【环球时报驻韩国特约记者 黎枳银】《亚洲日报》《首尔经济》等多家韩媒24日报道称，中国美妆 （C-Beauty）以强劲势头加速全球布局，护肤、彩妆等核心品类的出口竞争力快速跃升，与韩国美妆 （K-Beauty）在国际市场形成正面竞争。韩国业内人士表示，在多个传统优势出口产业接连面对中国品 牌迅速追赶的背景下，作为韩国近年崛起的新一代主力出口品类，美妆行业的增长动能急需进一步提 升。 韩国业内人士表示，韩国美妆过于偏重护肤品类，在彩妆领域已被中国美妆反超，业内人士要求实现韩 国美妆主力出口品类多元化的呼声日益高涨。 韩国贸易协会11月23日发布的数据显示，今年1至9月中国美妆出口额达54.03亿美元，同比增长9.13%； 出口目的地数量从2022年的200个拓展至215个，全球市场覆盖持续延伸。数据还显示，韩国美妆对华出 口连续两年呈现下滑态势。今年前10个月出口额为17.252亿美元，同比下降18.7%，降幅近乎是去年全 年（10.3%）的两倍。受这一趋势影响，中国已从韩国美妆的最大出口国滑落至第二位，被美国反超。 韩媒《先驱经济》援引多名韩国业内人士观点指出，这不能被简单地视为一时的潮流。中国美妆在抖音 等 ...

空间内陈列了品牌2025秋冬系列，包括羊绒、皮革等核心材质的成衣，通过中性色调与简洁轮廓延续品 牌一贯的设计风格。产品在空间中的呈现更侧重材质与细节本身，减少额外装饰，让访客以较为直接的 方式观察面料质地、剪裁结构与搭配关系。 智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 Massimo Dutti于上海新天地开启"万物有序"限时体验店 Massimo Dutt在上海新天地壹号推出"万物有序"限时体验店，重点呈现品牌在空间设计和产品表达上的 新尝试。此次体验店由室内设计师谢柯担任空间顾问，其设计语言以极简、克制和对光影材质的关注见 长，在原有商业空间基础上加入更具秩序感的动线与陈设，使服装、家具与器物保持同一视觉节奏，形 成一个以安静氛围为主导的展示环境。 体验店亦设置与茶饮品牌BASAO合作的限定茶室区域，提供定量茶饮兑换服务，以增加停留时的体验 维度。活动期间需通过官方微信小程序预约入场。Inditex大中华区总裁白晨铭（Eugenio Bregolat）表 示，，此次限时体验店与品牌今年在西安、天津开设的新店共同体现了集团在中国市场的持续投入，希 望通过不同形式的空间和体验创新，更及时回应本地消费 ...

Core Insights - Yatsen E-commerce reported a revenue of 1 billion yuan for Q3 2025, marking a 47.5% increase year-on-year, achieving revenue growth for four consecutive quarters [1] - The color cosmetics segment grew by 25.2% year-on-year, while the skincare segment saw a significant increase of 83.2% to 491 million yuan [1] - R&D investment reached 39.76 million yuan in Q3, up 56.9% year-on-year, with R&D expense ratio increasing to 4% [1] - Since its IPO in 2020, Yatsen E-commerce has invested over 650 million yuan in R&D, maintaining an R&D expense ratio of over 3% for three consecutive years [1] - For Q4 2025, total revenue is expected to be between 1.32 billion and 1.49 billion yuan, representing a year-on-year growth of approximately 15% to 30% [1]

报告导读： 双十一稳健双位数增长，即时零售亮眼、全链路打通为趋势，美妆品类稳健增 长，天猫高端国际品牌排名回暖、抖音头部国货维持领先，若羽臣、上美表现亮眼。 李艺冰(分析师)，登记编号：S0880525050001 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证券期 货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、控制投资 风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的不便表示诚挚 歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 自下而上优选存在产品及渠道变化、具备弹性的标的。 双十一稳健双位数增长，即时零售增长亮眼、一站式打通全链路为趋势。 据星图数据，在双十一周期进一步延长下，2025年双十一全网GMV为16950亿对比 2024年双十一增长14%，其中综合电商、即时零售、社区团购GMV16191、670、90亿元同比+12%、138%、-35%，即时零售增长亮眼。各平台加大业务模块 协同，一站式服务、打通全链路成为趋势。天猫双十一实现4年来最好增长 ...

