中国香料香精化妆品行业年会暨精品博览会(2025CAME)日前在南京开幕。作为中国香妆产业一年一度 的"超级会展"，2025CAME也是中国香妆产业向全球展示实力、寻求突破、布局未来的重要平台。 备受关注的"百年品牌焕新计划"在开幕式上正式启动。该计划旨在助力那些拥有深厚历史底蕴的老品 牌，在新时代背景下，通过科技创新、品牌重塑、营销模式创新等手段，重新焕发生机与活力。在启动 仪式上，与会者共同见证了一个经典品牌的新生——"金芭蕾"。"金芭蕾"创立于1932年，其经典产品珍 珠膏、貂油膏和桂花香水曾风靡全国，远销30多个国家。在江北新区全力推动下，"金芭蕾"成功完成品 牌重塑，彰显了中国化妆品品牌的文化自信与创新活力。 多组战略合作签约仪式成为焦点。江苏省质量科创中心项目、化妆品功能植物成分研发和智造平台项 目，以及南京野生植物综合利用研究所、纳爱斯集团、山东九鑫、片仔癀（600436）、歌锐娜、黄山荷 琇、梦娇兰6个项目进行了产学研合作签约，中国药科大学、南京工业大学生物与制药工程学院、上海 皮肤病医院、南京集萃医工交叉研究院、南京谊元生物等完成了签约。 近年来，中国香妆产业呈现出非常好的发展势头。据中国香 ...

2025CAME开幕式上嘉宾云集，共话行业未来。开幕式由养生堂化妆品总经理吴依凡主持。 9月25日，中国香料香精化妆品行业年会暨精品博览会（2025CAME）开幕式在南京扬子江国际会 议中心开启。以高品质、高规格、高精尖和专业化、精品化、国际化著称的2025CAME不仅是中国香妆 产业一年一度的"超级会展"，更是中国香妆产业向全球展示实力、寻求突破、布局未来的关键契机。 在开幕式上，南京市江北新区重点打造的"美丽健康医研企转化中心"正式启动，该中心打通"研发- 生产-应用"的转化壁垒，致力于成为中国香妆产业的创新孵化基地，有望成为南京香妆产业创新转化 的"新引擎"。 中国香料香精化妆品工业协会理事长颜江瑛在开幕式上做了精彩致辞，并强调中国香妆协会作为行 业引领者，始终秉持"四个服务"宗旨，致力于推动行业发展，相信今天的相聚必将为香妆行业高质量发 展注入新动能。 国际组织代表带来全球行业最新动态与趋势，国际日用香料协会（IFRA）主席Alexander Mohr、美 国个人护理产品协会（PCPC）全球战略副总裁Natalie Obermann、欧洲化妆品协会（CE）总干事John Chave、欧盟化妆品原料联合 ...

Core Insights - The 2025 China Fragrance and Cosmetic Expo opened on September 25 in Nanjing, showcasing both well-known domestic brands and upgraded traditional products, igniting a "beauty economy" trend [1][8] - Jiangbei New District aims to transform the Chinese fragrance and cosmetic industry from "product competition" to "system competition" and from "scale growth" to "innovation leadership" [1][3] Industry Development - The expo, themed "Technology and Brand Progress Together," attracted over 100 leading companies, more than 500 domestic and international brands, and showcased over 1,000 products [3] - Jiangbei New District has established a complete industrial chain from "raw material supply to product production and sales," promoting the development of the beauty and health industry [3][8] Innovation and Collaboration - The "Beauty and Health Medical Research and Enterprise Transformation Center" was launched to address industry challenges, aiming to create a strong engine for innovation in Nanjing's fragrance and cosmetic industry [5][6] - The center plans to attract 10 leading enterprises and 100 supporting companies over the next three years, driving an increase in industrial output value by 5 billion yuan [6] Brand Revitalization - The century-old brand "Jin Ballet" received a "Centennial Brand Revitalization" award, marking its transformation with modern beauty research and sterile production techniques [7] - The revitalization of "Jin Ballet" aims to upgrade its product matrix while preserving its core values and classic formulations, transitioning from a traditional brand to a cultural IP [7] Project Signings - A total of 17 projects were signed during the expo, covering collaborative projects, industry-academia-research cooperation, and industrial landing projects, achieving record high amounts and scales [8] - These projects include collaborations with institutions like Nanjing University of Chinese Medicine and Shanghai Skin Disease Hospital, enhancing the ecosystem of the fragrance and cosmetic industry in Jiangbei New District [8]

