Summary of Conference Call Records Industry Overview - The conference call discusses the "New Consumption" sector, which differs from traditional consumption by focusing on emotional value, cost advantages, and innovative pricing strategies. Traditional consumption relies on economic growth and income increases, while new consumption is driven by consumer emotions and utility [1][2]. Key Insights - **New Consumption Growth**: Guotou Securities is optimistic about the continuous growth of the new consumption sector in 2025, despite potential volatility. Factors such as tax policies and domestic demand are expected to drive the development of emerging companies like Laopu Gold and Pop Mart [1][5]. - **Investment Performance**: The New Consumption 50 portfolio launched by Guotou Securities in early 2025 has shown good excess returns, indicating the investment potential in this sector [4]. - **Market Dynamics**: The current new consumption trend is not solely about new product cycles but is driven by changes in channels, scenarios, and customer groups. The market is characterized by a diverse range of offerings, supported by actual performance rather than speculative narratives [9]. Industry Trends - **Pet Food Sector**: There is a clear trend of domestic brands replacing imported pet food, with companies like Zhongchong and Guai Bao gaining traction. The focus is on higher-margin staple food products and reaching younger consumers through innovative marketing strategies [17][18]. - **Cosmetics and Medical Beauty**: The cosmetics market remains vibrant, while the medical beauty sector shows signs of weakness. Domestic brands are increasingly favored, with a notable shift towards cost-effective local products [14][15][13]. - **Tea Beverage Market**: The tea beverage industry is experiencing a shift towards low-cost, high-volume models, with brands like Mixue Ice City leading the way. The competitive landscape is evolving, with a focus on product differentiation and market expansion [20][24]. Investment Opportunities - **Emerging Brands**: Companies that align with the emotional consumption model, cost-effectiveness, and innovative pricing strategies are seen as potential investment opportunities. The ability to cultivate and leverage intellectual property (IP) is crucial for valuation [12][11]. - **Market Expansion**: New consumption brands are exploring international markets, particularly in Southeast Asia, where cultural similarities and geographical proximity provide a favorable environment for expansion [26][25]. Risks and Considerations - **Market Volatility**: The new consumption sector may experience fluctuations due to changing market sentiments and the potential for capital to shift between new technology and new consumption sectors [5]. - **Consumer Behavior**: The success of high-end brands like Nayue and Xicha is under pressure due to changing consumer income expectations and high operational costs, necessitating strategic adjustments [22]. Conclusion - The new consumption sector presents a dynamic landscape with significant growth potential across various industries, including pet food, cosmetics, and tea beverages. Continuous monitoring and strategic investment in emerging brands that can adapt to changing consumer preferences and market conditions are essential for capitalizing on these opportunities [27].

Group 1 - The core trend in the fashion industry is the strong return of quality basic clothing, reflecting consumers' deep pursuit of certainty and practicality in their purchases [1][3][11] - During the "6.18" shopping festival, nearly 70% of consumers preferred to shop on JD.com, citing its rich brand selection and the availability of high-quality basic clothing [1][30][32] - The overall growth in JD.com's apparel and beauty categories exceeded 30%, significantly outpacing the market average [1][21] Group 2 - A significant 51.6% of consumers expressed a preference for simple and versatile basic clothing this summer, indicating a shift towards practicality in fashion choices [3][8] - Over 80% of surveyed consumers reported that more than half of their wardrobe consists of basic clothing, highlighting its importance in their daily lives [8][11] - Consumers are increasingly focused on the quality and material of clothing, with 46.8% prioritizing texture and 45.7% valuing practicality [10][34] Group 3 - The purchasing behavior of consumers shows a clear preference for established brands, with 39.9% seeking quality assurance and 34.3% focusing on familiar brands [11][17] - Fast fashion brands like MUJI lead in consumer preference for basic clothing, with a selection rate of 38.9% [17] - The budget for clothing purchases reflects income stratification, with over 70% of consumers maintaining or increasing their spending during the "6.18" festival [21][25] Group 4 - The trend of "precision decentralized consumption" is evident, with JD.com recognized for its high quality-to-price ratio and reliable shopping experience [30][32] - Consumers are increasingly aware of quality standards, with nearly 60% noting the importance of JD.com's "安心品质" (Assured Quality) label [33] - The focus on essential elements such as fabric quality and comfort is becoming more pronounced, with 45.9% of consumers prioritizing material and functionality [34] Group 5 - Female consumers are particularly active in the "6.18" shopping festival, showing a preference for quality and comfort in their summer wardrobe choices [38][42] - The demand for invisible and comfortable undergarments is strong among women, with 41.3% opting for seamless options [41] - The overall consumer behavior indicates a shift towards valuing quality and practicality over mere trends, with a willingness to invest in versatile and high-quality items [42][60]

