清华大学教授，清华科技园创始人梅萌先生为会议致辞，带来做一个有趣的人的理论。本次研讨会特别 邀请2013年诺贝尔化学奖得主、斯坦福大学终身教授 Michael Levitt亲临现场，发表题为"人类应如何引 领大智能时代"的前沿报告，分享了从自然进化的生物智能到人工智能的深度理解，引出了基于蛋白质 多肽、核酸等生物活性分子实现无限技术创新的可能性。 围绕"诺奖成果产业化"核心议题，学界与业界代表展开深度对话：中南大学湘雅二医院吴海竞教授解 读"从2025年诺奖到修复再生——皮肤免疫科学前沿进展"，搭建免疫基础研究与皮肤、毛发等领域抗衰 调控的桥梁;禾美生物首席技术官李钧翔博士聚焦"螺旋藻 PDRN 的差异化研究——源自计算生物学与免 疫耐受基础研究的启示"，分享从科学发现到产业应用的实践路径，并首次发布了以螺旋藻为代表的原 核生物低甲基化DNA通过免疫耐受加速组织修复再生的新机制，其中包括面部皮肤、毛囊以及口腔在 内的多元化组织修复再生。 在推动化妆品产业高质量发展、助力科技自立自强的时代背景下，由浙江清华长三角研究院与禾美生物 联合主办的"第七届生物活性肽前沿技术转化研讨会(ATBP)"于11月18日在浙江嘉 ...

Core Viewpoint - The article discusses the growth logic and investment value of the cosmetics company Chando, highlighting its operational efficiency improvements through inventory management and offline strategy optimization, while noting that its brand equity and consumer perception have not kept pace with these changes [4][5]. Group 1: Industry Overview - The domestic cosmetics industry is transitioning from foreign brand dominance to the rise of domestic brands, driven by increased consumer recognition of domestic quality and brand value, as well as a significant shift towards online sales channels [5][6]. - Online sales in the cosmetics sector have surged from approximately 30%-35% in 2020 to over 65% by 2024, benefiting domestic brands that have heavily invested in online channels [5][6]. Group 2: Chando's Performance - From 2022 to the first half of 2025, Chando's revenue growth was only 3%-6%, significantly lagging behind competitors like Proya and Shiseido, which have seen higher growth rates [7]. - Chando's market share in 2024 was 1.7%, ranking third among domestic brands, while Proya and Shiseido held 3.3% and 1.9%, respectively [7]. Group 3: Financial Metrics - Chando's online channel revenue share increased from 59.7% in 2022 to 68.8% in the first half of 2025, while its marketing expenses as a percentage of revenue rose from 39.8% in 2022 to 44.8% in 2024 [12][19]. - Despite an increase in gross margin from 66.5% in 2022 to 69.4% in 2024, Chando's net margin only slightly improved from 3.2% to 4.1% during the same period [18][19]. Group 4: Operational Strategies - Chando has implemented a "one inventory" system to enhance operational efficiency, which has improved inventory turnover rates from 2.5 in 2022 to 3.5 in the first half of 2025 [30]. - The company is expanding its offline retail presence, with a focus on increasing the number of retail partners and optimizing credit terms to attract more distributors [24][28]. Group 5: Future Outlook - Chando's strategy to enhance offline channels may provide better economic benefits as online growth effects appear to be diminishing [19]. - The company is also expanding production capacity, with a projected increase of 40% by the end of 2025, indicating a focus on volume growth through cost reduction and market share stabilization [35][36].

Core Viewpoint - The news highlights the IPO application of CHANDO, a well-established Chinese beauty brand, aiming to enter the Hong Kong stock market with a valuation exceeding 7.1 billion RMB, backed by significant investments from L'Oréal and other capital firms [3][5][6]. Company Overview - CHANDO has been in operation for 25 years and is now the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [4][7]. - The company has a diverse brand portfolio, including CHANDO, Biorrier, MAYSU, SPRING SUNMER, and others, covering various product categories such as skincare, makeup, and personal care [7][8]. - The flagship brand, CHANDO, has consistently contributed over 94% of the company's total revenue from 2022 to 2025 [7][11]. Financial Performance - Revenue figures for CHANDO from 2022 to 2025 are projected to be 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a significant increase in gross margin from 66.5% in 2022 to 70.1% in the first half of 2025 [7][11]. - The company has a registered membership of 37.7 million, with a repurchase rate of 32.4%, indicating a stable customer base [8]. Investment Backing - L'Oréal invested 442 million RMB and Cahua Capital invested 300 million RMB in CHANDO, holding 6.67% and 4.20% of shares, respectively, leading to a pre-IPO valuation exceeding 7.1 billion RMB [6][10]. Market Position and Challenges - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating a low concentration [11]. - CHANDO's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, which have higher growth rates [11]. - The brand's international recognition and market share are limited, with a need to leverage L'Oréal's backing to expand overseas [11][12]. Industry Trends - The domestic beauty market is evolving, with Chinese brands capturing approximately 55.2% market share by 2024, reflecting a growing preference for local products among consumers [12]. - The competition is intensifying, with brands focusing on research and development, emphasizing patent acquisition and scientific investment [12].

