文｜商业范儿 "电子烟第一股"思摩尔国际正陷入"成长的烦恼"。2025年8月下旬以来，其股价陷入持续下行通道，公司市值也较年内高点缩水近半。资本市场用脚投票 的背后，是监管寒流、"增收不增利"及市场情绪等多重因素。 面对电子烟市场退潮，一个名为"岚至"的雾化美容品牌被推至台前，承载了思摩尔国际培育"第二增长曲线"的厚望。然而，这项基于TPS透皮超导技术 （TPS雾化无创透皮技术）的美容新业务，究竟是"解药"还是一场"昂贵试错"？在激烈的市场竞争与严苛的技术质疑中，岚至能否帮助思摩尔国际穿越迷 雾？ 增长焦虑与"美丽"转型 思摩尔国际控股有限公司（以下简称"思摩尔"，06969.HK）的股价走势，直观地反映了市场的担忧。 整体来看，2025年思摩尔的股价几乎呈"倒V"，自4月低点之后开始上涨，在8月达到23.92港元/股的高点之后，再次持续走低。 2025年第三季度，思摩尔的营收同比仍为增长，延续了上半年的趋势，但净利润指标却未能同步跟上，出现了典型的"增收不增利"。财报显示，思摩尔的 营收端持续回暖，2025年前三季度总营收达102.1亿元，同比增长21.8%；其中第三季度营收41.97亿元创下历史新高，同比 ...

Group 1 - Lululemon's CEO is set to leave, with Jane Nielsen, former COO of Ralph Lauren, being proposed as the successor by Elliott Management, which holds over $1 billion in Lululemon shares [2][1] - Following the announcement, Lululemon's stock price rose nearly 8% in early trading on December 18, closing at $215.11, with a market capitalization of $25.51 billion, despite a 42.19% decline over the past year [2][1] - Elliott Management is actively engaging with industry executives to influence leadership changes in companies like Lululemon [2] Group 2 - Sequoia China announced the acquisition of a controlling stake in Golden Goose, with Temasek participating as a minority investor; Golden Goose's revenue grew from €266 million in 2020 to €655 million in the fiscal year 2024 [3] - The acquisition reflects a trend where Chinese fashion brands are attracting significant investment, indicating a need for strategic guidance rather than just capital [3] Group 3 - Louis Vuitton opened a new flagship store in Beijing's Sanlitun, designed by architect Jun Aoki, featuring a unique façade made of 315 custom glass pieces [4] - The store's design incorporates elements from both Eastern and Western cultures, becoming a new landmark in Beijing [4] Group 4 - ETRO announced a change in ownership structure, with an investment alliance acquiring minority stakes previously held by the ETRO family, while L Catterton remains the controlling shareholder [6] - This move is aimed at strengthening ETRO's market position and reflects investor confidence in the brand's future potential [6] Group 5 - Kering plans a phased acquisition of Italian jewelry manufacturer Raselli Franco Group, aiming for full ownership by 2032, starting with a 20% stake for €115 million [7] - Raselli Franco is a major player in the luxury jewelry market and has been a long-term partner of Kering [7] Group 6 - Mannings announced the cessation of its operations in mainland China, with all stores closing by January 15, 2026, and online sales ending on December 26, 2023 [8][9] - This marks the end of Mannings' retail presence in mainland China, which began in 2004 [9] Group 7 - Kering launched the "Kering CRAFT Creative Residency" program to support emerging creative talents in China, aiming to foster local brands and enhance their global presence [11] - The program includes a year-long immersive experience across major cities, focusing on craftsmanship, design, and innovation [11] Group 8 - Japanese beauty device brand YA-MAN reported a net sales figure of ¥11.511 billion (approximately ¥523 million) for the second quarter of fiscal 2025, a 9.5% decline year-on-year [12] - The company experienced significant losses, with all profit metrics turning negative, attributed to a major restructuring of its domestic business and strategic investments for future growth [12]