Core Insights - The high-end beauty industry has experienced significant growth over the past decade, with the overall beauty market reaching $124 billion and high-end categories showing strong compound annual growth rates: fragrances at 7%, skincare at 5%, and hair care at 4% [2][3] - The next decade is expected to be different, with growth slowing as high-end beauty's share of consumer spending stabilizes and competition intensifies [4] Consumer Behavior - Nearly 46% of surveyed consumers plan to reduce discretionary spending, yet beauty expenditures are often prioritized due to their emotional value [5] - Five consumer archetypes have been identified: Minimalist Rationalists, Habitual Loyalists, Balanced Aesthetes, High-End Purists, and Confident Trendsetters, each with distinct spending habits and motivations [6] Loyalty and Expectations - Brand loyalty is shifting from emotional attachment to rational choices based on product efficacy and value, with 48% of consumers prioritizing product quality over brand heritage [8][10] - The rise of "value-for-money" culture indicates that price and efficacy have surpassed traditional brand loyalty, with 56% of consumers having tried alternative products that they believe perform equally well [10] Efficacy and Innovation - Efficacy is now a baseline expectation rather than a differentiating factor, with 85% of respondents considering high-quality ingredients important [13] - Consumers express dissatisfaction with product efficacy across categories, particularly in hair care (39% dissatisfied) and skincare (36% dissatisfied) [15] Health and Self-Identity - Consumers expect beauty products to enhance not only appearance but also mental and physical well-being, with health being a key attribute of beauty products [21][23] - For younger generations, beauty serves as a means of self-expression and identity, with over 52% of Gen Z respondents viewing beauty as a crucial aspect of their self-identity [25] Channel Dynamics - Amazon has emerged as a dominant player in beauty shopping, leading in discovery, research, purchase, and repurchase stages [27] - Consumers evaluate beauty shopping channels based on four core pillars: curation, community, convenience, and experience [31] Strategic Implications for Brands - Brands must redefine loyalty by focusing on effective products and quality platform experiences, emphasizing scientific validation and innovation [12][20] - To remain relevant, brands should integrate health and self-expression into their narratives while ensuring a seamless experience across all channels [26][38]

Core Insights - The eighth China International Import Expo (CIIE) held in Shanghai from November 5 to 10 focused on the development trends of the fragrance and beauty market in China, highlighting the emotional connection consumers have with fragrance products [2][4] - The Chinese fragrance market has undergone three significant transformations over the past 40 years, evolving into a medium for consumers to express individuality and convey emotions, driven by a shift from an "incremental market" to "stock competition" [2][3] - There is a growing emphasis on personalized and diverse consumer demands in the fragrance market, with a shift towards empathetic and localized creation processes in fragrance development [2][3] Market Trends - The high-end beauty market in China is transitioning from "quantitative expansion" to "qualitative sedimentation," focusing more on emotional resonance, aesthetic refinement, and cultural confidence [3] - The retail environment and consumer behavior in the Chinese fragrance market are characterized by "omni-channel integration, experience-driven, and emotional resonance," moving beyond the binary of online versus offline [3] Brand Strategies - Dolce & Gabbana's CEO announced a strategic decision to self-manage their beauty business since 2022, with plans to launch a beauty product line in China by 2026, emphasizing technological innovation and cultural integration [3] - Fragrance brands are encouraged to co-create stories with consumers, presenting the human warmth behind the creation process and allowing consumers to "personally experience" the fragrance [2][3]

新媒体统筹：丁青云 曾婷芳 赖禧 黄达迅 南方财经21世纪经济报道记者 高江虹、李依农 上海报道 在接受南方财经采访时，杜嘉班纳美妆首席执行官詹卢卡·托尼奥洛（Gianluca Toniolo）分享了品牌在 中国市场的发展理念与战略。他表示，今年对杜嘉班纳美妆而言意义非凡，参加进博会不仅是一次展 示，更是一种向中国消费者表态的机会。通过香水、彩妆和护肤等丰富产品系列，以及数字化工具，品 牌希望为消费者提供沉浸式的体验，让他们能够亲身试用、感受产品，并找到最适合自己的选择。托尼 奥洛强调，意大利文化与中国文化相近，未来品牌希望与中国艺术家共同打造美妆产品，通过产品展现 中意文化魅力。他指出，杜嘉班纳在产品设计上坚持将经典与创新融合，并通过奢华包装与高品质性 能，为消费者带来独特的品牌体验。 策划：赵海建 监制：施诗 编辑：和佳 记者：高江虹 李依农 剪辑：李群 （原标题：杜嘉班纳美妆首席执行官：希望共同打造展现中意文化的产品） 海外运营监制: 黄燕淑 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 ...

