将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 机器人赛道，产业资本强势入场。 上周，绳驱AI机器人公司星尘智能（Astribot）完成数亿元 A++轮融资，由国科投资和蚂蚁集团联合领投，Bloom Advance Capital、时代伯乐（金马游乐产 业基金管理人）、南山战新投等知名财务机构及产业资本跟投，老股东锦秋基金继续追投。11月20 日，星动纪元完成近10亿元A+轮融资。本轮融资由吉利资本领投，北汽产投战略投资，北京市人工 智能产业投资基金及北京机器人产业发展投资基金联合注资；与此同时，已有多家国际产业巨头战略 资本加持。 大健康赛道，基因与细胞治疗（CGT）持续火热。 上周，中合基因完成数千万元PreA+轮融资，本 轮融资由国科创投和天津港保税区产业发展基金共同投资。点石资本担任本轮融资的独家财务顾问。 11月20日消息，瑞普晨创于近日完成5亿元A+轮融资。本轮融资的投资方包括国新基金、元生创 投、富浙资本、华睿投资、东方嘉富、荷塘创投、余杭国投、北京疆亘、贝橙 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 王毓婵 Busy Money 中国本土护 肤品牌"LAN 兰"获得欧莱雅旗下基金投资 欧莱雅集团日前宣布对中国纯净护肤品牌"LAN兰"进行少数股权投资。此次投资由欧莱雅中国旗下上海美次方投资有限公司进行，得到欧莱雅集团战略 创新风险投资基金公司BOLD的支持。这也是美次方投资的首个中国本土护肤品牌。兰是一家纯净护肤品牌，秉持"精净、高能"的纯净护肤定位，并 从"以油养肤"的产品理念切入，以更透明、天然的产品标准，提供纯净系列护肤产品。旗下拥有多个国产品牌，包括"兰"、"susisu"等新锐品牌。 内蒙古仙饼嫂完成2000万元A轮融资 近日，仙饼嫂完成2000万元人民币A轮融资。本轮融资由深圳市天皓实业投资控股有限公司领投，多家机构跟投。据悉，融资将主要用于全国门店网络 拓展、供应链体系升级及数字化运营深化。仙饼嫂是一家蒙古族非遗美食品牌。 花伍完成数千万元A轮融资 花伍科技获本轮数千万元A轮投资。投资方为云南省农业基金、官渡区产业投资基金。花伍科技是一家一站式花农鲜花货源采购平台，致力于云南鲜花批 发行业互联网货源供应链 ...

11月17日，美妆巨头欧莱雅集团宣布对中国纯净护肤品牌LAN兰进行少数股权投资，标志着其中国投资公司美次方成立以来首次投资本土护肤品牌。与 此同时，日本乐敦制药旗下品牌肌本科发布天猫旗舰店终止经营公告，预计将于2025年12月11日正式关闭。这一进一退之间，清晰映射出中国美妆市场正 在经历的重大洗牌：具备科技创新能力的本土品牌正赢得国际认可，而部分反应迟缓的国际品牌则面临严峻挑战。 欧莱雅为何选中LAN兰？ 美次方此次投资LAN兰，获得了欧莱雅集团战略创新风险投资基金BOLD的全力支持。虽然具体投资金额未公开，但这次合作被视为欧莱雅深化在中国美 妆科技领域布局的关键一步。欧莱雅北亚总裁兼中国首席执行官博万尚直言，此次投资充分体现了中国市场在集团全球战略中的核心地位，双方在"美与 科学"追求上的高度契合为合作奠定了坚实基础。 从美次方的投资轨迹来看，这一选择绝非偶然。自成立以来，美次方在中国的投资多集中在香氛、原料创新等领域，先后投资了高端香氛品牌"闻献""观 夏"以及生物材料企业"杉海创新""未名拾光"。数字化、研发、美学、原创始终是其投资的关键词，而LAN兰恰好精准匹配了这一标准。 六年成长，年销破10亿的 ...

一周时尚快报 白金汉宫将举办伊丽莎白二世特展 为了纪念伊丽莎白二世女王对英国时尚业的深远影响，白金汉宫将于明年4月10日至10月18日推出新展"伊丽莎白 二世女王：她的时尚生活"。 这将是有史以来规模最大的伊丽莎白二世时装展，呈现约200件展品，其中约一半为首次展出。从高级定制晚装到 合身的非公务服装，游客们将走近女王的衣柜，一览这位传奇君主的风采。 2026年是伊丽莎白二世的百年诞辰，这场展览也将呈现近一个世纪里女王的时尚生活。三位知名英国设计师 Erdem Moralioglu、Richard Quinn和Christopher Kane受邀参展。他们在职业生涯中各自创作了受女王独特风格影响 的作品，并挑选其中一件代表作，与女王时尚档案中的相关作品一起展出。 展览中，游客们可以看到女王衣柜中罕见且从未展出过的物品，它们是皇家收藏信托基金管理下的皇家收藏的一 部分。还有一些晚年私人衣柜中的常服，比如哈里斯花呢夹克、巴尔莫勒尔格子裙，以及女王在最后几年里常穿 的绿色外套。 历峰集团中国市场止跌 卡地亚母公司的出色表现令投资者松了一口气，奢侈品行业似乎正在缓慢复苏。 根据11月14日公布的最新数据，截至2025 ...

