美妆代运营正在挣扎"上岸" 开年以来，丽人丽妆、凯淳股份、壹网壹创、若羽臣、青木科技五大美妆代运营商先后发布了2025年业绩预告。 与前三季度集体承压、财报惨淡，仅有寥寥两家维持增长的景象不同，年末却意外迎来业绩回暖信号，多家企业预告业绩改善。 但这份"暖意"并未普照整个行业，曾经依附美妆品牌成长、赚足流量红利的代运营商，如今正经历前所未有的生存考验，"日子不好过"已成为行业普遍现 象。 只是，有人"浮沉"，也有人开始有人陆续"上岸"了。 01 整体有所增长 但仍难言乐观 过去一年，美妆代运营行业被冠以"集体寒冬"的标签。 从第一季度到第三季度，多数企业的财报都难言乐观，仅有若羽臣、青木股份等少数公司保持增长态势。然而，到了年底的年终业绩预告，行业似乎出现 了一丝回暖的迹象。 | 公司名称 | 预计归母净利润 | 预计同比 | | --- | --- | --- | | 若羽臣 | 1.76亿元 - 2.00亿元 | +67% 至 +89% | | 青木科技 | 1.18亿元 - 1.36亿元 | +30% 至 +50% | | 壹网壹创 | 9203万元 - 1.196亿元 | +21.10% 至 +57. ...

（文章来源：证券日报） 证券日报网讯 2月6日，丽人丽妆在互动平台回答投资者提问时表示，近几年，公司除了在美妆领域之 外，也在保健品、宠物等领域有所布局。此外，公司除了天猫平台之外，也在以抖音为代表的新兴平台 上为众多品牌方提供代运营服务。 ...

Core Viewpoint - The company Liren Lizhuang (605136.SH) has issued a profit warning, expecting a significant increase in net losses for 2025, attributed to high investments in developing its own brands, which have not yet generated corresponding economic benefits [3][4][6]. Financial Performance - The company anticipates a net loss of between 63.2 million to 79 million yuan for 2025, with a non-recurring net loss expected to be between 66.4 million to 83 million yuan [3]. - Revenue for 2024 is projected to decline by 37.44% year-on-year to 1.728 billion yuan, marking a significant drop from 4.155 billion yuan in 2021 [4][6]. Business Model Challenges - The traditional business model of brand agency operations is under severe pressure due to intensified competition, declining traffic on traditional e-commerce platforms, and a weak consumer environment [3][5]. - The company's reliance on a few brands and a single e-commerce platform has weakened its risk resilience, leading to structural challenges [3][5]. Brand Development and Strategy - The company has elevated its own brand strategy, focusing on brands like "Yurongchu" and "Meiyitang," which recorded a 110% year-on-year growth in Q1 2025, although the absolute scale remains small [5][6]. - The revenue from self-owned brands is expected to account for less than 10% of total revenue in 2024, indicating that high investments in R&D and marketing have not yet translated into profitability [6]. Industry Context and Transformation - The challenges faced by Liren Lizhuang reflect a broader anxiety within traditional e-commerce service providers as they navigate a changing market landscape [7][8]. - The company is exploring a transformation path that includes diversifying channels, enhancing data-driven operations, and improving supply chain efficiency [7][8]. - The transition from a channel service provider to a brand manager is fraught with challenges, requiring significant resources and time to achieve [8].

Core Viewpoint - The company continues to face losses and is in the process of transformation, struggling with issues such as insufficient self-owned brand contribution and the termination of partnerships with multiple brands [1][3]. Financial Performance - The company forecasts a net profit loss of between 79 million yuan and 63.2 million yuan for 2025 [3]. - In 2024, the company reported a loss of 24.4 million yuan, while in 2023, revenue declined by 14.78% and net profit increased by 121.19% [3]. - In 2022, revenue fell by 21.98% and net profit decreased by 133.92% [3]. Brand Partnerships - The company has terminated partnerships with several brands, including L'Oréal, Lancôme, and others, due to brands shifting to self-management [3][4]. - The loss of partnerships has significantly impacted revenue, with a 37.44% decline in 2024 attributed to these changes [3]. Self-Owned Brand Development - The company has been focusing on developing its own brands, such as "Yurongchu" and "Meiyitang," but these efforts have not yet translated into significant revenue growth [6][7]. - The self-owned brands are currently in the product innovation and marketing phase, leading to ongoing losses [7]. Channel Imbalance - The company primarily operates through the Tmall platform, which accounted for 86.52% of its revenue in 2022, but is facing challenges as new e-commerce platforms like Douyin and Xiaohongshu gain traction [8]. - Despite efforts to diversify and increase presence on emerging platforms, revenue remains heavily reliant on Tmall [8]. Market Trends - Industry experts suggest that transitioning to self-owned brands can enhance profitability and drive growth, indicating a broader trend towards diversification in the market [9].

