除了消费赛道外，穆斯林国家的基建工程领域也展现出蓬勃生机。沙特"2030愿景"、印尼新首都计划等项目的推出，催生了大量需求。中东国 家还通过颁布新投资法、提供税收减免政策、开通快速通道等措施，降低市场门槛，吸引外资进入。据预测，这些穆斯林国家的工程红利期将 持续20至30年。 在全球化商业浪潮中，一个常常被忽视却潜力巨大的市场正逐渐进入中国企业的视野——穆斯林市场。令人惊讶的是，尽管全球有超过20亿穆 斯林人口，占世界总人口的四分之一，但在此前多年里，像土耳其清真博览会这样的国际盛会中，却鲜有中国企业的身影。 这片市场的规模不容小觑。数据显示，2024年全球伊斯兰金融市场规模已达到3.18万亿美元，清真食品和饮料市场规模在2021年便达到了2.09 万亿美元，而清真化妆品市场在2024年也达到了477亿美元。穆斯林市场的总产值已数以万亿美元计。然而，对于中国企业而言，这仍是一片 未被充分开垦的蓝海。 东南亚的印尼、马来西亚，以及中东的沙特、阿联酋等国家，是穆斯林市场中的重要组成部分。印尼拥有约2.29亿穆斯林人口，占其总人口的 86%。沙特、阿联酋等中东国家则以其高消费水平和雄厚财力吸引着全球企业的目光。而马 ...

以下文章来源于出海潜望 ，作者周月明 出海潜望 . 挖掘出海故事，助力企业全球化。来吧！一起去全世界逐浪 出品｜虎嗅商业消费组 作者｜周月明 编辑｜苗正卿 题图｜视觉中国 "你知道吗，2024年以前，举办了十多年的全球最大清真展之一：土耳其清真博览会，竟然从没出现过一家中国公司。"马来西亚中国清真企业家协会 驻广州市主席郑翰庭对虎嗅感叹。 连亚马逊深山老林里都曾闪现身影的中国人，竟鲜少涉足这个全球超20亿人 （占总人口四分之一） 的市场，着实令这位马来西亚华人感到惊讶。 这个市场究竟有多大？ 据数据，2024年，全球伊斯兰金融市场规模已达3.18万亿美元；2021年，全球清真食品和饮料市场规模已达2.09万亿美元；2024年清真化妆品市场也 达477亿美元。 穆斯林市场总产值已数万亿美元。 但这仍像一块未被中国企业系统开垦的蓝海地，而在另一边，许多中企早已在欧美市场内卷到白热化。 这片充满诱惑的"新大陆"布满了文化、宗教、商业规则的壁垒和盲区。 " 有人一口气做了5个Halal认证，但重点穆斯林国家仍是进不去。 "郑翰庭告诉虎嗅，作为马来西亚Jakim（ 马来西亚伊斯兰教发展局） 国际清真认证 机构赫拉多希班 ...

"你知道吗，2024年以前，举办了十多年的全球最大清真展之一：土耳其清真博览会，竟然从没出现过一家中国公司。"马来西亚中国清真企业家协会驻广州 市主席郑翰庭对虎嗅感叹。 连亚马逊深山老林里都曾闪现身影的中国人，竟鲜少涉足这个全球超20亿人（占总人口四分之一）的市场，着实令这位马来西亚华人感到惊讶。 这个市场究竟有多大？ 据数据，2024年，全球伊斯兰金融市场规模已达3.18万亿美元；2021年，全球清真食品和饮料市场规模已达2.09万亿美元；2024年清真化妆品市场也达477亿 美元。穆斯林市场总产值已数万亿美元。 但这仍像一块未被中国企业系统开垦的蓝海地，而在另一边，许多中企早已在欧美市场内卷到白热化。 这片充满诱惑的"新大陆"布满了文化、宗教、商业规则的壁垒和盲区。 "有人一口气做了5个Halal认证，但重点穆斯林国家仍是进不去。"郑翰庭告诉虎嗅，作为马来西亚Jakim（马来西亚伊斯兰教发展局）国际清真认证机构赫 拉多希班的执行董事，他看到了无数中企在认证上踩的坑。 印尼86%人口为穆斯林人群，约2.29亿人。沙特、阿联酋等中东国家自不必说，消费水平高，财力雄厚。 马来西亚虽然人口仅3598万，但穆斯林人 ...