11月17日，欧莱雅官宣投资了中国本土护肤品牌"LAN兰"。此次投资由欧莱雅中国旗下上海美次方投资有限公司进行，得到欧莱雅集团战略创新风险投资基 金公司BOLD的支持。这也是美次方首次投资中国护肤品牌。 以2025年中递交招股书的林清轩为例，2024年公司收入12.1亿元、盈利1.87亿元，精华油仍是最核心的收入来源，近三年占比由31.5%升至37%。相比之下， 常被品牌用于提升客单价和形象的面霜、精华液在该公司的结构中占比提升有限：面霜从13.7%增至15.7%，精华液则由14.5%降至10%。 LAN兰的主力价位集中在200至300元区间，相比林清轩的高端定价略低一档。但需要注意的是，林清轩近年来促销力度较大，部分精华油产品在折扣后的 价格已与LAN兰形成一定重叠，使两者在细分客群上的区隔度并非完全明确。 LAN兰2019年创立于杭州，是主打"以油养肤"、"科技植萃成分"的纯净护肤品牌。其宣称其下产品依托"分子油萃"、"植物愈伤"等生物科技，目前上市时光 兰花、凤凰美白等产品系列。 界面时尚就品牌融资后未来发展向LAN兰提问，得到回应称："未来我们将进一步在功能油脂研发与植萃科技上持续投入，完善线下零售体 ...

Core Insights - The "Double 11" shopping festival this year saw significant consumer engagement due to government subsidy policies, with over 100 million interest-free installment products offered by platforms and merchants [1][3] - The implementation of the personal consumption loan subsidy policy has effectively reduced consumer credit costs, leading to an 18% increase in per capita installment spending compared to September [1][3] Group 1: Government Policies - The introduction of the "Personal Consumption Loan Fiscal Subsidy Policy" in September aims to stimulate market activity and consumer spending by lowering credit costs [3] - The "National Subsidy" product section on Taobao and Tmall has attracted 65 million views since its launch on October 30, highlighting increased consumer awareness of the subsidy policy [4] Group 2: Consumer Behavior - There was a 19% increase in the number of consumers benefiting from the national subsidy during "Double 11," with nearly 2 million first-time users of interest-free installments [4] - Consumers are increasingly opting for installment payments, as evidenced by a significant rise in the use of these options during the shopping festival [7] Group 3: Merchant Response - Merchants have responded positively to the subsidy, with many reporting increased sales and higher coverage of interest-free installment options [6] - For example, Bosideng reported a 97.8% coverage of interest-free installments for products over 100 yuan, with installment payments accounting for 12.7% of total sales [6] - Brands offering full-store interest-free options saw substantial growth, with some reporting an 80% increase in installment sales and nearly 20% growth in overall sales [6] Group 4: Market Dynamics - The collaboration between government subsidies and merchant strategies has created a win-win situation, enhancing consumer purchasing power while driving sales growth for businesses [8] - The recent emphasis on boosting consumption in the "14th Five-Year Plan" underscores the importance of collaborative efforts in stimulating economic activity [8]

Core Insights - Xiaohongshu's new business "Zhongcao Zhida" has achieved significant sales results within its first five months, with over 100 products generating sales exceeding 10 million and nearly 1000 products surpassing 1 million during the Double 11 shopping festival [1][2] - The platform's strategic partnerships with major e-commerce platforms have enabled seamless transitions from content to purchase, enhancing user experience and driving sales [2][3] Sales Performance - Notable products include Haier's Yunxi washing machine with nearly 200 million in sales, Little Swan's washing and drying set exceeding 50 million, and TCL's T7L television surpassing 30 million [1] - Xiaohongshu's "Zhongcao Zhida" has helped brands achieve top rankings in various e-commerce categories, such as Haier's washing machine topping JD's washing machine category and HBN's facial cleanser leading Tmall's facial cleanser list [2] Brand Strategy - Brands have reported a 76% increase in store entry efficiency when using "Zhongcao" alongside "Zhongcao Zhida," leading to a doubling of participating brands compared to the previous shopping event [3] - For example, Naturando's targeted strategy for its high-demand products resulted in over 300,000 orders on the first day of pre-sale, with both featured products achieving over 100 million in sales by November 11 [3] Support for Emerging Brands - Xiaohongshu's ecosystem has significantly aided new brands, such as the ergonomic chair brand "Qingxian," which achieved over 10 million in sales during Double 11 and doubled its brand search volume [4] - The integration of "Zhongcao Zhida" allows brands to optimize their marketing strategies based on real-time conversion data, leading to more stable business growth [4][5] Market Impact - "Zhongcao Zhida" addresses the challenges brands face in the final conversion stage, enhancing the effectiveness of marketing efforts and enabling better sales outcomes for quality products [5]

