共研网发布的《2026-2032年中国美妆电商行业全景调查与投资战略咨询报告》共十章。报告首先介绍了美妆电商行业定义、商业模式、产业壁垒、风险因 素、产业特征及研究方法；接着在综合行业PEST环境的基础上对国内外市场美妆电商产品产销、规模以及价格特征做了重点分析；然后对于美妆电商行业 本身或相关产业的贸易态势、经营状况进行剖析；随后对美妆电商行业产业链运行环境、区域发展态势、行业竞争格局、典型企业运营等几大核心要素进行 了逐个分析；随后报告对2026-2032年间美妆电商行业供需、价格、规模、风险、策略做出来科学严谨的预判。您若想对美妆电商行业有个系统的了解或者 想投资美妆电商行业，本报告是您不可或缺的重要工具。 报告目录 第一章美妆电商行业相关概述 第一节 美妆电商行业定义及特征 一、美妆电商行业定义 二、行业特征分析 第二节 美妆电商行业商业模式分析 第三节 美妆电商行业主要风险因素分析 一、经营风险分析 二、管理风险分析 三、法律风险分析 第四节美妆电商行业壁垒分析 一、人才壁垒 二、经营壁垒 三、品牌壁垒 第二章2025年美妆电商行业经济及技术环境分析 第一节2025年全球宏观经济环境 一、当前世界经 ...

Summary of Conference Call Records Industry Overview - The beauty e-commerce sector is experiencing a shift, with domestic beauty brands showing a slight decline during the 2025 Double Eleven shopping festival, while international brands are on the rise, contrary to previous trends. This change is primarily attributed to the impact of live streaming models, necessitating brands to adjust their strategies to adapt to market changes [1][20]. Key Insights and Arguments - **Advertising Costs and ROI**: - Douyin platform's advertising expenses are rapidly increasing, with beauty line ad allocation reaching 30%-40%. However, the return on investment (ROI) is relatively low, averaging between 2.2 and 2.3. Brands are advised to optimize their advertising strategies by collaborating with mid-tier influencers to reduce costs [1][4]. - The average ROI for short videos is around 1.5, contributing to an overall decline in ROI despite stable advertising expenses [4]. - **Impact of Streaming Tax Policy**: - The streaming tax policy significantly affects small and medium-sized businesses, with strategies suggested including reducing advertising expenses, improving store conversion rates, and shifting focus to mid-tier influencers [1][5][9]. - For larger companies, internal management can help distribute the tax burden by associating low-tax categories with higher ones [5][9]. - **Market Performance by Platform**: - During the 2025 Double Eleven, Pinduoduo's GMV grew by 20%-30%, aided by supportive policies such as waiving fees for beauty category merchants and covering substantial subsidies [1][33]. - JD.com saw a growth rate of approximately 20%, while the beauty segment on Douyin experienced a slight decline due to intense competition and the influence of top-tier influencers [2][41]. - **Changes in Influencer Dynamics**: - The share of transactions from mid-tier influencers on Douyin has increased to 35%-45%, while top-tier influencers' share has decreased to around 20%. This shift allows brands to lower advertising costs and improve overall profit margins [1][10][12]. - **Commission and Advertising Fee Variations**: - Advertising fee rates for beauty products vary across platforms, with Tmall generally maintaining rates between 20%-25%, while Pinduoduo keeps it under 5% [14][33]. - The average customer price for beauty products varies, with Douyin at 330-340 RMB, Tmall at around 250 RMB, and Pinduoduo generally under 200 RMB [40]. Other Important Insights - **Instant Retail Growth**: - Instant retail has led to a 20% increase in search browsing volume on Tmall, with food being the most significantly growing category. However, health products are less suited for instant retail due to high unit prices and extensive offline coverage [3][29]. - **Future Advertising Strategy**: - The company plans to increase investment in Tmall while reducing expenses on Douyin, focusing on new products and commercial collaborations [47][48]. - **Tax Policy Effects on Small Businesses**: - New tax policies are expected to heavily impact small businesses, particularly in the beauty sector, where initial investment costs may rise significantly, hindering their market growth [13]. - **Pinduoduo's Support Policies**: - Pinduoduo has introduced merchant support policies, including waiving platform fees and covering subsidies, which benefit top brands significantly [33][37]. This summary encapsulates the key points from the conference call, highlighting the current state of the beauty e-commerce industry, advertising strategies, and the impact of new policies on market dynamics.

