天眼查App显示，近日，郑州桔见朵化妆品有限公司成立，法定代表人为徐莎，注册资本20万人民币， 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；日用百货销售；珠宝首饰零售； 美发饰品销售；家用电器销售；服装服饰零售；鞋帽零售；针纺织品销售；箱包销售；玩具销售；信息 技术咨询服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；母婴用品销售；劳 务服务（不含劳务派遣）（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）。 ...

根据兔头妈妈的情况说明，2024年4月，广州市增城区市场监督管理局对生产工厂仓库抽检，抽检不合格产品批次共计生产6864瓶，该批次产品未出库， 未流入市场及消费者手中；公司收到抽检报告后立即对生产工厂仓库内该批次产品进行封存并于2024年8月全部销毁；后续批次均按质量体系执行批次放 行审核，确保每批次符合产品质量标准。 日前，婴童品牌兔头妈妈在社交平台发布洗发水抽检情况说明称，关于2024年4月品牌旗下一款洗发水（产品名称：儿童蚕丝润护洗发水「非按压泵 款」）菌落抽检不合格，对消费者造成的困扰表示十分抱歉。 据媒体此前报道，广州市市场监督管理局近期发布的化妆品专项抽检结果显示，在2066批次受检样品中共有40批次不符合规定，多品类均有儿童专用产品 被纳入抽检范畴并出现不合格情况。 一款倍膳健儿童润肤乳超标820倍，头部品牌兔头妈妈旗下的一款儿童蚕丝润护洗发水也被检出菌落总数超标48倍。据了解，这两款问题产品均标注了儿 童化妆品专属标志"小金盾"。 | 被相将 | | 生产目期 | 特殊化妆品注册 | 标签标示化妆品注册人。 | 标签标示化妆品注册人、 | 被捆样化妆 | 被抽样化妆 | | | 不符合规定 | ...

Core Viewpoint - The company, Beijing Plant Doctor Cosmetics Co., Ltd., is striving to become the first single-brand beauty stock in A-shares, but faces scrutiny over its business model, core competitiveness, and management issues amidst its capital market ambitions [1]. Expansion Path Anchored by Stores - Since its establishment in 1994, the company has focused on a single-brand strategy in the high-altitude plant skincare segment, collaborating with institutions like the Kunming Institute of Botany to create a differentiated advantage with "Chinese brand, Chinese ingredients" [2]. - As of the end of 2024, the company operates 4,328 chain stores, surpassing the total number of stores of comparable competitors like L'Occitane and Lin Qingxuan [2]. - Offline sales have consistently contributed 70% to 80% of total revenue, with 3,830 authorized franchise stores accounting for about 88% of total stores, generating over 60% of the company's main business income [2]. Stagnation in Growth and Costs of Franchise Model - Despite the large number of stores, the company's revenue has stagnated around 2.1 billion yuan from 2022 to 2024, with a compound annual growth rate of less than 1%, contrasting sharply with competitors like Proya and Marubi, which have around 30% growth [4]. - The franchise model has led to lower profitability, with a gross margin of 58.9% in 2024, significantly lower than competitors like Proya (71.41%) and Beitaini (73.84%) [4]. - The extensive franchise network has created internal control and compliance issues, delaying the company's IPO process by 19 months due to significant deficiencies in internal control systems [4]. Management Crisis from Franchise Model - The franchise model has resulted in product quality and customer experience issues, exemplified by a product that exceeded safety standards by 21 times and ongoing compliance risks with unlicensed stores [5]. - In 2024, the number of franchise stores decreased by 294, indicating a decline in the previously advantageous franchise model [5]. R&D Challenges and Product Future - The company exhibits a tendency to prioritize sales over R&D, with sales expenses totaling 2.185 billion yuan from 2022 to 2024, compared to only 216 million yuan in R&D investment [7]. - The R&D team has shrunk from 166 to 130 members, with a decrease in the proportion of highly educated personnel [7]. - The company relies heavily on external collaborations for core technologies, raising concerns about its long-term product competitiveness [8]. Operational Efficiency and Cash Flow Pressure - Key operational efficiency metrics, such as inventory turnover and total asset turnover, have shown a downward trend from 2022 to 2024, indicating reduced inventory turnover and asset utilization [9]. - Despite stable profit growth, the net cash flow from operating activities dropped by 23.97% in 2024, raising concerns about the quality of revenue [9].

