撰文｜晓曦 封面图源｜Unsplash 在过去几年里，中国消费市场多被反复提起的词是"不确定"。大牌们在财报里诉说中国市场的放缓，新 锐国货们则在价格内卷和渠道依赖中起起伏伏。消费并没有消失，但预算和注意力被切割得比以往更 碎，留给品牌的问题只有一个：消费者到底在变得更挑剔，还是在被拖向低价？ 2025年5月，北大国发院CBI指数与CBI500榜单（由北京大学国家发展研究院、北京大学数字金融研究 中心、中山大学管理学院联合推出，淘宝天猫提供技术支持）的面世，让这个问题第一次有了可以量化 的答案。不同于以往只看销售额的统计，它们基于淘宝天猫平台数十亿真实交易数据，将购买、复购、 口碑与新品表现都纳入评分，更接近"消费者的成绩单"。 前两季度的CBI指数有个独特的发现，就是从品牌和品质维度上，消费依然呈现出升级趋势。过去九个 季度，CBI指数一直是在稳定上升的。在消费者真实的选择中，商品的品牌和品质依然重要。 而在最新发布的二季度榜单中，一个更受关注的部分，是首次单列的"快消新锐品牌榜"。 为什么是快消？因为这是极能捕捉消费趋势的窗口。高频、高周转的行业，天然成为观察创新和偏好的 敏感地带。本季度上榜的50个品牌 ...

一份榜单，让人们更清晰地看见消费正在走向哪里。 撰文｜ 晓曦 封面图源｜ Unsplash 在过去几年里，中国消费市场多被反复提起的词是"不确定"。大牌们在财报里诉说中国市场的放缓，新锐国货们则在价格内卷和渠道依赖中起起伏伏。消费 并没有消失，但预算和注意力被切割得比以往更碎，留给品牌的问题只有一个： 消费者到底在变得更挑剔，还是在被拖向低价？ 2025年5月，北大国发院CBI指数与CBI500榜单（由北京大学国家发展研究院、北京大学数字金融研究中心、 中山大学管理学院 联 合推出，淘宝天猫提 供技术支持）的面世，让这个问题第一次有了可以量化的答案。不同于以往只看销售额的统计，它们基于淘宝天猫平台数十亿真实交易数据，将购买、复 购、口碑与新品表现都纳入评分，更接近"消费者的成绩单"。 前两季度的CBI指数有个独特的发现，就是从品牌和品质维度上，消费依然呈现出升级趋势。 过去九个季度，CBI指数一直是在稳定上升的。在消费者真实 的选择中，商品的品牌和品质依然重要。 而在最新发布的二季度榜单中，一个更受关注的部分，是首次单列的"快消新锐品牌榜"。 为什么是快消？因为这是极能捕捉消费趋势的窗口。高频、高周转的行业， ...