Core Viewpoint - The recent IPO application by Naturando Global Holdings Limited marks a significant move in the Chinese beauty market, reflecting both the company's ambition to prove its strength in the capital market and the competitive pressures faced by mid-tier beauty brands in a saturated market [1][6]. Company Overview - Naturando, established 25 years ago, has submitted its IPO application to the Hong Kong Stock Exchange with a valuation exceeding 7.1 billion RMB, backed by investments from L'Oréal (442 million RMB) and Cahua Capital (300 million RMB) [1][2]. - The company has positioned itself as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [1][3]. Financial Performance - Naturando's revenue figures for 2022 to 2024 are reported as 42.92 billion RMB, 44.42 billion RMB, and 46.01 billion RMB, with a revenue of 24.48 billion RMB in the first half of 2025 [3]. - The gross profit margins have shown a steady increase, from 66.5% in 2022 to 70.1% in the first half of 2025 [3]. Brand Portfolio - The company has developed a diverse brand portfolio, including Naturando, Pofuyan, Chunsummer, Meisu, and Jichu, covering various categories such as skincare, makeup, personal care, men's grooming, and children's care [3]. - Naturando remains the most recognized brand, contributing over 94% of total revenue from 2022 to 2025 [3]. Shareholding Structure - The Zheng family, as the founders, have structured the shareholding to protect their interests, with a complex offshore holding setup ensuring control over the company [4][5]. Market Position and Competition - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share, indicating low concentration [7]. - Naturando's revenue growth rate of 3.6% for 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, highlighting the need for enhanced growth strategies [7]. Industry Trends - The domestic beauty market is experiencing a shift, with local brands capturing approximately 55.2% market share by 2024, indicating a growing preference for domestic products among consumers [8]. - The competition is intensifying, with brands engaging in a "scientific arms race" to enhance their research and development capabilities, which is crucial for capital investment [8].

Core Viewpoint - The Hong Kong stock market is expected to welcome a new consumer star, Chando Group, which has officially submitted its IPO application to the Hong Kong Stock Exchange [1][2]. Industry Overview - The Chinese cosmetics industry is entering a new growth cycle, benefiting from changing consumer demands and supply upgrades, with Chando positioned to gain significantly [4]. - The market is witnessing a shift towards quality, diversity, and personalization in consumer preferences, leading to increased demand for domestic brands [4][5]. - The market size of the Chinese cosmetics industry is projected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2029, reaching approximately 1.29 trillion by 2029 [4]. Company Positioning - Chando is recognized as a leading player in the Chinese cosmetics sector, ranking as the third-largest Chinese cosmetics group by retail sales in 2024, and has maintained a strong market presence for over 12 years [8][9]. - The brand has achieved top rankings in consumer awareness, purchase frequency, and repurchase intention among mass-market cosmetics brands [8]. Competitive Advantages - Chando has established a robust research and development (R&D) capability, focusing on product quality and efficacy, which is crucial in the competitive cosmetics market [11][12]. - The company has developed unique ingredients, such as the "Extreme Yeast" component, which significantly reduces production costs while enhancing product effectiveness [14][16]. - Chando's comprehensive multi-channel strategy includes extensive online and offline sales networks, ensuring broad market coverage and consumer engagement [17][18]. Strategic Outlook - The company is well-positioned to become the next new consumer star, supported by its strong market position and unique strategic layout [19].

Core Viewpoint - The Hong Kong stock market has become a central arena for global capital to invest in China's consumption upgrade, particularly in the beauty and health sectors, driven by strong internal growth dynamics in "self-care" consumption [1] Industry Overview - The Chinese cosmetics industry is experiencing a new phase of structural adjustment, maintaining its position as the second-largest market globally, with expectations of entering a quality improvement stage over the next five years [2] - Chinese beauty brands are no longer content with being alternatives to foreign brands but are now competing on equal footing [2] Company Performance - Natural堂 has shown steady financial growth, with revenue increasing from 4.292 billion RMB in 2022 to 4.601 billion RMB in 2024, and recording 2.448 billion RMB in the first half of 2025 [2] - The company's gross profit rose from 2.852 billion RMB in 2022 to approximately 3.195 billion RMB in 2024, with gross margin increasing from 66.5% to 69.4% during the same period [3] - In the first half of 2025, net profit reached 191 million RMB, with a net profit margin of 7.8%, showing significant improvement compared to 2024 [3] Brand Strength and Market Position - Natural堂 is the second-largest domestic cosmetics brand in China by retail sales in 2024 and has consistently ranked among the top two brands for 12 consecutive years from 2013 to 2024 [4] - The company has launched a multi-brand strategy, covering various market segments from mass to mid-high end, with a total of 522 SKUs as of June 2025 [4] Sales Channels and Growth Strategy - The online sales channel's revenue share increased from 59.7% in 2022 to 68.8% in the first half of 2025, indicating a strong digital presence [4] - The company is enhancing its offline presence by opening flagship stores in major shopping centers, with the first store launched in Shenzhen in July 2025 [5] Research and Development - Natural堂 has invested 392.5 million RMB in R&D from 2022 to the first half of 2025, focusing on developing proprietary ingredients and technology [7] - The company has established a strong R&D team, with over 40% of its 154 professionals holding master's degrees or higher [8] - Natural堂 has developed proprietary ingredients like 喜默因, which has been incorporated into 86 product formulas, showcasing its innovation capabilities [9] Digital Transformation - The company has implemented a digital platform called "One Inventory System," enhancing operational efficiency and inventory management [10] - Natural堂's vertical production system, which includes three factories, ensures product quality and rapid market response [11] Conclusion - The Hong Kong stock market is witnessing a dual opportunity for valuation recovery and growth, with Natural堂 presenting a robust image of a financially sound, brand-strong, and R&D-leading Chinese beauty brand [12] - The company's transformation aligns with industry trends and market expectations, positioning it as a potential leader in the global beauty sector [12]

