"十五五"规划建议提出，"支持跨境电商等新业态、新模式发展"。2025年，恰逢我国跨境电商综合试验区建设十周年，跨境电商这一外贸新业态，已成为拉 动我国贸易增长的重要引擎。 浙江省义乌市促佳贸易有限公司联合创始人 涂宏名：在系统上线的第一年，我们就做到了2亿元，2025年超过20亿元。 义乌的青岩刘村，被称为"中国网店第一村"。这里也是涂宏名梦开始的地方。2015年，他带着500元钱来到青岩刘，与合伙人租了一室一厅的房子，创业之 路也就此开启。 在浙江义乌，80后创业者涂宏名深耕跨境电商行业十年，从当初只有500元的全部家当，到如今手握20亿元的年销售额，他的十年，是如何把外贸生意做大 的？一起走进他的世界，看看他的生意经有什么不一样。 2026年新年前夕，涂宏名位于浙江义乌的仓库，几乎每天都处于满负荷运转。 每年新年前后，都是电商平台最忙碌的节点。眼前的"爆仓"成了涂宏名甜蜜的烦恼。 2025年，是湖北小伙子涂宏名来到义乌创业的第10个年头。在义乌市中心一层3千平方米的办公楼里，他经营着一家跨境电商平台。 在产品展示区，一位精通7国语言的马来西亚主播，正在录制短视频；一旁的摄影棚内，工作人员正在为一款全新上 ...

1月7日，韩国第一夫人金惠景抵达上海一美妆活动现场，现场体验多款产品。活动现场50多家韩妆品牌 搭台展出，产品包括护肤、彩妆、个护等全品类。金惠景谈及丈夫李在明，并说每晚都和丈夫一起敷一 片面膜。金惠景说这些品牌积极回应市场需求，她期待韩中美妆产业多交流、多合作。 ...

Q&A 如何看待高端国货美妆龙头的增长延续性 20251227 摘要 毛戈平凭借会员运营和品类迭代，预计未来两年内保持 25%-30%的增 长。长期增长需依赖品类拓展，目前在化妆品行业中具备稀缺性和永续 增长潜力。 2025 年毛戈平线上渠道增速近 40%，线下渠道增速 20%-25%，整体 业绩符合年初目标。线下会员运营体系贡献主要收入，约 10%的忠诚会 员贡献 70%以上收入。 毛戈平线上渠道不仅贡献收入，还能为线下引流，2025 年线上新客占 比超 75%，其中 25%-30%转化为线下客户，线上小规格彩妆产品适合 引流，提升整体复购率。 毛戈平通过会员服务维持用户粘性，电商引流至线下，升级服务提高老 客户复购率，吸引年轻消费者，实现客群年轻化，共同推动公司稳定发 展。 某品牌 2025 年主要驱动大单品复购，预计增长可持续两年，增长率或 达 40%，未来几年约为 30%。现有大单品预计两三年内达 20 亿营收量 级。 请介绍一下国货美妆龙头某品牌在化妆品行业中的独特定位及其增长逻辑。 化妆品行业的企业可以分为三类。第一类是以珀莱雅为代表的企业，这些企业 在 2015 年至 2021 年间抓住了国内电 ...

Core Insights - The beauty retail landscape in 2025 has undergone a strategic transformation, with traditional department stores closing approximately 20 beauty counters daily, resulting in a net reduction of over 5,000 points throughout the year. In contrast, more than 80 new stores have opened across various formats, indicating a shift in the essence of store openings from mere locations to interactive "experience generators" [1][4][20]. Group 1: Changes in Retail Strategy - The focus of foreign brands has shifted from establishing static brand landmarks to creating dynamic operational "experience laboratories" that engage consumers [5][8]. - The concept of "first stores" has evolved, with brands now competing not just for geographical presence but for the best resources to launch globally, making China a key market for premier brand assets and innovative products [8][10]. - The traditional department store channel has seen a significant efficiency optimization, with a beauty brand counter opening and closing ratio of only 0.6, reflecting a strategic shift towards deeper experiential value creation [20][43]. Group 2: Local Brand Strategies - Local brands have completed a strategic evolution, moving beyond imitation to establish distinct paths in fragrance, color cosmetics, and skincare, focusing on systematic brand space construction rather than scattered store openings [22][38]. - Three distinct paths for local fragrance brands have emerged: cultural deepening, matrix penetration, and business model integration, each targeting unique market segments and consumer experiences [24][31]. - Local brands are also exploring international markets, with brands like JUDUO and JOOCYEE opening their first overseas stores, indicating a systematic exploration of international growth [32][33]. Group 3: Innovative Retail Formats - Pop-up stores have evolved from marketing events to "high-end experience laboratories," offering flexible themes and deep technological integration, exemplified by Lancôme and SkinCeuticals [11][13]. - Some foreign brands are merging retail with lifestyle solutions, as seen with HARNN's "SPA + retail" concept, allowing customers to experience the brand's culture and services in a holistic manner [15][16]. - The integration of various business models is becoming standard, with brands like MARCH creating multi-functional spaces that combine fragrance with cultural and lifestyle elements [29][41]. Group 4: Market Dynamics and Future Trends - The role of cities in brand strategy has been redefined, with high-tier cities serving as core battlegrounds for brand recognition and narrative development, while lower-tier cities are seen as growth areas for brand expansion [40][41]. - The future of beauty retail is shifting from geographical competition to the creation of mental and experiential spaces, emphasizing the importance of opening the "right" store in strategically chosen locations [43][44].