Core Insights - The demand for children's sunscreen products is rapidly increasing, driven by heightened awareness among parents regarding the importance of sun protection for children [4][5] - The number of registered children's sunscreen products has surged, with 112 new products registered in the first half of the year, reflecting a growth rate of 46.05%, significantly outpacing the overall sunscreen category growth of 14.52% [3][4] - The market is witnessing a shift as children's sunscreen is becoming a necessity rather than an option, influenced by changing parenting attitudes and increased outdoor activities [5][6] Market Demand - Parents are increasingly recognizing the risks of UV exposure to children, leading to a surge in discussions about children's sunscreen on social media, with related topics garnering over 5 billion views [4] - Major brands are launching new children's sunscreen products, including offerings from Winona, Sea Turtle Dad, and Red Elephant, indicating a robust market response [4][5] - The types of children's sunscreen products available include lotions, creams, sprays, and sticks, catering to diverse consumer needs [4] Regulatory and Safety Standards - The growth in the children's sunscreen market is attributed to stringent regulatory policies, evolving consumer awareness, and technological innovations in product formulation [5][6] - The National Medical Products Administration emphasizes safety and simplicity in formulations for children's cosmetics, establishing a clear safety baseline [5][6] - Children's sunscreen products must adhere to higher safety standards due to the unique characteristics of children's skin, necessitating specialized clinical evaluation systems [6][7] Consumer Education and Misconceptions - Common misconceptions among parents regarding children's sunscreen include the belief that sunscreen is unnecessary on cloudy days and that adult sunscreen can be used for children [8] - The importance of recognizing both SPF and PA ratings in sunscreen products is highlighted, as UVA can penetrate clouds and windows, contributing to skin damage [8] - Parents are advised to look for the "Little Gold Shield" mark on children's cosmetics, which indicates compliance with safety regulations [8] Product Development and Innovation - Leading companies are investing in research and collaborating with medical institutions to enhance the safety and efficacy of children's sunscreen products [7] - Innovations include products that can be easily washed off with regular children's bath products, addressing parents' concerns about cleaning [7][9] - The development of physical sunscreen agents is preferred for children's products to minimize skin irritation and absorption risks [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 895 million yuan in the first half of 2025, representing a year-on-year increase of 20.31%, with a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1][4] - The strong performance in the infant and child care segment is driving growth, with significant contributions from the egg yolk oil special care series and children's sunscreen products [1] - The company is strategically expanding its product matrix to include youth-oriented products, which is expected to enhance user lifetime value and open a second growth curve [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 655 million yuan, a year-on-year increase of 13.46%, while the net profit was 143 million yuan, down 0.85% year-on-year [1][4] - The infant care revenue reached 405 million yuan, up 38.73% year-on-year, while the mosquito repellent product growth slowed to 13.43%, totaling 375 million yuan [1][2] - The overall gross margin for H1 2025 was 58.01%, a slight decrease of 0.63 percentage points year-on-year, with a net profit margin of 20.95%, down 3.25 percentage points year-on-year [2] Product and Market Strategy - The company is launching over 40 new products, including a youth acne treatment series and children's sunscreen gel, which are expected to drive revenue growth in the second half of the year [3] - The company is deepening its channel layout, with significant online and offline sales growth, including new partnerships with major retailers [1][2] Future Projections - The company forecasts revenue growth rates of 20.7% for 2023, 27.6% for 2024, and 23.6% for 2025, with net profit growth rates of 41.2%, 32.8%, and 10.2% respectively [3][8] - Expected EPS for 2025 is projected at 0.82 yuan, with a P/E ratio of 37.0 [3][8]

Core Insights - The value of offline channels is being redefined in the wave of rational consumption, with consumers increasingly favoring the "see it, get it" experience of in-store shopping [1][22] - The recent "520 Girlfriend Festival" organized by the beauty chain brand Bo Yi Mei Hui achieved significant success, with six brands reaching sales of over one million and membership growth tripling compared to usual [2][12] - The emotional value of beauty consumption is higher than that of other products, making it essential to connect with consumers on an emotional level [4][21] Offline Channel Strategy - The "520 Girlfriend Festival" serves as a platform for emotional connection rather than just a promotional event, incorporating themes and stories that resonate with consumers [5][15] - The event featured a nostalgic theme with decorations and makeup styles inspired by the Republic of China era, enhancing the in-store experience [6][19] - Brands like Da Fu Yan leveraged the festival to create limited edition gift boxes, enhancing the shopping experience through high-quality design and interactive elements [8][10] Consumer Engagement - The festival's success is attributed to innovative content and emotional resonance, with a focus on creating a "no-risk" shopping environment for consumers [12][17] - The event attracted over 40 brands, with more than 15 participating for the first time, indicating strong brand and consumer recognition of the festival's creative model [12][15] - The festival's marketing strategy included phased content marketing to drive traffic and engagement, effectively converting online interest into in-store purchases [10][22] Emotional and Experiential Value - The offline channel provides a unique opportunity for brands to build emotional memories with consumers, moving beyond mere product functionality [18][21] - The interaction between beauty advisors and consumers allows for a deeper understanding of consumer needs, which is difficult to capture through online data alone [22] - The strategic value of offline channels lies in their ability to serve as trust, experience, and insight venues, which are crucial for brand differentiation in a competitive market [22]

Group 1 - The core message emphasizes that sun protection is essential not only for aesthetic reasons but also for preventing various skin diseases, making it a crucial aspect of public health education [1] - Experts highlight that skin aging can be categorized into natural aging and photoaging, with photoaging starting from adolescence and becoming significantly noticeable after age 60 [2] - The harmful effects of UV radiation are detailed, with long-wave UV causing deeper skin damage and short-wave UV primarily affecting the skin's surface, leading to sunburn and pain [2] Group 2 - Recommendations for sun protection begin from a young age, with infants under one year advised to use physical sun protection methods rather than chemical sunscreens [2] - There is a concern about over-protection driven by beauty standards, where excessive sun protection may not align with health needs, particularly for those undergoing cosmetic procedures [3] - The rising incidence of skin tumors is linked to UV exposure, with experts stressing that effective sun protection is vital for both prevention and recurrence management in diagnosed patients [4][5]