关税阴云下，"多极化"增长故事面临考验 欧莱雅上半年在北亚地区的销售额同比下滑了1.1%，至53.9亿欧元。 虽然公司声称"经调整后，中国大陆业务恢复增长"，但这种经过"修饰"的表述，反而让市场对其复苏的真实性和可持续 性打上问号。 财务表现不及预期： 第二季度销售额同比下滑1.3%至107.4亿欧元，核心指标可比销售额增长2.4%，双 双低于分析师预期的2.9%。2025上半年，净利润（不含非经常性项目）为37.8亿欧元，同比增长1%， 营业利润率提升了30个基点。 核心业务喜忧参半：专业产品部以6.5%的增长领跑所有部门。而作为核心的高端化妆品部增长乏力， 仅为2%，逊于大众消费品部（2.8%）和活性健康化妆品部（3.1%）。 地区分化显著： 北亚市场（尤其中国和韩国）及旅游零售渠道疲软，是拖累业绩的主要原因，上半年 北亚区销售额同比下降1.1%。另一方面，新兴市场成为增长亮点，南亚太平洋、中东、北非及撒哈拉 以南非洲和拉丁美洲地区分别实现了10.4%和10.3%的高速增长。 关税阴云： 欧盟对美国进口的欧盟化妆品征收15%关税成为新的重大风险。欧莱雅约30%的美国销售 额依赖进口，CEO对此表示严重关切 ...

2、路威酩轩考虑出售旗下时尚品牌马克雅可布 据知情人士透露，法国奢侈品巨头路威酩轩集团（LVMH）正着手出售旗下时尚品牌马克雅可布（Marc Jacobs），以应对需求下滑。两名知情人士表示，这家总部位于巴黎的企业集团已接洽了包括锐步（Reebok）所 有者Authentic Brands在内的潜在买家，讨论出售马克雅可布品牌的事宜。知情人士说，谈判仍在进行中，不能确 保会达成协议。（新浪财经） 3、好利来广州首店开业 7月29日消息，总部位于北京的人气烘焙品牌好利来广州首店正式开业。初涉广州市场，好利来采取了双首店模 式，门店分别位于广州塔广场与百信广场，两家门店均为好利来与高人气乙女游戏《光与夜之恋》的联名限定主 题店，顾客络绎不绝。针对《光与夜之恋》游戏联名，好利来推出了5款主题生日蛋糕与周边，售价为299元/个。 除了《光与夜之恋》，好利来广州首店还有Hello Kitty和Chiikawa等多个联名产品热销。（时代财经） 4、意大利运动品牌Hydrogen进军中国市场 7月29日消息，意大利高级运动服饰品牌Hydrogen宣布正式进军中国市场，标志着国际高端运动品牌对中国消费 趋势的战略性布局，品牌 ...

-从欧美转向"一带一路"，中企"出海"如何在审查下突围？ 行业环境 1.从欧美转向"一带一路"，中企"出海"如何在审查下突围？ 关键词 ： 地缘政治,贸易保护主义,国家安全审查,国际供应链,对外投资 跨境出海丨市场观察 本周看点： 概要 ： 在地缘政治动荡和贸易保护主义抬头的背景下，中国企业加速"出海"，但面临欧美国家 安全审查、欧盟碳关税等新型壁垒。尽管挑战增多，2023至2025年中国对外投资持续增长，目 标转向新兴市场和"一带一路"国家，投资领域集中在先进制造、清洁能源等战略性行业。专家 指出，国际审查趋严，但通过当地合作、合规补救等措施可降低风险。建议企业提前布局，选 择经验丰富的法律顾问，加强尽职调查，利用双边协定保护权益，并制定争议解决和投资后整 合计划，以应对复杂国际环境。 2.百余款微短剧APP"出海"，覆盖200多个国家和地区——微短剧"走出去"，还要"扎 下根" 关键词 ： 微短剧,出海,用户规模,文化输出,版权保护 概要 ： 中国微短剧近年来快速"出海"，覆盖200多个国家和地区，用户规模达5.76亿人。海外 市场表现亮眼，如《离婚的亿万富翁女继承人》以低成本创下高收入。作品如《一梦枕星 ...