Core Insights - The article highlights the trend of product segmentation among exhibitors at the China International Import Expo, focusing on tailored cleaning solutions and consumer preferences in the Chinese market [2][3][4]. Group 1: Product Segmentation - The Portuguese cleaning brand Mootaa has introduced a green natural series of cleaning products tailored for specific household scenarios, expanding from 4 to 7 SKUs for the Chinese market [2]. - Mootaa's new products include specialized cleaners for kitchens, bathrooms, and laundry, with enhanced stain removal capabilities to meet local demands [2][3]. - Philips has launched new shavers targeting different consumer demographics, including high-net-worth individuals and young consumers, with products priced from around 100 to 3000 RMB [4]. Group 2: Market Adaptation - Mootaa has established a comprehensive online and offline sales network in China, partnering with major e-commerce platforms and supermarkets, achieving a retail scale of 400 million RMB with a compound annual growth rate of over 30% [3]. - Kao's brand freeplus has introduced a cleansing oil to complement its existing product line, reflecting a strategy to cater to local consumer needs and preferences [4][5]. - Kao's health care brand, Meishuli, has adapted its products for the Chinese market, including steam eye masks and foot-soaking products, which have shown promising sales performance [5].

Core Viewpoint - The article discusses the recent investment by Betaini, a publicly listed company, in the Jin Yu Fund, highlighting the strategic move to seek new growth opportunities in the healthcare sector amidst declining market performance [5][9][10]. Investment Details - Betaini has committed 50 million yuan to the Jin Yu Fund, which has a total subscription amount of 1 billion yuan and a partnership duration of 10 years [7][9]. - The Jin Yu Fund is managed by Jin Yu Mao Wu, a venture capital firm based in Jiangsu, focusing on strategic emerging industries such as new materials, renewable energy, and healthcare [7][9]. - The largest limited partner (LP) in the fund is the Jiangsu Wuxi Biomedical Industry Special Mother Fund, contributing 300 million yuan, accounting for 30% of the fund [7][8]. Company Background - Betaini is known for its skincare brand Winona, which has gained significant market share in the sensitive skin segment, previously exceeding a market capitalization of 120 billion yuan but has now fallen below 20 billion yuan [9][10]. - The company is facing intense competition in the cosmetics market, leading to a 49.01% decline in net profit in the first half of the year [10]. Strategic Rationale - The investment in the Jin Yu Fund is part of Betaini's strategy to deepen collaboration with professional funds and enhance its presence in the health ecosystem, aiming to improve its overall competitiveness and profitability [10][12]. - This is not Betaini's first investment with Jin Yu Mao Wu; the company previously invested 30 million yuan in another fund managed by the same firm, indicating a pattern of strategic partnerships [12]. Industry Context - The trend of companies becoming LPs in venture capital funds is becoming more common, as firms seek to leverage established relationships and trust with previous investors [13]. - The current investment landscape shows a scarcity of willing social capital, making corporate LPs a vital resource in the market [13].

Core Insights - Kenvue, the consumer health division spun off from Johnson & Johnson, is being acquired by Kimberly-Clark for a total price of $48.7 billion, with Kenvue shareholders receiving $3.5 in cash and 0.14625 shares of Kimberly-Clark stock per share, valuing Kenvue at approximately $21.01 per share, which is considered attractive for Kenvue's shareholders [1][2] Company Performance - Kenvue's financial performance since its independence has been underwhelming, with net sales of $15.455 billion in 2024, a year-on-year increase of only 0.1%, and a net profit of $1.03 billion, down 38% year-on-year [2] - In the first half of 2025, Kenvue's net sales declined by 3.98% to $7.58 billion, and adjusted net profit fell by 11.49% to $1.025 billion [2] Market Position and Challenges - Kenvue's brands, including Neutrogena and Listerine, primarily target the mid-to-low-end market, which is characterized by intense competition driven by "traffic marketing and price competition," leading to a weakening competitive edge for Kenvue's multi-brand strategy [3] - Following its spin-off, Kenvue has faced challenges, including rumors of selling off brands like Curel and Dr. Ci:Labo, indicating potential struggles in maintaining brand strength [2][3] Strategic Implications of Acquisition - The acquisition by Kimberly-Clark is seen as a potential opportunity for Kenvue to join a larger platform with more resources and brand stability, which could enhance product innovation, market expansion, and operational efficiency [3] - However, the future of Kenvue as an independent business unit under Kimberly-Clark remains uncertain, as the integration and market dynamics will play a crucial role in determining the success of this acquisition [4]