营收下滑，由盈转亏，雅萌的上半年依然面临挑战。近日，雅萌发布2025财年上半年财报显示，净销售额同比下滑9.5%，净利润亏损11.96亿日元。对于业 绩下滑，雅萌方面认为，虽然短期内面临挑战，但公司相信在长期的发展中将实现盈利增长。 今年6月，雅萌射频美容仪获批三类医疗器械注册证让其恢复增长有了更多的希望。从2022年3月国家药监局明确将射频治疗仪、射频皮肤治疗仪类产品作为 三类医疗器械管理之日起，能否拿到资质正式上市销售，成为众多射频美容仪品牌在市场拥有话语权的关键点。此番能拿下资质，对于雅萌来说无疑是机 遇，但正如业界所说，获得资质不等于业绩自动修复，如何通过产品的安全性和功效性消除消费者疑虑，获得口碑与销量是品牌未来发展的重中之重。 盈利面临挑战 2025财年上半年，雅萌实现净销售额为115.11亿日元，同比下滑9.5%；净利润由盈转亏，亏损11.96亿日元。 对于业绩下滑，雅萌给出的原因是："物价上涨、美国关税引发的全球经济不稳定等因素，未来仍具有不确定性。" 按业务渠道划分，上半年，雅萌家庭购物销售、门店销售分别下滑46.1%、20.5%，利润分别下滑50.3%、61.5%；直销的销售额增长4.9% ...

美容仪是一种根据人体生理机能进行调节改善身体和面部的机器，它按照功能来说有美白、嫩肤、祛 斑、祛皱、脱毛、减肥等多种，按照名称来说有超声波导入、光子嫩肤、高周波电疗、RF 电波拉皮、 电子祛斑点痣、E 光永久脱毛嫩肤、贾法尼营养导入导出等。 共研网发布的《2026-2032年中国美容仪市场全景调查与投资前景预测报告》共十七章。首先介绍了中 国美容仪行业市场发展环境、美容仪整体运行态势等，接着分析了中国美容仪行业市场运行的现状，然 后介绍了美容仪市场竞争格局。随后，报告对美容仪做了重点企业经营状况分析，最后分析了中国美容 仪行业发展趋势与投资预测。您若想对美容仪产业有个系统的了解或者想投资中国美容仪行业，本报告 是您不可或缺的重要工具。 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏 观经济数据主要来自国家统计局，部分行业统计数据主要来自国家统计局及市场调研数据，企业数据主 要来自于国统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录 第一章2025年中国美容仪行业发展分析 第一节 美容仪行业发展现状 一、美容仪行业概念 二、美容 ...

Group 1 - The skincare industry is transitioning from "concept marketing" to a "scientific evidence" phase, driven by changing consumer demands for more precise and scientifically validated skincare solutions [1] - A report indicates that 71% of consumers seek targeted skincare based on skin type, and 50% are interested in the active ingredients' mechanisms and scientific validation, reflecting a more professional understanding of skincare products [1] Group 2 - The shift from "trend-based ingredients" to "logical inquiry" is fundamentally altering product development and market competition in the home skincare industry, ushering in a new era of skin science [2] - The launch of the IPL CLEAR SHOT device by the company exemplifies the home application of medical-grade technology, utilizing IPL technology that has been clinically validated for decades [2] - The device's selective photothermal action targets the root of pigmentation issues, effectively extending professional beauty experiences into home settings and broadening the value of home beauty devices [2] Group 3 - The IPL CLEAR SHOT has received a Class II medical device registration certificate, which signifies rigorous safety and efficacy evaluations by the National Medical Products Administration (NMPA), addressing industry skepticism regarding "intelligent tax" claims [3] Group 4 - The company's exploration reflects broader industry growth trends, with the online skincare market exceeding 100 billion, and the skin science beauty segment growing at 9%, outpacing the overall industry growth of 6% [4] - The company has a 47-year history in the beauty device sector, pioneering the home beauty device market and achieving significant breakthroughs in scientific skincare [4] - It is the only international beauty device brand to complete dual clinical trials and has published the first clinical efficacy paper on home beauty devices in a domestic SCI journal, showcasing its commitment to evidence-based medicine [4] - The future of the home skincare market is expected to see more innovative products that combine safety and efficacy, marking the onset of a new industry cycle centered on empirical evidence [4]