Group 1: Macro and Financial Data Insights - In July, the growth of M1 and M2 exceeded market expectations, with M2 expanding by 8.8% year-on-year and M1 growing by 5.6%, up from 8.3% and 4.6% in June respectively [2][3] - New social financing in July was 1.16 trillion yuan, lower than the Bloomberg consensus of 1.63 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating a shift in financing structure and seasonal factors [2][3] - The stock of social financing grew at a rate of 9.0% year-on-year, an increase from 8.9% in June, with seasonally adjusted month-on-month growth rising from 8.4% to 9.6% [2][3] Group 2: Banking Sector Analysis - The July social financing increment of 1.16 trillion yuan was below the expected 1.41 trillion yuan, with a year-on-year increase of 389.3 billion yuan [5] - The government bonds were the main support for social financing in July, while M1 growth showed a marginal recovery [5] - A new consumption loan subsidy policy is expected to stimulate the growth of consumer loans, indicating a positive outlook for the banking sector [5] Group 3: Company-Specific Insights - Tencent's Q2 revenue grew by 14.5% year-on-year, exceeding consensus expectations, with significant growth in value-added services, advertising, and fintech revenues [11] - The company is expected to benefit from the upcoming launch of several major shooting games, which could drive both player engagement and monetization [11] - Huatai Securities initiated coverage on Yuntianhua with a "buy" rating, citing its leading position in the phosphate industry and expected steady demand growth for fertilizers [15] Group 4: Technology and Robotics - The introduction of teaching-free robots is transforming the welding industry, addressing labor shortages and improving efficiency through advanced visual systems and welding software [7] - These robots are expected to penetrate more complex applications, such as shipbuilding, as technology continues to evolve [7] Group 5: Consumer and E-commerce Trends - SEA's Q2 revenue reached $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [29] - The company anticipates continued growth in its e-commerce GMV, projecting a 25% year-on-year increase for Q3 [29] - Tencent Music's Q2 revenue was 8.44 billion yuan, up 17.9% year-on-year, benefiting from rapid growth in super memberships and strong performance in non-subscription services [27]

Core Insights - The beauty and skincare sales during the 618 shopping festival reached 57.5 billion yuan, marking a year-on-year growth of over 60%, setting a new record [1] - Tmall and Douyin exhibited contrasting strategies in the beauty sector, with Tmall focusing on brand strength and supply chain management, while Douyin emphasized content-driven marketing and rapid product launches [1][9] Tmall Insights - Proya emerged as the standout winner, securing the top position in Tmall's beauty rankings for three consecutive periods [4] - L'Oréal and Lancôme consistently held the second and third positions, indicating a stable top-tier brand concentration [6] - The top 10 brands on Tmall are dominated by Proya and L'Oréal's brands, reflecting a trend towards brand group consolidation [6][8] - Skincare brands dominate the Tmall beauty rankings, with consumers showing a higher preference for essential products like serums and sunscreens over color cosmetics [6] Douyin Insights - Douyin's beauty rankings are characterized by rapid changes, driven by content and marketing strategies rather than traditional brand loyalty [9] - The skincare and makeup categories on Douyin have seen significant shifts, with brands like HBN and Colanri rising rapidly in the rankings [12][14] - The emergence of new brands like Tilo Wei, which topped the Douyin makeup rankings, highlights the importance of content and visual appeal in driving consumer interest [14][16] - The competition among domestic brands is intensifying, with established players like Huaxizi and AKF struggling to maintain their positions [16] Comparative Analysis - The comparison between Tmall and Douyin reveals a dual dynamic in the beauty retail ecosystem, where Tmall emphasizes supply stability and brand accumulation, while Douyin prioritizes rapid content updates and explosive marketing strategies [17] - The structural differences in brand representation on both platforms indicate that international brands still dominate Tmall, while Douyin sees a more diverse mix of domestic brands [8][13]

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][8]. Core Insights - The company has demonstrated strong performance during the 618 promotional event, leading in GMV rankings in the skincare category on major platforms [4]. - The company is focusing on product upgrades and enhancing its research and development capabilities, aiming to solidify its position as a leading domestic brand and expand globally [7]. - The financial forecasts suggest a steady increase in net profit and earnings per share (EPS) over the next few years, with projected net profits of RMB 18.72 billion, RMB 22.06 billion, and RMB 25.78 billion for 2025, 2026, and 2027 respectively [6][7]. Financial Summary - The company reported a net profit of RMB 817 million in 2022, with projections of RMB 1.872 billion for 2025, reflecting a year-on-year growth of 20.61% [6][9]. - Revenue is expected to grow from RMB 6.385 billion in 2022 to RMB 12.776 billion in 2025, indicating a robust growth trajectory [9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 28 in 2022 to 17 in 2025, suggesting an attractive valuation as earnings grow [6][9].