Core Viewpoint - The controversy surrounding the collagen content in the product "Kefumei" from Giant Biological has raised significant consumer and investor concerns, with ongoing debates about the accuracy of testing methods and results [1][10]. Group 1: Testing Results - Giant Biological confirmed that the "Kefumei Human-like Recombinant Collagen Essence" contains recombinant collagen, with content levels greater than 0.1% as per third-party testing [2][10]. - The testing utilized two methods: LC-MS/MS for qualitative analysis and the Biuret method for quantitative analysis, with results showing collagen content of 0.2%, 0.22%, and 0.2% across three batches [2][8]. - A subsequent test on one batch indicated a collagen content of 0.17%, confirming that the product meets the stated requirements [8][9]. Group 2: Consumer Concerns and Responses - The initial claim by beauty blogger "Big Mouth Doctor" suggested that the actual collagen content was only 0.0177%, leading to widespread skepticism about the product's integrity [10][11]. - Giant Biological emphasized that there is no misleading advertising and that the product has been properly tested, countering claims of "quietly delisting" the product due to sales issues [10][11]. - The company expressed concern over consumer anxiety caused by misinformation and reiterated its commitment to transparency and product integrity [10][11]. Group 3: Industry Reactions - Huaxi Biological publicly supported the claims made by "Big Mouth Doctor," indicating that they have conducted their own evaluations and testing of the product [11][14]. - Huaxi Biological criticized Giant Biological for alleged unethical marketing practices and indicated readiness to engage in a public discourse regarding product integrity [14][15].

Core Viewpoint - Lin Qingxuan, a high-end domestic skincare brand, has submitted its IPO application to the Hong Kong Stock Exchange, marking its ambition to enter the public market after 23 years of establishment [1] Company Overview - Founded in 2003 by Sun Chunlai, Lin Qingxuan has gained popularity among young consumers through its unique marketing strategies, including the distribution of handmade essential oil soaps [1] - The brand claims to rank first among domestic high-end skincare brands in China based on retail sales for 2024, and it is the only domestic brand among the top 15 high-end skincare brands in China [1] Financial Performance - Lin Qingxuan's revenue for the years 2022 to 2024 was reported as 691 million yuan, 805 million yuan, and 1.209 billion yuan respectively [2] - The company's profit over the past three years showed significant fluctuations, with figures of -5.93 million yuan, 84.5 million yuan, and 186 million yuan, indicating a transition from losses to profitability [2] Market Trends - The high-end skincare market in China has grown from 749 billion yuan in 2019 to an expected 1,144 billion yuan in 2024, with projections to reach 2,185 billion yuan by 2029 [3] - The market for high-end anti-wrinkle and firming products is projected to grow from 594 billion yuan in 2024 to 1,555 billion yuan by 2029, with a compound annual growth rate (CAGR) of 21.2% [3] Product Strategy - Lin Qingxuan has focused on essential oil skincare, with its signature Camellia Oil leading sales, accounting for 31.5%, 35.3%, and 37% of total revenue over the past three years [5] - The company has also introduced new products, with facial creams becoming a significant revenue contributor, increasing from 13.7% of total revenue in 2022 to 15.7% in 2024 [5] Brand Positioning - Despite its focus on essential oils, Lin Qingxuan struggles to position itself as a "high-end" brand compared to international competitors like La Mer and Sisley [6] - The average price per milliliter for Lin Qingxuan's Camellia Oil is approximately 27.3 yuan, significantly lower than that of its high-end counterparts [6] Distribution Channels - As of 2024, Lin Qingxuan operates 506 stores nationwide, with a significant presence in new first-tier and third-tier cities [7] - The company has seen a shift in sales channels, with online sales projected to account for 59.1% of revenue in 2024, compared to 40.8% from offline channels [6] Challenges Ahead - Lin Qingxuan's primary market is in new first-tier and third-tier cities, but competition from international brands like Lancôme and Estée Lauder poses challenges for capturing the high-end market segment [8] - The company's R&D expenditures from 2022 to 2024 were 21.1 million yuan, 19.7 million yuan, and 30.4 million yuan, representing a moderate investment level relative to its revenue base [8]