行 华福证券 社会服务 2025 年 07 月 29 日 业 研 究 社会服务 WAIC 展会催化，关注 AI+消费机会 投资要点： 文旅：本周（7.21-7.25）政策对于板块拉动较大，建议关注"雅江水 电站"及"海南封关"主题。 行 业 定 期 报 告 近期雅江水电站对西藏板块拉动明显，西藏旅游公司旅游景区业 务主要分布于西藏林芝和阿里片区，林芝片区有雅鲁藏布大峡谷、苯 日、巴松措（景区内观光车、游船等服务）景区等，阿里片区有冈仁 波齐、玛旁雍错景区。其中雅鲁藏布大峡谷景区、巴松措景区为国家 5A 级景区，冈仁波齐、玛旁雍错景区为国家 4A 级景区，雅江水电站建 设期间及完成后预计对于西藏地区人流量拉动显著，公司作为西藏片 区头部景区上市公司有望受益。同时建议关注海南封关相关信息对于 海南离岛免税板块的催化。本周官宣 2025 年 12 月 18 日海南自贸港将 正式启动封关运作，封关后预计总计85个国家的人员可免签入境海南， 海南离岛免税整体用户基数大幅增长，有望加强业绩兑现能力。 教育：关注 AI+教育进展，主要公司产品收入有望放量。 关注 AI+教育进展，近期多家公司于北京发布 AI 教育产品，包括 ...

Core Insights - The event highlighted the high-quality development of brands in Shandong, emphasizing innovation as a key driver for growth and the integration of manufacturing processes and product connections [1] Company Summaries - **Furida**: Focuses on creating skincare products tailored for Chinese consumers, having developed the first domestic hyaluronic acid essence and a series of micro-ecological skincare products. The company holds over 170 patents and has achieved a sales scale of 1 billion yuan within five years [2] - **Hisense**: After ten years of development, Hisense has successfully created the RGB-Mini LED technology, with a key component being the "Xin Chip H7," which offers three times the light control precision of traditional LCDs. This innovation has positioned Hisense as a leader in display technology [3] - **Huaguang Guoci**: Innovates in high-end ceramics, developing various advanced materials and techniques, including lead-free glazes and antibacterial glazes, while promoting traditional Chinese culture through brand initiatives [4] - **Luhua**: Invests heavily in R&D to produce high-oleic peanuts, achieving over 75% oleic acid content. The company’s unique 5S physical pressing process enhances nutritional retention and flavor, contributing to the agricultural sector's growth [4] Industry Trends - The "chain development" model in Shandong is fostering growth not only for individual companies but also for the entire industry chain, with Hisense leading investments in 25 companies in 2024 and 28 in 2025 [5] - Furida is establishing a multi-brand group operation and a dual beauty ecosystem, with a projected annual output value of 4 billion yuan from its new innovation park [5] - Luhua's approach extends from edible oils to agricultural products, creating a full industry chain that enhances both economic and ecological benefits [6] - The collective efforts of these companies illustrate Shandong's commitment to high-quality development through technological strength, brand enhancement, and ecological synergy, with an increasing number of Shandong brands gaining international recognition [6]

