来源：中国新闻网 中新网广州12月4日电 (记者 许青青)记者从4日举行的第三届广州国际美妆周化妆品高质量发展大会了 解到，广州市化妆品产业年产值超1000亿元(人民币，下同)，持续坐稳"中国美妆第一城"。当前，该市 化妆品产业已从规模扩张迈入以技术驱动为核心的高质量发展新阶段。 据了解，广州市化妆品产业市场主体高度集聚，截至2025年10月底，广州市注册备案主体数量达到7237 家，约占广东省总量的68%、全国30%。形成从原料研发、生产制造到品牌营销的全链条生态。产品覆 盖护肤、彩妆、特殊用途等全品类。 技术创新正成为产业发展的核心引擎。截至2025年10月底，广州市化妆品产业的发明专利申请总量达到 1.49万件，其中在技术含量最高的化妆品原料领域突破11774件，位居中国第一。 目前，广州美妆制造企业在海外建立工厂超过15家，遍布法国、澳大利亚、越南、印尼等国。 大会现场还展示了近期落地的31个优质化妆品产业项目，总投资额近百亿元。(完) 广州美妆稳居"千亿俱乐部"：技术驱动、全球布局双线领跑 编辑：张嘉怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面 ...

Company Overview - The company announced a share buyback plan of up to 104 million shares, representing 10% of the total issued shares, which reflects management's confidence in long-term growth [1] - The buyback is expected to enhance earnings per share and improve shareholder returns [1] Strategic Planning - The company has a clear product matrix and channel expansion plan for 2026, with a rich pipeline of new products, including four key new products in the collagen repair and focus series [2] - The company plans to strengthen its online influencer matrix and self-operated team while expanding offline channels, including clinics and OTC markets, as well as its own store layout [2] - The company is successfully advancing its second curve in the medical beauty sector, with a growing team and strong commercialization preparations [2] Financial Forecast and Valuation - Due to short-term pressure on cosmetics sales, the company has lowered its net profit forecasts for 2025 and 2026 by 25% and 33% to 1.91 billion and 2.14 billion yuan, respectively [2] - The current stock price corresponds to a P/E ratio of 20x for 2025 and 18x for 2026, with a target price adjustment down by 20% to 56 HKD, indicating a potential upside of 41% [2]

Core Viewpoint - The company faced sales pressure during the "Double Eleven" period primarily due to underperformance in live streaming sales, reflecting both strategic channel adjustments and overall industry competition [1][2] Group 1: Sales Performance - The company's online GMV during the Double Eleven period declined approximately 30% year-on-year, with Tmall GMV down about 20% as the company opted out of aggressive price wars in top-tier live streaming [2] - Douyin GMV saw a significant decrease of around 50%, attributed to weak performance in live streaming, with a more than 50% reduction in the number of collaborations with influencers in October [2] - Despite the overall decline, the self-operated channels and mid-tier influencers showed resilience, indicating a solid brand presence and user loyalty [2] Group 2: Strategic Adjustments - The management is focusing on maintaining price stability and enhancing consumer experience, which is expected to lay a foundation for long-term growth and profit margin stability [2] - The company plans to launch several key new products in 2026, which are anticipated to drive a new growth phase [1][3] - The company has been approved to repurchase up to 104 million shares, representing 10% of its total share capital, reflecting confidence in long-term development [1] Group 3: Product Development - The company is actively cultivating a second product tier to optimize its product structure, with expectations for significant revenue growth from new products [3] - In 2026, the company will introduce four major new products across various series, aiming to reduce reliance on single blockbuster products and enhance brand resilience [3] - The medical beauty product line is set to expand, with the first injectable recombinant collagen product approved and planned for rapid market penetration in 2026 [3] Group 4: Financial Outlook - The company has adjusted its revenue growth forecasts for 2025 and 2026 to -3.5% and 13.6%, respectively, reflecting short-term pressures [3] - The target price has been revised to HKD 53.89, maintaining a "Buy" rating based on a DCF model [3]