Core Viewpoint - The article emphasizes the importance of using the Black Cat Complaint platform as a proactive tool for consumers to identify potential risks before making purchases, thereby enhancing consumer protection and informed decision-making [1][2][3]. Group 1: Consumer Protection - Black Cat Complaint serves as a "consumer sentinel," aggregating real consumer complaints that reflect the true performance of businesses in terms of product quality and after-sales service [1][2]. - The platform provides a comprehensive view of consumer experiences, allowing users to see not only the complaints but also how businesses respond to them, which can indicate the reliability of the brand [2][3]. Group 2: Application and Usage - Consumers can efficiently utilize the Black Cat Complaint platform by searching for specific brands or products to access relevant complaint information, focusing on complaint types, business responses, and resolution outcomes [3]. - The platform covers a wide range of consumer sectors, from low-cost daily necessities to high-value items like home appliances and financial services, making it a versatile tool for various purchasing decisions [2]. Group 3: Real-Time Data - The data on Black Cat Complaint is updated in real-time, allowing consumers to stay informed about the latest consumer risk information, such as sudden increases in complaints against a business [2]. - A high complaint volume with low response rates from a business may signal declining service quality, while businesses with fewer complaints and effective resolutions are generally more trustworthy [2].

Core Viewpoint - The article discusses the transformation of the beauty device industry in China, emphasizing the shift from aggressive marketing to compliance and technology competition following the inclusion of radio frequency beauty devices in Class III medical device management. The market is experiencing a slowdown in growth, with a focus on product certification and consumer trust as key factors for success [4][5][31]. Group 1: Industry Evolution - The beauty device industry has undergone four stages: introduction, growth, maturity, and restructuring, with compliance becoming a critical turning point [5]. - The introduction phase saw foreign brands entering the market, while the growth phase was marked by increased investment and the emergence of domestic brands [5]. - The restructuring phase began in 2022 with tighter regulations, leading to the exit of smaller brands and a focus on R&D among leading companies [5][31]. Group 2: Market Dynamics - In 2024, the main e-commerce platforms reported sales of 9.858 billion yuan and 1.9123 million units sold, indicating a slowdown in market growth [6][31]. - The tightening of industry regulations has made consumers more cautious, focusing on product approval status to avoid quality risks [6][11]. - The market is characterized by a "volume increase, stable revenue" trend, with some brands resorting to aggressive pricing strategies to clear inventory [8][11]. Group 3: Technology and Consumer Preferences - The main technologies driving market growth are radio frequency (RF) and microcurrent, with RF products seeing a 202% increase in sales [12][14]. - The consumer interest in RF technology is significantly higher, with a discussion volume of 85,500, reflecting its established position in the market [12][13]. - Younger consumers (ages 21-35) are increasingly prioritizing anti-aging solutions, indicating a shift in consumer demographics and preferences [24][26]. Group 4: Pricing and Market Segmentation - The entry-level price range (0-2000 yuan) dominates the market supply, catering to the basic needs of consumers and reflecting brands' strategies to capture market share through high cost-performance [15][18]. - The absolute majority of sales occur in the 0-4000 yuan price range, indicating a strong demand for affordable beauty devices [18][22]. - Different e-commerce platforms exhibit varying acceptance levels across price ranges, with comprehensive platforms showing balanced acceptance and content-driven platforms focusing on high-quality products [22][24]. Group 5: Regional Insights and Challenges - Guangdong is identified as the core consumption area for beauty devices, supported by a mature supply chain and high e-commerce penetration [27]. - Other provinces like Sichuan, Shandong, Zhejiang, and Fujian are expanding their market presence, driven by population and economic factors [29]. - User feedback highlights skin sensation issues as a significant pain point, affecting product comfort and long-term usage intentions [30][32]. Group 6: Future Outlook - The beauty device industry is transitioning towards a more mature and professional market, with compliance and technology as key growth drivers [31]. - Brands must focus on optimizing user experience and addressing quality concerns to build consumer trust and ensure sustainable development [32].

