人民财讯12月29日电，财政部、税务总局发布关于广告费和业务宣传费支出税前扣除有关事项的公告， 一、对化妆品制造或销售、医药制造和饮料制造(不含酒类制造)企业发生的广告费和业务宣传费支出， 不超过当年销售(营业)收入30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 三、烟草企业的烟草广告费和业务宣传费支出，一律不得在计算应纳税所得额时扣除。 四、本公告自2026年1月1日起至2027年12月31日止执行。《财政部税务总局关于广告费和业务宣传费支 出税前扣除有关事项的公告》(财政部税务总局公告2020年第43号)自2026年1月1日起废止。 二、对签订广告费和业务宣传费分摊协议(以下简称分摊协议)的关联企业，其中一方发生的不超过当年 销售(营业)收入税前扣除限额比例内的广告费和业务宣传费支出可以在本企业扣除，也可以将其中的部 分或全部按照分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所得税税 前扣除限额时，可将按照上述办法归集至本企业的广告费和业务宣传费不计算在内。 ...

Group 1 - The cosmetics sector experienced a decline of 1.26% on December 29, with Shanghai Jahwa leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key individual stock performances in the cosmetics sector included Qingdao Kingway up 1.38% and Shanghai Jahwa down 3.06% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 94.94 million yuan, while retail funds saw a net inflow of 41.59 million yuan [2] - The main fund flow for Shanghai Jahwa showed a net outflow of 1.0677 million yuan, with retail funds showing a net inflow of 2.0905 million yuan [3] - Qingdao Kingway had a significant net outflow of 24.09 million yuan from main funds, while retail funds experienced a net outflow of 23.17 million yuan [3]

水羊股份公告称，公司2025年员工持股计划股票来源为回购股份。截至2025年11月3日，公司回购股份 809.72万股，占总股本2.08%，成交金额9781.99万元。员工持股计划实际筹集资金5103.87万元，授予份 额5103.87万份。2025年12月29日，249.46万股标的股票由公司回购专用账户非交易过户至员工持股计划 账户，占股本总额0.64%，购股价格20.46元/股。 ...

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

Core Viewpoint - The National Medical Products Administration (NMPA) held a meeting to summarize the regulatory achievements of 2025 and outline key work strategies for 2026, emphasizing the importance of high-quality development in the cosmetics industry [2]. Group 1: Regulatory Focus - The meeting highlighted that 2026 marks the beginning of the "14th Five-Year Plan," necessitating the implementation of the spirit of the 20th National Congress and subsequent plenary sessions [2]. - The NMPA aims to deepen the reform of the entire regulatory process and strengthen safety measures across the cosmetics industry [2]. Group 2: Stakeholder Engagement - Representatives from various provincial drug regulatory authorities participated in the meeting, indicating a collaborative approach to regulatory oversight [2]. - During the visit to Shijiazhuang, NMPA officials conducted on-site research at local drug and medical device inspection institutions [2].

Core Viewpoint - The National Medical Products Administration (NMPA) held a meeting on December 29 to summarize the regulatory achievements of 2025 and outline key work strategies for 2026, emphasizing the importance of comprehensive regulatory reforms and high-quality development in the cosmetics industry [1] Group 1 - The year 2026 marks the beginning of the "14th Five-Year Plan," highlighting the need for deep implementation of the spirit from the 20th National Congress of the Communist Party and subsequent plenary sessions [1] - The meeting focused on continuous deepening of the entire process regulatory reform and strengthening safety measures across the cosmetics industry [1] - The NMPA aims to promote high-quality development throughout the entire supply chain of the cosmetics industry [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 19 companies, including Proya Cosmetics, which is preparing for its listing on the Hong Kong Stock Exchange with the assistance of CICC and Credit Suisse as joint sponsors [1][2]. Group 1: Regulatory Requirements - The CSRC has requested Proya to clarify whether the funds raised will involve overseas investments and if relevant approval or filing procedures have been completed [2]. - Proya is required to provide details on its development and operation of apps, mini-programs, and public accounts, specifically regarding the collection and use of personal information, including the scale of user data collected and its usage [2]. - The company must explain the status of its advertising-related business and whether it has obtained the necessary qualifications and licenses [2]. - Proya needs to assess its compliance with foreign investment access regulations, particularly in relation to its subsidiaries' business scopes that include areas like film production and broadcasting, and confirm whether these activities fall under the negative list of foreign investment restrictions [2]. Group 2: Company Overview and Performance - Proya is a multi-brand beauty group focused on creating a world-class cosmetics industry platform, offering high-quality cosmetic products that combine technology and consumer experience [3]. - The company has established a diverse portfolio covering skincare, makeup, and personal care, ranking fifth among the top five cosmetic groups in mainland China by retail sales in 2024, and is the only domestic brand in this ranking [3]. - Proya has been the largest domestic cosmetics group in mainland China for four consecutive years from 2021 to 2024 based on retail sales [3]. - The company's revenue figures for the years 2022, 2023, 2024, and the first half of 2025 are reported as RMB 6.385 billion, RMB 8.905 billion, RMB 10.778 billion, and RMB 5.362 billion, respectively, with corresponding net profits of RMB 0.831 billion, RMB 1.231 billion, RMB 1.585 billion, and RMB 0.826 billion [3].