全球消费市场正在经历一场深层变化。 从宏观层面看，消费整体增速正在放缓，但放缓并不意味着全面收缩。Euromonitor International《2025 全球消费者趋势报告》指出，经济不确定性正在重 塑消费规范，消费者更倾向于"战略性购物"。 在这一背景下，那些能够提供情绪价值、差异化创新、体验升级的高端产品，反而在部分细分品类中跑赢大众市场。 也正是在这样的拐点上，一批中国品牌逐渐跑出了逆势增长的出海曲线：5000 美元定价的 Yarbo 扫雪机器人持续进入亚马逊品类畅销榜；Why Worry 成 人护理用品定价高出跨国品牌 20–30%，核心产品稳居亚马逊畅销榜前 20 名；花知晓美妆登陆海外后价格加倍，并连续多日霸榜亚马逊日榜。 进入更高的价格区间，并未成为这些新锐品牌增长的阻力。相反，它们反而更快在全球市场建立起清晰的用户认知与稳定的销售节奏。 这种"高价快跑"的现象背后，也折射着出海进程的新一轮转向：当品牌能提供具有足够说服力的"差异化价值"时，全球消费者正表现出更强的消费意愿。 那么，在消费逻辑全面转向"价值导向"的当下，中国品牌该如何重塑自身的表达？又该如何通过有效的路径，将这些价值精准传 ...

Core Viewpoint - Oriflame has appointed Robert Bensoussan as the new chairman to lead the company through a critical transformation phase after years of declining performance [1][5]. Group 1: Leadership Change - Robert Bensoussan has been appointed as chairman of Oriflame Holding AG and Oriflame Investment Holding AG, succeeding Alexander af Jochnick, who remains on the board [1]. - Alexander af Jochnick, a member of the founding family, expressed optimism about Bensoussan's leadership during this pivotal time for the company [1][5]. - The leadership change is seen as a crucial step in Oriflame's self-rescue and transformation efforts [1]. Group 2: Robert Bensoussan's Background - Bensoussan has over 20 years of experience in the luxury and beauty sectors, having previously served as CEO of Jimmy Choo, where he led significant international expansion [2][4]. - He successfully sold Feelunique.com to Sephora for £132 million (approximately RMB 1.24 billion), showcasing his ability to drive brand growth and transformation [5][4]. - His expertise in brand repositioning and operational growth aligns with Oriflame's current needs for performance improvement and brand rejuvenation [5]. Group 3: Financial Performance - Oriflame's sales for 2024 are projected at €604.2 million (approximately RMB 4.98 billion), reflecting a 20% decline year-on-year [6]. - For the first three quarters of 2025, the company reported sales of €33.34 million (approximately RMB 0.27 billion), down 7% from the previous year, with adjusted EBITDA dropping 98% to €0.03 million (approximately RMB 0.25 million) [6][9]. - The third quarter of 2025 saw sales of €10.38 million (approximately RMB 0.84 billion), a 4% decline, with significant losses in adjusted operating profit and net profit [6][7]. Group 4: Regional Performance - Sales in Latin America, Europe, and Asia have been declining, with the most significant drop in Asia, where sales fell from €58.5 million (approximately RMB 0.48 billion) in Q3 2021 to €26.46 million (approximately RMB 0.22 billion) in Q3 2025 [11][12]. - However, Turkey and Africa showed resilience, with a 9% increase in sales in Q3 2025, driven by new employee recruitment and productivity improvements [11][12]. Group 5: Strategic Initiatives - Oriflame is implementing a capital restructuring plan to reduce approximately €550 million (approximately RMB 4.5 billion) in debt and improve its balance sheet [14]. - The company is transitioning to a lighter asset model by closing its Polish manufacturing facility and partnering with high-end European manufacturers [14][15]. - Oriflame is also embracing digital transformation through initiatives like the "Health and Beauty Community Model" and partnerships with technology firms to enhance marketing and operational capabilities [13][15].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 7.1 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.9%, with a net profit attributable to shareholders of 1.03 billion yuan, also up 2.7% year-on-year [1]. - In Q3 2025, the skincare segment saw a significant decline in revenue by 20.4%, while the hair care segment experienced remarkable growth of 137.7% [2]. - The gross margin for the first three quarters improved by 3.6 percentage points to 73.7%, while the expense ratio increased by 3.6 percentage points to 55.3% [3]. Summary by Sections Financial Performance - Q3 2025 revenue was 1.74 billion yuan, down 11.6% year-on-year, with net profit at 0.23 billion yuan, down 23.6% year-on-year [1][2]. - The gross margin for Q3 2025 was 74.7%, reflecting a year-on-year increase of 4.0 percentage points [3]. Profitability Forecast - The net profit forecasts for 2025, 2026, and 2027 have been revised downwards by 15%, 14%, and 13% respectively, with projected net profits of 1.53 billion, 1.79 billion, and 2.07 billion yuan [4]. - The earnings per share (EPS) estimates for the same years are 3.86, 4.52, and 5.22 yuan, with corresponding price-to-earnings (P/E) ratios of 20, 17, and 15 [4]. Cash Flow and Inventory Management - Operating cash flow for the first three quarters of 2025 was 1.2 billion yuan, an increase of 196.7% year-on-year [3]. - Inventory as of September 2025 increased by 47.6% from the beginning of the year to 0.98 billion yuan, while accounts receivable decreased by 38.5% to 0.32 billion yuan [3].

