Core Viewpoint - The cosmetics industry is experiencing overall growth, with technological innovation becoming a key indicator of a beauty company's "value" and a core engine driving high-quality growth [1] Group 1: Company Strategy and Leadership - Ximuyuan has appointed David A. Weitz, known as the "father of microfluidics," as its global chief scientific advisor, marking a new height in strategic collaboration within the Chinese beauty industry [5] - The brand aims to focus on both scientific research and brand building, emphasizing "deepening basic research and elevating brand tone" [2] Group 2: Research and Development Focus - Since its inception, Ximuyuan has concentrated on the sensitive skin segment, establishing a unique research system for "skin type-specific" efficacy and creating a comprehensive product matrix for sensitive skin [4] - By 2025, Ximuyuan has accumulated 373 authorized and applied patents, published 51 core papers, and participated in the formulation of 32 industry standards, showcasing its commitment to research in the sensitive skin field [14] Group 3: Collaboration and Market Impact - The collaboration with David A. Weitz has led to significant advancements, including a study presented at the 2025 IFSCC Congress, demonstrating a 20-fold increase in the light stability of active ingredients using microfluidic technology [8] - Following the announcement of celebrity endorsement by Cai Xukun, the brand achieved a total online exposure of 450 million, with specific products selling out within four hours on Tmall [12] Group 4: Long-term Vision and Market Recognition - Ximuyuan's approach of combining "research and brand" reflects a long-term commitment to building scientific capabilities while focusing on immediate market performance [13] - The brand has been recognized as the top seller of all-skin-type sensitive skincare products in China, indicating the effective commercial conversion of its research investments [16]

大公司： 法国航空：2025-26年冬季长途运力将提升3% 10月21日，法国航空宣布，今年冬季（11月至次年3月）将每日运营近800个航班，飞往全球近170个目 的地。法航称，其长途航线的运力（以可用座位公里数计算）将增长3%。（界面） 联合利华因美国政府停摆调整梦龙分拆时间表 联合利华10月21日宣布，鉴于美国联邦政府持续停摆，将调整旗下梦龙冰淇淋公司的分拆时间表。分拆 的准备工作正按计划顺利推进，联合利华仍致力于并有信心在2025年完成分拆。此次时间表调整源于美 国证券交易委员会目前无法批准梦龙冰淇淋公司股份在纽约证券交易所上市交易所需的美国注册声明生 效。（界面） 日本9月PC出货量同比增长86.4% 达144.5万台 日本电子信息技术产业协会（JEITA）21日公布的数据显示，9月份日本个人电脑（PC）出货量同比增 长86.4%，达144.5万台。日本企业和个人用户都在提前更换微软Windows 10即将停止支持（已于10月14 日终止）的设备。（新浪财经） 蔚来公司单周交付破万，乐道L90销量创新高 36氪获悉，蔚来公司上周交付破万，其中蔚来超4千、乐道超5K、萤火虫超1.5K，其中L90单周交付 ...

来源：环球网 "双11"出海新叙事：国货爆品引领增长 今年"双11"的全球化布局早已超越价格战维度，成为中国品牌展示竞争力的战略窗口。淘宝投入 10 亿 元营销补贴，覆盖全球20个国家和地区，目标助推10万商家海外成交翻倍；京东全球售供给已覆盖千万 自营商品，12国可享全品类包邮；拼多多旗下Temu以八折、八五折优惠直面 "黑色星期五" 竞争，平台 层面的出海攻势背后，是国货品牌集体突破的底气。 值得关注的是，此前在综艺《巴黎合伙人》中亮相的多个国货品牌迎来爆发。李佳琦直播间相关单品也 在此次"双11"期间上架后销量迅速攀升，瑷科缦、双妹销量同比增长超100%，韩束、完美日记等销量 同比增长达50%，多个品牌实现两位数增幅。 综艺内容与直播带货的联动效应显著，节目中非遗元素的口红包装、京剧色彩的眼影盒引发热议，直播 间则承接热度完成消费转化，这种"内容种草+渠道变现"的模式，印证了优质国货已具备跨文化传播的 市场号召力。 直播间转型：从销售渠道到品牌共建平台 直播行业已成为国货发展的加速器。全球消费者透过屏幕，可直观感知产品特性。直播电商不仅是销售 渠道的革新，更成为国货品牌"出海"的重要服务平台。 记者从美 ...