Core Insights - The skincare brand Chando has entered the competitive food delivery market by integrating with Taobao Flash Purchase, launching one-hour and half-day delivery services in five cities: Shanghai, Suzhou, Wuhan, Tianjin, and Qingyuan [1] Group 1: Product Strategy - Chando has adjusted its product selection strategy, warehousing layout, and supply chain for the flash purchase scenario, designing its inventory with a "6:3:1" ratio: 60% high-repurchase products like masks and serums, 30% seasonal new products like sunscreen, and 10% sample sets [2] - The company has differentiated its warehouse configurations across cities, significantly increasing stock for popular items and employing various delivery methods to achieve one-hour delivery [3] Group 2: Market Positioning - Within two weeks of launching on Taobao Flash Purchase, Chando ranked among the top five in the beauty category, benefiting from exposure on multiple platforms such as Taobao App, Amap, Alipay, and Ele.me, which greatly enhances brand visibility and sales opportunities [3] - The brand recognizes a shift in consumer preferences towards more environmentally friendly products, with 75% of young consumers indicating a preference for sustainable options [3] Group 3: Sustainability Initiatives - Chando has established a raw material fermentation factory to support its sustainable development strategy, aiming to mitigate supply chain vulnerabilities and enhance its green product offerings [3][4] - The company is leveraging five advanced green raw material technologies, including microbial fermentation and ultra-low temperature freeze-drying, to improve the efficiency and sustainability of its production processes [4] - The growth of domestic beauty brands is expected to continue, driven by young consumers, with projections indicating a significant rise in market presence over the next 3-5 years [4]

Core Insights - The beauty industry is increasingly focusing on sustainable development as a core strategy, driven by the "dual carbon" strategy and the green consumption wave [1][2] - Major players like Huaxizi and Proya are actively implementing ESG (Environmental, Social, Governance) practices, with initiatives such as Huaxizi's smart factory and Proya's "green beauty" strategy [1][2] - Natural堂 Group's 2024 Sustainable Development Report highlights the company's commitment to social responsibility as a fundamental aspect of its brand identity [2] ESG Practices in the Beauty Industry - Natural堂 Group's report outlines its strategic layout and key initiatives in ESG, emphasizing the importance of integrity, quality, and technological leadership since its establishment in 2001 [2] - The report serves as a reference for sustainable development practices in the beauty industry, showcasing the responsibilities and values that companies should uphold [2] - Other companies, such as Huaxizi and Proya, are also making strides in ESG, with Huaxizi achieving a "digital level four" certification and Proya integrating sustainability into its product lifecycle [2] Drivers for ESG Focus - The increasing global emphasis on environmental protection and social responsibility is driving beauty companies to focus on ESG, alongside growing consumer demand for sustainable products [3][6] - Stricter government regulations on ESG compliance necessitate that companies meet certain standards to avoid legal risks [3][6] - Implementing ESG practices can enhance brand image and consumer trust, thereby improving market competitiveness [3][6] Execution Challenges - The successful implementation of ESG principles remains a challenge, with many companies still in the exploratory phase of their ESG journey [7] - Key difficulties include managing the environmental impact of production processes and the costs associated with transitioning to sustainable practices [7] - Companies are encouraged to focus on the entire product lifecycle to minimize carbon emissions and resource consumption while enhancing social responsibility [7] Future Outlook - ESG practices are expected to drive the beauty industry towards greater sustainability, with companies excelling in ESG likely to gain market opportunities and consumer recognition [8] - The competition within the industry is shifting from price and quality to comprehensive value, influenced by consumer demand for environmentally friendly and personalized products [8] - Key themes such as technological barriers, globalization, and sustainable development will continue to be central to leading beauty companies as they seek to find balance in their operations [8]