近日，云南白药微信公众号发文，官宣推出采之汲"南诏花影"系列红花口红。 一方面美妆市场竞争激烈，不仅品牌数量众多而且不乏知名品牌，很多都建立在科研、技术等实力支撑之上；另一方面云南白药推出采之汲的时间并不算很 短，但是现在依旧处于不温不火的状态，可能也在一定程度上反映美妆市场没有那么好做。 当下药企"跨界"并不少见，只是需要注意的是，药品和美妆无论在产品打造、渠道布局还是营销逻辑上都存在显著区别。对于云南白药来说，要抢占美妆市 场份额、做大美妆业务仍然存在很多挑战。 2011年，云南白药就推出了药植光损修护品牌采之汲，此品牌曾推出过面膜、精华水、医用辅料等产品。 不过从云南白药2025年上半年业绩报告来看，云南白药提到自身以药品、健康品、中药资源、云南省医药公司四大事业群为生产经营核心，并未对采之汲品 牌以及护肤业务明确提及，或许也反映了这一业务对营收的贡献仍不明显。 虽然云南白药具备一定的品牌知名度，同时凭借在药品领域的专业优势能够为产品提供背书，但是就当下的美妆市场而言，这些优势能否转化为销量仍然需 要市场的检验。 提起云南白药，可能大多数人最先想到的是气雾剂、创可贴、牙膏等产品，其实云南白药早已涉足美妆 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Hangzhou Nobon Nonwoven Co., Ltd. for the first half of 2025, showcasing significant revenue growth and strategic adjustments in response to market challenges. Financial Performance - The company's operating revenue for the first half of 2025 reached CNY 1,340,167,520.27, a year-on-year increase of 33.35% compared to CNY 1,005,003,585.48 in the same period last year [2][3] - The total profit amounted to CNY 90,154,046.95, reflecting a 54.04% increase from CNY 58,527,817.12 in the previous year [2][3] - The net profit attributable to shareholders was CNY 65,327,963.61, up 48.33% from CNY 44,042,566.96 [2][3] - The net cash flow from operating activities was CNY 260,427,759.32, a substantial increase of 125.80% compared to CNY 115,335,741.88 [2][3] Industry Overview - The industrial textile industry in China showed resilience, with a prosperity index of 54.6 in the first half of 2025, indicating a stable growth environment [3] - The production of non-woven fabrics reached 3.31 million tons in the first half of 2025, a year-on-year increase of 4.5%, with exports growing by 12% [3] - The overall revenue growth rate for the industrial textile sector was 2.4% in the first half of 2025, with a total profit decline of 4.7% [3] Operational Strategies - The company has focused on expanding its market presence in non-U.S. regions, particularly Europe and Australia, to mitigate the impact of U.S. trade tensions [5][6] - The company has enhanced its production capabilities by upgrading to a smart factory model, which has improved efficiency and reduced costs [5][6] - The company has increased its R&D investment by 41.42% to CNY 48,707,249.92, aiming to innovate and adapt to market demands [2][3] Product Development - The company specializes in differentiated, personalized water-jet nonwoven materials, with applications in beauty care, industrial materials, and medical supplies [3][4] - The self-owned brand "Xiao Zhi Jia" achieved a revenue of CNY 2,094.37 million, marking a 69.97% increase, driven by social e-commerce and live streaming strategies [7][8] Market Challenges - The company faced significant challenges due to the U.S. trade war, which led to reduced orders from major clients in the second quarter of 2025 [5][6] - The overall industry is experiencing price competition and a decline in profit margins due to overcapacity and changing trade dynamics [3][18]