Group 1 - The article discusses the relationship between pricing and promotions, suggesting that promotional design can be integrated into pricing strategies to maintain price stability [1][2] - It emphasizes the importance of understanding the value structure of consumer goods for effective pricing [3][4] - The article introduces Maslow's hierarchy of needs as a framework to analyze the value structure of consumer products [4][6] Group 2 - The article categorizes consumer needs into physiological and psychological needs, with physiological needs focusing on functional value and psychological needs encompassing emotional and value resonance [39][48] - It highlights that products fulfilling physiological needs often face intense price competition due to high price elasticity [6][44] - Brands focusing on psychological needs can achieve higher price premiums by enhancing emotional value or establishing value resonance with consumers [21][59] Group 3 - Emotional value is identified as a key driver for consumer engagement, with brands needing to create strong emotional stimuli to break into broader markets [50][55] - Value resonance is described as a more stable connection between brands and consumers, requiring time and consistent brand actions to establish [54][59] - The article discusses the challenges brands face in creating label value, which involves complex communication with consumers and their social circles [27][56] Group 4 - The article outlines the concept of price expectations, where consumers assess the value of products based on their perceived performance relative to price [63][64] - It notes that consumer willingness to pay can fluctuate based on context, affecting their perception of value for money [64]

证券研究报告·行业跟踪周报·商贸零售 证券分析师 张家璇 商贸零售行业跟踪周报 林清轩正式递表港交所，国产高端护肤开启 资本化新篇章 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 04 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 商贸零售 沪深300 相关研究 《酒店集团业 ...

近日，小红书在其官方账号"薯管家"上发布了关于"拉踩测评"的治理公告。公告显示，禁止拉踩的形式包括"竞对 抹黑攻击""误导性对比""非真实舆论引导"，对于出现这类"拉踩"内容及水军账号，平台会严格处置内容及背后账 号，同时相关品牌作为利益主体也会被连带限流、扣品牌分。 薯管家 8/00 2 关注 小红书 关于重点打击 品牌在站内拉踩行为的 治理公告 NC Now DN视频 公告显示，小红书定义的"拉踩测评"指通过刻意贬低、恶意对比竞品（如护肤品、母婴用品、数码产品等）的方 式，虚构评测结果或放大产品缺陷，从而达到抬高自身品牌、误导用户决策的内容。 其常见形式包括：一是竞对抹黑攻击，即未对产品做出真实体验及测评，仅在品牌商业合作关系下发布虚假的抹 黑攻击竞对的各类内容。单方面无根据发布多个产品的评分/排行榜/红黑榜，或者对测评产品做出有失公允的负 面评价及贬损。二是误导性对比，即围绕产品外观、使用场景、参数性能、性价比、产品功效等方面，刻意选择 将本品优势与竞对劣势的做不公正局部对比，贬低竞对、同时误导消费者的测评内容。三是非真实舆论引导，即 由测评作者本人或品牌招募水军在测评类笔记评论区做出某品牌的贬低攻击、 ...

Summary of the Conference Call Transcript Company Overview - **Company**: 贝泰妮 (Betaini) - **Industry**: Consumer Goods, specifically skincare and beauty products Key Points and Arguments 1. **Profitability Goals**: The company aims for a double-digit net profit margin by 2025, up from 8.8% in 2024, supported by a targeted 3% increase in gross margin, efficiency improvements, and operational leverage [1][4] 2. **Revenue Targets**: - Main brand, 薇诺娜 (Winona), is expected to achieve single-digit revenue growth, focusing on product reform and promotional control [1][4] - Emerging brands are projected to maintain growth momentum, with 薇诺娜宝贝 (Winona Baby) targeting over 30% growth, 瑗科缦 (Yuan Keman) over 100%, and 贝芙汀 (Beifutin) aiming for 50 million yuan [1][4] 3. **Quarterly Performance**: The second quarter shows improvement, with a strong start to the 6.18 shopping event, reporting a 20-30% increase in GMV through live streaming channels and a 30-40% increase on Douyin [1][4] 4. **Inventory Management**: Inventory balances improved, with figures of 556 million yuan and 612 million yuan for Q1 2025 and FY2024 respectively, down 34% and 32% from FY2023 [1][4] 5. **OTC Channel Expansion**: Sales in the OTC channel are recovering, with a projected 10% growth in sales for approximately 129,000 OTC pharmacies in 2024 [1][4] 6. **Financial Forecasts**: - Revenue is expected to grow from 5.736 billion yuan in FY24 to 6.196 billion yuan in FY25, with a compound annual growth rate (CAGR) of 10% from 2025 to 2027 [1][9] - Adjusted net profit is projected to increase from 503 million yuan in FY24 to 654 million yuan in FY25 [1][8] 7. **Market Position**: Winona is the largest efficacy skincare brand in China, holding a 20% market share, outperforming competitors like 理肤泉 (La Roche-Posay) and 修丽可 (SkinCeuticals) [1][9] 8. **Valuation**: The target price is set at 66 yuan, corresponding to a 35x 12-month forward P/E ratio, based on a discounted cash flow analysis [1][14] Additional Important Information - **Risks**: - Downside risks include potential failure in brand expansion, high traffic costs, intensified competition, and increased regulatory scrutiny on efficacy skincare advertising [1][16] - Upside catalysts include better-than-expected performance of new products and successful acquisitions [1][16] - **Stock Performance**: The stock price as of May 28, 2025, is 45.29 yuan, with a target price of 66.00 yuan by December 2025 [2][22] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial targets, market positioning, and associated risks.