Core Viewpoint - The ongoing dispute over exclusive agency rights between two companies, Ruoyuchen and Shuiyang, regarding the Spanish beauty brand Mesoestetic in China has raised questions about the legitimacy of their claims to exclusivity and has implications for the market dynamics of the oral beauty supplement sector [1][3][9]. Group 1: Company Developments - Ruoyuchen has announced it will become the exclusive general agent for Mesoestetic's oral beauty health product line in China, with irrevocable trademark rights and related authorizations, effective from January 1, 2026, to December 31, 2028 [1]. - Shuiyang, which has been the exclusive distributor for Mesoestetic since 2021, claims it remains the brand's exclusive distributor in China and is currently in discussions with the brand regarding the ongoing contract [1][5]. - The dispute has led to confusion in the market, with both companies asserting their exclusive rights, prompting inquiries from media sources [1][3]. Group 2: Market Impact - There has been a significant price reduction for Mesoestetic products, with reports of discounts up to 50% compared to previous prices, which some consumers attribute to the agency rights dispute [3][6]. - Ruoyuchen clarified that the current price drop is not a brand initiative but rather actions taken by the previous distributor, Shuiyang, and emphasized their commitment to maintaining market order and brand integrity [3][6]. - The oral beauty market in China is projected to grow significantly, with estimates suggesting it will exceed 25.57 billion yuan by 2025, reflecting a stable annual growth rate of over 3.8% [9].

Core Viewpoint - The competition for exclusive agency rights between Ruoyuchen and Shuiyang Co. regarding the Spanish medical beauty brand Mestique's oral beauty product line in China has emerged, with both companies claiming to hold exclusive rights [1][2][3]. Summary by Sections Agency Rights Dispute - Ruoyuchen claims to be the exclusive general agent for Mestique's core oral beauty product line in China, responsible for brand promotion and sales [2][3]. - Shuiyang Co. asserts that it has a valid exclusive distribution agreement with Mestique, managing all official online channels in China [2][3]. Financial Performance and Market Position - Ruoyuchen's financial performance has shown volatility since its IPO, with 2021 revenue at 1.288 billion yuan, a 13.44% increase, but a net profit decline of 67.02% [4]. - In contrast, Ruoyuchen's revenue growth has improved significantly in 2023, with increases of 12.25%, 29.26%, and 85.3% in the first three quarters of 2023, 2024, and 2025 respectively [5]. Strategic Importance of Mestique - Both companies recognize the importance of securing the agency rights for Mestique's products, which have a market size in the millions, to enhance their growth prospects [1][4]. - Mestique's oral beauty products, particularly the Brightening Drink, have gained significant market traction, with Shuiyang Co. reporting a 50% increase in GMV due to effective marketing strategies [6]. Industry Trends - The beauty industry is witnessing a shift towards self-owned brands among beauty operators, with Ruoyuchen focusing on enhancing its brand management capabilities and expanding its product portfolio [5][6]. - Experts suggest that developing strong self-owned brands may be a more sustainable growth path for beauty operators, as seen in Ruoyuchen's recent performance [6].

Core Viewpoint - The competition for exclusive agency rights in the oral beauty product market between Ruoyuchen and Shuiyang Co. is intensifying, with both companies claiming to be the exclusive agent for the Spanish brand Mestique in China [1][3][4]. Summary by Sections Agency Rights Dispute - Ruoyuchen claims to be the exclusive agent for Mestique's core oral beauty product line in China, responsible for brand promotion and sales [3][4]. - Shuiyang Co. asserts that it holds the exclusive distribution agreement with Mestique, managing all official online channels in China [3][4]. - The dispute highlights the importance of exclusive agency rights in a market with a significant scale, estimated in the millions [1][3]. Market Potential - The oral beauty product market is experiencing rapid growth, with user numbers exceeding 65 million in 2023, a 28% increase year-on-year [7]. - The demographic of 18-35-year-old women constitutes 72% of the consumer base, indicating a strong market potential [7]. Company Performance - Ruoyuchen has been undergoing a transformation, shifting from brand operation to brand management, which has shown positive results in recent years [5][6]. - Financial data shows Ruoyuchen's revenue growth from 2023 to 2025, with increases of 12.25%, 29.26%, and 85.3% respectively, alongside significant net profit growth [5][6]. Competitive Landscape - The oral beauty market is becoming increasingly competitive, with new entrants like Shiseido and Amorepacific launching their own brands and products [8]. - The presence of various players in the market poses challenges for both Ruoyuchen and Shuiyang Co. in maintaining their market positions [8]. Strategic Directions - Industry experts suggest that developing strong proprietary brands may be a beneficial direction for beauty operators, as seen in Ruoyuchen's recent performance [9].