Core Insights - The upcoming Double Eleven shopping festival is prompting major e-commerce platforms to launch promotional activities, while consumers are advised to be cautious of potential consumption traps [1] - The annual "Red and Black List" released by the Black Cat Complaint platform serves as a crucial reference for consumers to avoid pitfalls, revealing industry pain points and providing a basis for rational decision-making [1][2] Group 1: Red and Black List - The Black Cat Complaint platform utilizes big data analysis to evaluate consumer complaint volume, resolution rates, and corporate response times, creating a comprehensive Red and Black List covering various sectors such as e-commerce, tourism, entertainment, and education [2] - Some mainstream shopping platforms have been listed on the Black List due to issues with counterfeit goods and poor after-sales service, while others have made it to the Red List due to high resolution rates [2] - For example, an international sports brand appeared on the Black List due to quality issues and low response rates, while a domestic sports brand made it to the Red List for its quick response to consumer demands [2] Group 2: Consumption Traps - Price Manipulation: Some merchants create a false sense of discount by altering original prices and splitting coupons. During the 2023 Double Eleven, a major e-commerce platform was reported to issue large Apple coupons in the last two hours of the promotion, leading to actual prices lower than the price protection period, with refusal to refund the price difference [3] - Quality Issues: A well-known beauty brand released a product with only 1.5 years of shelf life during the pre-sale phase, while consumers received products with a 3-year shelf life. Additionally, a second-hand trading platform's inspection service was found to be inconsistent with the actual product [4] - After-Sales Issues: A consumer who purchased counterfeit goods found that the merchant had transferred the deposit and delisted the product, with the platform requiring a long wait time for resolution [5] - Points Redemption: An electronics retailer launched a "high points exchange for tablets" promotion, but the actual redemption rate was very low due to high spending requirements [6] Group 3: Rational Consumption Guidelines - Consumers are encouraged to check the Red and Black List on the Black Cat Complaint platform to identify brands with high resolution rates and average response times [7] - It is advised to retain evidence such as product page screenshots, chat records, and logistics information, and to use third-party price comparison tools to track price fluctuations [8] - In case of disputes, consumers should first seek resolution through platform customer service, and if unresolved within the stipulated time, they can submit evidence to the Black Cat Complaint platform for further action [8]

Core Viewpoint - L'Oréal Group and Kering Group announced a strategic partnership valued at €4 billion, where L'Oréal will acquire Kering's beauty business, including the Creed perfume brand and exclusive licenses for Gucci, Balenciaga, and Bottega Veneta for 50 years [1][3]. Group 1: Transaction Details - The transaction is expected to be completed in the first half of 2026, pending regulatory approval [2]. - L'Oréal will acquire Kering's beauty business, which includes the Creed brand that Kering purchased for €3.5 billion in 2023 [3]. - L'Oréal will receive exclusive licenses for Gucci, Balenciaga, and Bottega Veneta's beauty and fragrance products for 50 years, with Gucci's current license held by Coty Group set to transfer to L'Oréal in 2028 [3]. Group 2: Financial Context - Kering faces significant financial pressure, with net debt reaching €9.5 billion and long-term lease liabilities of €6 billion as of June 2025 [4]. - Gucci's operating profit fell by 52% year-on-year to €486 million, with revenue down 16% to €7.587 billion in the first half of 2025 [4]. Group 3: Strategic Implications - Kering's CEO, Luca de Meo, emphasized that this strategic alliance is crucial for accelerating the development of major brands in the fragrance and cosmetics sectors, similar to the success of YSL beauty under L'Oréal [4]. - The decision to sell the beauty business marks a significant shift from Kering's previous strategy of expanding its beauty division, which included the acquisition of Creed and the hiring of a former Estée Lauder executive [5]. - The beauty business is seen as a key area for luxury brands to attract a broader consumer base, especially in a slowing luxury goods market [5][6]. Group 4: L'Oréal's Position - This acquisition represents L'Oréal's largest transaction in its history, surpassing the $2.5 billion acquisition of Estée Lauder in 2023 [6]. - L'Oréal has been expanding in the fragrance sector, acquiring several brands, including the high-end Middle Eastern brand Amouage in 2025 [7]. - The partnership with Kering may set a new trend in the industry, focusing on equity cooperation and joint ventures to align interests while maintaining brand prestige [8].

导语：曾签 约虞书欣、赵露思、王一博等热门明星做代言人的自然堂，在盈利、研发等硬指标上正在落 后同行对手 。 近 日，自然堂全球控股有限公司（ 简称 "自然堂"）向港交所递交招股书，华泰国际与瑞银集团担 任联席保荐人。这家起步于辽宁辽阳、总部位于上海的国货 "老牌" 美妆企业，走到了资本市场的门 前。 自然堂创立于 2001 年 ，创始人 郑春颖 ，早期曾在某地 财政局 做 公务员 ，后下海经商 ，创建 伽蓝集团 （自然堂前身） 。 自然堂成立 24 年 以来 ， 成为 国货化妆品兴衰与复兴 的重要参与者 。从当年电视广告 上的 "你 本来就很美"，到如今的抖音直播、旗舰店、明星代言，自然堂几乎浓缩了 国内 美妆行业的全部变 迁。 根据弗若斯特沙利文数据，以 2024 年零售额计算，自然堂是 国内 第三大国货化妆品集团，其核心 品牌 "自然堂"连续 12 年位居国货化妆品品牌前两名 ，但近年来在营收、净利等指标上增长放缓。 在行业普遍向上、国货品牌崛起的时代，自然堂的递表，既是冲刺资本化的顺势之举，也是一场自 救式求变。 增长曲线放缓 近年来，自然堂这家 "老牌"国货 的增长曲线略显疲软。 招股书数据显示， ...

