Core Viewpoint - The 618 shopping festival this year marks a significant transformation in the e-commerce industry, shifting from complex marketing tactics to a focus on value creation and consumer needs, with Tmall reporting a 10% growth in GMV after refunds, the highest in three years [1][6][8]. Group 1: Simplification of Shopping Experience - This year's 618 event has simplified the shopping experience, moving away from complex discount structures to straightforward pricing, which has positively impacted conversion rates for brands [2][3]. - Tmall eliminated complicated "full reduction" rules, offering a basic discount of 15% off and up to 50% off, making the shopping process more user-friendly [3][4]. - The simplification of rules has reduced the burden of refunds and returns, allowing merchants to operate more efficiently and increasing the number of participating consumers [5][6]. Group 2: Shift in Consumer Behavior - The change in discount structure has led to a shift in consumer decision-making, focusing more on product quality and suitability rather than navigating complex rules [4][10]. - The increase in user participation and engagement during the 618 event indicates a successful transition to a more straightforward shopping experience, with Tmall reporting a double-digit growth in user numbers [5][6]. Group 3: Support for Quality Merchants - The e-commerce industry has been plagued by low-price competition and excessive marketing, which has eroded profit margins and quality [10][11]. - Tmall's strategic focus on supporting quality brands and products aims to shift the competitive landscape from price wars to long-term value competition [12][16]. - The recent initiatives by Tmall, including the introduction of a "real experience score" and support for original brands, have shown positive results, with a 9% revenue growth reported in the latest quarter [13][14]. Group 4: New Product Growth - The 618 event has seen significant growth in new product sales, with overall transactions for newly launched products increasing by 153% [18]. - Innovative brands have capitalized on the "new product dividend," with some achieving sales growth of up to 200 times during the event [19]. - The focus on quality and innovation is expected to drive sustainable growth in the e-commerce sector, moving away from a reliance on traffic and low prices [21].

2 0 2 5年，美妆行业掀起一股PDRN热。 国 货 科 技 品 牌 绽 媄 娅 、 FULCYTO. ami e 等 频 发 PDRN 新 品 引 来 市 场 关 注 ； 环 亚 集 团 旗 下 幽 雅、上海家化旗下双妹等多个美妆品牌也纷纷下场；与此同时，欧莱雅集团王牌兰蔻、爱茉莉 太平洋旗下高奢品牌AP嫒彬以及LG生活健康旗下皮肤学功效性品牌CNP希恩派等一众外资美 妆也在加速布局PDRN赛道。 BEBD美修大数据显示， 目前使用PDRN的品牌达到3 8 9 4个，含有该成分的商品达1 6 9 0 1个， 且仍在快速增长。虽然PDRN与此前胶原蛋白从专业医美领域破圈至大众护肤市场的路径如出 一辙，但其蹿红的速度之快，各大品牌跟进力度之强，却是前所未有。 | 公司 | 日语 | 個選 | 环亚 | 上海家化 | 华熙生物 | | --- | --- | --- | --- | --- | --- | | 产品 | | | | | | | | 绽媒娅 | FULCYTO.amie | 幽雅 | 双妹 | 润百颜 | | | 球PDRN能量棒 | 双球PDRN超塑次抛 | DNA钠蛋白晶钻驻颜冻干套 | 油露 ...

Core Viewpoint - The Chinese beauty market is undergoing a significant transformation, with the emergence of new technology-driven domestic brands like Zhanmei Ya, which has successfully launched innovative products despite increasing competition and market saturation [2][3][14]. Market Overview - The total transaction value of the Chinese cosmetics market in 2024 reached 107.38 billion yuan, with a year-on-year growth of 2.8%. The top 1000 brands accounted for 55.2% of the market share, an increase of 2.9 percentage points compared to the previous year [3]. - The 618 shopping festival has become a critical battleground for brands to showcase their strengths, with over 1,300 brands doubling their sales in the first hour of the event [3]. Product Launch and Performance - Zhanmei Ya's "Qiu PDRN Energy Stick," launched in December 2024, became a key driver of the brand's growth, achieving over 10 million yuan in sales within the first month and ranking among the top 12 in the Tmall liquid essence category during the 618 event [6][20]. - The product's success is attributed to its innovative technology and strong market presence, as it has gained significant recognition on social media platforms like Xiaohongshu [8][12]. Technological Innovation - Zhanmei Ya's "Qiu PDRN" is a proprietary patented ingredient that enhances skin absorption and efficacy, utilizing a groundbreaking "super molecular micro-sphere" technology to improve the delivery of large molecular components like PDRN [14][20]. - This technology addresses the challenges of low permeability and bioavailability associated with traditional skincare applications of PDRN, positioning Zhanmei Ya as a leader in the PDRN skincare segment [15][36]. Scientific Communication and Brand Growth - The brand's rapid rise in popularity is also linked to effective scientific communication strategies, including collaborations with media and influencers to educate consumers about the benefits of their products [23][30]. - A documentary titled "The Skin Makers Go to Make Skincare Products" highlighted the journey of Chinese scientists in developing artificial skin technology, further enhancing the brand's credibility and consumer engagement [25][27]. Competitive Landscape - The global PDRN market is projected to grow significantly, with a compound annual growth rate (CAGR) of 43.32%, and the Chinese market expected to see a CAGR of 49.02% by 2029 [32][33]. - Zhanmei Ya's strategic foresight and technological advancements have positioned it as a representative domestic brand in the competitive PDRN skincare market, setting the stage for future growth and innovation [34][38].