Investment Rating - The report initiates coverage on Ying Tong Holdings with a "Buy" rating and a target price of HKD 2.86, corresponding to a 14X FY26E PE [1][6][8]. Core Insights - Ying Tong Holdings is a leading high-end perfume brand management company in China, providing distribution and market deployment services for 73 external brands as of FY25. The company is expected to benefit from the recovery in high-end consumption and the increasing penetration of perfumes and fragrances [1][3][20]. - The Chinese perfume market is projected to reach RMB 26.5 billion in 2024, with a CAGR of 15.1% from 2019 to 2024, significantly higher than the global expected growth rate of 3.5% during the same period [2][20]. - The company has established a diverse brand matrix, extending from perfumes to skincare, home fragrances, and personal care, enhancing its market coverage across various consumer segments [3][22]. Summary by Sections Company Overview - Ying Tong Holdings is recognized as the largest non-brand owner perfume group in China, with a market penetration rate of 9.30% as of 2023, ranking third in the market [24][25]. - The company has a stable supply chain, with its top two suppliers, EuroItalia and Yite, accounting for 59.4% of total procurement in FY25, indicating strong long-term partnerships [3][22]. Growth Drivers - The company is expanding its self-operated retail stores and proprietary brands, which are expected to create new revenue and profit growth points. The self-operated brand "Shi Fen Qi He" aims to enhance customer experience through a multi-price product display [4][20]. - Ying Tong is also exploring external acquisitions to diversify its brand matrix and strengthen its market presence, particularly in lower-tier cities [4][23]. Market Dynamics - The report highlights the significant growth potential in the Chinese perfume market, with current penetration rates in the single digits compared to over 20% in the U.S. and 50% in Europe. This indicates substantial room for growth as consumer education progresses [2][20]. - The expansion of fragrance categories into personal care and home cleaning products is expected to further enlarge the market size, with the fragrance personal care market projected to reach RMB 50 billion by 2025 [20]. Financial Projections - The forecast for Ying Tong Holdings' net profit attributable to the parent company for FY26E, FY27E, and FY28E is RMB 261 million, RMB 327 million, and RMB 412 million, respectively, with corresponding EPS of RMB 0.19, RMB 0.24, and RMB 0.30 [6][12].

Core Insights - The core idea of the news is the launch of the "Future Beauty City" by CHANDO Group, which integrates beauty industry innovation with cultural tourism, creating a unique consumer experience by showcasing the intelligent production process and scientific knowledge of cosmetics [1][2]. Group 1: Project Overview - The "Future Beauty City" features four major launches: a beauty city, a cosmetics science and art exhibition hall, a factory store, and new products, marking it as a key project in Shanghai's "first launch economy" strategy [1]. - The project has been selected as one of the "Top Ten Iconic Cultural Tourism Projects in Shanghai by 2025" and is built on a production base covering 161 acres with a total construction area of 127,000 square meters [1]. Group 2: Consumer Experience - Consumers can witness the intelligent production process and learn about skin science and cosmetic ingredients, enhancing their understanding and trust in the brand [1][3]. - The factory store allows consumers to see the automated production line through transparent glass, providing a closed-loop experience from production to purchase [6][7]. Group 3: Technological and Environmental Innovations - The production base features a "black light logistics" system with a digital twin for inventory management and a fully automated production line, showcasing the advanced level of "Made in China" [3]. - The project incorporates sustainability practices, including a solar power system generating 3.5 million kWh annually, meeting 80% of the base's electricity needs, and achieving a "zero waste" goal [4]. Group 4: Cultural and Community Engagement - The project aims to transform industrial resources into cultural experiences, allowing consumers to engage with the brand on a deeper emotional level [5][9]. - Special discounts for local residents reflect the company's strategy to enhance community interaction and stimulate local consumption, aligning with the characteristics of community retail [8].

Core Viewpoint - Mao Geping (01318) has seen a significant stock price increase of over 9%, currently trading at 91.35 HKD with a transaction volume of 201 million HKD, driven by strong sales performance during the Double 11 shopping festival [1] Group 1: Sales Performance - Mao Geping has entered the top 20 sales rankings for the first time during the Double 11 event, indicating a strong sales surge [1] - The brand ranked 20th in the beauty category on Douyin, showcasing its growing presence in online sales channels [1] Group 2: Market Position and Growth Potential - Huachuang Securities highlights Mao Geping as a benchmark for high-end domestic beauty brands, emphasizing its strong brand moat and stable growth driven by both color cosmetics and skincare [1] - The company has successfully expanded into the fragrance category, demonstrating potential for a multi-category development strategy [1] Group 3: Channel Strategy - The rapid growth of online channels is complemented by the strengthening of offline channels through experiential services, indicating a healthy dual-channel development strategy [1] - There remains significant room for SKU expansion and improvement in store efficiency, which is expected to continuously release growth momentum for the company [1]