洞见给读者送礼物 预约直播 ，抽 送 高定香水 （ 包邮 到家） 人到中年，最重要的不是车子，房子，票子。 而是经营好自己的这3个好习惯，尤其最后一点，非常重要。 第一 ， 经营好自己的家庭。 人到中年你终于发现，所谓的圈子，所谓的社交，都毫无意义。 一个人最大的成功，就是经营好 自己的家庭。 有一个知冷知热的伴侣，有一个懂得感恩的孩子， 双亲健在，身体健康 。 第二 ， 经营 好自己的身体 。 40岁前人找病，40岁以后病找人。 中年以后，身体的各种情况都在走下坡路，再也比不上年轻的时候。 千万不要等到身体垮了，零件转不动了，病痛缠上身了，才感到后悔。 每天坚持早睡早起，一日三餐按时吃饭，跑步健身多多运动。身体好了 ， 才有余力去做你想做的事儿。 第三， 经营 好自己的形象 。 "一个人的外表，就是一个人价值的外观。 它藏着你 自律的生活 ，还藏着你 正在追求着的人生 。 " 中年以后，更要经营好自己的形象， 坚持运动，保持好的身材和体态，好好护肤，保持年轻好状态。 但是，现在市面上的护肤品品种太多了，而且价格起伏不定，很多朋友不知道如何选择适合自己的。 这次七夕前夕， 8月27日晚上6点 ，我们有一个 林 ...

2 0 2 5年8月2 0日，优时颜第四届国人抗老大会如期而至，这场以「循证院线」为核心、发布多 项眼部抗衰老科研成果的学术盛会，标志着中国品牌优时颜正式开启"功效护肤+医美技术"双 轮驱动的战略新篇章。 " 眼周的一道细纹，可能瞬间冻结一个自信的微笑。 " 在中国抗衰老市场需求精细化、专业化浪潮奔涌的当下，眶周这块牵动表情、泄露年龄的"方 寸之地"，正成为消费者衰老焦虑的核心，也是各大品牌科技创新的必争之地。 想要解决眼周抗衰的问题，首先得搞懂国人的眶周到底有多"特殊"。 在这次大会上，优时颜发布眶周专题《国人肌肤衰老地图白皮书》，白皮书通过分析北京、上 海、广州、西安四地1 8 - 6 0岁女性的肌肤数据发现， 生活环境、作息习惯以及心理压力对眼周 衰老有极大影响。 例如，北京的干燥高压催生深刻的鱼尾纹，广州的湿热气候加速泪沟与眼睑下垂，而焦虑情绪 与睡眠不足，则让黑眼圈与泪沟在2 6岁后提前登场。 作为一款从医美圈跨界而来的当红原料，PDRN吸引了包括欧莱雅、LG生活健康和华熙生物 等国内外美妆公司的争相布局。业界也普遍看好PDRN的市场前景，根据Gr a n d Vi ew Re s e a r c ...

[Table_Title] 研究报告 Research Report 22 Aug 2025 雅诗兰黛 Estee Lauer (EL US) FY2025 营收与利润均下滑，全球旅行零售景气度低 Revenue and Profit Declined in FY2025 Amid Low Global Travel Retail Sentiment 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：雅诗兰黛（Estée Laude）发布 2025 财年业绩报告并举办业绩会。 护发产品由于线上扩张不及线下零售萎缩销售额下滑，营业收入亏损收窄。护发产品 FY2025 销售额为 5.65 亿美元，同 比-10.2%。Aveda 品牌的销售额下降主要由于实体零售渠道的持续疲软以及独立门店的关闭。尽管该品牌 FY25Q4 在亚马 逊美 ...

Core Insights - The brand Huatiánjímì, founded by Nami, leverages the unique rose resources from Pingyin, Shandong, to create internationally competitive skincare products, highlighted by the launch of the "Minus 41°C Ultra-Low Temperature Freeze-Dried Fresh Flower Liquid" [1][3][6] Group 1: Brand and Product Development - Huatiánjímì is established in Pingyin, known as the "Rose Capital of China," with over 1,400 years of rose cultivation history and a current planting area exceeding 60,000 acres [3] - The brand's mission is to bring the world's roses back to China, emphasizing the quality of the Pingyin rose, which is the only rose variety included in the "Chinese Pharmacopoeia" [3][8] - The "Minus 41°C Ultra-Low Temperature Freeze-Dried Fresh Flower Liquid" utilizes advanced extraction technology to maximize the retention of active ingredients, achieving a 300% improvement in nutrient retention compared to traditional methods [6] Group 2: Market Performance and Consumer Trends - The brand adheres to a "minimalist skincare" philosophy, ensuring products are free from fragrances, preservatives, and mineral oils, with all ingredients sourced from organic rose plantations [5] - Huatiánjímì has experienced explosive growth, achieving over a million sales of its flagship products, accumulating more than 3 million loyal users, and a repurchase rate of 40% [5] - The brand's revenue growth for 2024 is projected to exceed 200% year-on-year, indicating strong market acceptance and resilience [5] Group 3: Industry Positioning and Future Outlook - The brand's vision of "the world's roses returning to China" reflects the confidence and strength of Chinese enterprises in the global market [8] - Nami extended an invitation for collaboration with distributors, research institutions, and industry peers to promote the international development of Chinese natural rose skincare products [8]

