（文章来源：证券日报） 证券日报网讯 1月5日，拉芳家化在互动平台回答投资者提问时表示，公司目前以洗护产品为主；化妆 品相关业务收入占公司营业收入比例较小。 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：您好，公司除了做洗护类的产品，还做化妆品美容这 些产品吗？化妆品这些产品占营收利润比例高吗？ 拉芳家化（603630.SH）1月5日在投资者互动平台表示，您好，公司目前以洗护产品为主；化妆品相关 业务收入占公司营业收入比例较小。谢谢！ ...

据媒体报道，长江和记实业（以下简称长和）正计划推动旗下屈臣氏集团在香港与英国两地上市，预计 最高融资规模达20亿美元。上市准备工作已在推进，最快将于明年上半年启动。 虽然，长和方面称"不对市场揣测置评"，但作为全球最大的保健美容零售连锁之一，屈臣氏颇为曲折的 上市进程仍然备受市场关注。 公开信息显示，早在2014年，长江和记实业就曾谋划屈臣氏上市，并计划在香港、伦敦两地上市募资最 多780亿港币（按当时汇率计算约617.90亿元），当时屈臣氏的估值超3000亿港币（按当时汇率计算约 2376.55亿元）。 但由于该公司创始人李嘉诚选择以约57亿美元价格向新加坡主权基金淡马锡（Temasek）出售了屈臣氏 近25%的股权，导致该公司的上市计划一度搁置。 到了2024年，屈臣氏第二大股东淡马锡控股副首席执行长谢松辉对外透露："屈臣氏集团上市计划仍存 在，具体时间将由公司董事局及管理层决定。" 消息人士称，长和旗下屈臣氏或将于2026年上半年进行IPO。屈臣氏此次上市或筹资20亿美元。 据长和公布的2025年中期业绩，屈臣氏所在的零售板块上半年全球总收入为988.4亿港元，同比增8%， 表现尚可。但中国区收入仅为6 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 7.098 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 1.9%. The net profit attributable to shareholders was 1.03 billion yuan, up 2.65% year-on-year. However, in Q3 alone, revenue decreased by 11.6% to 1.74 billion yuan, and net profit fell by 23.6% to 230 million yuan [2][4]. Revenue Analysis - In Q3 2025, the company experienced seasonal pressure on revenue, with skincare, beauty makeup, and hair care categories generating revenues of 1.32 billion, 240 million, and 180 million yuan respectively. The year-on-year growth rates were -20.4%, 0.9%, and 138% respectively. The main brand, focused on skincare, faced challenges, while the OR brand, focused on hair care, showed strong growth [10]. Profitability Analysis - The gross margin continued to improve, with a net profit margin of 13.1% in Q3, down 2.1 percentage points year-on-year. The gross margin increased by 3.96 percentage points to 74.7%, attributed to category structure optimization and cost reduction efforts. However, selling, administrative, research and development, and financial expense ratios increased by a total of 6.8 percentage points [10]. Investment Recommendations - Given the current challenges faced by the main brand and the increase in expense ratios, the company is experiencing temporary pressure on revenue and net profit. However, the main brand maintains a strong comparative advantage due to a well-rounded product matrix. The OR brand is expected to contribute additional growth in the future. The projected EPS for 2025-2027 is 3.97, 4.44, and 5.00 yuan per share respectively [10].

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 Insights - The article highlights a rising trend of "human情消费" (human emotion consumption) in marketing, where consumers are manipulated into making purchases through emotional appeals and trust in familiar relationships [1][2][3] Group 1: Marketing Tactics - Consumers in Jingmen City reported receiving promotional messages from friends, claiming they needed help to achieve sales targets for product agency rights, which turned out to be a marketing scheme [1][2] - Investigations revealed that these marketing tactics are organized and scripted, utilizing a standardized process to exploit social connections for sales [1][3] - The marketing teams employ emotional language, emphasizing phrases like "only a few more to go" to lower the defenses of potential buyers [2][3] Group 2: Consumer Behavior - Many consumers fall victim to these tactics due to psychological factors such as "face" psychology, where individuals feel pressured to comply with requests from acquaintances [3] - The typical purchase amount is around 200 yuan, which consumers perceive as a low-risk investment, leading to higher acceptance of these offers [3] - Trust in familiar relationships often leads consumers to overlook the need to verify the legitimacy of the products being sold [3]

Core Viewpoint - The recent bankruptcy restructuring news surrounding Shanghai Ruici Cosmetics Co., Ltd. (the parent company of the domestic hand cream brand Dongyang Flower) was misinterpreted, as the court ruled that the company still has the ability to repay its debts, thus rejecting the bankruptcy liquidation application [2][3][7]. Group 1: Bankruptcy Incident Overview - The bankruptcy restructuring application was filed by Caleri Cosmetics Co., Ltd., a subsidiary of Longliqi Group, due to a processing contract dispute, claiming that Shanghai Ruici could not repay its debts [4][5]. - The court found that Shanghai Ruici was not in a state of bankruptcy, as it was actively repaying debts and developing new products to enhance profitability [6][7]. Group 2: Historical Context of Dongyang Flower - Dongyang Flower, established in 1992, was one of the earliest domestic cosmetic brands in China, achieving significant market share by innovatively using "sheep milk" in hand creams [8]. - The brand peaked in 1997 with annual sales exceeding 10 million units and revenue close to 400 million RMB, aided by high-profile advertising campaigns [8][9]. Group 3: Challenges and Changes in Ownership - The turning point for Dongyang Flower occurred in 2007 when it signed a share transfer agreement, which led to a failed IPO attempt due to the 2008 stock market crash and a shift in sales channels [9][10]. - In 2023, the brand's operational rights were transferred to Suzhou Yuanmei, while Shanghai Ruici retained only the trademark ownership, indicating a significant change in management and strategy [10][11]. Group 4: Current Market Position - Despite financial difficulties, Dongyang Flower has shown signs of recovery, regaining a market share of 6.1% in the hand cream category by 2025, ranking third among domestic brands [10][11]. - The resurgence of the brand's market position is seen as a positive development for Shanghai Ruici's creditors, as it suggests potential for asset appreciation and debt repayment [11].