Core Insights - Liren Lizhuang (605136) experienced a trading halt today with a daily turnover rate of 11.26% and a transaction volume of 485 million yuan, showing a price fluctuation of 11.47% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.99%, with a net buying amount of 46.9583 million yuan from brokerage seats [2] - The company reported a revenue of 1.177 billion yuan for the first three quarters, reflecting a year-on-year decline of 4.09%, and a net loss of 36.4721 million yuan [3] Trading Activity - The top five brokerage seats accounted for a total transaction volume of 103 million yuan, with a buying amount of 75.035 million yuan and a selling amount of 28.077 million yuan, resulting in a net buying of 46.9583 million yuan [2] - The largest buying brokerage was Kaiyuan Securities with a purchase amount of 21.4853 million yuan, while the largest selling brokerage was CITIC Securities with a selling amount of 6.763 million yuan [3] Fund Flow - The stock saw a net inflow of 92.5173 million yuan from major funds today, with a significant single order inflow of 93.0901 million yuan, while large orders experienced a net outflow of 0.5728 million yuan [2] - Over the past five days, the net inflow of major funds totaled 99.2724 million yuan [2]

Core Insights - Liren Lizhuang has initiated the incubation of its own brand to address the short-term inability of existing partner brands to meet the new demands of specific consumer segments [2] Company Strategy - The company is responding to market challenges by developing its own brand to fill gaps left by current partner brands [2]

Core Viewpoint - The stock price of Liren Lizhuang has experienced significant fluctuations, with a cumulative increase of over 20% in two consecutive trading days, prompting an inquiry into the trading activity [1] Financial Performance - For the first three quarters, the company reported a net profit attributable to shareholders of -36,492,124.64 yuan, indicating a loss [1] - The net profit after deducting non-recurring gains and losses was -57,387,303.51 yuan, reflecting ongoing financial challenges [1] - The company's operating revenue was 1,176,682,888.68 yuan, which represents a year-on-year decline of 4.09% [1] Shareholder Issues - The controlling shareholder, Huang Tao, is involved in a divorce-related property dispute, leading to a lawsuit from his ex-wife, Weng Shuhua, requesting the transfer of 16,747,538 shares to their children [1] Market Risk Advisory - The company has issued a reminder to investors regarding the risks associated with secondary market trading, urging rational decision-making and cautious investment [1]

Core Viewpoint - The stock of Liren Lizhuang (sh605136) reached its daily limit with a price of 12.14 yuan, marking a 9.96% increase, driven by governance improvements, growth in proprietary brands, and diversification of sales channels [2]. Group 1: Company Governance and Performance - Liren Lizhuang has optimized its governance structure by revising 11 core systems, including company bylaws and information disclosure, enhancing operational standards [2]. - The company's proprietary brands, Yuru Chui and Meiyitang, experienced revenue growth exceeding 80%, indicating the effectiveness of its transformation strategy [2]. Group 2: Sales Channel Diversification - The company has made progress in channel diversification, adding emerging platforms such as Dewu and Xiaohongshu, with non-Tmall channel revenue increasing by 99.59% [2]. - Overseas business revenue saw a year-on-year growth of 109.56%, with a gross margin of 52.51% [2]. Group 3: Financial Support and Market Trends - Liren Lizhuang received government subsidies amounting to 22.8 million yuan, which directly contributed to 93.44% of the latest net profit [2]. - The beauty e-commerce sector has shown active performance recently, contributing to a sector-wide momentum, with significant net inflows from major funds into Liren Lizhuang on November 19 [2].

Core Insights - The introduction of AI marketing systems has significantly improved customer acquisition efficiency for small and medium-sized enterprises (SMEs), with one restaurant chain reporting a 62.5% increase in effective customer acquisition while maintaining the same advertising budget [1][3]. Group 1: Challenges in Traditional Marketing - SMEs have long faced difficulties in customer acquisition, often relying on manual selection of advertising channels and strategies, leading to high costs and ineffective resource allocation [3]. - During special periods, the average customer acquisition cost for SMEs increased by 15%-20% annually, with effective conversion rates below 3%, highlighting the inefficiencies in marketing resource allocation [3]. Group 2: AI Marketing Solutions - AI marketing systems utilize intelligent algorithms, real-time data analysis, and automated processes to create a comprehensive intelligent advertising system [3]. - The systems employ deep neural networks and machine learning models to analyze vast amounts of historical and real-time user data, allowing for precise identification of high-conversion potential audiences [3]. - Real-time data analysis engines enable dynamic monitoring of key metrics like click-through and conversion rates, allowing for immediate adjustments to bidding strategies and advertising channels [3]. - Automation in these systems facilitates bulk generation of advertising materials and cross-platform publishing, significantly reducing the need for manual intervention [3]. Group 3: Practical Applications and Results - Various SMEs across different industries have validated the effectiveness of AI marketing. For instance, a beauty e-commerce company in Guangzhou achieved a 78% increase in effective customer acquisition and a 42% reduction in acquisition costs through AI-driven video generation and dynamic advertising strategies [5]. - A small medical aesthetics institution in Shenzhen reported a 40% decrease in nighttime consultation loss and an increase in online lead conversion rates from 8% to 22%, resulting in a 65% improvement in customer acquisition efficiency [5]. Group 4: Future Trends - The development of privacy-enhancing computing technologies is leading to more compliant and intelligent AI marketing solutions [7]. - Many tech companies are launching lightweight AI marketing tools aimed at SMEs, lowering the barriers to technology adoption [7]. - Industry experts predict that within the next 1-2 years, AI marketing will become standard for SMEs, significantly enhancing overall customer acquisition efficiency [7].