Core Insights - The 2025 Tmall "Double 11" event officially launched on October 20, with significant sales performance in the first hour, indicating a strong start compared to the previous year [1] Sales Performance - In the first hour, 80 brands achieved sales exceeding 100 million, and 30,516 brands saw sales double compared to last year [1] - A total of 18,919 brands surpassed their entire sales from the previous year's opening day within the first hour [1] Category Highlights - Beauty brands led the sales, with 8 beauty brands breaking the 100 million mark within the first 10 minutes, outperforming the same period last year [1] - Home appliances and home improvement brands experienced their largest scale of consumer upgrades, with brands like Haier, Midea, and others quickly surpassing 100 million in sales during the first hour [1] E-commerce Trends - Live-streaming e-commerce maintained its popularity, with multiple live-streaming sessions on Taobao achieving over 100 million in sales during the first hour [1]

Core Insights - Tmall's 2025 Double 11 event saw significant sales growth, with over 80 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's opening day performance [1] - The beauty category performed exceptionally well, with brands like Proya and Estée Lauder reaching 100 million yuan in sales within minutes of the event's start [1] - The home appliance and decoration sector benefited from government subsidies and Tmall's discounts, leading brands like Haier and Midea to achieve rapid sales growth [2] - The 3C digital products category was notably boosted by new product launches, with the iPhone 17 series achieving sales exceeding last year's total within two hours [2] - Live streaming sales also saw a strong performance, with multiple hosts breaking the 100 million yuan sales mark in the first hour, exceeding last year's figures [2] Group 1 - Tmall reported that 30,516 brands doubled their sales compared to last year, with 18,919 brands surpassing last year's total sales in the first hour [1] - The beauty category had eight brands entering the "billion yuan club" within the first ten minutes, indicating a strong market demand [1] - Major sports brands like Fila and Nike also achieved over 100 million yuan in sales within minutes, with several brands showing double-digit growth compared to last year [1] Group 2 - Discounts in the home appliance sector reached as low as 50%, driving significant sales for brands like Stone and Source Wood [2] - The launch of new products in the 3C category, including the iPhone 17 series, contributed to a surge in sales, with Apple Store's iPhone sales exceeding last year's total in under two hours [2] - Tmall's promotional strategy included a total of 500 billion yuan in consumer coupons, marking the largest discount effort of the year [2]

Group 1 - The 2025 Tmall Double 11 sales event saw a rapid increase in brand performance, with 80 brands achieving over 100 million in sales within the first hour, and 30,516 brands doubling their sales compared to last year [1] - Beauty brands led the sales surge, with Polaia breaking 100 million in just 6 minutes, followed by other major brands like Estée Lauder and SK-II achieving significant sales growth within the first hour [1] - Sports and outdoor brands also experienced explosive growth, with Fila, Nike, and Lululemon each surpassing 100 million in sales within the first 15 minutes, and several brands achieving double-digit growth compared to last year [1] Group 2 - The combination of national subsidies and Tmall Double 11 discounts, with prices dropping to as low as 50%, led to a significant increase in sales for home appliance and home improvement brands, with Haier and Midea quickly surpassing 100 million in sales [2] - The launch of the iPhone 17 series on Tmall resulted in explosive sales, with Apple Store's iPhone series exceeding last year's total sales within the first two hours of the event [2] - Live streaming sales also performed well, with several popular hosts achieving over 100 million in sales during the first hour, surpassing the number of hosts who reached this milestone last year [2]

Group 1 - L'Oréal Group and Kering Group announced a long-term strategic partnership in the luxury beauty sector, with Kering selling its beauty business to L'Oréal for €4 billion (approximately 33.3 billion RMB) [1] - L'Oréal will acquire the Creed brand and gain exclusive rights to develop perfumes and beauty products for Kering's brands such as Gucci, Bottega Veneta, and Balenciaga for a period of 50 years [1][2] - The transaction is expected to be completed in the first half of 2026, and both companies plan to explore further collaboration opportunities in luxury goods, health, and longevity through a 50-50 joint venture [1] Group 2 - Kering's beauty division, established in 2023, reported total sales of €32.3 million in 2024, a significant increase of 421% year-on-year, primarily driven by Creed [2] - Despite the growth in the beauty sector, Kering's overall sales declined by 16% year-on-year, and net profit fell by 46%, indicating financial pressure [2] - Kering's new CEO, Luca de Meo, is focused on improving the company's balance sheet, making the sale of the underperforming beauty business a necessary step [2][3] Group 3 - The partnership is expected to strengthen L'Oréal's leadership position in the luxury beauty market, leveraging the potential of brands like Gucci and Bottega Veneta [2] - Analysts believe that this collaboration will help Kering gain a larger market share in the luxury sector amid overall industry pressures [3]