（来源：贝泰妮集团） 转自：贝泰妮集团 近日，中国上市公司协会"2025上市公司董办最佳实践"评选结果正式揭晓，贝泰妮集团董事会办公室凭借在公司治理领域的系统性创新与卓越实践，荣 获"2025 年上市公司董办最佳实践"称号。这一荣誉不仅是对贝泰妮董办团队专业能力的高度认可，也体现了其在推动上市公司治理现代化、以创新引擎 驱动企业长效价值增长方面的标杆作用。 2025上市公司董事会办公室 最佳实践 云南贝泰妮生物科技集团股份有限公司: 荣获2025年上市公司董事会办公室最佳实践, 特发此证。 关注@青刺果雪山小院 直达旷野之外的自然世界 在治理结构创新上，董办团队通过优化成员结构、深度挖掘提升专业委员会职能、打通治理边界，推动董事会从"会议机构"向"行动中枢"转型，显著提升 了决策的科学性与前瞻性。在ESG治理领域，团队助力董事会构建了"顶层设计—执行落地—价值传递"的三级ESG治理体系，推动贝泰妮ESG从"软性约 束"升级为"硬性战略"，将ESG深度融入企业战略与运营。在风控体系建设中，董办团队组织实施董事会制定的"数字化、系统化、前置化"方向及策略， 成功推动了公司风控体系从"成本中心"向"价值创造中心"转 ...

对于固定收益的债券来说，收益率的上升也就意味着市场价格的下跌。北京时间4日，日本10年期国债收益率已经突破1.94%。此前据伦敦证交所集团 （LSEG）汇编的数据，日本的长期国债收益率在11月底大幅上升。 对于近期"四面楚歌"的日本经济来说，这次债市的暴击只是投资者"用脚投票"的一个缩影。随着日本GDP出现萎缩、通胀高企不下，财政支出无序增加，有 分析认为日本在未来很可能迎来和2022年英国类似的金融风暴。 在债券市场上，日本的国债也持续遭到投资者抛售，各种年限的日债收益率不断创下新高。截至4日，日本2年期国债收益率涨到1.03%，已经站稳了1%大 关。要知道，日本此前长期处于负利率时代，直到2023年该国2年期国债收益率还出现过-0.68%的水平。如今，日本10年期国债的收益率4日突破1.944%。日 本30年期国债收益率则一路创新高，4日已达到3.4%。 作为出口依赖型经济，日本首先遭受了美国高关税政策的重创，2025年第三季度货物及服务贸易出口环比下降1.2%，净出口对GDP贡献转为-0.2个百分点。 2025财年上半年，日本对美出口同比降10.2%，半导体设备出口降49.6%。 汽车业损失尤重，日本七 ...

11月27日下午，SIA2025科学护肤创新联盟年度大会在上海盛大举行。本场大会由上海科学技术交流中 心指导，上海科盟皮肤健康服务科技创新促进中心（SIA科盟）主办，优麦科技、弘盛资本承办，美创 静界等单位协办。大会开幕式吸引了来自全国的皮肤健康产业从业者逾千人参与，包括行业领导、SIA 科盟主席团与年会学术主席，以及产、学、研、医等多维度的行业人士。 在同期举办的"SIA100科创护肤影响力盛典"上，备受关注的"SIA100科学产品及技术成果征集"结果正式 揭晓。该征集活动基于SIA科盟旗下【SIA百人智库】中的专家，核心构建的"SIA100科学护肤评价体 系"，秉持科学循证原则，致力于遴选出本年度具有突出科创属性的SIA科盟联盟企业旗下产品与技 术。 值得一提的是，相较于2024年度征集活动，入围产品和技术在规模及 均有了大幅提升。其中，国内主 打成分的功效护肤品牌hfp（全称为HomeFacialPro）旗下果酸毛孔净透精华水及双管润泽精华油霜 凭借 卓越的产品力和持续的科研创新实力，双双斩获"SIA1002025年度科学产品"殊荣，体现行业及专家对品 牌在功效护肤领域的实力认可。 不仅如此，hfp果酸 ...