Core Insights - The article emphasizes the importance of the Customer Lifetime Value (CLTV) system in driving sustainable growth for brands in a competitive market where traditional advertising methods are becoming less effective [5][12][20]. Group 1: Brand Performance - Pop Mart achieved global revenue exceeding 13 billion, with 46 million members and 11.72 million new members, where nearly half (49.4%) are repeat buyers [1]. - Lin Qingxuan reported a high repurchase rate of 34.6% with 4.3 million active users [2]. - Proya's revenue surpassed 10.7 billion, growing over 20% year-on-year, and net profit reached 1.55 billion, marking it as the first domestic beauty brand to enter the "billion club" [12][14]. Group 2: Market Dynamics - The market has shifted from an incremental to a stock market, leading to rational consumer decision-making and challenges for brands that previously dominated the Chinese market [11]. - International brands are withdrawing from the market, while domestic brands like Proya and Lin Qingxuan are experiencing growth due to their effective user relationship management [11][12]. Group 3: CLTV System Implementation - The CLTV system focuses on building long-term trust with users and continuously extracting user value, likened to nurturing a fruit orchard rather than just harvesting [8][20]. - The system comprises three core strategies: precise customer acquisition, refined retention, and transforming customers into lifelong assets [15][19][20]. Group 4: GAIN Model - The GAIN model, introduced by Tmall, serves as a practical framework for implementing the CLTV system, focusing on user value extraction rather than just user acquisition [22][28]. - It evaluates user value growth through four dimensions: demand drivers, demographic strategies, participatory interaction, and long-term growth [29][35][38]. Group 5: Case Studies - Helena's strategy includes creating product bundles and leveraging live streaming to enhance cross-category purchasing intentions [38]. - Huaxizi effectively targets Gen Z consumers by incorporating traditional elements into product design and focusing on platforms like Bilibili and Xiaohongshu for marketing [33]. - Natural Hall's membership operations emphasize consumer insights and engagement, transforming one-way transactions into two-way interactions [37]. Group 6: Tmall's Role - Tmall provides comprehensive support for the CLTV system through data analysis tools and a complete marketing ecosystem, facilitating the implementation of the GAIN model [45]. - The "Red Cat Plan" exemplifies innovative cross-platform operations that convert traffic into sustainable user engagement [46][49].

-上市动态- 拼多多被指或有意在香港二次上市 近日，拼多多在发布的一份声明中表示，已聘请安永会计师事务所（位于香港）审查其今年的财务报表。花旗集团分析师A表示，此转变可能表明拼多多 正寻求在未来几个月内在香港上市。 拟赴港上市企业通常需与本地审计机构合作以满足监管要求，此前阿里巴巴、京东赴港上市均采取类似策略。（彭博） 小编评： 尽管拼多多官方曾否认相关计划，但公司已聘请香港安永为审计机构，这一动作与阿里、京东回港前操作高度一致，市场普遍视为"实质性铺垫。 -品牌动态- 近日，保乐力加表示，已同意将其Imperial Blue业务出售给印度酒类制造商Tilaknagar，交易金额为4.126亿欧元。在酒水行业承压的情况下，保乐力加一 直在精简业务，并将重点放在其核心组合上，其董事长兼首席执行官Alexandre Ricard表示，此次出售将"使我们更加专注于印度以及世界其他地区更具盈 利能力、增长更快的品牌"。（路透） 小编评： 这笔"卖低买高"的交易，使保乐力加得以用4亿欧元现金换取更清晰的印度高端化路径；而Tilaknagar则借品牌+渠道跳板，完成从白兰地到威士忌的品类 跨越。 小编评： 安井食品完成对 ...

Core Viewpoint - The article emphasizes the importance of cultural resonance in the beauty industry, highlighting how brands like Yilian are shifting from merely functional products to those that embody cultural values and narratives [2][4]. Group 1: Brand Cultural Development - Yilian hosted its first Brand Cultural Communication Conference, integrating traditional Song culture with modern beauty concepts, aiming to explore sustainable brand vitality through cultural roots [2][4][6]. - The conference featured experts from various fields discussing the coexistence of traditional culture and modern branding, emphasizing that culture is the foundation of a brand's identity [6][7]. - Yilian's "Five Commons" values—co-creation, co-progress, sharing, win-win, and co-existence—reflect its commitment to cultural ethics and the elevation of Chinese manufacturing to cultural ambassadors [7][8]. Group 2: Market Insights - China is the world's largest cosmetics market, with a projected market size of 1,073.82 billion yuan in 2024, where domestic brands account for over 55.2% [7]. - Despite the growth, only one domestic brand among the top 50 in 2024 is expected to exceed 10 billion yuan in retail sales, indicating a concentration of domestic brands in the mid-to-low-end market [7]. Group 3: Cultural Asset Utilization - Experts suggest that the key to breaking through market challenges lies in "cultural assetization," proposing a three-step approach: from symbolic borrowing to spiritual resonance, activating ancient formulas with modern technology, and establishing a "Chinese fragrance" standard [8][10]. - The government is increasingly prioritizing brand promotion, making the development of high-end Chinese cosmetic brands a national strategy [10]. Group 4: Cultural Integration in Branding - Yilian's cultural narrative transforms scientific terms like "hyaluronic acid" into emotional symbols of skin care, making the brand's scientific strengths more relatable to consumers [27]. - The brand's cultural initiatives are deeply integrated with its product offerings, ensuring that cultural elements are not merely superficial marketing tactics but are embedded in the entire consumer experience [27][28]. Group 5: Future Directions - Experts believe that future cultural communication in the beauty industry should focus on "lifestyle," "scene-based," and "participatory" approaches, emphasizing that the best cultural dissemination is through immersion rather than education [28]. - Yilian's recent cultural collaborations and immersive experiences aim to bring traditional cultural elements into consumers' daily lives, making culture a living part of the brand experience [30].