Core Viewpoint - Chinese cosmetics brand "Florasis" has launched its skincare line "Qi Se Shuang Sheng" in Japan, aiming to penetrate a market dominated by local and international brands [2][4]. Group 1: Product Launch Details - The new skincare series is based on traditional Chinese herbal beauty concepts and includes six products targeting issues like dull skin and sagging [2][4]. - The products include a toner priced at 6050 yen (approximately 283 RMB) and a day/night cream at 8690 yen (approximately 406 RMB) [4]. - The initial sales will occur on e-commerce platforms, with plans to launch in the flagship store "GINZA SIX" by the end of October [4]. Group 2: Market Strategy and Background - Florasis, established in 2017 in Hangzhou, China, has rapidly grown through live-streaming e-commerce, focusing on traditional cultural elements in product design [4][6]. - The brand previously focused on color cosmetics but is now expanding into skincare, with plans to promote these products to existing color cosmetic customers [6]. - The strategy mirrors that of Korean cosmetics, which typically start with color cosmetics before moving to skincare and haircare products [6]. Group 3: Market Context and Future Prospects - In the Chinese market, domestic brands have increased their market share to 56%, although the overall market is projected to decline by 3% in 2024 [6]. - Despite a low market share in Japan and Southeast Asia, Florasis is gaining recognition in the broader Asian market, with some years seeing its share surpass that of the Japanese brand "KATE" [6]. - If the new skincare products are well-received in Japan, it could significantly boost Florasis's sales growth across Asia [6].

Core Viewpoint - The company Mao Geping (01318) has shown strong financial performance in the first half of the year, with significant increases in both revenue and net profit, indicating a positive growth trajectory in the high-end cosmetics market [1]. Financial Performance - In the first half of the year, Mao Geping achieved revenue of 2.588 billion yuan, representing a year-on-year increase of 31.28% [1]. - The net profit for the same period was 670 million yuan, reflecting a year-on-year growth of 36.11% [1]. Market Position and Strategy - According to Zheshang Securities, the company's high growth in performance is attributed to its high-end positioning and the rarity of Eastern aesthetic appeal [1]. - The company is recognized as a scarce high-end makeup brand in China, currently in a brand momentum rising phase, as noted by招商证券 [1]. - The product strategy includes driving sales through popular products and establishing a second-tier product matrix, while the channel strategy focuses on steady expansion of offline stores and strengthening online operations [1]. Growth Potential - The company has increased customer repurchase rates, indicating higher customer loyalty and suggesting significant growth potential in the future [1].

Core Viewpoint - The company Mao Geping (01318) has shown significant growth in its financial performance for the first half of the year, indicating strong market positioning and potential for further expansion [1] Financial Performance - In the first half of the year, Mao Geping achieved a revenue of 2.588 billion yuan, representing a year-on-year increase of 31.28% [1] - The net profit for the same period was 670 million yuan, reflecting a year-on-year growth of 36.11% [1] Market Positioning - According to Zheshang Securities, the company's high growth in performance is attributed to its high-end positioning and the rarity of Eastern aesthetics in the market [1] - The company is recognized as a scarce high-end makeup brand in China, currently in a brand momentum phase [1] Product and Channel Strategy - The company benefits from a product strategy that includes the development of blockbuster products and a second-tier product matrix [1] - There is a steady expansion of offline stores and a strengthening of online channel operations, which increases customer repurchase loyalty [1] - The brand is expected to have significant growth potential due to its multi-category and multi-channel collaborative efforts [1]