Core Insights - The Korean cosmetics industry is experiencing a global resurgence, with exports reaching $8.52 billion (approximately 604.07 billion RMB) in the first three quarters of 2025, marking a 15.4% year-on-year increase and setting a historical record for the same period [1][17] - The focus of this resurgence is shifting away from China, as the proportion of Korean cosmetics exports to China fell below 20% for the first time in the first half of 2025 [1][10] - Major players like Amorepacific and LG Household & Health Care are diversifying their markets, targeting growth in North America, Japan, and Europe [10][15] Group 1: Amorepacific Performance - Amorepacific's sales in Q3 2025 reached 10.169 trillion KRW (approximately 48.81 billion RMB), a 4.1% increase year-on-year, with operating profit soaring by 41% to 919 billion KRW (approximately 4.41 billion RMB) [4][6] - The company reported a total sales figure of 30.894 trillion KRW (approximately 148.29 billion RMB) for the first three quarters of 2025, reflecting a 10.6% year-on-year growth [6] - The cosmetics segment contributed significantly, with sales of 27.555 trillion KRW (approximately 132.27 billion RMB), up 10.15% year-on-year, accounting for 89.2% of total revenue [6] Group 2: LG Household & Health Care Performance - LG Household & Health Care reported a sales decline of 6.1% in the first three quarters of 2025, totaling 48.83 trillion KRW (approximately 234.38 billion RMB), with operating profit down 41.4% [7][9] - In Q3 2025, the company achieved sales of 15.8 trillion KRW (approximately 75.84 billion RMB), a decrease of 7.8% year-on-year, with the beauty segment experiencing a significant drop of 26.5% [9][10] - The company attributed its struggles to a major restructuring of traditional channels, which severely impacted duty-free retail [9] Group 3: Market Diversification - Korean cosmetics companies are increasingly focusing on overseas markets, with Amorepacific's overseas sales in Q3 2025 reaching 440.8 billion KRW (approximately 21.16 billion RMB), accounting for 43.4% of total sales [10][12] - LG Household & Health Care's overseas sales grew by 6.6% to 493 billion KRW (approximately 23.66 billion RMB), representing 31% of total sales [12] - The shift away from reliance on the Chinese market is evident, with Amorepacific's sales to China dropping to 10.4% and LG's to 9% in Q3 2025 [10][12] Group 4: Strategic Initiatives - Companies are pursuing global diversification strategies, including acquisitions of local brands and partnerships with major e-commerce platforms like Amazon and Shopee [14][15] - Amorepacific is prioritizing markets in the U.S., Japan, and Europe while adjusting its strategy in China to focus on high-quality growth [15][19] - LG Household & Health Care is also restructuring its global business, emphasizing the Americas and targeting younger consumers with new products [15][19]

天眼查App显示，近日，厦门古之哲化妆品有限公司成立，法定代表人为林清桂，注册资本10万人民 币，经营范围为一般项目：化妆品零售；互联网销售（除销售需要许可的商品）；化妆品批发；个人卫 生用品销售；日用杂品销售；针纺织品销售；服装服饰零售；鞋帽零售；日用品销售；日用家电零售； 灯具销售；日用百货销售；贸易经纪；母婴用品销售。（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，厦门柔之悦化妆品有限公司成立，法定代表人为黄晖荣，注册资本5万人民 币，经营范围为一般项目：化妆品零售；化妆品批发；个人卫生用品销售；日用杂品销售；物联网技术 研发；科技中介服务；信息技术咨询服务；数据处理服务；信息系统集成服务；互联网数据服务；咨询 策划服务；日用百货销售；日用品销售；家居用品销售；针纺织品销售；厨具卫具及日用杂品批发；塑 料制品销售；医护人员防护用品批发；医护人员防护用品零售；卫生用品和一次性使用医疗用品销售； 广告制作；专业设计服务；广告设计、代理；广告发布；图文设计制作；办公用品销售；户外用品销 售；文具用品零售；文具用品批发；数字内容制作服务（不含出版发行）。（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）。 ...

2025.11. 26 本文字数：1049，阅读时长大约2分钟 11月24日下午，婴童洗护品牌兔头妈妈在微博发布"洗发水抽检情况说明"称， 关于2024年4月品 牌旗下一款洗发水（产品名称：儿童蚕丝润护洗发水「非按压泵款」）菌落抽检不合格，对消费者造 成的困扰表示十分抱歉。 情况说明称，2024年4月，广州市增城区市场监督管理局对生产工厂仓库抽检，抽检不合格产品批 次共计生产6864瓶，该批次产品未出库，未流入市场及消费者手中；公司收到抽检报告后立即对生 产工厂仓库内该批次产品进行封存并于2024年8月全部销毁；后续批次均按质量体系执行批次放行 审核，确保每批次符合产品质量标准。 兔头妈妈表示，公司开展了专项质检提升，将全年不定期开展随机劝项型式检测抽检。 尊敬的用户: 关于 2024年4月品牌旗下一款洗发水(产品名称:儿童蚕丝润护洗发水 [ 非按 压泵款」) 离落抽检不合格,对消费者造成的困扰我们十分抱歉。 情况说明: 一、2024年4月,广州市增城区市场监督管理局对生产工厂仓库抽检,抽检不 合格产品批次共计生产6864瓶,该批次产品未出库,未流入市场及消费者手中。 二、我可收到抽检报告后立即对生产工厂仓库 ...

