Group 1 - Companies are increasingly adopting innovative shareholder return methods beyond traditional dividends and buybacks, such as offering tickets, gift boxes, and hotel stays to enhance shareholder engagement [1][2] - Beijing Yingxin Development Co., Ltd. announced a shareholder return activity, allowing eligible shareholders to purchase discounted tickets and hotel stays at its theme park, aiming to express gratitude and promote its main business [1] - Gai Shi Food Co., Ltd. and Shui Yang Group Co., Ltd. also launched similar initiatives, providing summer gift boxes and beauty product gift sets to shareholders, thereby enhancing brand experience and gathering feedback [2] Group 2 - The trend of "scenario-based and brand-oriented" shareholder return models is seen as beneficial for increasing brand recognition and investment loyalty [3] - Experts suggest that more companies may integrate shareholder returns into their market value management systems, fostering a new ecosystem of "interaction, recognition, and win-win" relationships with shareholders [3]

日前，有消费者在社交平台指出，法国高端护肤品牌伊菲丹（EviDenS de Beauté）三重胶原全面隔离防 晒霜（EviDenS de Beauté The Total Shield SPF50 PA++++）未在中国内地完成本地检测及备案，引发市 场对其合规性的广泛质疑。 根据中国《化妆品监督管理条例》，防晒类产品属于特殊化妆品，需通过人体功效评价试验并取得注册 证后方可销售。 伊菲丹方面回应观察者网时表示，伊菲丹三重胶原全面隔离防晒霜是一款跨境进口商品（海外原装入 境）。根据中国现行的跨境电子商务零售进口监管政策，该类商品遵循原产国的法律法规和质量安全标 准，并可免于办理中国化妆品注册证（即无"国妆特进字"号）。 品牌方提供的检测报告显示，该产品在原产国已严格按照国际公认的防晒功效评价标准（ISO 24444） 进行检测，由权威第三方实验室 AMA Laboratories, Inc. 完成测试（测试参考号: MS15.UVA.PPD.O0504.MATT.ISO10），并取得相应上市许可。检测结果明确证明该产品达到并符合标 示的 SPF50 和 PA++++ 高倍防护等级，完全满足欧盟、日本及美国等地 ...

"贵妇"美妆品牌伊菲丹因其防晒产品疑似不具备在中国内地市场的检测数据及有效备案信息遭部分用户 公开质疑。对此，界面时尚向该品牌寻求回应，得到回复称，其防晒产品为跨境进口商品，依据中国现 行跨境电商监管政策，无需办理中国本地注册或检测认证；而该产品已在原产国依据国际标准 (ISO24444)通过第三方机构AMA Laboratories检测，具备SPF50和PA++++高倍防护等级，满足欧盟、日 本及美国等地区安全与功效标准要求。回复中，伊菲丹称目前其正积极筹备产品在中国大陆进行一般贸 易备案，以满足国内法规要求。(智通财经) ...

当"首发经济"站上城市争夺战C位，首店被赋予的角色定位、经济意义愈发沉甸甸。 据赢商大数据不完全统计，2025年一季度，全国16城有超600家新首店登场，同比2023年增长42.11%。 上新时间轴上，相比前两年同时出现多个上新高峰，今年一季度首店更集中在元旦亮相，1月1日上新首店数占季内总数超一成。 首店级别上，今年一季度省份首店70余家，同比去年上涨36.36%；全国首店绝对数与占比逐年递减，由2023年的25.26%降至9.93%，数量为67家。 另一方面，全国首店"国际化浓度"逐年递增，非中国籍品牌占比上涨，至25%。上海作为"海外品牌进驻中国首选之地"的含金量不断升高，吸纳的国际品 牌全国首店占比整体呈上升态势。 Prada亚洲首个独立精品餐饮空间【迷上Prada荣宅】、创立于"世界时尚之都"米兰的知名设计师品牌【ZONA20 Milano】、《罗马假日》同款意大利冰淇 淋【Giolitti乔立蒂】等，均于一季度选择在魔都落地中国首个实体店。 业态分布上，美妆护理重回全国首店"主力军"位置，但本土品牌占比大幅下降，国际品牌"一枝独秀"。法国高端护肤品牌【EviDenS de Beauté伊菲丹】 在 ...

