【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 ...

11月20日，上海家化盘中下跌2.00%，截至10:50，报23.52元/股，成交5148.89万元，换手率0.32%，总 市值158.11亿元。 责任编辑：小浪快报 今年以来上海家化已经1次登上龙虎榜，最近一次登上龙虎榜为10月28日，当日龙虎榜净买入-1.80亿 元；买入总计1.77亿元 ，占总成交额比23.40%；卖出总计3.57亿元 ，占总成交额比47.15%。 资料显示，上海家化联合股份有限公司位于上海市虹口区东长治路399号双狮汇大厦A座11F，成立日期 1995年12月1日，上市日期2001年3月15日，公司主营业务涉及护肤、个护家清、母婴产品的研发、生产 和销售。主营业务收入构成为：个护45.70%，美妆21.48%，海外20.20%，创新12.55%，其他0.04%，租 赁0.02%，销售材料0.02%。 上海家化所属申万行业为：美容护理-化妆品-品牌化妆品。所属概念板块包括：化妆品、MSCI中国、 多胎概念、融资融券、中盘等。 截至9月30日，上海家化股东户数2.96万，较上期减少21.58%；人均流通股22704股，较上期增加 27.52%。2025年1月-9月，上海家化实现营业收入49 ...

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 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].

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]

Core Insights - Estée Lauder Group participated in the 8th China International Import Expo with the theme "Reinventing Beauty, Embracing a Flourishing Future" [1] - The company showcased over 100 new products across various categories including skincare, makeup, and fragrance, with more than ten products making their debut [1] - A significant procurement intention order worth $480 million was signed between Estée Lauder (Shanghai) Trading Co., Ltd. and Estée Lauder International, Inc. on the opening morning of the expo [1] Company Strategy - The CEO of Estée Lauder Group's China region emphasized that the expo serves as a strong bridge connecting the company with Chinese consumers and is a vital platform for implementing the company's strategic vision of "Reinventing Beauty" [1] - The Chinese market is recognized as a crucial engine for the company's business development, with a long-term positive outlook [1] - The company plans to leverage the expo to deepen local research and technological innovation, aiming to provide products and services that better meet the needs of Chinese consumers [1]

Core Viewpoint - Shanghai Jahwa's stock price has experienced fluctuations, with a year-to-date increase of 41.13% but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - On November 6, Shanghai Jahwa's stock fell by 2.02%, trading at 23.81 CNY per share with a total market capitalization of 16.006 billion CNY [1] - The stock has seen a net outflow of 2.7626 million CNY from main funds, with significant selling pressure in large orders [1] - Year-to-date, the stock has risen by 41.13%, but it has decreased by 3.91% in the last five trading days and 4.99% in the last twenty days [1] Group 2: Company Overview - Shanghai Jahwa, established on December 1, 1995, and listed on March 15, 2001, specializes in the research, production, and sales of skincare, personal care, and maternal and infant products [2] - The company's revenue composition includes personal care (45.70%), beauty (21.48%), overseas sales (20.20%), innovation (12.55%), and other segments [2] - As of September 30, 2025, the company reported a revenue of 4.961 billion CNY, a year-on-year increase of 10.83%, and a net profit of 405 million CNY, reflecting a significant growth of 149.12% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 21.58% to 29,600, while the average circulating shares per person increased by 27.52% to 22,704 shares [2] - The company has distributed a total of 3.595 billion CNY in dividends since its A-share listing, with 344 million CNY distributed in the last three years [3] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, increasing its holdings by 3.7706 million shares [3]

Core Insights - The "beautiful economy" in Hangzhou is thriving, with a complete industrial chain supporting the beauty and cosmetics sector, which has surpassed a scale of 30 billion yuan [1] - Hangzhou is leveraging its digital economy advantages to enhance the beauty industry through digital transformation and ecosystem improvement [1] Industry Overview - The beauty industry in Hangzhou has reached a scale of over 30 billion yuan, positioning it as a leader in the national cosmetics sector [1] - The Qiantang District, where the intelligent factory of Huaxizi is located, has gathered over 100 beauty enterprises, generating total revenue in the hundreds of millions [3] Technological Advancements - Huaxizi's intelligent factory features 7 production lines with an annual output of 50 million products, utilizing advanced international equipment and achieving a 100% connectivity rate for monitoring devices [2] - The factory has implemented IoT technology for digital management, allowing for traceability and optimization of production processes [2] Infrastructure Development - The MoShang PARK international beauty fashion industry base is set to invest over 4 billion yuan, aiming to become a national hub for beauty and fashion enterprises [4] - The Hangzhou government has initiated reforms to facilitate the registration of domestic cosmetics, enhancing the ecosystem for the beauty industry [4] Future Prospects - The integration of digital workshops and a robust industrial ecosystem is driving the beauty industry in Hangzhou, with data and algorithms playing crucial roles in production efficiency [5] - The "platform + beauty industry" model is emerging as a significant engine for propelling Chinese beauty products onto the global stage [5]

Group 1 - The former CEO of The Body Shop, Charles Denton, is leading a bid to rescue the struggling health and beauty retailer Bodycare, planning to reopen 75 stores and recall approximately 700 employees [1][2] - Denton previously helped The Body Shop recover after its bankruptcy, achieving stability and revitalization during challenging times [1] - Bodycare, founded in the 1970s, specializes in affordable makeup, skincare, haircare, and fragrances, and has faced significant challenges, including entering bankruptcy management in September 2023, leading to the closure of all 147 stores and the loss of around 1,400 jobs [2][3] Group 2 - Denton has gathered a group of supporters to acquire Bodycare's brand and assets, positioning himself as a leading candidate among 4 or 5 potential bidders [2][3] - The strategy for revitalizing Bodycare includes leveraging the brand's heritage, expanding the product line, and increasing investment in e-commerce [2][3] - Bodycare's website has also ceased taking orders, indicating a complete halt in operations during the bankruptcy process [3]

Core Points - Shanghai Jahwa's stock price decreased by 2.03% on October 21, trading at 27.04 CNY per share with a market capitalization of 18.177 billion CNY [1] - Year-to-date, Shanghai Jahwa's stock has increased by 59.91%, with a recent 5-day increase of 1.69% and a 20-day decrease of 1.99% [2] - The company reported a revenue of 3.478 billion CNY for the first half of 2025, representing a year-on-year growth of 4.75%, and a net profit of 266 million CNY, up 11.66% year-on-year [2] Financial Performance - As of June 30, 2025, Shanghai Jahwa's total shareholder count was 37,800, an increase of 10.15% from the previous period [2] - The company has distributed a total of 3.595 billion CNY in dividends since its A-share listing, with 344 million CNY distributed over the last three years [3] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 32.7782 million shares, an increase of 15.0639 million shares from the previous period [3] - New shareholder,招商产业精选股票A, holds 3.4 million shares, ranking as the ninth-largest circulating shareholder [3]