billion yuan in 2024 [36][39] - E-commerce has rapidly risen, with its share of cosmetics sales increasing from 22% in 2016 to 47% in 2024, showcasing the efficiency and flexibility of online platforms [42][43] Group 3 - The company has a strong brand presence, ranking 13th in market share, and has received recognition as a leading plant-based skincare brand [47][50] - The company operates over 4,300 offline stores, providing extensive market coverage, while also achieving significant growth in online sales through platforms like Douyin and Taobao [51][55] - The company has established partnerships with research institutions to develop innovative plant-based ingredients, enhancing its product offerings [60]

7月11日，第41批跨国公司地区总部和研发中心颁证暨外商投资集中签约仪式举行。仪式上，新认定的30家跨国公司地区总部与15家外资研发中心获颁 证书，56个外商投资项目完成签约，投资总额约36.8亿美元，其中33个项目现场签约。 上海市商务委介绍，此次获颁证书的跨国公司地区总部和外资研发中心，大多来自上海重点发展产业领域，涵盖生物医药、智能制造、时尚消费品等。 企业能级高，有7家世界500强企业，5家大中华区及以上区域总部和1家事业部总部。签约的外商投资项目主要集中在生物医药、时尚消费品、金融、汽车、 商务服务等重点领域，以及数字经济、绿色低碳等新赛道。 潘洁 摄 借总部东风，加速在华发展 隶属于新加坡电信集团（Singtel Group）的恩士迅（NCS）是亚太领先的数字与IT服务提供商。自1981年成立以来，凭借超40年IT项目交付经验，恩士 迅始终站在新加坡国家数字化进程前沿，为客户定制端到端信息化服务。 此次获颁跨国公司地区总部，恩士迅中国首席财务官陈星舸向《国际金融报》记者表示，在中国市场，恩士迅始终坚持致力于本士化发展战略，结合国 内市场的特色，与本地的生态系统进行深度合作。自1997年进入中国市场 ...

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Core Viewpoint - The emerging skincare brand "Zhuben" has faced significant backlash due to discrepancies between product ingredient filings and actual contents, as well as allegations of false advertising by its founder during a live stream. The Zhejiang Provincial Drug Administration has intervened, leading to the urgent withdrawal of the involved products, while the brand denies any quality safety issues [1][3]. Industry Trends - The performance of new domestic beauty brands is declining, with only two brands, Meishi and Tiluowei, making it to the top 20 on Douyin this year, while previously popular brands like Jia Run Quan and Di Shi Ai Pu have disappeared from the rankings. In contrast, established brands such as Kose, Proya, L'Oreal, and Estée Lauder continue to dominate the market, indicating a trend where "the strong get stronger" and new brands struggle to last beyond three years [3][4]. Brand Strategies - New domestic beauty brands are increasingly focusing on creating unique aesthetic positions and establishing differentiated branding. For instance, Lin Qingxuan emphasizes the story of its rare ingredient, red camellia, combined with advanced technology to enhance brand value and justify higher pricing [4][6]. Marketing and Promotion - Many new beauty brands utilize a "template" approach to rapidly create and market products, often focusing on popular concerns like skin whitening and anti-aging. They employ low or high pricing strategies to attract consumers, and leverage celebrity endorsements to enhance brand visibility and credibility [8][10]. Challenges Faced - The beauty industry is witnessing a high rate of penalties for false advertising and ongoing disputes regarding product efficacy. Many new brands are struggling with high customer acquisition costs and declining effectiveness of traffic-driven growth strategies, leading to a "flash in the pan" phenomenon [11][12]. R&D Investments - Established beauty giants like L'Oreal and Unilever invest heavily in research and development, with L'Oreal operating 20 research centers globally and employing over 4,000 scientists. In contrast, newer brands like Lin Qingxuan show significantly lower R&D expenditures, which may hinder their long-term sustainability [14][15]. Conclusion - The current landscape of the beauty industry reflects a scenario where established brands maintain their dominance through substantial R&D investments and effective marketing strategies, while new entrants struggle to establish themselves and often face rapid declines in market presence [16].

Core Viewpoint - The article discusses the growth and challenges of the Chinese cosmetics brand "Plant Doctor," which is preparing for an IPO on the Shenzhen Stock Exchange, highlighting its unique business model and financial performance amidst a competitive market [1][7]. Group 1: Business Model and Market Position - Plant Doctor operates over 4,000 stores, primarily through a franchise model, which has allowed it to expand rapidly while facing challenges such as high closure rates of franchise locations [1][10]. - The company has a low entry barrier for franchisees, with no franchise fees and a minimum investment of 20 million yuan, which attracts many but also leads to a high closure rate [11][14]. - As of last year, 88% of its stores were franchises, with a significant portion of revenue (over 70%) coming from offline sales [11][10]. Group 2: Financial Performance - In 2024, Plant Doctor's revenue growth slowed to below 1%, with total revenue of 2.156 billion yuan and a net profit of 243 million yuan, a significant drop from the previous year's growth of 45.35% [10][11]. - The company's gross profit margin was reported at 58.9%, lower than the industry average of 70.47%, indicating challenges in profitability compared to competitors [11][12]. - The company plans to raise 998 million yuan through its IPO to fund brand development, research center construction, and production facility upgrades [7][8]. Group 3: Challenges and Risks - The franchise model has led to a high turnover rate, with more stores closing than opening in recent years, raising concerns about franchisee confidence and brand reputation [17][14]. - Plant Doctor has faced scrutiny regarding the training and certification of its staff, particularly in providing skincare services without proper hygiene licenses, which could pose regulatory risks [19][18]. - The company has also experienced a decline in average selling prices for its products, with the average price of face masks dropping from 95.84 yuan/kg to 78.98 yuan/kg, impacting its gross margin [20][21]. Group 4: Leadership and Management - The founder, Jie Yong, has been instrumental in the company's growth, receiving a salary of 11.236 million yuan last year, which is notably high for A-share listed companies [6][7]. - There are concerns regarding potential conflicts of interest, as the manager of the company's e-commerce subsidiary was previously one of its major clients, raising questions about governance and transparency [5][23].