Core Viewpoint - The news highlights the bankruptcy restructuring application of Shanghai Ruici Cosmetics Co., Ltd., the parent company of the once-leading domestic hand cream brand Dongyang Flower, which was misinterpreted as the brand's closure. However, the court rejected the bankruptcy application, indicating that Shanghai Ruici still has the ability to repay its debts [1][4]. Group 1: Bankruptcy Application Details - The bankruptcy application was filed by Calai Li Cosmetics Co., Ltd., a subsidiary of Longliqi Group, due to a processing contract dispute, claiming that Shanghai Ruici failed to pay for services rendered [2][3]. - The court found that Shanghai Ruici was not in a state of bankruptcy, as it was actively repaying debts and developing new products to enhance profitability [3][4]. Group 2: Brand History and Market Position - Dongyang Flower, established in 1992, was one of the earliest domestic cosmetic brands in China, achieving significant market share by innovatively using natural ingredients like "sheep milk" in its hand cream [5][6]. - The brand peaked in sales, with over 10 million units sold and revenue nearing 400 million RMB, but faced challenges after 2007 due to failed IPO attempts and market changes [6][7]. Group 3: Recent Developments and Future Outlook - In 2023, the operational rights of Dongyang Flower were transferred to Suzhou Yuanmei, while Shanghai Ruici retained only the trademark ownership. The brand has shown signs of recovery, regaining a market share of 6.1% in the hand cream category, ranking third among domestic brands [7][8]. - The resurgence of Dongyang Flower's brand value is seen as a positive sign for Shanghai Ruici's creditors, suggesting potential for debt repayment through the brand's continued market presence [8][9].

Core Viewpoint - The recent bankruptcy restructuring news surrounding Shanghai Ruici Cosmetics Co., Ltd. has highlighted the operational issues of the once-popular domestic brand "Dongyang Flower," although the company has not been declared bankrupt by the court [3][4][8]. Group 1: Bankruptcy Restructuring Incident - Shanghai Ruici was applied for bankruptcy liquidation by its creditor, Caleri Cosmetics Co., Ltd., but the court rejected the application, citing that Shanghai Ruici still has the ability to repay its debts [3][4][6]. - The legal dispute originated from a processing contract dispute, where Caleri claimed that Shanghai Ruici failed to pay for processing services, leading to a court ruling requiring Shanghai Ruici to pay approximately 2.54 million yuan [6][7]. - Shanghai Ruici has made repayments and provided a commitment to clear remaining debts by the end of the year, which contributed to the court's decision not to accept the bankruptcy application [7][8]. Group 2: Historical Context of Dongyang Flower - Dongyang Flower, established in 1992, was one of the earliest domestic cosmetic brands in China, achieving peak sales of over 10 million units annually and nearly 400 million yuan in revenue at its height [10]. - The brand's decline began in 2007 due to failed attempts to go public and a shift in sales channels, which it could not adapt to, leading to a decrease in market share [10][11]. - After several ownership changes and operational challenges, Dongyang Flower has recently seen a revival under new management, regaining a market share of 6.1% in the hand cream category by 2025 [12][13]. Group 3: Implications for Creditors - The resurgence of Dongyang Flower's brand value and market position suggests that the trademark still holds potential for appreciation, which could aid Shanghai Ruici in repaying its debts [13][14]. - The continuity of the brand's life is viewed as more beneficial for creditors than mere asset liquidation, indicating a positive outlook for future debt recovery [14].

Core Viewpoint - The article highlights the emergence of cross-border e-commerce live streaming in Hainan, showcasing how foreign hosts, like Sharon, are effectively engaging international audiences and driving sales through interactive live broadcasts [2][3][4]. Group 1: Live Streaming Operations - The live streaming base in Hainan is primarily targeting markets in Europe, America, Japan, South Korea, and Southeast Asia, offering a range of products including daily necessities and beauty care items [3][4]. - The live streaming sessions are strategically scheduled to accommodate different time zones, with late-night broadcasts being identified as peak viewing times [3]. Group 2: Host Engagement and Techniques - Sharon, a foreign host from Zambia, emphasizes the importance of product demonstrations over repetitive introductions, tailoring her approach to the preferences of overseas viewers [2][3]. - The interaction with viewers is a key component of the live streaming experience, with hosts engaging in real-time conversations and encouraging viewers to check product reviews [3]. Group 3: Talent Acquisition and Ecosystem Development - The "Chengjie World, Moving Towards the Future" international cross-border live streaming industry conference has seen the signing of six foreign hosts, marking a significant step in building a language ecosystem and attracting international talent in the cross-border live streaming sector [4]. - The establishment of an ecosystem involving content creators, platform service providers, and supply chain companies is underway, indicating a structured approach to developing the industry [4].