Core Viewpoint - The article highlights the strategic initiatives of the company in promoting traditional Chinese medicine and health products, focusing on product development, international expansion, and investment in the health industry [4][5][6]. Group 1: Product Development and Market Strategy - The company is committed to enhancing its flagship product, Pianzaihuang, and expanding its product line with significant items such as the compound Pianzaihuang lozenge and Yindan Pinggan capsules, continuously enriching its "big product" matrix [5]. - The cosmetics subsidiary has implemented a long-term incentive mechanism based on excess profit sharing, successfully launching several products that have achieved over 100 million in sales [5]. Group 2: International Expansion - The company actively participates in national-level events to promote the internationalization of traditional Chinese medicine, including the "Belt and Road" conference and various international trade expos scheduled for 2025 [5]. - The company is involved in multiple international trade fairs, enhancing its global presence and market reach [5]. Group 3: Investment in Health Industry - Since 2024, the company has established three funds, each with a scale of 1 billion, focusing on investments in traditional Chinese medicine, biomedicine, medical devices, and health-related industries [5]. - The company's equity stake in these funds ranges from 20% to 30%, indicating a strong commitment to the health sector [5]. Group 4: Research and Development - In 2024, the company is advancing clinical research on 11 projects related to Pianzaihuang and other traditional Chinese medicine products, laying the groundwork for expanding clinical applications [6]. - The company has a robust pipeline with 14 ongoing new drug projects, including two new traditional Chinese medicine drugs entering clinical trials [6]. - Recent advancements include the completion of Phase I clinical research for a chemical drug and the initiation of Phase II trials for another, showcasing the company's commitment to innovation [6].

Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].

Core Insights - A consumer revolution is underway in China, transforming the country from a "world factory" to a "global shopping paradise" as foreign tourists increasingly purchase Chinese-made products [1][3]. Group 1: The Yiwu Phenomenon - The Yiwu International Trade City is experiencing a surge in international trade, with foreign merchants actively bargaining for a wide range of products, showcasing a vibrant marketplace atmosphere [4]. - Some tourists are live-streaming their bargaining experiences on platforms like TikTok, turning the shopping process into a form of entertainment with significant sales figures [4]. Group 2: Duty-Free Store Trends - In Hainan duty-free stores, foreign tourists are increasingly purchasing domestic beauty products and smart home appliances, with domestic brand sales rising from 5% to 35% in Q1 2025 [5]. - Popular products include Chinese cosmetics and electronics, which are perceived as significantly cheaper than similar items on platforms like Amazon [5]. Group 3: Cultural Consumption Rise - Cultural products such as Hanfu and traditional Chinese medicine are gaining popularity among foreign tourists, who are eager to experience and share these unique aspects of Chinese culture [6]. - Tourists are actively engaging with local customs and products, enhancing their travel experience through cultural immersion [6]. Group 4: Visa and Payment Innovations - The expansion of the 144-hour visa-free transit policy to 60 cities is facilitating easier travel for foreign tourists, making spontaneous trips to China more feasible [7]. - Payment innovations, such as Alipay's "TourPass" service, are simplifying transactions for international visitors, further enhancing the shopping experience [7]. Group 5: Value Proposition Shift - The perception of Chinese products is evolving from "cost-effective" to "quality-price ratio," as foreign consumers recognize the high quality of Chinese goods at competitive prices [8]. - This shift is exemplified by significant price differences between wholesale products in Yiwu and their retail counterparts in Western markets [8]. Group 6: Cultural Experience Enhancement - The TikTok hashtag ChinaTravel has garnered over 5 billion views, highlighting the appeal of China's diverse cultural experiences [9]. - The narrative surrounding Chinese products is becoming richer, as consumers associate purchases with cultural stories and experiences [9]. Group 7: Supply Chain Evolution - Foreign tourists are now seeking customized products, indicating a shift from OEM (Original Equipment Manufacturer) to OBM (Original Brand Manufacturer) in China's supply chain [10]. - This trend allows for greater value addition, as tourists desire unique branding and storytelling in their purchases [10]. Group 8: Revitalization of Traditional Brands - Traditional Chinese brands are experiencing a resurgence in duty-free markets, with significant sales growth attributed to localized marketing strategies [12]. - Brands are adapting their messaging to appeal to international consumers, enhancing their market presence [12]. Group 9: Economic Impact of Tourism - Foreign tourists' spending in duty-free stores has a multiplier effect on local economies, significantly boosting related sectors such as dining and transportation [13]. - Tourists act as informal ambassadors for Chinese shopping experiences, sharing their insights with others upon returning home [13]. Group 10: Challenges and Solutions - Despite the growth, challenges such as counterfeit products and language barriers persist, affecting the shopping experience for some tourists [14]. - Cities are beginning to address these issues by offering immersive shopping experiences that combine cultural activities with retail [15]. Group 11: Future Aspirations - The goal is to establish a unique cultural identity for Chinese shopping, akin to the shopping cultures of Japan and France, emphasizing the distinctiveness and richness of the experience [16]. - The transformation of shopping into a cultural bridge reflects a broader narrative of China's evolution from manufacturing to innovation and cultural exchange [16].