Core Insights - The article narrates the journey of a cosmetic brand, Shengshi Huacai, which transforms personal skin care experiences into a broader social mission, emphasizing professionalism, responsibility, and care [2][4][10] Group 1: Brand Origin and Development - Shengshi Huacai was founded based on a real need observed by the founder, Ms. Qi, who faced skin issues due to her work environment and aging [2] - A professional partner in the biological research field recognized the potential to address these skin concerns through modern biotechnology, leading to a customized development process [2][5] - The brand's initial focus was on solving specific skin problems, which has now become an integral part of its identity and operational principles [7] Group 2: Product Evolution and Challenges - The transition from a personalized solution to a standardized product for mass production posed significant challenges, requiring extensive adjustments to meet diverse skin needs while maintaining core effectiveness [5] - The research and development team worked rigorously to balance personalization with universality, ensuring that the products could cater to various skin types and conditions [5] Group 3: Brand Philosophy and Social Responsibility - The brand's philosophy emphasizes addressing real consumer needs rather than fabricated demands, treating each customer with respect and care [7][8] - Shengshi Huacai aims to build trust and connection with consumers, focusing on the exchange of care and a shared pursuit of beauty rather than just products and money [7][10] - The brand recognizes the importance of maintaining a solid commercial foundation to sustainably deliver goodwill and social responsibility [8] Group 4: Future Aspirations - The journey of Shengshi Huacai is ongoing, with a commitment to preserving its core values while navigating challenges in scaling production and market competition [11] - The brand seeks to demonstrate that lasting commercial motivation can stem from fundamental human emotions and that professional expertise can harmonize with humanistic care [11]

Investment Rating - The report does not explicitly state an investment rating for the cosmetics industry or the specific company, Lin Qingxuan. Core Insights - Lin Qingxuan has established itself as a leader in the facial essence oil market, holding a 12.4% market share in 2024, with a projected market size growth from 77 billion RMB in 2024 to 112 billion RMB in 2025, representing a 45% year-on-year increase [3][11]. - The company has a strong focus on high-end skincare products, particularly those utilizing camellia oil, and has developed a comprehensive value chain from cultivation to retail [3][17]. - Lin Qingxuan's revenue is projected to grow at a compound annual growth rate (CAGR) of 32% from 2022 to 2024, with a significant increase in net profit from a loss of 5.87 million RMB in 2022 to a profit of 187 million RMB in 2024 [36][32]. Summary by Sections 1. Market Overview - The "oil-based skincare" market is identified as a niche segment with high growth potential, expected to reach a total market size of 112 billion RMB by 2025, with facial essence oil and eye essence oil contributing significantly to this growth [11][3]. 2. Company Profile - Lin Qingxuan was founded in 2003 and has evolved from a brand focused on natural skincare to a leader in the high-end "oil-based skincare" segment, with its flagship product, camellia oil essence, being a top seller for 11 consecutive years [17][18]. - The company operates 554 physical stores and has been expanding its e-commerce presence, with online sales projected to account for 59% of total revenue in 2024 [3][45]. 3. Financial Analysis - Lin Qingxuan's revenue for 2024 is projected at 1.21 billion RMB, with a net profit margin of 17.3% in the first half of 2025, reflecting strong financial health and operational efficiency [36][32]. - The product mix includes 46% from essence oils, 15% from creams, and 9% from lotions and toners, indicating a diversified product strategy [37][3]. 4. Competitive Advantages - The company has established a strong brand identity centered around camellia oil, with significant investments in R&D and a focus on high-quality, patented ingredients [52][48]. - Lin Qingxuan's dual-channel strategy of combining online and offline sales has allowed it to maintain a competitive edge in the rapidly evolving cosmetics market [45][4].

Summary of Conference Call on High-End Domestic Beauty Brand Growth Company Overview - The focus is on the high-end domestic beauty brand, 毛戈平, which is expected to maintain a growth rate of 25%-30% over the next two years due to membership operations and product category iteration [1][4]. Core Industry Insights - The beauty industry can be categorized into three types of companies: 1. Companies like 珀莱雅 that capitalized on e-commerce demand from 2015 to 2021 through rapid product iterations. 2. Companies like 巨子生物 that leveraged structural category trends for product innovation. 3. 毛戈平, which relies on service-driven product sales and has built a loyal customer base through high-quality service [2]. Key Growth Drivers - **Membership Operations**: 毛戈平's membership system is crucial, with approximately 10% of loyal members contributing over 70% of revenue [5][8]. - **Online and Offline Synergy**: The online channel not only generates revenue but also drives traffic to offline stores. In 2025, over 75% of new customers came from online channels, with 25%-30% converting to offline customers [6][8]. - **Product Strategy**: The brand focuses on driving repurchase of existing major products, with a projected growth rate of 40% in 2025, tapering to around 30% in subsequent years [9][10]. Long-Term Growth Potential - 毛戈平's long-term growth will depend on product category expansion, particularly in basic skincare and fragrance, which currently contribute less than 10% to revenue but have significant potential [11][12]. - The company is expected to maintain stable growth through 2026 and 2027, but substantial breakthroughs in skincare or fragrance are necessary for sustained growth beyond that [13]. Sales and Marketing Strategies - **Direct Sales Model**: 毛戈平 employs a direct sales model, focusing on online and offline sales, with a significant portion of revenue coming from direct sales [14]. - **Customer Conversion**: The brand effectively converts online users to offline customers through differentiated membership benefits and targeted marketing strategies [15][16]. - **Sales Incentives**: The company incentivizes sales personnel to enhance the conversion rate from online to offline, achieving a conversion rate of approximately 20% [17]. Unique Competitive Advantages - 毛戈平's strategy differs from other beauty brands by establishing a strong direct sales system from the outset and using a limited range of online products to drive traffic to a more extensive offline market [18]. This comprehensive approach positions 毛戈平 as a unique player in the competitive beauty market, with a focus on sustainable growth through customer loyalty and innovative product offerings.