Core Viewpoint - The public dispute regarding the content of recombinant collagen in the product "Collagen Stick" from the brand Kefu Mei, owned by Giant Biological (02367.HK), has intensified, with accusations of misleading information about the actual collagen content [1][3]. Group 1: Company Response and Actions - Giant Biological received an apology from the testing agency used by the beauty blogger "Big Mouth Doctor" (Hao Yu) on May 30, and the company has sent products to multiple testing institutions for compliance checks [2][4]. - The company claims that multiple tests have shown collagen content greater than 0.1%, adhering to the standards set by the Chinese Pharmacopoeia [4]. - Giant Biological clarified that the rumors about the product "Collagen Stick 1.0" being taken off the shelves are false, stating it was a normal product iteration that began in April [6]. Group 2: Industry Context and Competitor Involvement - The controversy has drawn attention from competitors, notably Huaxi Biological, which publicly supported the claims made by "Big Mouth Doctor" and offered to assist in testing and regulatory communication [10]. - Huaxi Biological has criticized the overhyped claims surrounding recombinant collagen, suggesting that the industry is experiencing inflated expectations without sufficient scientific backing [13]. - The financial performance of Huaxi Biological has been declining, with a reported revenue of 5.371 billion in 2024, down 11.61% year-on-year, and a significant drop in net profit [13]. Group 3: Financial Performance of Giant Biological - Giant Biological has shown steady revenue growth from 1.19 billion in 2020 to 5.539 billion in 2024, with net profit increasing from 826 million to 2.062 billion during the same period [7]. - The Kefu Mei brand is a significant contributor to Giant Biological's revenue, accounting for 82% of total income in 2024, with a reported revenue of 4.542 billion [7]. - Concerns have been raised about the potential impact of the ongoing controversy on the company's performance during the critical 618 e-commerce promotion period [7].

Core Viewpoint - The beauty industry appears to be showing signs of recovery in the capital market, with Lin Qingxuan officially starting its IPO process on May 29, following the successful listing of Mao Geping. The company aims to leverage its star product, Camellia Oil, to penetrate the high-end skincare market in China [1][9]. Financial Performance - Lin Qingxuan's revenue from 2022 to 2024 is projected to be 6.91 billion, 8.05 billion, and 12.1 billion RMB, respectively, with year-on-year growth rates of 16.5% and 50.3% for 2023 and 2024 [2][3]. - The adjusted net profit is expected to shift from a loss of 3.66 million RMB in 2022 to profits of 88.46 million and 200 million RMB in 2023 and 2024, respectively [2][3]. - The gross profit margin is notably high, reaching 82.5% in 2024, indicating strong product pricing power [2][3]. Product Contribution - The Camellia Oil product line contributes nearly 40% of total revenue, generating 4.48 billion RMB in 2024, with its share of total revenue increasing from 31.5% in 2022 to 37% in 2024 [3][4]. - Lin Qingxuan's Camellia Oil has been the top-selling facial oil in China for 11 consecutive years, with cumulative sales exceeding 30 million bottles [3][6]. Marketing and Sales Strategy - The company has significantly increased its online channel revenue, which rose from 45.2% of total revenue in 2022 to 59.1% in 2024, primarily through direct online sales [7][8]. - Marketing and promotional expenses for 2024 are projected to be 365 million RMB, accounting for 53% of total revenue, indicating a heavy reliance on marketing for growth [7][10]. Market Positioning - Lin Qingxuan is positioned as a leading domestic high-end skincare brand, ranking first among Chinese domestic brands in the high-end market according to retail sales [9][10]. - The company primarily targets high-end consumers, with product prices ranging from approximately 200 to 800 RMB [9][10]. Research and Development - The R&D expenditure from 2022 to 2024 is relatively low, with only 2.5% of total revenue allocated to R&D in 2024, highlighting a common issue in the domestic beauty industry of prioritizing marketing over product development [10][11].