Core Viewpoint - Betaini is establishing a professional operation team for its beauty device brand TriPollar, with Deputy General Manager Zhang Mei leading the initiative [1][5][12] Company Developments - Betaini has made significant investments in the beauty device sector, including two investments in Weimai Medical Technology Co., Ltd. and another in Wuhan Kelei Yimei Lianghong Biotechnology Co., Ltd. [1][7] - The company is actively recruiting for positions such as live broadcast operation supervisor and chief broadcast director specifically for the TriPollar brand [2][5] - TriPollar, a brand under the Israeli medical device company Pollogen, focuses on radiofrequency technology and has previously achieved a GMV of 1 billion yuan in the Chinese market [6][5] Market Context - The beauty device market has faced challenges, including a recall of 18,200 units of the first-generation TriPollar Stop Eye model due to safety concerns [6][10] - Regulatory changes are on the horizon, with the "new regulations for beauty devices" set to classify radiofrequency beauty devices as Class III medical devices, which has caused market instability [10][11] - The market has seen a shift in distribution, with Pollogen changing its Chinese distributor, which has led to the closure of various online stores [11][12]

Core Viewpoint - The collaboration between Betaini and Tripollar (Chupu) aims to create a "medical + beauty" home skincare system, addressing both companies' needs for growth and reliable operations [1][3][8]. Group 1: Collaboration Details - Betaini is forming a professional operations team for Tripollar, with an announcement expected soon [1]. - The partnership is seen as mutually beneficial, with Betaini seeking new growth avenues and Tripollar needing a credible operator to regain market presence [1][4]. - The collaboration is described as a "comprehensive strategic partnership," with Betaini leveraging Tripollar's brand to enhance its offerings in the medical beauty sector [3]. Group 2: Market Context - Tripollar entered the Chinese market in 2014 and gained significant recognition by 2019, achieving nearly 1 billion yuan in GMV in 2020 [4]. - Betaini has faced declining revenues and profits, with net profit dropping over 80% in Q1 2025, indicating a need for new strategies to overcome stagnation [5][6]. - The home RF beauty device market is under stricter regulations, requiring Tripollar to obtain Class III medical device certification by April 2026, which it has not yet secured [7][11]. Group 3: Industry Trends - The collaboration reflects a broader trend in the beauty industry where brands are integrating medical technology into their product lines, as seen with other companies like Marubi and L'Oreal [9]. - Betaini's strategy includes expanding into the home beauty device market, which aligns with the growing demand for medical and semi-medical beauty products [9][10]. - The partnership may help Betaini quickly enter the home beauty device market by utilizing Tripollar's existing brand recognition, thus saving on market education and promotion costs [10].

Market Overview - The online beauty device market is projected to reach a GMV of 69.51 billion yuan for electronic beauty devices and 10.81 billion yuan for LED beauty devices in the rolling year ending January 2024, with a total online GMV for facial beauty tools exceeding 89.4 billion yuan [10][15][14] - The overall online interaction volume for beauty devices reached 3.08 billion, with a total online voice volume of 7.31 million, indicating significant consumer engagement [10][14] Brand Performance - Domestic brands are showing strong momentum, with four out of the top ten electronic beauty device sales being domestic brands, capturing 52.9% of the market share, while five out of the top ten LED beauty device sales are also domestic brands, holding 75.5% of the market [10][19] - The leading brand on Douyin for electronic beauty devices is Jimo, with sales between 1.5 billion to 2 billion yuan and a market share of 18.48% [21] Consumer Insights - The primary consumers of beauty devices are women, with over 70% of interactions coming from female users, and 79% of users aged 18-34, indicating a youthful demographic [12][2] - The main concern for users is the efficacy of the products, with over 42% prioritizing effectiveness, particularly in anti-aging and skin tightening [2][12] Marketing Trends - Xiaohongshu is identified as a key platform for product discovery, with AMIRO's posts reaching 9,888, while Douyin focuses on live-streaming sales, with over 95% of top brands utilizing this method [2][11] - The trend is moving towards multi-functional and high-efficiency products that cater to specific skincare needs, such as targeted treatments for different skin areas and conditions [2][12] Pricing Analysis - There is a significant price disparity in the market, with foreign brands like Silk and Initial averaging over three times the price of domestic brands, which are more affordable [10][28] - The average price of electronic beauty devices among the top brands varies greatly, with the highest priced at 11,128 yuan and the lowest around 3,549 yuan [28][29]