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2025.05. 20 在5月19日举行的珀莱雅（603605.SH）2024年度股东大会上，公司董事长侯军呈表示，公司考虑 通过巴黎分公司进行并购，填补公司在婴童、香水、男士护肤等赛道的空白，并购后会将新品牌引入 国内。 如今，在美妆国货崛起的背景下，本土企业站到了买家的位置，开始反向收购。 本文字数：932，阅读时长大约1.5分钟 作者 | 第一财经 刘晓颖 珀莱雅预备通过海外并购来填补其细分赛道的空白。 具体会收购哪些品牌？珀莱雅方面表示，这是未来规划，目前暂时还没有具体的细节。 从营收规模来看，珀莱雅在国内的美妆企业已经坐稳第一，去年成为首个收入破百亿的本土美妆公 司。该公司去年的营业收入为107.78亿元，同比增长21.04%；归母净利润15.52亿元，同比增长 30.00%。2025第一季度，公司营收23.59亿元，同比增长8.13%，归母净利润同比增长28.87% 至3.9亿元。 近年来，珀莱雅通过品牌升级和矩阵化战略，持续拓展产品线。除了同名品牌，旗下还有多个品牌， 比如2019年收购的彩妆品牌彩棠，2021年收购的日本洗护品牌Off&Relax等。不过，公司目前的 主力还是同名珀莱雅，其余品 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with a slight increase in revenue and net profit [1][2]. Financial Performance - 2024 annual revenue was 4.237 billion yuan, down 5.69% year-on-year; net profit attributable to shareholders was 110 million yuan, down 62.63% year-on-year; and net profit excluding non-recurring items was 118 million yuan, down 56.74% year-on-year [1]. - Q4 2024 revenue was 1.192 billion yuan, up 6.86% year-on-year; net profit attributable to shareholders was 16 million yuan, down 86.33% year-on-year; and net profit excluding non-recurring items was 10 million yuan, down 86.79% year-on-year [1]. - Q1 2025 revenue was 1.085 billion yuan, up 5.19% year-on-year; net profit attributable to shareholders was 42 million yuan, up 4.67% year-on-year; and net profit excluding non-recurring items was 41 million yuan, down 22.78% year-on-year [1]. Profitability Metrics - 2024 annual gross margin was 63.01%, up 4.57 percentage points year-on-year; net profit margin was 2.60%, down 3.95 percentage points year-on-year [2]. - Q1 2025 gross margin was 63.76%, up 2.42 percentage points year-on-year; net profit margin was 3.86%, down 0.02 percentage points year-on-year [2]. Expense Ratios - 2024 annual sales expense ratio was 49.06%, up 7.71 percentage points year-on-year; management expense ratio was 6.15%, up 0.91 percentage points year-on-year; R&D expense ratio was 1.94%, up 0.24 percentage points year-on-year [2]. - Q1 2025 sales expense ratio was 49.55%, up 3.24 percentage points year-on-year; management expense ratio was 5.77%, up 0.11 percentage points year-on-year; R&D expense ratio was 1.92%, up 0.17 percentage points year-on-year [2]. Strategic Initiatives - The company is focusing on self-owned brands and has established a "global new high-end luxury beauty group" label, with significant growth in both online and offline channels [2]. - The company is increasing R&D investment, with R&D expenses accounting for 4.98% of self-owned brand revenue, and has established a research institute for innovative product development [3]. - A share buyback plan of 50 to 100 million yuan is proposed to implement employee stock ownership plans or equity incentives [3]. Future Outlook - The company has revised its revenue and profit forecasts for 2025-2027, expecting revenues of 4.389 billion, 4.871 billion, and 5.537 billion yuan, and net profits of 256 million, 295 million, and 345 million yuan respectively [3]. - The company aims to penetrate the high-end market through brand transformation and innovation, maintaining a "buy" rating [3].

Core Viewpoint - The high-end transformation of Shuiyang Group is facing challenges, as evidenced by a significant decline in revenue and profit in the 2024 annual report, raising questions about whether this strategy is beneficial or detrimental to the company [1]. Financial Performance - Shuiyang Group reported a revenue of 4.237 billion yuan in 2024, a year-on-year decrease of 5.69% [1]. - The net profit attributable to shareholders fell by 62.63% to 110 million yuan, while the non-recurring net profit decreased by 56.74% to 118 million yuan [1]. - Sales expenses increased by 11.89% to 2.079 billion yuan, accounting for 49.07% of total revenue [6]. Business Strategy - The company is transitioning to become a "global new luxury beauty group," which involves restructuring its business and increasing investment in high-end brands [1][2]. - Shuiyang Group has made significant acquisitions, including the purchase of the French luxury skincare brand EDB for over 300 million yuan and the acquisition of the American luxury skincare brand RéVive [2][3]. Product Performance - Revenue from self-owned brands reached 1.651 billion yuan, representing approximately 38.97% of total revenue, with a gross margin of 74.27% [3]. - All product categories, including creams, masks, and brand management services, experienced revenue declines, with creams generating 3.351 billion yuan (down 4.38%) and masks generating 734 million yuan (down 10.8%) [4][5]. Research and Development - R&D expenses increased by only 7.32% to 82.1755 million yuan, indicating a lower investment compared to sales expenses [7]. - The company has established a stock incentive plan, but it failed to meet performance targets, resulting in the cancellation of unvested shares for 258 individuals [7][8].