"五大基地"包括昆明植物护肤研发实验室、北京亚太皮肤科学研究所、广州顺德植物护肤配方及临床研 究基地、日本东京汉方护肤科学研究中心和植物医生—江南大学中国化妆品原料成分研发基地，主要负 责活性原料、产品配方、生产工艺、品质保证等研发。 截至2025年5月31日，公司已取得专利212项，其中发明专利59项，这些专利是公司研发实力的有力证 明，也体现了品牌在技术创新上的不懈追求。 除了研发架构和专利成果，公司在研发投入上也毫不吝啬。报告期各期，公司研发投入金额分别为 7,377.39万元、7,587.63万元和6,633.45万元，占营业收入的比例均在3%以上。要知道，在护肤品行业， 能保持这样的研发投入比例并不容易，这背后是品牌对研发的重视和对消费者的负责。 现在打开购物软件，各种护肤品品牌让人眼花缭乱，尤其是越来越多后起之秀冒出来，宣传语一个比一 个花哨。但用过之后你会发现，真正能站稳脚跟、让人反复回购的，往往还是那些在研发上下足功夫的 品牌。 毕竟护肤品不是简单的"面子工程"，从成分有效性到皮肤兼容性，每一个环节都离不开扎实的科研支 撑。研发能力就像品牌的隐形地基，看不见摸不着，却直接决定着产品能不能经得住 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [7]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%. The net profit attributable to the parent company was 392 million yuan, up 26.65% [1][2]. - The growth in revenue is driven by strong performance in both medical devices and skincare products, with notable contributions from proprietary brands [2]. - The company has increased its marketing and R&D expenditures, leading to a rise in expense ratios, which has temporarily affected net profit margins [3]. - The introduction of new products, particularly in the recombinant collagen segment, is expected to enhance revenue growth in the future [4]. Financial Summary - For H1 2025, the company reported a gross margin of 90.68%, with a net profit margin of 45.66%. The gross margin remained stable, while the net profit margin declined due to increased expenses [3]. - Revenue projections for 2025-2027 are estimated at 2.177 billion yuan, 2.887 billion yuan, and 3.695 billion yuan, respectively, with net profits expected to reach 1.062 billion yuan, 1.433 billion yuan, and 1.865 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to grow from 9.23 yuan in 2025 to 16.21 yuan in 2027, reflecting strong growth potential [5]. Product and Market Position - The company is the only approved provider of recombinant collagen implants in the market, which is expected to enhance its market penetration [4]. - The skincare segment, particularly functional skincare products, has shown rapid growth, contributing significantly to overall revenue [2]. Expense and Profitability Analysis - The expense ratio for H1 2025 was 34.87%, with a notable increase in sales and R&D expenses. The sales expense ratio was 21.05%, reflecting increased marketing efforts [3]. - Despite the rise in expenses, the company maintains a high gross margin, indicating strong pricing power and operational efficiency [3].

Investment Rating - The report does not explicitly provide an investment rating for the neck cream industry Core Insights - The neck cream industry focuses on skincare for the neck area, aiming to moisturize, reduce neck lines, enhance firmness, and prevent signs of aging. The market is experiencing strong demand driven by increased awareness of anti-aging and the rise of personalized skincare needs. Innovation in technology and product formulation is crucial for growth in this sector [4][6] Market Background - The neck cream market in China has evolved through three stages: the embryonic stage (before 2000), the initiation stage (2001-2015), and the rapid development stage (2016-present). The current growth is fueled by the rise of e-commerce and the increasing recognition of neck care [6] - The market size for neck creams in China is projected to reach 2.09 billion yuan in 2024, with a CAGR of 14.8% from 2019 to 2024. By 2029, the market size is expected to grow to 3.32 billion yuan, with an average annual growth rate of nearly 9.0% from 2025 to 2029 [7][8] Market Status - The supply side of the neck cream market is diverse, involving raw material suppliers, manufacturers, sales channels, and consumers. The competition includes both international brands and local companies, with a focus on high-end anti-aging products and cost-effective skincare lines [9] - Social media platforms significantly boost market growth, with influencers and KOLs enhancing product visibility and consumer trust. For instance, Gopure's neck cream achieved over 400 million USD in sales within seven months of its launch on TikTok [10] Market Competition - The report identifies ten leading brands in the neck cream market, evaluated based on sales volume, brand popularity, and product pricing. Brands like SDX and KAZOO are noted for their competitive pricing and effective marketing strategies [11][14] - SDX, founded in 2021, has become a leading brand in online sales, focusing on effective and gentle anti-aging solutions for the neck area [15] - KAZOO emphasizes scientific skincare and has rapidly gained market recognition through effective product formulations and marketing strategies [16] Development Trends - The formulation of neck creams is increasingly incorporating natural ingredients and bioactive components, aligning with consumer preferences for safe and gentle products [27] - There is a trend towards more targeted and specialized products to meet diverse consumer needs based on skin type, age, and specific neck skin issues [28] - Regulatory frameworks are expected to improve, enhancing product safety and efficacy claims, thereby ensuring fair competition in the market [29]