天眼查App显示，近日，湖南凌语护肤品有限公司成立，法定代表人为刘垚，注册资本200万人民币， 经营范围为许可项目：互联网信息服务（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， 具体经营项目以批准文件或许可证件为准）一般项目：互联网销售（除销售需要许可的商品）;化妆品 零售;咨询策划服务;市场营销策划;日用杂品制造;化妆品批发;日用品销售;个人卫生用品销售;技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广;食品销售（仅销售预包装食品）;保健食品（预 包装）销售;食品互联网销售（仅销售预包装食品）;服装服饰零售;针纺织品销售;文化娱乐经纪人服务; 广告设计、代理;广告发布（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活 动）。 ...

天眼查App显示，近日，青岛彩跳糖化妆品有限公司成立，法定代表人为史爱聪，注册资本10万人民 币，经营范围为一般项目：化妆品零售；货物进出口；技术进出口；工艺美术品及收藏品批发（象牙及 其制品除外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；工艺美术品及收藏品零售（象牙及 其制品除外）；工艺美术品及礼仪用品制造（象牙及其制品除外）【分支机构经营】；化妆品批发；日 用杂品销售；个人卫生用品销售；互联网销售（除销售需要许可的商品）；市场营销策划；商业综合体 管理服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；网络技术服务；信息技 术咨询服务；商务代理代办服务；个人商务服务；信息咨询服务（不含许可类信息咨询服务）。（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）。 ...

天眼查App显示，近日，扬州千植迹化妆品有限公司成立，法定代表人为蔡梦苇，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；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）；日用杂品制造；日用杂品销售；美发饰品销售；消 毒剂销售（不含危险化学品）；花卉种植；货物进出口；技术进出口；进出口代理；网络与信息安全软 件开发；网络设备销售；网络技术服务；信息技术咨询服务；个人互联网直播服务；日用品销售；美发 饰品生产；医护人员防护用品零售；日用百货销售；食用农产品初加工；食用农产品批发；初级农产品 收购；海洋生物活性物质提取、纯化、合成技术研发；技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；发酵过程优化技术研发；生物基材料技术研发；资源再生利用技术研发；普通货物 仓储服务（不含危险化学品等需许可审批的项目）；国内货物运输代理；物料搬运装备销售；医用口罩 批发；医护人员防护用品批发；医用口罩零售；第一类医疗器械销售；第二类医疗器械销售；第一类医 疗设备租赁；第二类医疗设备租赁；医护人员防护用品生产（Ⅰ类医疗器械）（除依法须经批准的项目 外，凭营业 ...

Core Viewpoint - The report from 招银国际 indicates a downward adjustment of the target price for 巨子生物 (02367) from HKD 58.35 to HKD 53.89, a decrease of 8%, while maintaining a "Buy" rating [1] Group 1: Financial Forecasts - The revenue growth forecast for the company for the years 2025/26 has been revised down to -3.5% and 13.6% respectively [1] - The sales performance during the "Double Eleven" shopping festival was under pressure, primarily due to the underperformance of 达播 [1] Group 2: Strategic Adjustments - The company is actively adjusting its channel strategy, which reflects the overall competitive pressure in the industry [1] - Management is maintaining strategic consistency amidst industry changes, focusing on price maintenance and consumer experience, while increasing the proportion of self-broadcast channels to lay a foundation for long-term growth [1] Group 3: Future Growth Prospects - The company plans to launch several key new products next year to drive a new round of growth [1] - The company has been approved to repurchase up to 104 million shares, accounting for 10% of the total share capital, demonstrating confidence in long-term development [1] - Despite short-term challenges for 可复美 due to declining traffic benefits and intensified competition, the steady growth of 可丽金 and the commercialization of medical beauty products in 2026 may offset the risks associated with the slowdown of 可复美 [1] - The company is expected to rely on a dual-drive strategy of "skincare + medical beauty" to return to a growth trajectory by 2027 [1]