Core Viewpoint - The beauty e-commerce industry is facing challenges as traditional platforms reach their growth limits, while new platforms like short videos and live streaming are becoming significant traffic sources. The performance of beauty third-party operators (TPs) varies widely, with only a few companies managing to thrive amidst the downturn [1][12]. Market Capitalization - Ruoyuchen leads the market with a market capitalization of 13.178 billion RMB, significantly surpassing the second-ranked Yiwang Yichuang by nearly 6 billion RMB [1]. - Yiwang Yichuang and Qingmu Technology are in the second tier with market capitalizations exceeding 5 billion RMB [1]. - Liren Lizhuang and Kaichun Co. have market capitalizations between 2 billion and 5 billion RMB, placing them in the third tier [1]. - Baozun E-commerce and Youquhui are in the fourth tier with market capitalizations below 2 billion RMB [1]. Financial Performance - Only Ruoyuchen among the seven beauty TPs achieved double-digit growth in both revenue and net profit, with revenue increasing by 67.55% to 1.319 billion RMB and net profit rising by 85.60% to 72.3 million RMB [8][12]. - Other companies, including Liren Lizhuang and Baozun E-commerce, reported significant declines in net profit, with Liren Lizhuang experiencing a four-digit percentage drop [8][12]. - Youquhui reported a 14.2% increase in beauty product sales, reaching 5.8 million RMB, but still faced overall revenue and profit declines [9]. Channel Strategy - Beauty TPs are increasingly focusing on emerging platforms like Douyin, Xiaohongshu, and Kuaishou, as traditional platforms like Taobao and Tmall show diminishing growth contributions [18][23]. - Ruoyuchen's sales from Douyin reached 490 million RMB, making it the largest sales channel, surpassing Tmall and Tmall International combined [27][28]. - Qingmu Technology reported a 144.58% increase in revenue from Douyin, indicating a successful channel transition [27]. Brand Development - Ruoyuchen and Liren Lizhuang are the only two TPs actively expanding their own brand portfolios, with Ruoyuchen's self-owned brand revenue growing by 242.42% to 603 million RMB [36][38]. - Liren Lizhuang's self-owned brand sales increased by over 80%, focusing on two main brands for future growth [38]. - Other TPs are exploring brand incubation and management to drive growth, with Qingmu Technology's brand management revenue increasing by 86.46% [40].

Core Viewpoint - The divorce case of Huang Tao, the controlling shareholder of Liren Lizhuang, has drawn market attention, particularly due to the transfer of shares amidst declining performance in the beauty industry [2][10]. Company Performance - Liren Lizhuang's revenue for Q1 this year was 361 million yuan, a year-on-year decline of 23.58% [2]. - The company expects a net loss attributable to shareholders of 30 million to 42.5 million yuan for the first half of 2025 [2]. - Since its IPO in September 2020, Liren Lizhuang's revenue has consistently decreased, from a peak of 4.155 billion yuan in 2021 to an estimated 1.728 billion yuan in 2024, representing a decline of over 50% [2][5]. - The company's market capitalization is approximately 4.1 billion yuan [2]. Business Model and Strategy - Liren Lizhuang, known as the "first stock of beauty e-commerce operation," shifted from a commission-based model to a high-risk, high-reward model by signing sales agreements with brands and managing operations directly [3]. - The company has faced challenges due to increased competition in the beauty market and a shift in consumer behavior, particularly with the rise of platforms like Douyin and Xiaohongshu [5]. - In 2024, Liren Lizhuang's revenue fell by 37.44% to 1.728 billion yuan, primarily due to the termination of partnerships with several brands and a shift in operational models [5]. Shareholder Changes - Following the divorce proceedings, Huang Tao's shareholding decreased from 32.46% to 28.28%, while his ex-wife, Weng Shuhua, acquired 4.18% of the shares, valued at approximately 170 million yuan [2][10]. - The divorce case has had a notable impact on the company's stock performance, with previous instances showing a negative market reaction to similar events [10]. Transition to New Business Models - To address declining performance, Liren Lizhuang has begun incubating its own brands, such as Yuru and Meiyitang, focusing on niche markets within the beauty sector [7]. - Despite these efforts, the company continues to face financial challenges, leading to a transition from a buyout model to a lighter operational model to reduce inventory and financial risks [9].

Core Viewpoint - The divorce case involving the controlling shareholder of Liren Lizhuang has drawn market attention, highlighting the impact of personal disputes on company performance and stock value [1][9]. Company Overview - Liren Lizhuang, known as the "first stock of beauty makeup operation," has faced significant challenges in recent years, with a sharp decline in revenue and profitability due to market competition and changing consumer behavior [3][5]. - The company reported a revenue of 1.728 billion yuan in 2024, a decrease of 37.44% compared to 2023, marking a new low [4][5]. Financial Performance - The net profit attributable to shareholders for 2024 was a loss of approximately 244 million yuan, a significant decline from a profit of 29.53 million yuan in 2023 [4]. - The decline in revenue is attributed to the termination of partnerships with several brands, including L'Oreal and Avene, leading to a 38.39% drop in the e-commerce retail business [5][8]. Strategic Shifts - In response to declining performance, Liren Lizhuang has begun to incubate its own brands, such as Yuyongchu and Meiyitang, aiming to capture niche markets within the beauty sector [6][8]. - The company is transitioning from a buyout model to a lighter operational model to reduce financial risks and improve cash flow [8]. Market Impact - The divorce of the company's founder has had a notable negative impact on stock performance, with previous instances showing that such personal disputes can lead to significant market reactions [9]. - The largest divorce settlement in A-shares history remains that of Kangtai Biological, which involved a split of shares worth 23.55 billion yuan at the time [1][9].