Core Insights - Scientific communication has become a key element for brand development in the beauty industry, as consumer demand for skincare knowledge and product efficacy continues to grow [1] - The current state of scientific communication among beauty brands is inconsistent, with many brands struggling to effectively convey their scientific narratives, leading to a lack of innovation and reduced conversion efficiency [1] Group 1: Brand Positioning and Market Recognition - Zhenyan has established itself as a leading brand in the field of dermatological skincare since its inception in 2015, focusing on skin barrier repair [2] - The brand's unique approach is characterized by a strong medical research background, with the founding team having nearly 30 years of experience in the pharmaceutical industry, which informs their rigorous product development process [2] - Zhenyan ranked in the top three choices of dermatologists for clinical skincare products, highlighting its professional standing and market recognition [4] Group 2: Product Development and Scientific Rigor - Zhenyan employs a biopharmaceutical research mindset in its product development, adhering to strict pharmaceutical-grade standards throughout the entire process, from ingredient selection to efficacy validation [2][12] - The brand has developed a unique three-force model for skin barrier repair, integrating various high-quality protein components to provide comprehensive skin barrier restoration [28] - Zhenyan's core ingredient, recombined mussel adhesive protein, has shown significant clinical efficacy in repairing damaged skin barriers and alleviating sensitivity and redness, supported by numerous academic publications [30][34] Group 3: Collaboration and Academic Engagement - Zhenyan actively collaborates with hospitals and academic institutions to enhance its product offerings and ensure they meet clinical needs, thereby creating a complete loop of medical research and innovation [10][12] - The brand has participated in various national and regional dermatology conferences to share academic findings and promote industry development [10] - Zhenyan has launched several scientific publications and guidelines in collaboration with dermatologists, further solidifying its authority in post-aesthetic care [24] Group 4: Consumer Engagement and Education - Zhenyan has initiated various consumer engagement activities, including skin health consultations and educational campaigns, to promote its skincare philosophy and enhance consumer understanding of skincare [27] - The brand has developed its own scientific communication IPs to disseminate skincare knowledge through various media formats, making professional skincare concepts more accessible to consumers [27]

Core Viewpoint - The collaboration between Gu Yu and Zhang Xincheng aims to promote the brand's natural skincare philosophy through a visually appealing advertisement featuring the "Aurora Licorice" whitening power [1] Group 1: Brand Collaboration - Gu Yu announced Zhang Xincheng as the brand's whitening ambassador, emphasizing a fresh start with the theme of "new" [1] - The advertisement integrates Gu Yu's brand philosophy of "natural skincare" with Zhang Xincheng's personal charm, creating a unique visual experience [1] Group 2: Advertisement Aesthetics - The advertisement is set in a natural environment, showcasing serene scenes that evoke a sense of tranquility and beauty [1] - Zhang Xincheng's actions in the advertisement, such as observing dew on leaves and enjoying the breeze, reflect a harmonious connection with nature [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 859 million yuan for H1 2025, representing a year-on-year growth of 42.4%, and a net profit of 392 million yuan, up 26.6% year-on-year [7] - The company is focusing on expanding its product matrix, particularly in the medical device sector, and has launched new products aimed at high-end consumers [7] - The report anticipates a sales acceleration starting in Q3 2025, driven by strong demand in the skincare segment and the introduction of new products [7] Financial Data and Profit Forecast - Total revenue projections for 2025, 2026, and 2027 are 2,339 million yuan, 3,213 million yuan, and 3,943 million yuan respectively, with year-on-year growth rates of 62.1%, 37.4%, and 22.7% [6] - The forecasted net profit for the same years is 1,042 million yuan, 1,474 million yuan, and 1,867 million yuan, with corresponding growth rates of 42.3%, 41.5%, and 26.6% [6] - The company’s gross margin is projected to be 89.8% in 2025, slightly decreasing over the following years [6] Business Segmentation - The revenue breakdown for H1 2025 shows that single medical devices accounted for 75.1% of total revenue, followed by functional skincare products at 14.1% [7] - The company has introduced new products such as the HiveCOL gel, which targets the medical aesthetics market, and has seen significant growth in its functional skincare segment [7] Market Expansion - The company is actively expanding into overseas markets, with successful registrations for its products in Thailand and market access in the US and Saudi Arabia for its high-end skincare brand [7]