西子廊桥大屏上演"盲盒音乐会"。 清河坊鼓楼小广场举行晚风音乐会。 "复兴"美好生活街区。 青砖黛瓦里的宋韵未远，现代都市里的新景正兴。 作为南宋都城核心所在，上城沉淀着"临安城"的绝代风华。宋韵文化，也成为驱动区域繁荣最深沉 而持久的力量，使这里处处透着雅趣—— 上城之雅，藏在南宋德寿宫遗址博物馆的展柜里，是宋代玉器流转的温润光泽；映在二十三坊巷的 青石板路上，是"晓霞举处已轩轩"的诗意题刻。上城之趣，融于文创市集的摊位间，是宋韵IP盲盒与手 作香薰碰撞的新潮气息；也显在风光旖旎的西子湖畔，是与一场西子廊桥"盲盒音乐会"的惊喜邂逅。 雅趣之间，文脉赓续。"上"是向上生长的朝气，"城"是城脉绵延的厚重，那缕从南宋飘来的宋韵， 依然在这片土地上氤氲生长，既滋养着寻常日子，也指引着向新之路。 拓"时空之圈" 让历史走进烟火日常 如今的清河坊历史街区，已非单纯的历史街区，而是一座开放的"城市展厅"。此时艺术空间、一本 堂铁文化艺术馆、西湖宋代玉器博物馆等10余家文博机构汇聚于此，众多历史文物走出高墙深院，在市 井烟火中焕发新生。而"文博 +"模式的推进，更是让文化资源的辐射范围不断扩大——该区精心遴选培 育首批10 ...

Core Insights - Shenzhen Ainimei Technology Co., Ltd. showcased its flagship products, Ainimei UV Little Purple Mirror and Ainimei UV Little Dream Mirror, at the Shenzhen Luohu Technology Expo, emphasizing its innovative approach in the smart beauty tool sector [1] - The company aims to drive industry transformation through its "scene hub" strategy, addressing pain points in traditional sunscreen products, such as reliance on experience and delayed protection [1] Product Innovations - The UV visualization warning feature in the Little Purple Mirror uses light-sensitive materials that darken with increased UV intensity, while the Little Dream Mirror displays patterns indicating UV strength, making it easy for users to recognize the urgency of sun protection [1] - A patented UV detection technology, developed in exclusive collaboration with Beijing Youcai Technology (UVlook), captures the distribution of sunscreen on the skin, addressing the issue of blind spots that are difficult to discern with the naked eye [2] Integrated Solutions - The devices are equipped with 700lux medical-grade LED lights and three-color soft light fill, allowing users to perform sunscreen detection while applying makeup, thus optimizing fragmented time usage [3] - Unlike traditional beauty instruments that serve a single function, Ainimei integrates UV detection, lighting, and makeup mirror capabilities into a compact device, catering to diverse scenarios such as commuting, travel, and outdoor activities [3] - The Little Purple Mirror and Little Dream Mirror target different consumer segments with "professional-grade protection" and "lightweight design," respectively, aligning with the Z generation's preference for "self-consumption" [3] Industry Impact - Ainimei's commitment to transforming hard technology into user value positions it as a benchmark case for "technology landing in consumer scenarios" within the industry [3] - The company's full-link innovation in "detection + protection + makeup care" offers consumers more efficient and precise solutions, redefining the industrial value of beauty instruments [3] - As Ainimei accelerates its layout in the "AI + beauty" sector, it is poised to lead the industry into a new era characterized by "data-driven and experience-first" approaches [3]