Core Insights - Chinese beauty (C-Beauty) is rapidly expanding its global presence, enhancing its competitiveness in skincare and makeup, and directly competing with Korean beauty (K-Beauty) in international markets [1][2] - Korean beauty exports to China have declined for two consecutive years, with a significant drop of 18.7% in the first ten months of this year, leading to China losing its position as the largest export market for Korean beauty products [1][2] - The market share of domestic Chinese beauty brands has increased to 55.2%, marking three years of steady growth [1] Group 1: Market Performance - From January to September this year, China's beauty exports reached $5.403 billion, a year-on-year increase of 9.13%, with the number of export destinations expanding from 200 to 215 [1] - In contrast, Korea's beauty exports to China amounted to $1.7252 billion in the first ten months, reflecting an 18.7% decline compared to the previous year [1] Group 2: Global Trends - The global search index for "C-Beauty" surged from 44 in July to a peak of 100 in September, surpassing "K-Beauty" which stood at 90 [2] - The rise in interest for Chinese beauty products is closely linked to the popularity of "Douyin makeup," characterized by matte finishes and bold eye makeup, which has significantly increased global exposure for Chinese brands [2] Group 3: Competitive Landscape - Korean beauty is perceived to be overly focused on skincare, while it has been surpassed by Chinese beauty in the makeup sector, prompting calls for diversification in Korea's main export categories [3] - In the first nine months of this year, Korea's lip makeup exports were $466 million, while China's were $646 million; for eye makeup, Korea's exports were $148 million compared to China's $439.37 million, indicating a widening gap [3]

天眼查App显示，近日，上海云镁星化妆品有限公司成立，法定代表人为张琪琪，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；卫生用品和一次性使用医疗用品销售；日用品销 售；养生保健服务（非医疗）【分支机构经营】；美甲服务【分支机构经营】。（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）许可项目：生活美容服务【分支机构经营】。（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，具体经营项目以相关部门批准文件或许可证件为 准）。 ...

Core Viewpoint - The company "Plant Doctor" is preparing for an IPO, aiming to raise approximately 998 million yuan by issuing up to 26.67 million shares, with over 53% of the funds allocated for marketing and brand development [1]. Financial Performance - Plant Doctor's revenue has stagnated, with reported revenues of 2.117 billion yuan, 2.151 billion yuan, and 2.156 billion yuan from 2022 to 2024, while net profits were 168 million yuan, 229 million yuan, and 242 million yuan, showing a decline in growth rate from 36.3% in 2023 to 5.7% in 2024 [6]. - By mid-2025, the company achieved revenue of 960 million yuan, less than half of the total revenue for 2024, with a net profit of 79 million yuan, only 32.6% of the previous year's total [6]. - Despite declining revenue and profits, the company increased cash dividends to 80% of the total for 2024 in the first half of 2025, amounting to 80 million yuan [6]. Product and Production Insights - The production capacity utilization rates for core products indicate stagnation, with the utilization for water and cream products at 95.26% and essence products at 87.52% as of mid-2025 [7]. - The mask products achieved a record high capacity utilization of 108.15%, but the sales rate was only 65.27%, marking a new low [7]. Marketing and R&D Expenditure - The company has significantly increased marketing expenditures, spending 743 million yuan in 2024, which accounted for 34.47% of revenue, and 3.65 billion yuan in the first half of 2025, rising to 38% of revenue [11][12]. - In contrast, R&D spending has decreased, with expenditures of 73.77 million yuan, 75.88 million yuan, and 66.33 million yuan from 2022 to 2024, representing only 3.08% of revenue in 2024 [12]. - The number of R&D personnel has decreased by nearly 50, from 166 in 2022 to 117 in mid-2025, with a low proportion of advanced degrees among staff [13][14]. Franchise and Compliance Issues - The company has expanded its franchise model to 4,269 stores, with 3,787 authorized stores and 482 direct stores, but this model has led to compliance issues and complaints [17][19]. - There have been 394 complaints regarding product safety and marketing practices, highlighting significant internal control deficiencies, particularly in franchise management [16][18]. - The company has faced regulatory scrutiny, with multiple instances of non-compliance regarding product safety and marketing practices, including the sale of banned substances and unlicensed operations [24][25].