Group 1 - The company, Liren Lizhuang, announced that it received a distribution of 3,057,892.45 yuan from an investment project exit [2] - The exit was communicated by the management of the partnership that invested in the equity project [2] - This distribution is part of the company's investment strategy and reflects successful project management [2]

Core Insights - The report titled "2026-2032 China Beauty E-commerce Industry Panorama Survey and Investment Strategy Consulting Report" provides essential reference for decision-makers and investors in the pure nickel wire industry [1] - The report is based on comprehensive data collection and analysis, including interviews with industry experts and executives, ensuring accuracy and relevance [4] - The beauty e-commerce sector leverages internet technology to digitize sales, promotion, and service processes, allowing consumers to purchase products anytime and anywhere [6] Industry Overview - Beauty e-commerce is defined as the application of e-commerce in the beauty sector, facilitating online transactions and consumer engagement [6] - The report outlines the industry's definition, characteristics, business models, risk factors, and barriers to entry [14] Market Trends - AI technology has penetrated the entire beauty e-commerce chain, enhancing product development and marketing services, with AI skin diagnostic tools covering over 40% of users [8] - The sales revenue of China's beauty e-commerce is projected to reach 559.4 billion yuan by 2028 [8] Economic and Technological Environment - The report analyzes the economic and technological environment for the beauty e-commerce industry in 2025, including barriers related to talent, operations, and branding [15] - It discusses the impact of macroeconomic conditions on the beauty e-commerce sector, both globally and within China [15] Competitive Landscape - The report provides an analysis of the competitive landscape within the beauty e-commerce industry, including brand competition and regional concentration [17] - It includes a SWOT analysis to identify strengths, weaknesses, opportunities, and threats within the industry [17] Future Projections - The report forecasts the supply, demand, pricing, and strategic directions for the beauty e-commerce industry from 2026 to 2032 [14][19] - It emphasizes the importance of understanding market dynamics and consumer needs for effective investment strategies in the beauty e-commerce sector [13][19]

Core Viewpoint - The article discusses the ongoing legal issues faced by Liren Lizhuang's controlling shareholder, Huang Tao, due to a divorce-related property dispute, which has led to uncertainty regarding his control over the company [2][4]. Group 1: Legal Issues - On September 29, Liren Lizhuang announced that Huang Tao received a court notice regarding a lawsuit where his 16.7475 million shares are requested to be transferred to his children [2]. - The lawsuit is still pending, and the outcome remains uncertain, which could affect Huang Tao's status as the controlling shareholder [2]. - The company stated that the lawsuit will not have a significant impact on its operations or financial results [4]. Group 2: Shareholding Changes - In August, it was reported that Huang Tao's shares were transferred to his ex-wife, resulting in his ownership dropping from 32.46% to 28.28%, while his ex-wife, Weng Shuhua, became a significant shareholder with 4.18% [6]. - The share transfer was part of a lengthy divorce case that lasted approximately four years, culminating in a final ruling that favored Weng Shuhua [9]. Group 3: Company Performance - Liren Lizhuang reported a revenue decline of 13.98% in the first half of 2025, with total revenue of 831 million yuan and a net loss of 32.76 million yuan [15]. - The company has experienced a continuous revenue decline over the past four years, with revenues of 4.155 billion yuan, 3.242 billion yuan, and 2.762 billion yuan from 2021 to 2023, reflecting year-on-year decreases of 9.67%, 21.98%, and 14.78% respectively [15]. - In 2024, the company's revenue further decreased by 37.44% to 1.728 billion yuan [15]. Group 4: Market Reaction - Following the announcement of the legal issues, Liren Lizhuang's stock price fell by 5%, closing at 10.26 yuan per share, with a total market capitalization of 4.1 billion yuan [16].